Document:

Exhibit

Exhibit 10.1
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
DATED AS OF NOVEMBER 21, 2016
BY AND AMONG 
CYRUSONE LP,
AS BORROWER,
AND
KEYBANK NATIONAL ASSOCIATION, 
AS ADMINISTRATIVE AGENT, AN ISSUING LENDER, A SWING LOAN LENDER  
AND A LENDER,
THE OTHER LENDERS FROM TIME TO TIME PARTY HERETO,
AND
JPMORGAN CHASE BANK, N.A.,
AS SYNDICATION AGENT
AND
KEYBANC CAPITAL MARKETS INC., J.P. MORGAN CHASE BANK, N.A.  
AND TD SECURITIES (USA) LLC, ,
AS JOINT LEAD ARRANGERS AND JOINT BOOKRUNNERS
AND
SUNTRUST BANK AND CITIZENS BANK, N.A.,
AS CO-DOCUMENTATION AGENTS

SECOND AMENDED AND RESTATED CREDIT AGREEMENT
THIS SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) is entered into as of November 21, 2016, by and among CYRUSONE LP, a Maryland limited partnership (the “Borrower”), KEYBANK NATIONAL ASSOCIATION, a national banking association (“KeyBank”), the other lending institutions which are parties to this Agreement as “Lenders” from time to time (together with KeyBank, the “Lenders”), KeyBank, as Administrative Agent for the Lenders (the “Agent”), JPMORGAN CHASE BANK, N.A., as Syndication Agent (the “Syndication Agent”), KEYBANC CAPITAL MARKETS, INC. (“KeyBanc”), and J.P. MORGAN CHASE BANK, N.A., TD SECURITIES (USA) LLC, BARCLAYS BANK PLC AND RBC CAPITAL MARKETS, as Joint Lead Arrangers and Joint Bookrunners (the “Joint Bookrunners”).  
R E C I T A L S
WHEREAS, the Borrower, the Agent and certain of the Lenders are parties to that certain First Amended and Restated Credit Agreement dated as of March 17, 2016 (the “Existing Credit Agreement”);
WHEREAS, the Borrower has requested that the Agent and the Lenders amend and restate the Existing Credit Agreement to (i) increase the Total Revolving Credit Commitment, (ii) extend the Revolving Credit Maturity Date and the Term Loan A Maturity Date, (iii) permit the Borrower to increase the Total Commitments, subject to the terms hereof, to $1,850,000,000 and (iv) modify certain of the other terms hereof.  The Agent and the Lenders have agreed to do so on the terms set forth herein;
WHEREAS, the Agent and the Lenders have agreed, subject to the terms and conditions set forth herein, to amend and restate the Existing Credit Agreement in its entirety, and by execution hereof by the parties hereto, the Second Amended and Restated Credit Agreement shall amend and restate the Existing Credit Agreement in its entirety;
NOW, THEREFORE, in consideration of the recitals herein and mutual covenants and agreements contained herein, the parties hereto hereby amend and restate the Existing Credit Agreement in its entirety and covenant and agree as follows:
§1.DEFINITIONS AND RULES OF INTERPRETATION.  
§1.1    Definitions.  The following terms shall have the meanings set forth in this §l or elsewhere in the provisions of this Agreement referred to below:
Absolute Rate Bid.  See §2.1(c)(ii)(A).
Additional Commitment Request Notice.  See §2.11(b).
Additional Subsidiary Guarantor.  Each additional Subsidiary of Borrower (including any Controlled Joint Venture) which becomes a Subsidiary Guarantor pursuant to §5.2.

Affiliate.  An Affiliate, as applied to any Person, shall mean any other Person directly or indirectly controlling, controlled by, or under common control with, that Person.  For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as applied to any Person, means (a) the possession, directly or indirectly, of the power to vote twenty-five percent (25%) (or, in the case of REIT, thirty-five percent (35%)) or more of the stock, shares, voting trust certificates, beneficial interest, partnership interests, member interests or other interests having voting power for the election of directors of such Person or otherwise to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise, or (b) the ownership of (i) a general partnership interest, (ii) a managing member’s or manager’s interest in a limited liability company or (iii) a limited partnership interest or preferred stock (or other ownership interest) representing ten percent (10%) (or, in the case of REIT, thirty-five percent (35%)) or more of the outstanding limited partnership interests, preferred stock or other ownership interests of such Person.
Agent.  KeyBank National Association, acting as administrative agent for the Lenders, and its successors and assigns.
Agent’s Head Office.  The Agent’s head office located at 127 Public Square, Cleveland, Ohio 44114-1306, or at such other location in any State as the Agent may designate from time to time by notice to Borrower and the Lenders.
Agent’s Special Counsel.  Dentons US LLP or such other counsel as selected by Agent.
Agreement.  This Second Amended and Restated Credit Agreement, including the Schedules and Exhibits hereto, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.
Agreement Regarding Fees.  See §4.2.
Ancillary Office.  Office buildings or space not included within the definition of Data Center Property which may be acquired by Borrower, REIT or any of their respective Subsidiaries ancillary with the acquisition of Data Center Properties.
Applicable Law.  All applicable provisions of constitutions, statutes, rules, regulations and orders of all Governmental Authorities and all orders and decrees of all courts and tribunals, whether international, foreign, federal, state, provincial or otherwise.
Applicable Margin.  (a)  From and after the date of this Agreement (and unless and until the Borrower obtains an Investment Grade Rating and elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to Gross Asset Value:

2

	
						
	Pricing Level
	Ratio
	Applicable Margin for Revolving Credit 
LIBOR Rate Loans
	Applicable Margin for Revolving Credit Base Rate Loans
	Applicable Margin for Term LIBOR Rate Loans
	Applicable Margin for Term Base Rate Loans

	Pricing Level 1
	Less than or equal to 35%
	1.55%
	0.55%
	1.50%
	0.50%

	Pricing Level 2
	Greater than 35% but less than or equal to 40%
	1.65%
	0.65%
	1.60%
	0.60%

	Pricing Level 3
	Greater than 40% but less than or equal to 45%
	1.80%
	0.80%
	1.75%
	0.75%

	Pricing Level 4
	Greater than 45% but less than or equal to 50%
	1.95%
	0.95%
	1.90%
	0.90%

	Pricing Level 5
	Greater than 50%
	2.15%
	1.15%
	2.10%
	1.10%

The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1.  At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period.  The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate required to be delivered after the end of a fiscal quarter occurring after the Closing Date.  In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Majority Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate.
(b)    From and after the date that Agent first receives written notice from Borrower that Borrower has obtained an Investment Grade Rating and Borrower delivers a written notice to Agent irrevocably electing to have the Applicable Margin determined pursuant to this subparagraph (b), the Applicable Margin for the Revolving Credit Loans and Term Loans shall mean, as of any date of determination, a percentage per annum determined by reference to the Credit Rating Level as set forth below:

3

	
						
	Pricing Level
	Credit Rating Level
	Applicable 
Margin for Revolving Credit LIBOR Rate Loans
	Applicable 
Margin for Revolving Credit 
Base Rate Loans
	Applicable Margin for 
Term LIBOR Rate Loans
	Applicable Margin for Term Base Rate Loans

	I
	Credit Rating Level 1
	0.85%
	0.00%
	0.90%
	0.00%

	II
	Credit Rating Level 2
	0.90%
	0.00%
	0.95%
	0.00%

	III
	Credit Rating Level 3
	1.00%
	0.00%
	1.10%
	0.00%

	IV
	Credit Rating Level 4
	1.20%
	0.20%
	1.35%
	0.20%

	V
	Credit Rating Level 5
	1.55%
	0.55%
	1.75%
	0.55%

At such time as this subparagraph (b) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the Credit Rating Level in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the Credit Rating Level in effect on the first day of such Interest Period; provided, however that no change in the Applicable Margin resulting from the application of the Credit Rating Levels or a change in the Credit Rating Level shall be effective until three (3) Business Days after the date on which the Agent receives written notice of the application of the Credit Rating Levels and Borrower’s irrevocable election to have the Applicable Margin determined pursuant to this subparagraph (b) or a change in such Credit Rating Level.  From and after the first date that the Applicable Margin is based on Borrower’s Investment Grade Rating pursuant to this subparagraph (b), the Applicable Margin shall no longer be calculated by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value (provided that any accrued interest payable at the Applicable Margin determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value prior to such date shall be payable as provided in §2.6).
Arrangers.  KeyBanc Capital Markets, Inc. and J.P. Morgan Chase Bank, N.A. or any successor.
Assignment and Acceptance Agreement.  See §18.1.
Authorized Officer.  Any of the following Persons:  the chief executive officer, president, chief financial officer, principal accounting officer, treasurer, assistant treasurer, controller, secretary or assistant secretary or general counsel of Borrower or any Guarantor (or the equivalent of any of the foregoing) and such other Persons as Borrower shall designate in a written notice to Agent.  Any document delivered hereunder that is signed by an Authorized Officer of a Borrower or Guarantor shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Borrower or Guarantor and such Authorized Officer shall be conclusively presumed to have acted on behalf of such Borrower or Guarantor.
Bail-In Action.  The exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

4

Bail-In Legislation.  With respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 
Balance Sheet Date.  September 30, 2016.
Bankruptcy Code.  Title 11, U.S.C.A., as amended from time to time or any successor statute thereto.
Base Rate.  The greatest of (a) the fluctuating annual rate of interest announced from time to time by the Agent at the Agent’s Head Office as its “prime rate,” (b) one‐half of one percent (0.5%) above the Federal Funds Effective Rate, or (c) the applicable LIBOR for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus one percent (1.0%) per annum.  The Base Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer.  Any change in the rate of interest payable hereunder resulting from a change in the Base Rate shall become effective as of the opening of business on the day on which such change in the Base Rate becomes effective, without notice or demand of any kind.
Base Rate Loans.  Collectively, the Revolving Credit Base Rate Loans, the Term Base Rate Loans and the Swing Loans bearing interest calculated by reference to the Base Rate.
Bid Loan.  See §2.1(c)(i).
Bid Loan Borrowing.  See §2.1(c)(i).
Bid Loan Lender.  A Revolving Credit Lender who has made a Bid Loan to Borrower.
Bid Loan Note.  A promissory note or notes made by the Borrower in favor of a Revolving Credit Lender in the principal face amount equal to the Bid Loan Sublimit, or if less, the outstanding amount of all Bid Loans made by such Revolving Credit Lender, in substantially the form of Exhibit D hereto.
Bid Loan Quote.  See §2.1(c)(ii)(B).
Bid Loan Quote Request.  See §2.1(c)(ii)(A).
Bid Loan Sublimit.  An amount equal to fifty percent (50%) of the Total Revolving Credit Commitment.  The Bid Loan Sublimit is part of, and not in addition to, the Total Revolving Credit Commitment.
Borrower.  As stated in the preamble hereto.
Breakage Costs.  The cost to any Lender of re-employing funds bearing interest at LIBOR incurred (or reasonably expected to be incurred) in connection with (i) any payment of any portion of the Loans bearing interest at LIBOR prior to the termination of any applicable Interest 

5

Period, (ii) the conversion of a LIBOR Rate Loan to any other applicable interest rate on a date other than the last day of the relevant Interest Period, or (iii) the failure of Borrower to draw down, on the first day of the applicable Interest Period, any amount as to which Borrower has elected a LIBOR Rate Loan, which cost shall be deemed to be an amount determined by such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such LIBOR  Rate Loan had such event not occurred, at the LIBOR Rate that would have been applicable to such Loan, for the period from the date of such event to the last day  of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan) over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid, were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market.    
Business Day.  Any day other than a Saturday or Sunday on which banking institutions located in the same city and State as the Agent’s Head Office are located are open for the transaction of banking business and, in the case of LIBOR Rate Loans, which also is a LIBOR Business Day.
Capitalized Lease Obligations.  With respect to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as a capital lease on the balance sheet of such Person pursuant to GAAP; the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP, and the final maturity of such obligations shall be the date of the last payment of such amounts due under such capital lease (or other arrangement) prior to the first date on which such capital lease (or other arrangement) may be terminated by the lessee without payment of a premium or a penalty.
Capitalized Value.  With respect to any Stabilized Property owned or leased pursuant to a Ground Lease by Borrower or any of its Subsidiaries, an amount equal to (a) the Net Operating Income from such Stabilized Property for the preceding fiscal quarter multiplied by four (4), divided by (b) eight and one-half percent (8.50%).  With respect to any Stabilized Property of Borrower or any of its Subsidiaries that is a Leased Property, an amount equal to (x) the Net Operating Income from such Stabilized Property for the preceding fiscal quarter multiplied by four (4) divided by (y) eleven percent (11.00%).  
Cash Equivalents.  As of any date:
(a)    direct obligations of the United States of America or any agency thereof or obligations fully and unconditionally guaranteed by the United States of America or any agency thereof;
(b)    time deposits accounts, certificates of deposit and money market deposits maturing within one hundred eighty (180) days of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America, or any state thereof, and which bank or trust company has capital, surplus and undivided profits aggregating in 

6

excess of $50,000,000 and has outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act, as amended) or any money-market fund sponsored by a registered broker dealer or mutual fund distributor;
(c)    repurchase obligations with a term of not more than thirty (30) days for underlying securities of the types described in clause (a) above entered into with a bank meeting the qualifications described in clause (b) above;
(d)    commercial paper, maturing not more than ninety (90) days after the date of acquisition, issued by a corporation (other than an Affiliate of Borrower) organized and in existence under the laws of the United States of America or any state of the United States of America with a rating at the time as of which any investment therein is made of “P-2” (or higher) according to Moody’s or “A-2” (or higher) according to S&P;
(e)    securities with maturities of six months or less from the date of acquisition issued or fully and unconditionally guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by S&P or Moody’s;
(f)    money market funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (e) of this definition;
(g)    repurchase obligations of any commercial bank organized under the laws of the United States of America or any state thereof having capital and surplus aggregating at least $500,000,000, having a term of not more than thirty (30) days, with respect to securities referred to in clause (b) of this definition; and
(h)    instruments equivalent to those referred to in clauses (a) to (g) above denominated in euro or any other foreign currency comparable in credit quality and tenor to those referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside the United States of America to the extent reasonably required in connection with any business conducted by a Subsidiary of Borrower organized in such jurisdiction. 
Cash Management Services.  Cash management services (including treasury, depository, overdraft, electronic funds transfer and other cash management arrangements) and commercial credit card and merchant card services.
CERCLA.  The Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended from time to time, and regulations promulgated thereunder.
Cervalis.  Cervalis Holdings LLC, a Delaware limited liability company.
Cervalis Acquisition.  The acquisition by a Wholly-Owned Subsidiary of the Borrower of 100% of the outstanding equity interest of Cervalis pursuant to the terms of the Cervalis Acquisition Agreement.

7

Cervalis Acquisition Agreement.  That certain Agreement and Plan of Merger, dated as of April 28, 2015, among the Borrower, Jupiter Merger Sub, LLC, LDG Holdings LLC, as Seller Representative, and Cervalis, as amended, modified or supplemented from time to time.
Change of Control.  A Change of Control shall exist upon the occurrence of any of the following:
(a)    Any Person (including a Person’s Affiliates and associates) or group (as that term is understood under Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations thereunder), other than, in the case of Borrower, the REIT or the General Partner, shall have acquired beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of a percentage (based on voting power, in the event different classes of stock or voting interests shall have different voting powers) of the voting stock or voting interests of REIT or Borrower equal to more than thirty-five percent (35%);
(b)    As of any date a majority of the Board of Directors or Trustees or similar body (the “Board”) of REIT consists of individuals who were not either (i) directors or trustees of REIT as of the corresponding date of the previous year, (ii) selected or nominated to become directors or trustees by the Board of REIT of which a majority consisted of individuals described in clause (b)(i) above, or (iii) selected or nominated to become directors or trustees by the Board of REIT of which a majority consisted of individuals described in clause (b)(i) above and individuals described in clause (b)(ii) above;
(c)    General Partner shall fail to be the sole general partner of Borrower, or shall fail to hold all management powers over the business and affairs of Borrower; or
(d)    REIT fails to own directly at least one hundred percent (100%) of the economic, voting and beneficial interest of General Partner, or shall fail to hold all management powers over the business and affairs of General Partner.
Class.  When used with respect to a Commitment, Class refers to whether such Commitment is a Revolving Credit Commitment, a Term Loan A Commitment or a Term Loan B Commitment; when used with respect to a Loan, refers to whether such Loan is a Revolving Credit Loan, a Term Loan A or a Term Loan B; and when used with respect to a Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments.
Closing Date.  The date of this Agreement.
Code.  The Internal Revenue Code of 1986, as amended.
Collateral Account.  An account established with the Agent, and in the name of the Agent, pursuant to §12.6 and under its sole dominion and control.
Commitment.  With respect to each Lender, the aggregate of (a) the Revolving Credit Commitment of such Lender, (b) the Term Loan A Commitment of such Lender and (c) the Term Loan B Commitment of such Lender.

8

Commitment Increase.  An increase in the Total Revolving Credit Commitment, Total Term Loan A Commitment and/or Total Term Loan B Commitment to an aggregate Total Commitment of not more than $1,850,000,000.00 pursuant to §2.11.
Commitment Increase Date.  See §2.11(b).
Commitment Percentage.  With respect to each Lender, the percentage set forth on Schedule 1.1 hereto as such Lender’s percentage of the Total Commitment, as the same may be changed from time to time in accordance with the terms of this Agreement; provided that if the Commitments of the Lenders have been terminated as provided in this Agreement, then the Commitment of each Lender shall be determined based on the Commitment Percentage of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof.
Compliance Certificate.  See §7.4(c).
Connection Income Taxes.  Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.
Consolidated.  With reference to any term defined herein, that term as applied to the accounts of a Person and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.
Consolidated EBITDA.  With respect to any period, an amount equal to the EBITDA of the REIT and its Subsidiaries for such period determined on a Consolidated basis.
Consolidated Fixed Charges.  With respect to any Person, for any period, the sum of Debt Service and all Preferred Distributions paid during such period.  Such Person’s Equity Percentage of the Fixed Charges of its Unconsolidated Affiliates shall be included in the determination of Fixed Charges.
Consolidated Secured Indebtedness.  With respect to the REIT and its Subsidiaries as of any given date, the aggregate principal amount of all Indebtedness of such Persons on a Consolidated basis outstanding at such date and that is secured in any manner by any Lien, and in the case of the REIT or its Subsidiaries, shall include (without duplication) such Person’s Equity Percentage of the Consolidated Secured Indebtedness of its Unconsolidated Affiliates.
Consolidated Tangible Net Worth.  The amount by which Gross Asset Value exceeds Consolidated Total Indebtedness.
Consolidated Total Adjusted Unsecured Indebtedness.  As of any date of determination, the sum of (a) Consolidated Total Unsecured Indebtedness of REIT and its Subsidiaries less (b) Unrestricted Cash and Cash Equivalents of REIT and its Subsidiaries.
Consolidated Total Indebtedness.  All Indebtedness of REIT and its Subsidiaries determined on a Consolidated basis and shall include (without duplication) such Person’s Equity Percentage of the Indebtedness of its Unconsolidated Affiliates.

9

Consolidated Total Unsecured Indebtedness.  As of any date of determination, all Unsecured Indebtedness of REIT and its Subsidiaries determined on a Consolidated basis and shall include (without duplication) such Person’s Equity Percentage of the Unsecured Indebtedness of its Unconsolidated Affiliates.
Construction-in-Process.  The aggregate amount of costs incurred for any build-outs, redevelopment, construction or tenant improvements of Real Estate on or prior to the last day of the fiscal quarter then most recently ended.  This value shall not be duplicative of any value given to Development Property.
Controlled Joint Venture.  Any Subsidiary of Borrower that is not a Wholly Owned Subsidiary of Borrower in which the Borrower or any of its Wholly Owned Subsidiaries (i) holds at least eighty-five percent (85%) of the economic interests of such Subsidiary, (ii) is the sole general partner or managing member, as applicable, of such Subsidiary, (iii) controls all material decisions of such Subsidiary, including without limitation the operations, investments, financing, refinancing, encumbrancing and disposition of the assets of such Subsidiary, (iv) has the power and authority without limit to cause such Subsidiary to be a Guarantor and to grant a Lien to secure the obligations of Borrower under the Loan Documents (it being understood that no such Lien is required to be granted as a condition to such Subsidiary being considered a Controlled Joint Venture), and (v) is not subject to any contractual provision or agreement with the holder of the balance of the interests in such Subsidiary that provides such holder with the right (x) to change or replace management of such Subsidiary, (y) to obtain additional consent or approval rights, or (z) to acquire the direct or indirect interest of Borrower in such Subsidiary upon non-payment of any distributions to it or other default by Borrower or such other Wholly Owned Subsidiary of Borrower.
Controlled Joint Venture Allocable Net Operating Income.  As of any date of determination with respect to an Unencumbered Controlled Joint Venture Property, an amount equal to (A) the Net Operating Income from the Unencumbered Property owned or leased by the applicable Controlled Joint Venture (determined without any adjustment based upon the Distribution Percentage) multiplied by (B) the Distribution Percentage for such Controlled Joint Venture as of the end of the most recently-ended calendar quarter.
Controlled Joint Venture Value.  As of any date of determination with respect to an Unencumbered Controlled Joint Venture Property, an amount equal to (A) the Unencumbered Asset Value of the Unencumbered Property owned or leased by the applicable Controlled Joint Venture (determined without adjustment for any Distribution Percentage) multiplied by (B) the Distribution Percentage for such Controlled Joint Venture as of the end of the most recently ended calendar quarter.
Conversion/Continuation Request.  A notice given by Borrower to the Agent of its election to convert or continue a Loan in accordance with §4.1.
Credit Rating.  As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to Borrower’s long-term senior unsecured non-credit enhanced debt by one of the Rating Agencies.  A credit rating of BBB- from S&P is equivalent to a credit rating of Baa3 from Moody’s and vice versa.  A credit rating of BBB from S&P is equivalent to a credit 

10

rating of Baa2 from Moody’s and vice versa.  A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by Moody’s and vice versa.  A credit rating of A- from S&P is equivalent to a credit rating of A3 from Moody’s and vice versa.  It is the intention of the parties that if Borrower shall only obtain a credit rating from one of the Rating Agencies without seeking a credit rating from the other of the Rating Agencies, Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating.  If Borrower shall have obtained a credit rating from more than one of the Rating Agencies, the highest of the ratings shall control, provided that the other rating for such Person is only one level below that of the highest rating.  If the other rating for such Person is more than one level below that of the highest credit rating for such Person, the operative rating would be deemed to be one rating level higher than the lower of the ratings.  In the event that Borrower shall have obtained a credit rating from any or all of the Rating Agencies and shall thereafter lose such rating or ratings (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from such Rating Agencies and as a result does not have a credit rating from one or more of the Rating Agencies, Borrower shall be deemed for the purposes hereof not to have a credit rating.  Notwithstanding anything to the contrary contained herein, if at any time none of the Rating Agencies shall perform the functions of a securities rating agency, then Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency (and to correlate the system of ratings of such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of any Rating Agency in effect immediately prior to such time shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating Level 5 shall be the applicable Credit Rating Level until such time as Borrower obtains a Credit Rating from one or more Rating Agencies.
Credit Rating Level.  One of the following five pricing levels, as applicable (determined in accordance with the definition of “Credit Rating”), and provided, further, that, from and after the time that Agent receives written notice that Borrower has first obtained an Investment Grade Rating, during any period that Borrower has no Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level:
“Credit Rating Level 1” means the Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to A- by S&P or A3 by Moody’s;
“Credit Rating Level 2” means the Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB+ by S&P or Baa1 by Moody’s and Credit Rating Level 1 is not applicable;
“Credit Rating Level 3” means the Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB by S&P or Baa2 by Moody’s and Credit Rating Levels 1 and 2 are not applicable;
“Credit Rating Level 4” means the Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB- by S&P or Baa3 by Moody’s and Credit Rating Levels 1, 2 and 3 are not applicable; and

11

“Credit Rating Level 5” means the Credit Rating Level which would be applicable for so long as the Credit Rating is less than BBB- by S&P or Baa3 by Moody’s or there is no Credit Rating.
Data Center Property.  Any asset that operates or is intended to operate, at least in part, as a telecommunications infrastructure building or an information technology infrastructure building.  A Data Center Property may include ancillary office space.
Debt Offering.  The issuance and sale by REIT or any of its Subsidiaries of any debt securities of such Person.
Debt Service.  For any period, the sum of (a) Interest Expense of the REIT and its Subsidiaries for such period, and (b) all regularly scheduled principal payments made with respect to Indebtedness of the REIT and its Subsidiaries during such period, other than any balloon, bullet, early repayment or similar principal payment which, in each case, repays such Indebtedness in full (it being understood that the scheduled repayment in full of the Term Loans A and Term Loans B on their respective maturity dates will not be included in the determination of Debt Service).  Such Person’s Equity Percentage of Debt Service of its Unconsolidated Affiliates shall be included in the determination of Debt Service.
Default.  See §12.1.
Default Rate.  See §4.12.
Defaulting Lender.  Any Lender that (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans or participations in respect of Letters of Credit or Swing Loans, within two (2) Business Days of the date required to be funded by it hereunder and such failure is continuing, unless such Lender notifies the Agent and Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) (i) has notified Borrower, the Agent or any Lender that it does not intend to comply with its funding obligations hereunder or (ii) has made a public statement to that effect with respect to its funding obligations under other agreements generally in which it commits to extend credit, unless with respect to this clause (b), such notice or public statement relates to such Lender’s obligation to fund a Revolving Credit Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such notice or public statement) cannot be satisfied, (c) has failed, within three (3) Business Days after request by the Agent or Borrower, to confirm in a manner reasonably satisfactory to the Agent and Borrower that it will comply with its funding obligations; provided that, notwithstanding the provisions of §2.13, such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Agent’s and Borrower’s receipt of confirmation that such Defaulting Lender will comply with its funding obligations, or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any bankruptcy, insolvency, reorganization, liquidation, conservatorship, assignment for the benefit of creditors, moratorium, receivership, rearrangement or similar debtor relief law of the United States or other applicable jurisdictions from 

12

time to time in effect, including any law for the appointment of the Federal Deposit Insurance Corporation or any other state or federal regulatory authority as receiver, conservator, trustee, administrator or any similar capacity, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such capacity, charged with reorganization or liquidation of its business or a custodian appointed for it, (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment, or (iv) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority (including any agency, instrumentality, regulatory body, central bank or other authority) so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts of the United States or from the enforcement of judgments or writs of attachment of its assets or permit such Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow, or disaffirm any contracts or agreements made with such Person.  Any determination by the Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to §2.13(g)) upon delivery of written notice of such determination to Borrower and each Lender.
Derivatives Contract.  Any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, option derivative agreement or index option derivative agreement, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement; provided that the term “Derivatives Contract” shall not include any contract to prepurchase electricity in the ordinary course of business.  Not in limitation of the foregoing, the term “Derivatives Contract” includes any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such master agreement.
Derivatives Termination Value.  In respect of any one or more Derivatives Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Derivatives Contracts, (a) for any date on or after the date such Derivatives Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a) the amount(s) determined as the mark-to-market value(s) for such Derivatives Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Derivatives Contracts (which may include the Agent or any Lender).

13

Designated Person.  See §6.31.
Development Property.  Any Real Estate owned, leased or acquired by Borrower or any of its Subsidiaries and on which Borrower or any of its Subsidiaries is pursuing construction of one or more buildings for use as a Data Center Property and for which construction is proceeding to completion without undue delay from permit delay or denial, construction delays or otherwise, all pursuant to the ordinary course of business of Borrower or such Subsidiary.  Notwithstanding the foregoing, any such property will no longer be considered to be a Development Property and shall, automatically and irrevocably, thereafter be considered a Stabilized Property for the purposes of the calculation of Gross Asset Value and Unencumbered Asset Value and the determination of what constitutes Eligible Real Estate, as applicable, on and following the first to occur of (i) the date twenty-four (24) months following completion of construction of the improvements related to such development (excluding tenant improvements and punch list items), and (ii) the first date such Development Property’s Capitalized Value exceeds its GAAP book value.  Each individual phase of a given development will be considered a separate and distinct Development Property for purposes of this definition.  Any Construction-in-Process shall be considered part of Development Property, subject to the definition thereof.
Disqualified Equity Interest.  With respect to any Person, any Equity Interest in such Person that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable, either mandatorily or at the option of the holder thereof), or upon the happening of any event or condition:
(a)    matures or is mandatorily redeemable (other than solely for Equity Interests in such Person that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests), whether pursuant to a sinking fund obligation or otherwise;
(b)    is convertible or exchangeable, either mandatorily or at the option of the holder thereof, for Indebtedness or Equity Interests (other than solely for Equity Interests in such Person that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests); or
(c)    is redeemable (other than solely for Equity Interests in such Person that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests) or is required to be repurchased by the REIT or any Subsidiary, in whole or in part, at the option of the holder thereof;
in each case, in whole or in part on or prior to the date that is ninety-one (91) days after the latest of the Revolving Credit Maturity Date, the Term Loan A Maturity Date or the Term Loan B Maturity Date in effect hereunder (determined as of the date of issuance thereof or, in the case of any such Equity Interests outstanding on the Closing Date); provided, however, that (i) an Equity Interest in any Person that would not constitute a Disqualified Equity Interest but for terms thereof giving holders thereof the right to require such Person to redeem or purchase such Equity Interest upon the occurrence of an “asset sale”, “casualty” or “condemnation event” or a “change of control” (or similar event, however denominated) shall not constitute a Disqualified Equity Interest if any such requirement is subject to the prior or concurrent repayment in full of all the Loans and all other 

14

Obligations (other than contingent or indemnification obligations not then due) that are accrued and payable, the cancellation, expiration or cash collateralization of all Letters of Credit and the termination or expiration of the Commitments, (ii) an Equity Interest in any Joint Venture that would not constitute a Disqualified Equity Interest but for the terms thereof providing for any purchase option, put, call or similar right of a Person with respect to such Equity Interest shall not constitute a Disqualified Equity Interest, and (iii) an Equity Interest in any Person that is issued to any director or employee, or to any plan for the benefit of directors or employees or by any such plan to such directors or employees, shall not constitute a Disqualified Equity Interest solely because it may be required to be repurchased by such Person or any of its subsidiaries in order to satisfy applicable statutory or regulatory obligations as a result of such employee’s termination, death or disability.
Distribution.  Any (a) dividend or other distribution, direct or indirect, on account of any Equity Interest of Borrower, a Guarantor or any of their respective Subsidiaries now or hereafter outstanding, except a dividend payable solely in Equity Interests of identical class to the holders of that class; (b) redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interest of Borrower, a Guarantor or any of their respective Subsidiaries now or hereafter outstanding; and (c) payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of Borrower, a Guarantor or any of their respective Subsidiaries now or hereafter outstanding. 
Distribution Percentage.  As of any date of determination, the percentage of the cash which would be distributed to Borrower or any of its Subsidiaries pursuant to the terms of the organizational agreements of a Controlled Joint Venture, assuming a hypothetical cash distribution following a sale of all of the assets of such Controlled Joint Venture.  For purposes of this definition, the amount available for such distribution shall be deemed to be an amount equal to the Capitalized Value of the applicable Unencumbered Controlled Joint Venture Property (determined without any adjustment based upon the Distribution Percentage), or if the Unencumbered Asset Value for such Unencumbered Controlled Joint Venture Property is not determined based upon the Capitalized Value, then the book value of such Unencumbered Controlled Joint Venture Property (determined without regard to any adjustment based upon the Distribution Percentage).  The Distribution Percentage shall be an amount equal to the quotient obtained by dividing (x) the total cash that would be distributed to Borrower or its Subsidiaries in connection with such distribution by (y) the total amount of cash that would be distributed as a result of such sale.
Dollars or $.  Dollars in lawful currency of the United States of America.
Domestic Lending Office.  Initially, the office of each Lender designated as such on Schedule 1.1 hereto; thereafter, such other office of such Lender, if any, located within the United States that will be making or maintaining Base Rate Loans.
Domestic Subsidiary.  Any Subsidiary incorporated or organized under the laws of the United States of America or any State.
Drawdown Date.  The date on which any Loan is made or is to be made, and the date on which any Loan which is made prior to the Revolving Credit Maturity Date, Term Loan A 

15

Maturity Date or Term Loan B Maturity Date, as applicable, is converted in accordance with §4.1.  The date of the Existing Credit Agreement was the initial Drawdown Date for the Term Loans B.  
EBITDA.  With respect to a Person for any given period (without duplication), the Net Income (or Loss) of such Person and its Subsidiaries (excluding any Net Income (or Loss) from such Person’s Unconsolidated Affiliates), plus the sum of (i) interest expense, income tax expense, depreciation and amortization expense (including amortization of deferred financing costs and of debt issuance fees and the early write-off of financing costs), as reported by such Person and its Subsidiaries on a Consolidated basis in accordance with GAAP, (ii) all other non-cash charges and expenses (including any charges or expenses associated with asset retirement obligations under GAAP) and non-cash compensation, minus all cash payments made during such period on account of non-cash charges or expenses added to Net Income (or Loss) pursuant to this clause (ii) in a prior period, and (iii) such Person’s pro rata share of EBITDA of its Unconsolidated Affiliates.  EBITDA shall exclude (w) any extraordinary, unusual or otherwise non-recurring charges, expenses or losses, (x) any fees, expenses or charges (other than depreciation or amortization expense) related to any contemplated offering of equity interests of the REIT or Borrower (including, without limitation, any secondary offerings), investment, acquisition, disposition, recapitalization, origination of Mortgage Notes, or the incurrence of Indebtedness permitted to be incurred by the Loan Documents (including any prepayment, defeasance or refinancing thereof and any amendments and other modifications thereof), whether or not successful, including all fees, expenses and charges related to (i) the Transactions or (ii) any amendment or other modification of the Loan Documents or the Senior Notes Indenture, (y) gains (and losses) on the sale of assets outside the ordinary course of business and gains (and losses) from debt extinguishment (including call premium, tender premium and other similar expenses), and (z) other non-cash gains, and shall not be reduced by distributions to minority owners.  In addition, EBITDA will exclude the impact of all currency translation gains or losses related to non-operating currency transactions (including any net loss or gain resulting from hedging agreements).  EBITDA shall be adjusted to remove any impact from straight line rent leveling adjustments (in excess of ten percent (10%) of gross revenue as reported on the REIT’s GAAP operating statement) required under GAAP.
EEA Financial Institution.  EEA Financial Institution means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent; 
EEA Member Country.  Any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
EEA Resolution Authority.  Any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
Eligible Real Estate.  Real Estate:

16

(a)    which constitutes a Land Asset, a Development Property or a Stabilized Property;
(b)    which is located within the 50 States of the United States, the District of Columbia, Canada, Europe, Asia, Australia or New Zealand; and
(c)    with respect to Real Estate that is Leased or subject to a Ground Lease or is owned or leased by a Controlled Joint Venture, as to which the Agent has received and approved all Eligible Real Estate Qualification Documents, or will receive and approve them prior to inclusion of such Real Estate as Eligible Real Estate.  
Notwithstanding the foregoing, any other Real Estate owned or leased by Borrower or an Unencumbered Property Subsidiary may become Eligible Real Estate with the prior written approval of the Majority Lenders.
Eligible Real Estate Qualification Documents.  See Schedule 1.3 attached hereto.  
Employee Benefit Plan.  Any employee benefit plan within the meaning of §3(3) of ERISA maintained or contributed to by REIT or any ERISA Affiliate, other than a Multiemployer Plan.
Environmental Laws.  Any foreign, federal, state, provincial or local statute, regulation or ordinance or any judicial or administrative decree or decision, whether now existing or hereinafter enacted, promulgated or issued, with respect to any Hazardous Substances, mold, drinking water and groundwater (as relates to pollution or contamination), wetlands, landfills, open dumps, storage tanks, underground storage tanks, solid waste, waste water, storm water run-off, or waste emissions.  Without limiting the generality of the foregoing, the term shall encompass each of the following statutes and their state and local equivalents, and regulations promulgated thereunder, and amendments and successors to such statutes and regulations, as may be enacted and promulgated from time to time:  (i) CERCLA (codified in scattered sections of 26 U.S.C.; 33 U.S.C.; 42 U.S.C. and 42 U.S.C. §9601 et seq.); (ii) the Resource Conservation and Recovery Act of 1976 (42 U.S.C. §6901 et seq.); (iii) the Hazardous Materials Transportation Act (49 U.S.C. §1801 et seq.); (iv) the Toxic Substances Control Act (15 U.S.C. §2061 et seq.); (v) the Clean Water Act (33 U.S.C. §1251 et seq.); (vi) the Clean Air Act (42 U.S.C. §7401 et seq.); (vii) the Safe Drinking Water Act (21 U.S.C. §349; 42 U.S.C. §201 and §300f et seq.); (viii) the National Environmental Policy Act of 1969 (42 U.S.C. §4321); (ix) the Superfund Amendment and Reauthorization Act of 1986 (codified in scattered sections of 10 U.S.C., 29 U.S.C., 33 U.S.C. and 42 U.S.C.); and (x) Title III of the Superfund Amendment and Reauthorization Act (40 U.S.C. §1101 et seq.).
Equity Interests.  With respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any 

17

other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or otherwise existing on any date of determination.
Equity Offering.  The issuance and sale after the Closing Date by REIT, Borrower or any of its Subsidiaries of any equity securities of such Person.
Equity Percentage.  With respect to any Unconsolidated Affiliate of a Person, the aggregate ownership percentage of such Person or its Subsidiaries in such Unconsolidated Affiliate.
ERISA.  The Employee Retirement Income Security Act of 1974, as amended and in effect from time to time and all regulations and formal guidelines issued thereunder.
ERISA Affiliate.  Any Person which is treated as a single employer with REIT or its Subsidiaries under §414 of the Code  or §4001 of ERISA.  Any former ERISA Affiliate of either the REIT or any of its Subsidiaries shall continue to be considered an ERISA Affiliate of the REIT or any such Subsidiary within the meaning of this definition with respect to the period during which the REIT or such Subsidiary could have successor liability under ERISA or the Code for liabilities of such Person that arose while such Person was an ERISA Affiliate.
ERISA Reportable Event.  A reportable event with respect to a Guaranteed Pension Plan within the meaning of §4043 of ERISA and the regulations promulgated thereunder as to which the requirement of notice has not been waived or any other event with respect to which REIT or an ERISA Affiliate could have liability under §4062(e) or §4063 of ERISA.
EU Bail-In Legislation Schedule.  The EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.   
Excluded Subsidiary.  Any Subsidiary of the Borrower which is prohibited from guaranteeing the Indebtedness of any other Person pursuant to (i) applicable law, (ii) any document, instrument or agreement evidencing Consolidated Secured Indebtedness of such Subsidiary or (iii) a provision of such Subsidiary’s organizational documents (A) included as a condition to the extension of such Consolidated Secured Indebtedness or (B) solely with respect to a Person that becomes a Subsidiary of the REIT after the Closing Date, which existed prior to the date that such entity became a Subsidiary of the REIT and was not created in anticipation of the acquisition of such Subsidiary and which provision has not been made unnecessary or ineffective as a result of changed circumstances (including the repayment of the indebtedness for which such provision was originally included).
Excluded Taxes.  Any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to 

18

or for the account of such Lender with respect to an applicable interest in a Loan or its Commitment pursuant to an Applicable Law in effect on the date on which (i) such Lender acquires such interest in the Loan or its Commitment (other than pursuant to an assignment request by Borrower under §4.15 as a result of costs sought to be reimbursed pursuant to §4.4) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to §4.4, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with §4.4(g) and (d) any U.S. federal withholding Taxes imposed under FATCA.
Existing Credit Agreement.  As defined in the preamble hereto.
Existing Guaranty.  The Guaranty (as defined in the Existing Credit Agreement).
Existing Letters of Credit.  The letters of credit issued by KeyBank and described on Schedule 1.4 hereto.
Extended Revolving Credit Commitment.  Any Class of Revolving Credit Commitments the maturity of which shall have been extended pursuant to §27(c).
Extended Revolving Credit Loans.  Any Revolving Credit Loans made pursuant to the Extended Revolving Credit Commitments.
Extended Term Loans A.  Any Class of Term Loans A the maturity of which shall have been extended pursuant to §27(c).
Extended Term Loans B.  Any Class of Term Loans B the maturity of which shall have been extended pursuant to §27(c).
Extension.  See §27(c)(i).
Extension Amendment.  An amendment to this Agreement (which may, at the option of the Agent and the Borrower, be in the form of an amendment and restatement of this Agreement) among the Borrower, Guarantors, the applicable extending Lenders, the Agent and, to the extent required by §27(c), the Issuing Lender and/or the Swing Loan Lender, implementing an Extension in accordance with §27(c).
Extension Offer.  See §27(c)(i).
Extension Request.  See §2.12(a).
Event of Default.  See §12.1.
Facility Fee.  See §2.3(b).
FATCA.  Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more 

19

onerous to comply with), any current or future regulations or official interpretations thereof, any intergovernmental agreements related thereto, and any agreements entered into pursuant to Section 1471(b)(1) of the Code.
Federal Funds Effective Rate.  For any day, the rate per annum (rounded upward to the nearest one-hundredth of one percent (1/100 of 1%)) announced by the Federal Reserve Bank of Cleveland on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Effective Rate.”  Notwithstanding the foregoing, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed zero for the purposes of this Agreement.
Fitch.  Fitch Ratings Inc.
Foreign Lender.  If Borrower is a U.S. Person, a Lender that is not a U.S. Person, and if Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which Borrower is resident for tax purposes.
Fronting Exposure.  At any time there is a Defaulting Lender, (a) with respect to the Issuing Lender, such Defaulting Lender’s Revolving Credit Commitment Percentage of the outstanding Letter of Credit Liabilities other than Letter of Credit Liabilities as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Credit Lenders or cash collateral or other credit support acceptable to the Issuing Lender shall have been provided in accordance with the terms hereof and (b) with respect to the Swing Loan Lender, such Defaulting Lender’s Revolving Credit Commitment Percentage of Swing Loans other than Swing Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Credit Lenders, repaid by Borrower or for which cash collateral or other credit support acceptable to the Swing Loan Lender shall have been provided in accordance with the terms hereof.
Funds from Operations.  With respect to REIT and its Subsidiaries for any period, an amount equal to the Net Income (or Loss) of such Persons for such period, computed in accordance with GAAP, excluding gains and losses from sales of property during such period, plus (1) to the extent deducted in calculating Net Income (or Loss), (w) depreciation and amortization for such period, (x) any extraordinary, unusual or otherwise non-recurring charges, expenses or losses, (y) any fees, expenses or charges (other than depreciation or amortization expense) related to any contemplated offering of equity interests of the REIT or Borrower (including, without limitation, any secondary offerings), investment, acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by the Loan Documents (including any prepayment, defeasance or refinancing thereof and any amendments and other modifications thereof), whether or not successful, including all fees, expenses and charges related to (i) the Transactions or (ii) any amendment or other modification of the Loan Documents or the Senior Notes Indenture, and (z) any non-cash impairment charges and non-cash charges and gains from derivatives contracts, and minus (2) all Preferred Distributions paid during such period.  To the extent not inconsistent with the foregoing, Funds from Operations shall be reported in accordance with National Association of 

20

Real Estate Investment Trusts policies.  Funds from Operations shall be calculated without giving effect to any deductions for non-controlling or minority interests.
GAAP.  Principles that are (a) consistent with the principles promulgated or adopted by the Financial Accounting Standards Board and its predecessors, as in effect from time to time and (b) consistently applied with past financial statements of the Person adopting the same principles, except as required by changes in GAAP.
General Partner.  CyrusOne GP, a Maryland statutory trust.
Governmental Authority.  Any national, state, provincial, local or other government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator, in each case exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government and with authority to bind the applicable party at law, and including any supra-national bodies such as the European Union or the European Central Bank.
Gross Asset Value.  On a Consolidated basis for the REIT and its Subsidiaries, Gross Asset Value shall mean the sum of (without duplication with respect to any Real Estate):
(i)    the Capitalized Value of any Real Estate which is a Stabilized Property owned by the REIT or any of its Subsidiaries (including a Leased Property or property leased under a Ground Lease) for the prior four (4) consecutive fiscal quarters most recently ended (which period may include the period of ownership of such asset while it was a Development Property); plus
(ii)    the book value determined in accordance with GAAP of all Stabilized Properties acquired by the REIT or any of its Subsidiaries (including a Leased Property or property leased under a Ground Lease) during the four (4) consecutive fiscal quarters most recently ended; provided that the Borrower shall have the right to make an irrevocable election to value such property at its Capitalized Value after the REIT or any of its Subsidiaries has owned or leased such property for at least one (1) calendar quarter; plus
(iii)    the book value determined in accordance with GAAP of all Development Properties owned by the REIT or any of its Subsidiaries (including a Leased Property or property leased under a Ground Lease); plus
(iv)    the aggregate amount of all Unrestricted Cash and Cash Equivalents of the REIT and its Subsidiaries as of the date of determination determined in accordance with GAAP; plus
(v)    the book value determined in accordance with GAAP of Land Assets of the REIT and its Subsidiaries; plus

21

(vi)    the book value determined in accordance with GAAP of all Mortgage Notes held by the REIT and its Subsidiaries.
Without limiting or affecting any other provision hereof, Gross Asset Value shall not include any income or value associated with Real Estate which is not operated or intended to be operated principally as a Data Center Property.  For the avoidance of doubt, Ancillary Office shall not be included in the determination of Gross Asset Value.  Gross Asset Value will be adjusted to include an amount equal to the REIT’s or any of its Subsidiaries’ pro rata share (based upon such Person’s Equity Percentage in such Unconsolidated Affiliate) of the Gross Asset Value attributable to any of the items listed above in this definition owned by such Unconsolidated Affiliate.  For purposes of this definition, (i) if the value of the REIT’s or any of its Subsidiaries’ Equity Percentage of assets held by Unconsolidated Affiliates or non-Wholly Owned Subsidiaries exceeds twenty percent (20%) of the Gross Asset Value, then such excess shall be excluded, and (ii) to the extent that Gross Asset Value attributable to Land Assets, Development Properties, Mortgage Notes and other notes receivable and International Investments would exceed forty percent (40%) of Gross Asset Value, then such excess shall be excluded.
Ground Lease.  An unsubordinated ground lease as to which (i) no default or event of default (after the expiration of any applicable notice and cure period) has occurred and is continuing and (ii) containing the following terms and conditions:  (a) a remaining term (exclusive of any unexercised extension options) as of the date of determination of thirty (30) years or more (or such shorter term as is approved by the Majority Lenders in their reasonable discretion); (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosure, and fails to do so; (d) reasonable transferability of the lessee’s interest under such lease, including the ability to sublease; (e) such other rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease; and (f) if such ground lease relates to an Unencumbered Property, such ground lease is approved by the Majority Lenders in their reasonable discretion.  The term “Ground Lease” includes all amendments, modifications and supplements to any such unsubordinated ground lease as of the date the property subject to such ground lease becomes an Unencumbered Property, and any after such date approved by the Majority Lenders in their reasonable discretion.
Guaranteed Pension Plan.  Any employee pension benefit plan within the meaning of §3(2) of ERISA maintained or contributed to by REIT or any ERISA Affiliate the benefits of which are guaranteed on termination in full or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer Plan.
Guarantor.  Collectively, the REIT, General Partner, the Subsidiary Guarantors and each Additional Subsidiary Guarantor, and individually any one of them.
Guaranty.  The Second Amended and Restated Guaranty, dated of even date herewith, made by Guarantors in favor of the Agent and the Lenders, as the same may be modified, amended 

22

or ratified, such Guaranty to be in the form attached hereto as Exhibit N, or in such other form as is in form and substance reasonably satisfactory to Agent and Borrower.
Hazardous Substances.  Each and every element, compound, chemical mixture, contaminant, pollutant, toxic substances, oil, material, waste or other substance which is defined, determined or identified as hazardous or toxic under any Environmental Law.  Without limiting the generality of the foregoing, the term shall mean and include:
(i)    “hazardous substances” as defined in CERCLA, the Superfund Amendment and Reauthorization Act of 1986, or Title III of the Superfund Amendment and Reauthorization Act, each as amended, and regulations promulgated thereunder;
(ii)    “hazardous waste” and “regulated substances” as defined in the Resource Conservation and Recovery Act of 1976, as amended, and regulations promulgated thereunder; and
(iii)    “hazardous materials” as defined in the Hazardous Materials Transportation Act, as amended, and regulations promulgated thereunder.
Increase Notice.  See §2.11(a).
Indebtedness.  With respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed (other than trade debt incurred in the ordinary course of business which is not more than one hundred eighty (180) days past due); (b) all obligations of such Person, whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial payment for property or services rendered; (c) Capitalized Lease Obligations; (d) all reimbursement obligations of such Person under any letters of credit or acceptances (whether or not the same have been presented for payment); (e) all Off-Balance Sheet Obligations of such Person; (f) all obligations of such Person in respect of any purchase obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of Equity Interests), (g) net obligations under any Derivatives Contract not entered into as a hedge against existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof (excluding any such obligation which is a forward equity commitment to the extent the obligation can be satisfied by the issuance of Equity Interests); (h) all Indebtedness of other Persons which such Person has guaranteed or is otherwise recourse to such Person (except for guaranties of Non-Recourse Exclusions, and other similar exceptions to recourse liability until a claim is made with respect thereto, and then shall be included only to the extent of the amount of such claim that is reasonably expected to be incurred), including liability of a general partner in respect of liabilities of a partnership in which it is a general partner which would constitute “Indebtedness” hereunder, any obligation to supply funds to or in any manner to invest directly or indirectly in another Person, to maintain working capital or equity capital of another Person or otherwise to maintain net worth, 

23

solvency or other financial condition of a Person, to purchase indebtedness, or to assure the owner of indebtedness against loss, including, without limitation, through an agreement to purchase property, securities, goods, supplies or services for the purpose of enabling the debtor to make payment of the indebtedness held by such owner or otherwise; (i) all Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness or other payment obligation; and (j) such Person’s Equity Percentage of the Indebtedness of any Unconsolidated Affiliate of such Person.  “Indebtedness” shall be adjusted to remove any impact of intangibles pursuant to FAS 141, as issued by the Financial Accounting Standards Board in June of 2001.  All Loans and Letter of Credit Liabilities shall constitute Indebtedness of the Borrower.  For the avoidance of doubt, lease financing arrangements appearing on the balance sheet of the REIT and its Subsidiaries that are not Capitalized Lease Obligations shall not be considered Indebtedness.
Indemnified Parties.  See §16.
Indemnified Taxes.  (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Borrower or any Guarantor under any Loan Document and (b) to the extent not otherwise described in the immediately preceding clause (a), Other Taxes.
Information.  All information received from the REIT, Borrower, the General Partner, or any of their respective Subsidiaries relating to the REIT, Borrower, the General Partner, or any of their respective Subsidiaries, or their businesses, other than any such information that is available to any Lender on a non-confidential basis prior to disclosure by the REIT, the General Partner, Borrower or any of their respective Subsidiaries, as applicable.  
Information Materials.  See §7.4.
Insolvency Laws.  The Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization, readjustment of debt, dissolution, suspension of payments, or similar debtor relief laws affecting the rights of creditors generally of any applicable jurisdiction, whether now or hereafter in effect.
Interest Expense.  For any period of determination with respect to REIT and its Subsidiaries, without duplication, total interest expense for such period determined in accordance with GAAP on a Consolidated basis plus REIT’s and its Subsidiaries Equity Percentage of Interest Expense of their Unconsolidated Affiliates for the most recent period.  Interest Expense shall exclude capitalized interest related to Indebtedness incurred to finance Development Properties and non-cash interest expenses (including amortization of deferred financing costs and of debt issuance fees and the early write-off of financing costs).
Interest Payment Date.  As to each Base Rate Loan, the first (1st) day of each calendar month during the term of such Base Rate Loan.  As to each LIBOR Rate Loan and Bid Loan, the last day of each Interest Period relating thereto; provided that in the event that the Interest Period 

24

for a LIBOR Rate Loan shall be for a period in excess of three months, then interest shall also be payable on the three months anniversary of the commencement of such Interest Period.
Interest Period.  With respect to each (a) LIBOR Rate Loan (i) initially, the period commencing on the Drawdown Date of such LIBOR Rate Loan and ending seven days or one, two, three or six months (or such other interest periods as are agreed by all relevant Lenders and Borrower) thereafter, and (ii) thereafter, each period commencing on the day following the last day of the immediately preceding Interest Period applicable to such Loan and ending on the last day of one of the periods set forth above, as selected by Borrower in a Loan Request or Conversion/Continuation Request, and (b) Bid Loan, the period commencing on the date of such Bid Loan and ending on the date specified in the Bid Loan Quote Request in which the Bid Loan Quote to make such Bid Loan was extended; provided that all of the foregoing provisions relating to Interest Periods are subject to the following:
(i)    if any Interest Period with respect to a LIBOR Rate Loan would otherwise end on a day that is not a LIBOR Business Day, such Interest Period shall end on the next succeeding LIBOR Business Day, unless such next succeeding LIBOR Business Day occurs in the next calendar month, in which case such Interest Period shall end on the next preceding LIBOR Business Day, as determined conclusively by the Agent in accordance with the then current bank practice in London;
(ii)    if Borrower shall fail to give notice as provided in §4.1, Borrower shall be deemed to have requested a continuation of the affected LIBOR Rate Loan as a LIBOR Rate Loan with an Interest Period of one month on the last day of the then current Interest Period with respect thereto as provided in and subject to the terms of §4.1(c);
(iii)    any Interest Period pertaining to a LIBOR Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the applicable calendar month; 
(iv)    no Interest Period relating to any LIBOR Rate Loan shall extend beyond the Revolving Credit Maturity Date, the Term Loan A Maturity Date or the Term Loan B Maturity Date, as applicable; and
(v)    no Interest Period with respect to a Bid Loan shall have a duration of more than 180 days.
International Investments.  Investments in fee or leasehold interests in Data Center Properties located in Canada, Europe, Asia, Australia or New Zealand.  Such Data Center Properties must be located in sizeable cities (in countries with well-developed real estate debt and equity capital markets, as reasonably determined by Agent in good faith and without undue delay).
Investment Grade Rating.  A Credit Rating from at least one (1) of the Rating Agencies of BBB- or better by S&P or Baa3 or better by Moody’s (in each case without regard to watch status).

25

Investments.  With respect to any Person, all shares of capital stock, evidences of Indebtedness and other securities issued by any other Person and owned by such Person, all loans, advances, or extensions of credit to, or contributions to the capital of, any other Person, all purchases of the securities or business or integral part of the business of any other Person and commitments and options to make such purchases, all interests in real property, and all other investments; provided, however, that the term “Investment” shall not include (i) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (ii) trade and customer accounts receivable for services rendered in the ordinary course of business and payable in accordance with customary trade terms, (iii) prepaid expenses, (iv) advances in the ordinary course of business to employees for travel expenses, relocation expenses and similar expenditures, (v) obligations under Derivatives Contracts to the extent permitted under §8.12, or (vi) investments consisting of cash collateral to secure (x) letters of credit, (y) Derivative Contracts permitted under §8.12 or (z) payment of, workers’ compensation, unemployment insurance, old age pensions or other social security obligations.  In determining the aggregate amount of Investments outstanding at any particular time:  (a) there shall be included as an Investment all interest accrued with respect to Indebtedness constituting an Investment unless and until such interest is paid; (b) there shall be deducted in respect of each Investment any amount received as a return of capital; (c) there shall not be deducted in respect of any Investment any amounts received as earnings on such Investment, whether as dividends, interest or otherwise, except that accrued interest included as provided in the foregoing clause (a) may be deducted when paid; and (d) there shall not be deducted in respect of any Investment any decrease in the value thereof.  For the avoidance of doubt, it is understood and agreed that guarantees do not constitute Investments.
Issuing Lender.  KeyBank, in its capacity as the Lender issuing the Letters of Credit and any successor thereto; provided, however, that in the event that (a) the Borrower is required by the proposed beneficiary of a Letter of Credit to have such Letter of Credit issued pursuant to the terms and conditions of this Agreement by an issuer with a higher rating than KeyBank has at any applicable time of reference (as determined by Moody’s, Fitch and/or S&P as required by such proposed beneficiary) and (b) notwithstanding good faith efforts from the Borrower, a proposed beneficiary of a Letter of Credit will not accept said Letter of Credit from KeyBank, then Borrower shall have the right to elect, with prior written notice to Agent, any Revolving Credit Lender having a higher rating than KeyBank (as determined by Moody’s, S&P and/or Fitch as required by such proposed beneficiary) as the Issuing Lender for that particular Letter of Credit, and if such Revolving Credit Lender agrees to issue such Letter of Credit, such Revolving Credit Lender shall be an Issuing Lender; provided further, that no other Revolving Credit Lender other than KeyBank shall be required to be an Issuing Lender and no more than two (2) other Revolving Credit Lenders in addition to KeyBank may be an Issuing Lender at any time.  When referred to in this Agreement, Issuing Lender shall refer to the Revolving Credit Lender acting as Issuing Lender with respect to any particular Letter of Credit issued pursuant to the terms and conditions of this Agreement.  Any consent, approval or waiver to be given or granted by an Issuing Lender must be provided with respect to each Issuing Lender which has issued an applicable Letter of Credit at the time such consent, approval or waiver is to be given or granted.  KeyBank shall be the Issuing Lender with respect to the Existing Letters of Credit.

26

Joinder Agreement.  The Joinder Agreement with respect to the Guaranty to be executed and delivered pursuant to §5.2 by any Additional Subsidiary Guarantor, such Joinder Agreement to be substantially in the form of Exhibit E hereto.   
Joint Bookrunners.  As defined in the preamble hereto.
Joint Venture.  A Person other than a Subsidiary in which the REIT and its Subsidiaries hold Equity Interests representing more than 20.0% of the value of all outstanding Equity Interests of such Person.
KeyBank.  As defined in the preamble hereto.
Land Assets.  Land to be developed as a Data Center Property with respect to which no development (other than improvements that are not material and are temporary in nature) has occurred.
Lease.  Any lease (other than a Ground Lease) with a remaining term (including tenant extension rights) of at least fifteen (15) years pursuant to which the Borrower, a Subsidiary or an Unconsolidated Affiliate leases an Unencumbered Property or another Data Center Property, and if such lease relates to an Unencumbered Property it is approved by the Majority Lenders in their reasonable discretion; provided that the requirement that the remaining lease term (including tenant extension rights) extend for at least fifteen (15) years shall not apply to the lease of the Data Center Property located at 2501 S. State Hwy 121 Business Suite 500 (Bldg #5), Lewisville, Texas.  The term “Lease” includes all amendments, modification and supplements to any such lease as of the date the property subject to such lease becomes an Unencumbered Property, and any after such date approved by the Majority Lenders in their reasonable discretion.
Lease Default.  See §6.34(c).
Leased Property.  A completed and operational Data Center Property that is leased by Borrower or a Subsidiary pursuant to a Lease.  For the avoidance of doubt, the approximately 17,000 square foot Data Center Property located at 209 West Seventh Street, Cincinnati, Ohio leased by CyrusOne LLC pursuant to the lease agreement dated October 25, 2012 with Cincinnati Bell Telephone Company, LLC shall be considered a Data Center Property owned in fee provided that the balance of the approximately 360,000 square foot Data Center Property located in the building adjacent thereto is owned in fee simple by CyrusOne LLC.
Lenders.  KeyBank, the other lending institutions which are party hereto, and any other Person which becomes an assignee of all or a portion of the interests, rights and obligations of a Lender pursuant to §18 (but not including any participant as described in §18.4).  For the avoidance of doubt, the Revolving Credit Lenders, the Term Loan A Lenders, the Term Loan B Lenders, the Issuing Lender, the Swing Loan Lender, and the Bid Loan Lender are all Lenders.
Lessor.  The applicable owner of the fee interest in an Unencumbered Property that is subject to a Ground Lease, and the applicable landlord or sub-landlord with respect to a Leased Property that is an Unencumbered Property.

27

Letter of Credit.  Any standby letter of credit issued at the request of Borrower and for the account of Borrower in accordance with §2.10.
Letter of Credit Liabilities.  At any time and in respect of any Letter of Credit, the sum of (a) the maximum undrawn face amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all drawings made under such Letter of Credit which have not been repaid (including repayment by a Revolving Credit Loan).  For purposes of this Agreement, a Revolving Credit Lender (other than the Revolving Credit Lender acting as the Issuing Lender) shall be deemed to hold a Letter of Credit Liability in an amount equal to its participation interest in the related Letter of Credit under §2.10, and the Revolving Credit Lender acting as the Issuing Lender shall be deemed to hold a Letter of Credit Liability in an amount equal to its retained interest in the related Letter of Credit after giving effect to the acquisition by the Revolving Credit Lenders other than the Revolving Credit Lender acting as the Issuing Lender of their participation interests under such Section.
Letter of Credit Request.  See §2.10(a).
LIBOR.  For any LIBOR Rate Loan for any Interest Period, the average rate as shown in Reuters Screen LIBOR01 Page (or any successor service, or if such Person no longer reports such rate as determined by Agent, by another commercially available source providing such quotations approved by Agent) at which deposits in U.S. dollars are offered by first class banks in the London Interbank Market at approximately 11:00 a.m. (London time) on the day that is two (2) LIBOR Business Days prior to the first day of such Interest Period with a maturity approximately equal to such Interest Period and in an amount approximately equal to the amount to which such Interest Period relates, adjusted for reserves and taxes if required by any change in law, rule or regulation after the date hereof, subject to the other terms of this Agreement.  If such service or such other Person approved by Agent described above no longer reports such rate or Agent determines in good faith that the rate so reported no longer accurately reflects the rate available to Agent in the London Interbank Market, Loans shall accrue interest at the Base Rate plus the Applicable Margin for such Loan.  For any period during which a Reserve Percentage shall apply, LIBOR with respect to LIBOR Rate Loans shall be equal to the amount determined above divided by an amount equal to 1 minus the Reserve Percentage.  Notwithstanding the foregoing, if the rate shown on Reuters Screen LIBOR01 Page (or any successor service designated pursuant to this definition) shall be less than zero, such rate shall be deemed zero for the purposes of this Agreement.
LIBOR Business Day.  Any day on which commercial banks are open for international business (including dealings in Dollar deposits) in London, England.
LIBOR Lending Office.  Initially, the office of each Lender designated as such on Schedule 1.1 hereto; thereafter, such other office of such Lender, if any, that shall be making or maintaining LIBOR Rate Loans.
LIBOR Margin Bid.  See §2.1(c)(ii)(A).
LIBOR Rate Loans.  Collectively, the Revolving Credit LIBOR Rate Loans and the Term LIBOR Rate Loans.

28

Lien.  See §8.2.
Loan Documents.  This Agreement, the Notes, the Guaranty, the Joinder Agreements, the Letter of Credit Request and all other documents, instruments or agreements now or hereafter executed or delivered by or on behalf of Borrower or the Guarantors in connection with the Loans.
Loan Request.  A Revolving Credit Loan Request.
Loan and Loans.  An individual loan or the aggregate loans (including a Revolving Credit Loan (or Loans), a Term Loan (or Loans) A, a Term Loan (or Loans) B, a Swing Loan (or Loans) or a Bid Loan (or Loans)) as the case may be, to be made by the Lenders hereunder.  All Loans shall be made in Dollars.  Amounts drawn under a Letter of Credit shall also be considered Revolving Credit Loans as provided in §2.10(f).
Majority Lenders.  As of any date, Lenders whose aggregate Commitment Percentage is greater than fifty percent (50%) of the Total Commitment; provided that in determining said percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded and the Commitment Percentages, Loans, and Letter of Credit Liabilities of the Lenders shall be redetermined for purposes of this definition to exclude the Commitments of such Defaulting Lenders.  
Majority Revolving Credit Lenders.  As of any date, Revolving Credit Lenders whose aggregate Revolving Credit Commitment Percentage is greater than fifty percent (50%) of the Total Revolving Credit Commitment; provided that in determining said percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded and the Revolving Credit Commitment Percentages of the Revolving Credit Lenders shall be redetermined for purposes of this definition to exclude the Revolving Credit Commitments of such Defaulting Lenders.  For purposes of this definition, the Outstanding amount of all Bid Loans shall be disregarded in determining the aggregate amount of Outstanding Revolving Credit Loans.
Majority Term Loan A Lenders.  As of any date, Term Loan A Lenders whose aggregate Term Loan A Commitment Percentage is greater than fifty percent (50%) of the Total Term Loan A Commitment; provided that in determining said percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded and the Term Loan A Commitment Percentages of the Term Loan A Lenders shall be redetermined for purposes of this definition to exclude the Term Loan A Commitments of such Defaulting Lenders.  
Majority Term Loan B Lenders.  As of any date, Term Loan B Lenders whose aggregate Term Loan B Commitment Percentage is greater than fifty percent (50%) of the Total Term Loan B Commitment; provided that in determining said percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded and the Term Loan B Commitment Percentages of the Term Loan B Lenders shall be redetermined for purposes of this definition to exclude the Term Loan B Commitments of such Defaulting Lenders.  
Material Acquisition.  Any acquisition in a single transaction or series of related transactions, by Borrower or any of its Subsidiaries of one or more Real Estate assets for a gross purchase price equal to or in excess of fifteen percent (15%) of Gross Asset Value as of the last day 

29

of the most recently ended fiscal quarter of the Borrower for which financial statements are publicly available (determined without giving effect to such acquisition).
Material Adverse Effect.  A material adverse effect on (a) the business, properties, assets, financial condition or results of operations of REIT, Borrower and its Subsidiaries considered as a whole; (b) the ability of Borrower, REIT and the Unencumbered Property Subsidiaries that directly or indirectly own assets included in the calculation of the Unencumbered Asset Value, taken as a whole, to perform any of their material obligations under the Loan Documents; or (c) the validity or enforceability of any of the Loan Documents or the material rights or remedies of Agent or the Lenders thereunder. 
Material Subsidiary.  Any Subsidiary of REIT (a) which is a direct or indirect owner of an asset included in determining the Unencumbered Asset Value (including any Controlled Joint Venture), (b) which is a guarantor of or is otherwise liable with respect to any other Unsecured Indebtedness of the REIT, the Borrower or any of their respective Subsidiaries, or (c) that owns assets that account for greater than five percent (5%) of the Gross Asset Value and is not an Excluded Subsidiary.  Notwithstanding the foregoing, Subsidiaries that are not Domestic Subsidiaries and joint ventures that are not Controlled Joint Ventures which own or lease Unencumbered Controlled Joint Venture Properties will not be required to act as Guarantors.  
Moody’s.  Moody’s Investor Service, Inc.
Mortgage Note.  A loan to a Person other than Borrower, any Guarantor or any of their respective Subsidiaries or Unconsolidated Affiliates originated or purchased by Borrower or any Subsidiary of Borrower, secured by a first priority mortgage lien on a completed and operational Data Center Property located in the United States.
Multiemployer Plan.  Any multiemployer plan within the meaning of §3(37) of ERISA maintained or contributed to by REIT or any ERISA Affiliate.
Negative Pledge.  See §7.22.
Net Income (or Loss).  For any Person for any given period, the net income or loss of such Person and its Subsidiaries for such period, determined on a Consolidated basis in accordance with GAAP but without giving effect to deductions for non-controlling or minority interests; provided that in calculating Net Income (or Loss) of REIT and its Subsidiaries there shall be excluded (a) the income of any Person that is not a Subsidiary except to the extent of the amount of cash dividends or similar cash distributions actually paid by such Person to REIT or, subject to clauses (b) and (c) below, any other Subsidiary during such period (and, for the avoidance of doubt, the amount of such cash dividends and other distributions will be included in calculating Net Income (or Loss)), (b) the income of, and any amounts referred to in clause (a) above paid to, any Subsidiary to the extent that, on the date of determination, the declaration or payment of cash dividends or similar cash distributions by such Subsidiary is not permitted without any prior approval of any Governmental Authority that has not been obtained or is not permitted by the operation of the terms of the organizational documents of such Subsidiary, any agreement or other instrument binding upon REIT or any Subsidiary or any law applicable to REIT or any Subsidiary, unless such 

30

restrictions with respect to the payment of cash dividends and other similar cash distributions has been legally and effectively waived, and (c) any amounts referred to in clause (a) above paid to any Subsidiary that is not wholly owned by REIT to the extent such income or loss or such amounts are attributable to the noncontrolling interest in such Subsidiary.
Net Offering Proceeds.  The gross cash proceeds received by REIT or any of its Subsidiaries as a result of an Equity Offering less the customary and reasonable costs, expenses and discounts paid by REIT or such Subsidiary in connection therewith.
Net Operating Income.  For any Real Estate and for any period, an amount equal (but not less than zero) to the sum of (a) the rents, common area reimbursements, actual cost recoveries and other revenue for such Real Estate determined in accordance with GAAP for such period received in the ordinary course of business from tenants in occupancy minus (b) all expenses paid or accrued and related to the ownership, operation or maintenance of such Real Estate for such period determined in accordance with GAAP, including taxes, assessments and other governmental charges, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses (but without duplication of any amounts deducted pursuant to clause (c)) and minus (c) the greater of (i) the actual property management fee (including expenses for company personnel and security at the Real Estate) paid during such period with respect to such Real Estate and (ii) an imputed management fee in the amount of three percent (3.0%) of the gross revenues (less metered power reimbursements) for such Real Estate for such period.  Net Operating Income shall exclude (i) all losses and expenses to the extent covered by third-party insurance that has actually been reimbursed or otherwise paid in the applicable period or that the REIT reasonably determines will be reimbursed or paid by the applicable insurance carrier and so long as the applicable insurance carrier has been notified in writing of such loss or expense and not denied coverage therefor and (ii) expenses relating to the relocation of customers as a result of any casualty or condemnation event or temporary shutdown, in whole or in part, of any Real Estate.  Net Operating Income of any Person shall include such Person’s pro rata share of Net Operating Income of its Unconsolidated Affiliates.  Net Operating Income shall be adjusted to remove any impact from straight-line rent leveling adjustments (in excess of ten percent (10%) of aggregate gross revenue as reported on the REIT’s GAAP operating statement) required under GAAP.  With respect to any Unencumbered Controlled Joint Venture Property, only the Controlled Joint Venture Allocable Net Operating Income shall be included in Net Operating Income.
Non-Defaulting Lender.  At any time, any Lender that is not a Defaulting Lender at such time.
Non-Recourse Exclusions. With respect to any Non-Recourse Indebtedness of any Person, any usual and customary exclusions from the non-recourse limitations governing such Indebtedness, including, without limitation, exclusions for claims that (i) are based on fraud, intentional misrepresentation, misapplication of funds, gross negligence or willful misconduct, (ii) result from intentional mismanagement of or waste at the Real Estate securing such Non‐Recourse Indebtedness, (iii) arise from environmental claims or indemnities or from the presence of Hazardous Substances on the Real Estate securing such Non-Recourse Indebtedness, (iv) arise from violations of special purpose covenants, (v) are the result of the failure to pay taxes and assessments (whether 

31

contained in a loan agreement, promissory note, indemnity agreement or other document), (vi) are the result of unpaid amounts that could result in the creation of a Lien on the Real Estate securing the Non-Recourse Indebtedness, (vii) arise from the filing of a petition under the Bankruptcy Code or seeking relief under other laws relating to insolvency or protection from creditors, (viii) arise from asserting defenses to the Non-Recourse Indebtedness that are without merit or unwarranted, (ix) arise from the forfeiture under any law of the Real Estate securing the Non-Recourse Indebtedness, (x) arise from the incurrence of impermissible liens or the failure to obtain any required consent of the lender of the Non-Recourse Indebtedness to any other debt or voluntary lien encumbering the Real Estate securing the Non-Recourse Indebtedness, or (xi) arise from impermissible transfers or dispositions.
Non-Recourse Indebtedness.  With respect to a Person, Indebtedness in respect of which recourse for payment is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness; provided such contractual limitation to specific assets may include Non-Recourse Exclusions; and provided further that any claims with respect to such contractual limitations shall not be Non-Recourse Indebtedness.  Non-Recourse Indebtedness shall also include Indebtedness of a Subsidiary of Borrower that is not a Subsidiary Guarantor or an Unencumbered Property Subsidiary (or an owner of an interest in any Subsidiary Guarantor or Unencumbered Property Subsidiary) or of an Unconsolidated Affiliate which is a special purpose entity that is recourse solely to such Subsidiary or Unconsolidated Affiliate, which is not cross-defaulted to other Indebtedness of the Borrower, any Guarantor or any Unencumbered Property Subsidiary and which does not constitute Indebtedness of any other Person (other than such Subsidiary or Unconsolidated Affiliate which is the borrower thereunder).
Notes.  Collectively, the Revolving Credit Notes, the Term Loan A Notes, the Term Loan B Notes, the Swing Loan Note, and the Bid Loan Notes.
Notice.  See §19.
Obligations.  All indebtedness, obligations and liabilities of Borrower or any Guarantor to any of the Lenders or the Agent, individually or collectively, under this Agreement or any of the other Loan Documents or in respect of any of the Loans, the Notes or the Letters of Credit, or other instruments at any time evidencing any of the foregoing, including without limitation unpaid interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), whether existing on the date of this Agreement or arising or incurred hereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise.
OFAC.  Office of Foreign Asset Control of the Department of the Treasury of the United States of America.
Off-Balance Sheet Obligations.  Liabilities and obligations of Borrower, any of its Subsidiaries or any other Person in respect of “off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which the REIT would be required to disclose in the “Management’s Discussion and Analysis of Financial Condition and 

32

Results of Operations” section of REIT’s report on Form 10-Q or Form 10-K (or their equivalents) which the REIT is required to file with the SEC or would be required to file if it were subject to the jurisdiction of the SEC (or any Governmental Authority substituted therefore).  
Original Closing Date.  October 9, 2014.
Original Notes.  The Notes (as defined in the Existing Credit Agreement).
Other Connection Taxes.  With respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising solely from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
Other Taxes.  All present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to §4.15 as a result of costs sought to be reimbursed pursuant to §4.4).
Outstanding.  With respect to the Loans, the aggregate unpaid principal thereof as of any date of determination.  With respect to Letters of Credit, the aggregate undrawn face amount of issued Letters of Credit.
Participant Register.  See §18.4.
Partnership Agreement.  That certain Amended and Restated Agreement of Limited Partnership of CyrusOne LP, dated as of May 2, 2016.
Patriot Act.  The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as the same may be amended from time to time, and corresponding provisions of future laws.
PBGC.  The Pension Benefit Guaranty Corporation created by §4002 of ERISA and any successor entity or entities having similar responsibilities.
Permitted Liens.  Liens permitted by §8.2.
Person.  Any individual, corporation, limited liability company, partnership, trust, unincorporated association, business, or other legal entity, and any government or any governmental agency or political subdivision thereof.
Plan Assets.  Assets of any employee benefit plan within the meaning of §3(3) of ERISA that is subject to Part 4, Subtitle B, Title I of ERISA.

33

Preferred Distributions.  For any period and without duplication, all Distributions paid during such period on Preferred Securities issued by the REIT or a Subsidiary of REIT.  Preferred Distributions shall not include dividends or distributions paid or payable (a) solely in Equity Interests payable to holders of such class of Equity Interests; (b) to REIT or a Subsidiary of REIT; or (c) constituting or resulting in the redemption of Preferred Securities, other than scheduled redemptions not constituting balloon, bullet or similar redemptions in full.
Preferred Securities.  With respect to any Person, Equity Interests in such Person, which are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation, or both.
Pricing Level.  Such term shall have the meaning established within the definition of Applicable Margin.
Rating Agencies.  S&P, Moody’s and any substitute rating agency appointed by Borrower and the Agent pursuant to the definition of “Credit Rating”, collectively, and Rating Agency means either S&P, Moody’s or such substitute rating agency.
Real Estate.  All real property or facilities (and all fixtures, improvements, appurtenances and related assets thereon or therein) at any time owned or leased (as lessee or sublessee) by the REIT, Borrower or any of their respective Subsidiaries, including, without limitation, the Unencumbered Properties and any Data Center Property.
Recipient.  The Agent and any Lender.
Record.  The grid attached to any Note, or the continuation of such grid, or any other similar record, including computer records, maintained by the Agent with respect to any Loan referred to in such Note.
Recourse Indebtedness.  As of any date of determination, any Indebtedness (whether secured or unsecured) which is recourse to REIT or any of its Subsidiaries.  Recourse Indebtedness shall not include Non-Recourse Indebtedness.
Register.  See §18.2.
REIT.  CyrusOne Inc., a Maryland corporation.
REIT Status.  With respect to a Person, its status and qualification to be taxed as a real estate investment trust as defined in §856(a) of the Code.
Related Parties.  See §18.1.
Related Revolving Fund.  Any fund that invests in loans that is administered or managed by (a) a Revolving Credit Lender, (b) an Affiliate of such Revolving Credit Lender or (c) an advisor under common control with such Revolving Credit Lender or Affiliate, as applicable.

34

Related Term Fund.  Any fund that invests in loans that is administered or managed by (a) a Term Loan Lender, (b) an Affiliate of such Term Loan Lender or (c) an advisor under common control with such Term Loan Lender or Affiliate, as applicable.
Release.  See §6.20(c)(iii).
Rent Roll.  A report prepared by Borrower showing for each Unencumbered Property owned or leased by Borrower or a Guarantor, its occupancy, lease expiration dates, lease rent and other information in substantially the form presented to Agent prior to the date hereof or in such other form as may be reasonably acceptable to the Agent.
Reserve Percentage.  For any Interest Period, that percentage which is specified three (3) Business Days before the first day of such Interest Period by the Board of Governors of the Federal Reserve System (or any successor) or any other governmental or quasi-governmental authority with jurisdiction over Agent or any Lender for determining the maximum reserve requirement (including, but not limited to, any marginal reserve requirement) for Agent or any Lender with respect to liabilities constituting or including (among other liabilities) liabilities currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board of Governors of the Federal Reserve System in an amount equal to that portion of the Loan affected by such Interest Period and with a maturity equal to such Interest Period.
Revolving Credit Base Rate Loans.  Revolving Credit Loans bearing interest calculated by reference to the Base Rate.
Revolving Credit Commitment.  With respect to each Revolving Credit Lender, the amount set forth on Schedule 1.1 hereto as the amount of such Revolving Credit Lender’s Revolving Credit Commitment to make or maintain Revolving Credit Loans (other than Swing Loans and Bid Loans) to Borrower, to participate in Letters of Credit for the account of Borrower and to participate in Swing Loans to Borrower, as the same may be changed from time to time in accordance with the terms of this Agreement.
Revolving Credit Commitment Percentage.  With respect to each Revolving Credit Lender, the percentage set forth on Schedule 1.1 hereto as such Revolving Credit Lender’s percentage of the Total Revolving Credit Commitment, as the same may be changed from time to time in accordance with the terms of this Agreement; provided that if the Revolving Credit Commitments of all of the Revolving Credit Lenders have been terminated as provided in this Agreement, then the Revolving Credit Commitment Percentage of each Revolving Credit Lender shall be determined based on the Revolving Credit Commitment Percentage of such Revolving Credit Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof.
Revolving Credit Exposure.  As to any Revolving Credit Lender at any time, the aggregate principal amount at such time of its Outstanding Revolving Credit Loans and such Revolving Credit Lender’s participation in Letter of Credit Liabilities and Swing Loans at such time.

35

Revolving Credit Lenders.  Collectively, the Lenders which have a Revolving Credit Commitment, or if the Revolving Credit Commitments have terminated or expired, any Lender that has a Revolving Loan, a Bid Loan or participation in a Letter of Credit or Swing Loan.  The initial Revolving Credit Lenders are identified on Schedule 1.1 hereto.
Revolving Credit LIBOR Rate Loans.  Revolving Credit Loans bearing interest calculated by reference to LIBOR.
Revolving Credit Loan or Loans.  An individual Revolving Credit Loan or the aggregate Revolving Credit Loans, as the case may be, in the maximum principal amount of $1,000,000,000.00 (subject to increase as provided in §2.11) to be made by the Revolving Credit Lenders hereunder as more particularly described in §2.  Without limiting the foregoing, Revolving Credit Loans shall also include Revolving Credit Loans made pursuant to §2.10(f).
Revolving Credit Loan Request.  See §2.7(a).
Revolving Credit Maturity Date.  November 23, 2020 as such date may be extended as provided in §2.12, or such earlier date on which the Revolving Credit Loan or Loans shall become due and payable pursuant to the terms hereof.
Revolving Credit Notes.  A promissory note or notes made by the Borrower in favor of a  Revolving Credit Lender in the principal face amount equal to such  Revolving Credit Lender’s  Revolving Credit Commitment, or if less, the outstanding amount of all  Revolving Credit Loans made by such  Revolving Credit Lender, in substantially the form of Exhibit A hereto.
Sanctions Laws and Regulations.  Any applicable sanctions, prohibitions or requirements imposed by any applicable executive order or by any applicable sanctions program administered by OFAC or any successor to OFAC carrying out functions similar to the foregoing, the United States Department of State, the Office of the United States Treasury, the United Nations Security Council, the European Union or Her Majesty’s Treasury.
SEC.  The federal Securities and Exchange Commission.
Secured Recourse Indebtedness.  As of any date of determination, any Consolidated Secured Indebtedness which is recourse to REIT or any of its Subsidiaries.  Secured Recourse Indebtedness shall not include any Unsecured Indebtedness or Non‐Recourse Indebtedness.
Securities Act.  The Securities Act of 1933, as amended from time to time, together with all rules and regulations issued thereunder.
Senior Notes.  Borrower’s 6.375% Senior Notes Due 2022 in the aggregate principal amount of up to $625,000,000, issued by Borrower thereunder from time to time, and the Indebtedness represented thereby, including Senior Notes into which such notes may be exchanged in accordance with the provisions of the Senior Notes Documents.
Senior Notes Documents.  The Senior Notes Indenture and all other instruments, agreements and other documents evidencing or governing the Senior Notes or providing for any 

36

guarantee or other right in respect thereof, in each case as the same may be amended, restated, supplemented, substituted, replaced, refinanced or otherwise modified from time to time.
Senior Notes Indenture.  That certain Indenture dated as of November 20, 2012 among Borrower and CyrusOne Finance Corp., as Issuers, the guarantors a party thereto, Wells Fargo Bank, N.A., as Trustee relating to the issuance by Borrower of the Senior Notes, as supplemented by that certain First Supplemental Indenture dated as of July 1, 2015, and as further supplemented by that certain Second Supplemental Indenture dated as of July 2, 2015.
S&P.  S&P Global Inc.
Stabilized Property.  Any Data Center Property that has been finally completed and is not a Development Property or is deemed a Stabilized Property in accordance with the definition of “Development Property”.  Once a project becomes a Stabilized Property under this Agreement, it shall remain a Stabilized Property.
State.  (a) Any state of the United States of America and (b) the District of Columbia.
Subsidiary.  For any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP.  For the avoidance of doubt, a Controlled Joint Venture that owns or leases an Unencumbered Property shall be deemed to be a Subsidiary of Borrower.
Subsidiary Guarantors.  Each Party to the Guaranty as of the date of this Agreement (other than REIT and General Partner), and any Additional Subsidiary Guarantor.
Swing Loan.  See §2.5(a).
Swing Loan Lender.  KeyBank, in its capacity as Swing Loan Lender and any successor thereof.
Swing Loan Commitment.  The sum of $50,000,000.00, as the same may be changed from time to time in accordance with the terms of this Agreement.
Swing Loan Note.  A promissory note made by the Borrower in favor of the Swing Loan Lender in the principal face amount equal to the Swing Loan Commitment, or if less, the outstanding amount of all Swing Loans made by the Swing Loan Lender, in substantially the form of Exhibit C hereto.
Syndication Agent.  As defined in the preamble hereto.

37

Taxable REIT Subsidiary.  Any Subsidiary of Borrower that is a “taxable REIT subsidiary” within the meaning of Section 856(l) of the Code or a Subsidiary of such Taxable REIT Subsidiary.
Taxes.  All present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
Term A Base Rate Loans.  The Term Loans A bearing interest by reference to the Base Rate.
Term A LIBOR Rate Loans.  The Term Loans A bearing interest by reference to LIBOR.
Term B Base Rate Loans.  The Term Loans B bearing interest by reference to the Base Rate.
Term B LIBOR Rate Loans.  The Term Loans B bearing interest by reference to LIBOR.
Term Base Rate Loans.  Collectively, the Term A Base Rate Loans and the Term B Base Rate Loans.
Term LIBOR Rate Loans.  Collectively, the Term A LIBOR Rate Loans and the Term B LIBOR Rate Loans.
Term Loan or Term Loans.  Collectively, the Term Loans A and the Term Loans B.
Term Loan A or Term Loans A.  An individual Term Loan A or the aggregate Term Loans A, as the case may be, in the maximum principal amount of $300,000,000.00 (subject to increase as provided in §2.11) made by the Term Loan A Lenders hereunder.
Term Loan A Commitment.  As to each Term Loan A Lender, the amount equal to such Term Loan A Lender’s Term Loan A Commitment Percentage of the aggregate principal amount of the Term Loans A from time to time outstanding to Borrower.
Term Loan A Commitment Percentage.  With respect to each Term Loan A Lender, the Term Loan A Commitment Percentage shall be the percentage set forth on Schedule 1.1 hereto of such Term Loan A Lender’s percentage of the aggregate Outstanding Term Loans A to Borrower, as the same may be changed from time to time in accordance with the terms of this Agreement.
Term Loan A Lenders.  Collectively, the Lenders which have a Term Loan A Commitment, the initial Term Loan A Lenders being identified on Schedule 1.1 hereto.
Term Loan A Maturity Date.  January 5, 2022, or such earlier date on which the Term Loans A shall become due and payable pursuant to the terms hereof.

38

Term Loan A Note.  A promissory note or notes made by the Borrower in favor of a Term Loan A Lender in the principal face amount equal to such Term Loan A Lender’s Term Loan  A Commitment, or if less, the outstanding amount of all Term Loans A made by such Term Loan A Lender, in substantially the form of Exhibit B-1 hereto.  
Term Loan B or Term Loans B.  An individual Term Loan B or the aggregate Term Loans B, as the case may be, in the maximum principal amount of $250,000,000.00 (subject to increase as provided in §2.11) made by the Term Loan B Lenders hereunder.
Term Loan B Commitment.  As to each Term Loan B Lender, the amount equal to such Term Loan B Lender’s Term Loan B Commitment Percentage of the aggregate principal amount of the Term Loans B from time to time outstanding to Borrower.
Term Loan B Commitment Percentage.  With respect to each Term Loan B Lender, the Term Loan B Commitment Percentage shall be the percentage set forth on Schedule 1.1 hereto of such Term Loan B Lender’s percentage of the aggregate Outstanding Term Loans B to Borrower, as the same may be changed from time to time in accordance with the terms of this Agreement.
Term Loan B Lenders.  Collectively, the Lenders which have a Term Loan B Commitment, the initial Term Loan B Lenders being identified on Schedule 1.1 hereto.
Term Loan B Maturity Date.  September 17, 2021, or such earlier date on which the Term Loans B shall become due and payable pursuant to the terms hereof.
Term Loan B Note.  A promissory note or notes made by the Borrower in favor of a Term Loan B Lender in the principal face amount equal to such Term Loan B Lender’s Term Loan B Commitment, or if less, the outstanding amount of all Term Loans B made by such Term Loan B Lender, in substantially the form of Exhibit B-2 hereto.
Term Loan Lenders.  Collectively, the Term Loan A Lenders and the Term Loan B Lenders.
Term Loan Notes.  Collectively, the Term Loan A Notes and the Term Loan B Notes.
Titled Agents.  The Arrangers, the Syndication Agent, the Joint Bookrunners and any documentation agents.
Total Commitment.  The sum of the Total Revolving Credit Commitment, the Total Term Loan A Commitment and the Total Term Loan B Commitment.  As of the date of this Agreement, the Total Commitment is One Billion Five Hundred Fifty Million and No/100 Dollars ($1,550,000,000.00).  The Total Commitment may increase in accordance with §2.11.
Total Revolving Credit Commitment.  The sum of the Revolving Credit Commitments of the Revolving Credit Lenders, as in effect from time to time.  As of the date of this Agreement, the Total Revolving Credit Commitment is One Billion and No/100 Dollars ($1,000,000,000.00).  The Total Revolving Credit Commitment may increase in accordance with §2.11.

39

Total Term Loan A Commitment.  The sum of the Term Loan A Commitments of the Term Loan A Lenders, as in effect from time to time.  As of the date of this Agreement, the Total Term Loan A Commitment is Three Hundred Million and No/100 Dollars ($300,000,000.00).  The Total Term Loan A Commitment may increase in accordance with §2.11.
Total Term Loan B Commitment.  The sum of the Term Loan B Commitments of the Term Loan B Lenders, as in effect from time to time.  As of the date of this Agreement, the Total Term Loan B Commitment is Two Hundred Fifty Million and No/100 Dollars ($250,000,000.00).  The Total Term Loan B Commitment may increase in accordance with §2.11.
Transactions.  The execution, delivery and performance by Borrower and each Guarantor of the Loan Documents to which it is to be a party, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit under the Loan Documents.
Type.  As to any Loan, its nature as a Base Rate Loan or a LIBOR Rate Loan.
Unconsolidated Affiliate.  In respect of any Person, any other Person in whom such Person holds an Investment, (a) which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such first Person on the consolidated financial statements of such first Person, or (b) which is not a Subsidiary of such first Person.
Unencumbered Asset Value.  On a Consolidated basis for Borrower and the Unencumbered Property Subsidiaries (or all of Borrower’s Subsidiaries as applicable under clause (d)), Unencumbered Asset Value shall mean the sum of (without duplication with respect to any Unencumbered Property):
(a)    the Capitalized Value of any Unencumbered Property owned by Borrower or an Unencumbered Property Subsidiary (including any Leased Property or property leased under a Ground Lease) for the prior four (4) consecutive fiscal quarters most recently ended which is a Stabilized Property; plus
(b)    the book value determined in accordance with GAAP of all Unencumbered Properties acquired by Borrower or any Unencumbered Property Subsidiary (including any Leased Property or property leased under a Ground Lease) during the four (4) consecutive fiscal quarters most recently ended; provided that the Borrower shall have the right to make an irrevocable election to value such property at its Capitalized Value after the Borrower has owned or leased such property for at least one (1) calendar quarter; plus
(c)    the book value determined in accordance with GAAP of all Land Assets and Development Properties that are Unencumbered Properties owned by Borrower or any Unencumbered Property Subsidiary (including any Leased Property or property leased under a Ground Lease); and
(d)    the aggregate amount of all Unrestricted Cash and Cash Equivalents of (i) Borrower, the Subsidiary Guarantors and each Unencumbered Property Subsidiary and (ii) up 

40

to $5,000,000 in the aggregate in Unrestricted Cash and Cash Equivalents of any other Subsidiaries, in each case as of the date of determination determined in accordance with GAAP.  For the avoidance of doubt, Ancillary Office shall not be included in the determination of Unencumbered Asset Value.
Unencumbered Asset Value may be adjusted as provided in §8.6.  Without limiting or affecting any other provision hereof, Unencumbered Asset Value shall not include any income or value associated with Real Estate which is not operated or intended to be operated principally as a Data Center Property.  For purposes of this definition, to the extent that Unencumbered Asset Value (i) attributable to Leased Properties would exceed fifteen percent (15%) of the Unencumbered Asset Value, (ii) attributable to Development Properties would exceed fifteen percent (15%) of the Unencumbered Asset Value, (iii) attributable to International Investments would exceed seven and one-half percent (7.5%) of the Unencumbered Asset Value, (iv) attributable to Unencumbered Properties which are on Ground Leases would exceed thirty-five percent (35%) of the Unencumbered Asset Value, (v) attributable to Unencumbered Properties which are owned or leased by Controlled Joint Ventures would exceed five percent (5%) of the Unencumbered Asset Value, or (vi) attributable to Ground Leases, Leased Properties, Land Assets, International Investments and properties owned or leased by Controlled Joint Ventures would exceed thirty-five percent (35%) of Unencumbered Asset Value, then in each case such excess shall be excluded.  With respect to any Unencumbered Controlled Joint Venture Property, only the Controlled Joint Venture Value shall be included in determining Unencumbered Asset Value.
Unencumbered Controlled Joint Venture Property.  Any Eligible Real Estate included in the determination of Unencumbered Asset Value that is owned or leased by a Controlled Joint Venture.  
Unencumbered Net Operating Income.  For any period of determination, Net Operating Income from Unencumbered Properties; provided, however, that if the Net Operating Income (i) attributable to Leased Properties would exceed fifteen percent (15%) of the aggregate Unencumbered Net Operating Income, (ii) attributable to Development Properties would exceed fifteen percent (15%) of the aggregate Unencumbered Net Operating Income, (iii) attributable to International Investments would exceed seven and one-half percent (7.5%) of the aggregate Unencumbered Net Operating Income, (iv) attributable to Unencumbered Properties which are on Ground Leases would exceed thirty-five percent (35%) of the aggregate Unencumbered Net Operating Income, (v) attributable to Unencumbered Properties which are owned or leased by Controlled Joint Ventures would exceed five percent (5%) of the aggregate Unencumbered Net Operating Income, or (vi) attributable to Ground Leases, Leased Properties, Land Assets, International Investments and properties owned or leased by Controlled Joint Ventures would exceed thirty-five percent (35%) of the aggregate Unencumbered Net Operating Income, then in each case such excess shall be excluded.  
Unencumbered Property.  Unencumbered Property shall mean any Eligible Real Estate which satisfies all conditions set forth in §7.22.  An Unencumbered Controlled Joint Venture Property may be an Unencumbered Property subject to the terms thereof.  The initial properties designated by Borrower as the Unencumbered Properties are described on Schedule 1.2 hereto.  Notwithstanding the foregoing, any Real Estate not meeting the conditions set forth in §7.22 which 

41

is owned or leased by Borrower or an Unencumbered Property Subsidiary may become an Unencumbered Property if approved by the Majority Lenders in their reasonable discretion.
Unencumbered Property Debt Yield.  The quotient of (a) Unencumbered Net Operating Income from Unencumbered Properties included in the calculation of Unencumbered Asset Value for the most recent fiscal quarter, annualized, divided by (b) Consolidated Total Adjusted Unsecured Indebtedness, expressed as a percentage.  
Unencumbered Property Subsidiary.  A Wholly Owned Subsidiary of Borrower or Controlled Joint Venture that directly owns or leases an Unencumbered Property.  An Unencumbered Property Subsidiary may be a Subsidiary Guarantor as provided in clause (a) of the definition of Material Subsidiary.
Unrestricted Cash and Cash Equivalents.  As of any date of determination, the sum of (a) the aggregate amount of Unrestricted cash and (b) the aggregate amount of Unrestricted Cash Equivalents (valued at fair market value).  As used in this definition, “Unrestricted” means the specified asset is not subject to any escrow, reserves, cash trap, or Liens or claims of any kind in favor of any Person.
Unsecured Indebtedness.  Indebtedness of a Person outstanding at any time which is not Consolidated Secured Indebtedness.
Unused Fee.  See §2.3(a).
U.S. Person.  Any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.
U.S. Tax Compliance Certificate.  See §4.4(g).
Wholly Owned Subsidiary.  As to Borrower, any Subsidiary of Borrower that is directly or indirectly owned 100% by Borrower.
Withholding Agent.  The REIT, Borrower, any other Guarantor and the Agent, as applicable.
Write-Down and Conversion Powers.  With respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
§1.2    Rules of Interpretation.  
(a)    A reference to any document or agreement shall include such document or agreement as amended, supplemented or otherwise modified from time to time in accordance with its terms and the terms of this Agreement.
(b)    The singular includes the plural and the plural includes the singular.

42

(c)    A reference to any law includes any amendment or modification of such law.
(d)    A reference to any Person includes its permitted successors and permitted assigns.
(e)    Accounting terms not otherwise defined herein have the meanings assigned to them by GAAP applied on a consistent basis by the accounting entity to which they refer.
(f)    The words “include”, “includes” and “including” are not limiting.
(g)    The words “approval” and “approved”, as the context requires, means an approval in writing given to the party seeking approval after full and fair disclosure to the party giving approval of all material facts necessary in order to determine whether approval should be granted.
(h)    All terms not specifically defined herein or by GAAP, which terms are defined in the Uniform Commercial Code as in effect in the State of New York, have the meanings assigned to them therein.
(i)    Reference to a particular “§”, refers to that section of this Agreement unless otherwise indicated.
(j)    The words “herein”, “hereof”, “hereunder” and words of like import shall refer to this Agreement as a whole and not to any particular section or subdivision of this Agreement.
(k)    In the event of any change in GAAP after the date hereof or any other change in accounting procedures pursuant to §7.3 which would affect the computation of any financial covenant, ratio or other requirement set forth in any Loan Document, then upon the request of Borrower or Agent, Borrower, the Guarantors, the Agent and the Lenders shall negotiate promptly, diligently and in good faith in order to amend the provisions of the Loan Documents such that such financial covenant, ratio or other requirement shall continue to provide substantially the same financial tests or restrictions of Borrower as in effect prior to such accounting change, as determined by the Majority Lenders in their good faith judgment.  Until such time as such amendment shall have been executed and delivered by Borrower, the Guarantors, the Agent and the Majority Lenders, such financial covenants, ratio and other requirements, and all financial statements and other documents required to be delivered under the Loan Documents, shall be calculated and reported as if such change had not occurred.
(l)    Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the REIT or any of its Subsidiaries at “fair value”, as defined therein, (ii) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial 

43

Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof and (iii) in a manner such that any obligations relating to a lease that was accounted for by a Person as an operating lease as of the Original Closing Date under GAAP as then in effect and any similar lease entered into after the date of this Agreement by such Person shall be accounted for as obligations relating to an operating lease, and any obligations relating to a lease that was accounted for by a Person as a capital lease as of the Original Closing Date under GAAP as then in effect and any similar lease entered into after the date of this Agreement by such Person shall be accounted for as obligations relating to a capital lease.
(m)    To the extent that any of the representations and warranties contained in this Agreement or any other Loan Document is qualified by “Material Adverse Effect” or any other materiality qualifier, then any further qualifier as to representations and warranties being true and correct “in all material respects” contained elsewhere in the Loan Documents shall not apply with respect to any such representations and warranties.
(n)    Gross Asset Value and Unencumbered Asset Value will be adjusted, as appropriate, for acquisitions, dispositions and other changes to the portfolio during the calendar quarter most recently ended prior to a date of determination.  All income, expense and value associated with assets included in Gross Asset Value disposed of during the four (4) calendar quarter period most recently ended, or with respect to assets included in Unencumbered Asset Value, disposed of during the calendar quarter period most recently ended, prior to a date of determination will be eliminated from calculations.  All income, expense and value associated with assets included in Gross Asset Value and Unencumbered Asset Value acquired during the calendar quarter period most recently ended prior to a date of determination will be eliminated from calculations and such acquired assets shall (except as provided in clause (i) of the definitions of Gross Asset Value or clause (a) of the definition of Unencumbered Asset Value) be included at their cost basis value.  For purposes of determining compliance with any provision of the Loan Documents based on EBITDA or Net Operating Income (including §§9.1(b) and 9.3), any Investment acquired during the period beginning on the first day of the fiscal quarter most recently ended and ending on the date of determination shall be deemed to have been acquired on the first day of the fiscal quarter most recently ended and owned for the full fiscal quarter recently ended for purposes of calculating EBITDA or Net Operating Income (based on the actual historical results for the most recently completed calendar quarter to the extent available or, if unavailable, the Borrower's good faith projections as approved by the Agent, such approval to not be unreasonably withheld, delayed or conditioned).  For purposes of determining compliance with any provision of the Loan Documents based on Gross Asset Value or Unencumbered Asset Value on any date (including §§8.3, 9.1(a) and 9.2), any Real Estate acquired during the period beginning on the first day of the then current fiscal quarter and ending on the date of such determination shall be included in Gross Asset Value and (if such Real Estate meets the requirements to be an Unencumbered Property) Unencumbered Asset Value, in each case, at its cost basis value, subject to the limitations set forth in this Agreement, including the last paragraph of the definitions of Gross Asset Value and Unencumbered Asset Value, respectively.  
§2.    THE CREDIT FACILITY. 

44

§2.1    Revolving Credit Loans; Bid Loans.  
(a)    Subject to the terms and conditions set forth in this Agreement, each of the Revolving Credit Lenders severally agrees to lend to Borrower, and Borrower may borrow (and repay and reborrow) from time to time between the Closing Date and the Revolving Credit Maturity Date upon notice by Borrower to the Agent given in accordance with §2.7, such sums as are requested by Borrower for the purposes set forth in §2.9 up to a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to such Revolving Credit Lender’s Revolving Credit Commitment; provided that, in all events in accordance with §11.2 no Default or Event of Default shall have occurred and be continuing; and provided, further, that (i) the aggregate Outstanding Revolving Credit Loans (after giving effect to all amounts requested), Outstanding Swing Loans, Outstanding Bid Loans and aggregate Letter of Credit Liabilities shall not at any time exceed the Total Revolving Credit Commitment, and (ii) the Outstanding Revolving Credit Loans (after giving effect to all amounts requested), Outstanding Term Loans, Outstanding Swing Loans, Outstanding Bid Loans and the Letter of Credit Liabilities shall not at any time exceed the Total Commitment or cause a violation of the covenant set forth in §9.1.  The Revolving Credit Loans shall be made pro rata in accordance with each Revolving Credit Lender’s Revolving Credit Commitment Percentage.  Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by Borrower that all of the conditions required of Borrower set forth in §10 and §11 have been satisfied on the date of such request.  The Agent may assume that the conditions in §10 and §11 have been satisfied unless it receives prior written notice from a Revolving Credit Lender that such conditions have not been satisfied.  No Revolving Credit Lender shall have any obligation to make Revolving Credit Loans to Borrower in the maximum aggregate principal outstanding balance of more than the principal face amount of its Revolving Credit Note.
(b)    If requested by a Revolving Credit Lender, a Revolving Credit Note shall be payable to each Revolving Credit Lender in the principal amount equal to such Revolving Credit Lender’s Revolving Credit Commitment or, if less, the outstanding amount of all Revolving Credit Loans made by such Revolving Credit Lender, plus interest accrued thereon, as set forth in this Agreement.  The Drawdown Date for the Revolving Credit Loans shall be the currently effective “Drawdown Date” (as defined in the Existing Credit Agreement) for the Revolving Credit Loans under the Existing Credit Agreement, and the “Interest Periods” (as defined in the Existing Credit Agreement) with respect to such “Revolving Credit Loans” under the Existing Credit Agreement shall remain in effect.
(c)    Bid Loans.
(i)    In the event that Borrower has an Investment Grade Rating, then prior to the date that is five (5) days prior to the Revolving Credit Maturity Date, Borrower may make a written request for the Agent to solicit competitive bids from the Revolving Credit Lenders in the manner set forth in §2.1(c)(ii) below.  The Revolving Credit Lenders may make offers to make bid loans (each a “Bid Loan”) provided that (i) the sum of all Outstanding Bid Loans shall not exceed the Bid Loan Sublimit, (ii) in all events in accordance with §11.2 no Default or Event of Default shall have occurred and be continuing, (iii) the Outstanding Bid Loans, Outstanding Revolving 

45

Credit Loans and Outstanding Swing Loans (after giving effect to all amounts requested) plus Letter of Credit Liabilities shall not at any time exceed the Total Revolving Credit Commitment, (iv) the Outstanding Bid Loans, Outstanding Revolving Credit Loans, the Outstanding Term Loans and Outstanding Swing Loans (after giving effect to all amounts requested), plus Letter of Credit Liabilities shall not at any time exceed the Total Commitment, (v) the aggregate amount of Bid Loans requested for any date and with the same Interest Period (each a “Bid Loan Borrowing”) shall be at least $2,000,000 and in integral multiples of $1,000,000 in excess thereof, and (vi) all Interest Periods applicable to Bid Loans shall be subject to and comply with the definition of Interest Period.  The Revolving Credit Lenders may, but shall have no obligation to, make such offers, and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this §2.1(c).  In no event shall Bid Loans be made to the Borrower unless, at the time such Loans are made, one of the two ratings from S&P or Moody’s are BBB- or better (Baa3 in the case of Moody’s).
(ii)    Bid Loan Procedures.  
(A)    When Borrower wishes to request offers to make Bid Loans, it shall provide telephonic or electronic notice to the Agent (who shall promptly notify the Revolving Credit Lenders) followed promptly by written notice substantially in the form of Exhibit M-1 (each, a “Bid Loan Quote Request”) duly completed and executed by a duly authorized executive officer of Borrower, so as to be received no later than 10:00 a.m. (Cleveland time) on the second Business Day before the proposed Drawdown Date (or such other time and date as Borrower and Agent, with the consent of the Majority Revolving Credit Lenders, may agree).  Each Bid Loan Quote Request shall specify the relevant date, amount and maturity for the proposed Bid Loan, and shall state whether a Bid Loan Quote is requested on the basis of a fixed interest rate (an “Absolute Rate Bid”) or on the basis of a margin over or under LIBOR (a “LIBOR Margin Bid”), shall state whether or not the requested Bid Loan is open to prepayment,  and which shall be accompanied by payment of a nonrefundable $2,500 competitive bid request fee for the account of the Agent.  No Bid Loan Quote Request shall be made for a Bid Loan with a maturity of less than seven (7) days or more than one hundred eighty (180) days or with a maturity date subsequent to the Revolving Credit Maturity Date.  If a LIBOR Margin Bid is requested, the maturity date shall be one of the Interest Periods, and any such advance shall be a LIBOR Rate Loan.  The proposed funding date shall be a Business Day.  The Agent shall incur no liability whatsoever hereunder in acting upon any Bid Loan Quote Request purportedly made by an Authorized Officer of Borrower, which hereby agrees to indemnify the Agent from any loss, cost, expense or liability as a result of so acting.  Subject to the definition of “Interest Period”, Borrower may request offers for up to three (3) different Bid Loan Borrowings in a single Bid Loan Quote Request, in which case such Bid Loan Quote Request shall be deemed a separate Bid Loan Quote Request for each such borrowing.  Except as otherwise provided in this Section, no Bid Loan Quote Request shall be given within five (5) Business Days (or such other number of days as Borrower and Agent, with the consent of the Majority Revolving Credit Lenders, may agree) of any other Bid Loan Quote Request.  Each Bid Loan Quote Request shall also contain the statements and certifications required by §2.7(i) and (ii).
(B)    Each Revolving Credit Lender may, but shall not be obligated to, in response to any Bid Loan Quote Request submit one or more written quotes substantially in 

46

the form of Exhibit M-2 (each a “Bid Loan Quote”), duly completed, each containing an offer to make a Bid Loan for the Interest Period requested and setting forth the rates of interest so offered by each Revolving Credit Lender to be applicable to such Bid Loan; provided that (a) a Revolving Credit Lender may make a single submission containing one or more Bid Loan Quotes in response to several Bid Loan Quote Requests given at the same time; and (b) the principal amount of the Bid Loan for which each such offer is being made shall be at least $2,000,000 and multiples of $1,000,000 in excess thereof; provided that the aggregate principal amount of all Bid Loans for which a Revolving Credit Lender submits Bid Loan Quotes (i) may be greater or less than the Revolving Credit Commitment of such Revolving Credit Lender but (ii) may not exceed the principal amount of the Bid Loan Borrowing for which offers were requested.  Each Bid Loan Quote by a Revolving Credit Lender other than the Person serving as the Agent must be submitted to Agent by fax not later than 8:00 a.m. (Cleveland time) on the Drawdown Date (or such other time and date as Borrower and Agent, with the consent of the Majority Revolving Credit Lenders, may agree); provided that any Bid Loan Quote may be submitted by the Person serving as Agent, in its capacity as a Revolving Credit Lender, only if the Person serving as Agent notifies Borrower of the terms of the offer contained therein not later than 7:45 a.m. (Cleveland time) on the Drawdown Date.  The Agent shall incur no liability whatsoever hereunder in acting upon any Bid Loan Quote purportedly made by a representative of a Lender, each of which hereby agrees to indemnify the Agent from any loss, cost, expense or liability as a result of so acting with respect to that Lender.  Subject to §§11 and 12, any Bid Loan Quote so made shall be irrevocable except with the consent of Agent given on the instructions of Borrower.  Unless otherwise agreed by Agent and Borrower, no Bid Loan Quote shall contain qualifying, conditional or similar language or propose terms other than or in addition to those set forth in the applicable Bid Loan Quote Request and, in particular, no Bid Loan Quote may be conditioned upon acceptance by Borrower of all (or some specified minimum) of the principal amount of the Bid Loan for which such Bid Loan Quote is being made.
(C)    Agent shall, as promptly as practicable after any Bid Loan Quote is submitted (but in any event not later than 8:30 a.m. (Cleveland time) on the Drawdown Date, or 7:45 a.m. (Cleveland time) on the Drawdown Date with respect to any Bid Loan Quote submitted by the Person serving as Agent, in its capacity as a Revolving Credit Lender), notify Borrower of the terms (1) of any Bid Loan Quote submitted by a Revolving Credit Lender that is in accordance with this §2.1(c)(ii) and (2) of any Bid Loan Quote that amends, modifies or is otherwise inconsistent with a previous Bid Loan Quote submitted by such Revolving Credit Lender with respect to the same Bid Loan Quote Request.  Any subsequent Bid Loan Quote shall be disregarded by Agent unless the subsequent Bid Loan Quote is submitted solely to correct a manifest error in a former Bid Loan Quote.  Agent’s notice to Borrower shall specify (x) the aggregate principal amount of the Bid Loan Borrowing for which Bid Loan Quotes have been received and (y) (I) the respective principal amounts and (II) the rates of interest so offered by each Revolving Credit Lender (identifying the Revolving Credit Lender that made each such Bid Loan Quote).
(D)    Not later than 9:00 a.m. (Cleveland time) on the Drawdown Date (or such other time and date as Borrower and Agent, with the consent of each Revolving Credit Lender that has submitted a Bid Loan Quote may agree), Borrower shall notify Agent of its acceptance or nonacceptance of the Bid Loan Quotes so notified to it, and Agent shall promptly notify each affected Revolving Credit Lender.  Failure of Borrower to timely give such notice shall 

47

constitute nonacceptance of the Bid Loan Quotes.  In the case of acceptance, such notice shall specify the aggregate principal amount of offers for each Interest Period that are accepted.  Borrower may accept any Bid Loan Quote in whole or in part; provided that (1) any Bid Loan Quote accepted in part shall be at least $1,000,000 and multiples of $1,000,000 in excess thereof; (2) the aggregate principal amount of each Bid Loan Borrowing may not exceed the applicable amount set forth in the related Bid Loan Quote Request; (3) the aggregate principal amount of each Bid Loan Borrowing shall be at least $2,000,000 and multiples of $1,000,000 in excess thereof and shall not cause the limits specified above to be violated; (4) Borrower must accept all Absolute Rate Bids at all lower fixed interest rates before accepting any portion of an Absolute Rate Bid at a higher fixed interest rate; (5) Borrower must accept all LIBOR Margin Bids at all lower margins over (or greater margins under) LIBOR before accepting any portion of a LIBOR Margin Bid at a higher margin above (or lower margin under); and (6) Borrower may not accept any offer where Agent has advised Borrower that such offer fails to comply with this §2.1(c)(ii) or otherwise fails to comply with the requirements of this Agreement.  If offers are made by two or more Revolving Credit Lenders with the same interest rates for a greater aggregate principal amount than the amount in respect of which offers are permitted to be accepted for the related Interest Period, the principal amount of Bid Loans in respect of which such offers are accepted shall be allocated by Borrower among such Revolving Credit Lenders as nearly as possible (in amounts of at least $1,000,000 and multiples of $500,000 in excess thereof) in proportion to the aggregate principal amount of such offers.  Determinations by Borrower of the amounts of Bid Loans shall be conclusive in the absence of manifest error.  Notwithstanding anything else contained herein, Borrower shall have no obligation to accept any Bid Loan Quote by a Defaulting Lender.
(E)    Subject to the terms set forth in this Agreement, any Revolving Credit Lender whose offer to make any Bid Loan has been accepted shall, prior to 10:00 a.m. (Cleveland time) on the date specified for the making of such Loan, make the amount of such Loan available to Agent in immediately available funds, for the account of Borrower. The amount so received by Agent shall, subject to the terms and conditions of this Agreement, be made available to Borrower on or before 11:00 a.m. (Cleveland time) on such date by depositing the same, in immediately available funds, in an account of Borrower designated by Borrower and maintained with Agent.  
(F)    If requested by a Revolving Credit Lender, a Bid Loan Note shall be payable to each Revolving Credit Lender in the principal amount equal to the Bid Loan Sublimit or, if less, the outstanding amount of all Bid Loans made by such Revolving Credit Lender, plus interest accrued thereon, as provided in this Agreement.
(G)    Each Bid Loan shall be subject to all of the terms of this Agreement generally, provided that any Revolving Credit Lender who makes a Bid Loan to Borrower shall not, subject to the terms of §2.1(a), be relieved of its obligation to make Revolving Credit Loans to Borrower.  Unless the Bid Loan Quote Request specifies that the requested Bid Loan is prepayable, no Bid Loan may be prepaid without the prior written consent of the affected Lender. 
§2.2    Commitment to Lend Term Loans.  

48

(a)    (b)    Each of the Term Loan A Lenders severally has advanced pursuant to the Existing Credit Agreement such Term Loan A Lender’s Term Loan A Commitment, which remains fully advanced and Outstanding under this Agreement.  
(i)    If requested by a Term Loan A Lender, a Term Loan A Note shall be payable to each Term Loan A Lender in the principal amount equal to such Term Loan A Lender’s Term Loan A Commitment or, if less, the outstanding amount of all Term Loans A made by such Term Loan A Lender, plus interest accrued thereon, as set forth in this Agreement.  The Drawdown Date for any of the Term Loans A which does not have an Interest Period commencing on the Closing Date shall be the currently effective “Drawdown Date” for the “Term Loans A” (as defined in the Existing Credit Agreement) under the Existing Credit Agreement, and the “Interest Periods” (as defined in the Existing Credit Agreement) with respect to such “Term Loans A” under the Existing Credit Agreement shall remain in effect.
(c)    (d)  Each of the Term Loan B Lenders has advanced pursuant to the Existing Credit Agreement such Term Loan B Lender’s Term Loan B Commitment, which remains fully advanced and Outstanding under this Agreement.
(i)    If requested by a Term Loan B Lender, a Term Loan B Note shall be payable to each Term Loan B Lender in the principal amount equal to such Term Loan B Lender’s Term Loan B Commitment or, if less, the outstanding amount of all Term Loans B made by such Term Loan B Lender, plus interest accrued thereon, as set forth in this Agreement.  The Drawdown Date for any of the Term Loans B which does not have an Interest Period commencing on the Closing Date shall be the currently effective “Drawdown Date” for the “Term Loans B” (as defined in the Existing Credit Agreement) under the Existing Credit Agreement, and the “Interest Periods” (as defined in the Existing Credit Agreement) with respect to such “Term Loans B” under the Existing Credit Agreement shall remain in effect.
§2.3    Unused Fee; Facility Fee.  
(a)    Subject to §2.3(b), Borrower agrees to pay to the Agent for the account of the Revolving Credit Lenders (other than a Defaulting Lender for such period of time as such Lender is a Defaulting Lender) in accordance with their respective Revolving Credit Commitment Percentages an unused fee (the “Unused Fee”) calculated at the rate per annum as set forth below on the average daily amount by which the Total Revolving Credit Commitment exceeds the Outstanding Revolving Credit Loans, aggregate Letter of Credit Liabilities, and the Outstanding Swing Loans, during each calendar quarter or portion thereof commencing on the date hereof and ending on the Revolving Credit Maturity Date, subject to §2.3(b).  The Unused Fee shall be calculated for each quarter based on the ratio (expressed as a percentage) of (a) the average amount of the Outstanding Revolving Credit Loans, Outstanding Bid Loans, Outstanding Swing Loans and aggregate Letter of Credit Liabilities during such quarter to (b) the Total Revolving Credit Commitment, and if such ratio is less than fifty percent (50%), the Unused Fee shall be payable at the rate of 0.25% per annum, and if such ratio is equal to or greater than fifty percent (50%), the Unused Fee shall be payable at the rate of 0.15% per annum.  The Unused Fee shall be payable quarterly in arrears on the first (1st) day of each calendar quarter for the immediately preceding calendar quarter or portion thereof, and on any earlier date on which the Total Revolving Credit 

49

Commitments shall be reduced or shall terminate as provided in §2.4, with a final payment on the Revolving Credit Maturity Date.  
(b)    From and after the date that Agent receives written notice that Borrower has first obtained an Investment Grade Rating and that Borrower has irrevocably elected to have the Applicable Margin determined pursuant to subparagraph (b) of the definition of Applicable Margin, the Unused Fee shall no longer accrue (but any accrued Unused Fee shall be payable as provided in §2.3(a)), and from and thereafter, Borrower agrees to pay to the Agent for the account of the Lenders that are Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment Percentages a facility fee (the “Facility Fee”) calculated at the rate per annum set forth below based upon the applicable Credit Rating Level on the Total Revolving Credit Commitment:
	
		
	Credit Rating Level
	Facility Fee Rate

	Credit Rating Level 1
	0.125%

	Credit Rating Level 2
	0.15%

	Credit Rating Level 3
	0.20%

	Credit Rating Level 4
	0.25%

	Credit Rating Level 5
	0.30%

The Facility Fee shall be calculated for each day and shall be payable quarterly in arrears on the first (1st) day of each fiscal quarter for the immediately preceding fiscal quarter or portion thereof, and on any earlier date on which the Revolving Credit Commitments shall be reduced or shall terminate as provided in §2.4, with a final payment on the Revolving Credit Maturity Date.  The Facility Fee shall be determined by reference to the Credit Rating Level in effect from time to time; provided, however, that no change in the Facility Fee rate resulting from a change in the Credit Rating Level shall be effective until three (3) Business Days after the date on which the Agent receives written notice of a change.
§2.4    Reduction and Termination of the Revolving Credit Commitments.  Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce by $5,000,000 or an integral multiple of $1,000,000 in excess thereof (provided that in no event shall the Total Revolving Credit Commitment be reduced in such manner to an amount less than fifty percent (50%) of the greatest Total Revolving Credit Commitment in effect under this Agreement at any time) or to terminate entirely the Revolving Credit Commitments, whereupon the Revolving Credit Commitments of the Revolving Credit Lenders shall be reduced pro rata in accordance with their respective Revolving Credit Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, (a) the sum of Outstanding Revolving Credit Loans, the Outstanding Swing Loans, the Outstanding Bid Loans, and the Letter of Credit Liabilities would exceed the Revolving Credit Commitments of the Revolving Credit Lenders as so terminated or reduced, or (b) the Outstanding Bid Loans would exceed the Bid Loan Sublimit as so terminated or reduced.  Promptly after receiving any notice from Borrower delivered 

50

pursuant to this §2.4, the Agent will notify the Revolving Credit Lenders of the substance thereof.  Any reduction of the Revolving Credit Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans, Bid Loans and Letters of Credit.  Upon the effective date of any such reduction or termination, Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Unused Fee or Facility Fee under §2.3 then accrued on the amount of the reduction.  No reduction or termination of the Revolving Credit Commitments may be reinstated.
§2.5    Swing Loan Commitment.
(a)    Subject to the terms and conditions set forth in this Agreement, Swing Loan Lender agrees to lend to Borrower (the “Swing Loans”), and Borrower may borrow (and repay and reborrow) from time to time between the Closing Date and the date which is five (5) Business Days prior to the Revolving Credit Maturity Date upon notice by Borrower to the Swing Loan Lender given in accordance with this §2.5, such sums as are requested by Borrower for the purposes set forth in §2.9 in an aggregate principal amount at any one time outstanding not exceeding the Swing Loan Commitment; provided that in all events (i) in accordance with §11.2 no Default or Event of Default shall have occurred and be continuing; (ii) the Outstanding Revolving Credit Loans, Outstanding Swing Loans (after giving effect to all amounts requested), Outstanding Bid Loans plus Letter of Credit Liabilities shall not at any time exceed the Total Revolving Credit Commitment; and (iii) the Outstanding Revolving Credit Loans, Outstanding Term Loans, Outstanding Swing Loans (after giving effect to all amounts requested), Outstanding Bid Loans plus Letter of Credit Liabilities shall not at any time exceed the Total Commitment.  Notwithstanding anything to the contrary contained in this §2.5, the Swing Loan Lender shall not be obligated to make any Swing Loan at a time when any other Revolving Credit Lender is a Defaulting Lender, unless the Swing Loan Lender is reasonably satisfied that the participation therein will otherwise be fully allocated to the Revolving Credit Lenders that are Non-Defaulting Lenders consistent with §2.13(c) and the Defaulting Lender shall not participate therein, except to the extent the Swing Loan Lender has entered into arrangements with Borrower or such Defaulting Lender that are satisfactory to the Swing Loan Lender in its good faith determination to eliminate the Swing Loan Lender’s Fronting Exposure with respect to any such Defaulting Lender, including the delivery of cash collateral.  Swing Loans shall constitute “Revolving Credit Loans” for all purposes hereunder.  The funding of a Swing Loan hereunder shall constitute a representation and warranty by Borrower that all of the conditions set forth in §10 and §11 have been satisfied on the date of such funding.  The Swing Loan Lender may assume that the conditions in §10 and §11 have been satisfied unless Swing Loan Lender has received written notice from a Revolving Credit Lender that such conditions have not been satisfied.  Each Swing Loan shall be due and payable within five (5) Business Days of the date such Swing Loan was provided and Borrower hereby agrees (to the extent not repaid as contemplated by §2.5(d) below) to repay each Swing Loan on or before the date that is five (5) Business Days from the date such Swing Loan was provided.  A Swing Loan may not be refinanced with another Swing Loan.
(b)    The Swing Loan Note shall be payable to the Swing Loan Lender in the principal face amount equal to the Swing Loan Commitment and shall be payable as set forth in this Agreement.

51

(c)    Borrower shall request a Swing Loan by delivering to the Swing Loan Lender a Revolving Credit Loan Request executed by an Authorized Officer no later than 11:00 a.m. (Cleveland time) on the requested Drawdown Date specifying the amount of the requested Swing Loan (which shall be in the minimum amount of $1,000,000.00) and providing the wire instructions for the delivery of the Swing Loan proceeds.  The Revolving Credit Loan Request shall also contain the statements and certifications required by §2.7(i) and (ii).  Each such Revolving Credit Loan Request shall be irrevocable and binding on Borrower and shall obligate Borrower to accept such Swing Loan on the Drawdown Date.  Notwithstanding anything herein to the contrary, a Swing Loan shall be a Base Rate Loan and shall bear interest at the Base Rate plus the Applicable Margin for Revolving Credit Base Rate Loans.  The proceeds of the Swing Loan will be disbursed by wire by the Swing Loan Lender to Borrower no later than 1:00 p.m. (Cleveland time).
(d)    The Swing Loan Lender shall, within two (2) Business Days after the Drawdown Date with respect to such Swing Loan, request each Revolving Credit Lender, including the Swing Loan Lender, to make a Revolving Credit Loan pursuant to §2.1(a) in an amount equal to such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the amount of the Swing Loan outstanding on the date such notice is given.  In the event that Borrower does not notify the Agent in writing on or before noon (Cleveland Time) of the second (2nd) Business Day after the Drawdown Date with respect to such Swing Loan that such Swing Loan shall be repaid within five (5) Business Days after the date such Swing Loan was provided, Agent shall notify the Revolving Credit Lenders that such Revolving Credit Loan shall be a Revolving Credit LIBOR Rate Loan with an Interest Period of one (1) month, provided that the making of such Revolving Credit LIBOR Rate Loan will not be in contravention of any other provision of this Agreement, or if the making of a Revolving Credit LIBOR Rate Loan would be in contravention of this Agreement, then such notice shall indicate that such Loan shall be a Base Rate Loan.  Borrower hereby irrevocably authorizes and directs the Swing Loan Lender to so act on its behalf, and agrees that any amount advanced to the Agent for the benefit of the Swing Loan Lender pursuant to this §2.5(d) shall be considered a Revolving Credit Loan pursuant to §2.1.  Unless any of the events described in paragraph (h), (i) or (j) of §12.1 shall have occurred (in which event the procedures of §2.5(e) shall apply), each Revolving Credit Lender shall make the proceeds of its Revolving Credit Loan available to the Swing Loan Lender for the account of the Swing Loan Lender at the Agent’s Head Office prior to 12:00 noon (Cleveland time) in funds immediately available no later than the third (3rd) Business Day after the date such notice is given just as if the Revolving Credit Lenders were funding directly to Borrower, so that thereafter such Obligations shall be evidenced by the Revolving Credit Notes.  The proceeds of such Revolving Credit Loan shall be immediately applied to repay the Swing Loans.
(e)    If for any reason a Swing Loan cannot be refinanced by a Revolving Credit Loan pursuant to §2.5(d), each Revolving Credit Lender will, on the date such Revolving Credit Loan pursuant to §2.5(d) was to have been made, purchase an undivided participation interest in the Swing Loan in an amount equal to its Revolving Credit Commitment Percentage of such Swing Loan.  Each Revolving Credit Lender will immediately transfer to the Swing Loan Lender in immediately available funds the amount of its participation and upon receipt thereof the Swing Loan Lender will deliver to such Revolving Credit Lender a Swing Loan participation certificate dated the date of receipt of such funds and in such amount.

52

(f)    Whenever at any time after the Swing Loan Lender has received from any Revolving Credit Lender such Revolving Credit Lender’s participation interest in a Swing Loan, the Swing Loan Lender receives any payment on account thereof, the Swing Loan Lender will distribute to such Revolving Credit Lender its participation interest in such amount (appropriately adjusted in the case of interest payments to reflect the period of time during which such Revolving Credit Lender’s participating interest was outstanding and funded); provided, however, that in the event that such payment received by the Swing Loan Lender is required to be returned, such Revolving Credit Lender will return to the Swing Loan Lender any portion thereof previously distributed by the Swing Loan Lender to it.
(g)    Each Revolving Credit Lender’s obligation to fund a Revolving Credit Loan as provided in §2.5(d) or to purchase participation interests pursuant to §2.5(e) shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (i) any setoff, counterclaim, recoupment, defense or other right which such Revolving Credit Lender or Borrower may have against the Swing Loan Lender, Borrower or Guarantors or anyone else for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default; (iii) any adverse change in the condition (financial or otherwise) of Borrower, REIT or any of their respective Subsidiaries; (iv) any breach of this Agreement or any of the other Loan Documents by Borrower, Guarantors or any Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.  Any portions of a Swing Loan not so purchased or converted may be treated by the Agent and Swing Loan Lender as against such Revolving Credit Lender as a Revolving Credit Loan which was not funded by the non‐purchasing Revolving Credit Lender as contemplated by §2.8 and §12.5, and shall have such rights and remedies against such Lender as are set forth in §§2.8, 2.13, 12.5 and 14.5.  Each Swing Loan, once so sold or converted, shall cease to be a Swing Loan for the purposes of this Agreement, but shall be a Revolving Credit Loan made by each Revolving Credit Lender under its Commitment.
§2.6    Interest on Loans.
(a)    Each Revolving Credit Base Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the date on which such Revolving Credit Base Rate Loan is repaid or converted to a Revolving Credit LIBOR Rate Loan at the rate per annum equal to the sum of the Base Rate plus the Applicable Margin for Revolving Credit Base Rate Loans.
(b)    Each Revolving Credit LIBOR Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the last day of each Interest Period with respect thereto at the rate per annum equal to the sum of LIBOR determined for such Interest Period plus the Applicable Margin for Revolving Credit LIBOR Rate Loans.
(c)    Each Term Base Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the date on which such Term Base Rate Loan is repaid or converted to a Term LIBOR Rate Loan at the rate per annum equal to the sum of the Base Rate plus the Applicable Margin for Term Base Rate Loans.

53

(d)    Each Term LIBOR Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the last day of each Interest Period with respect thereto at the rate per annum equal to the sum of the LIBOR determined for such Interest Period plus the Applicable Margin for Term LIBOR Rate Loans.
(e)    Each Bid Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the date on which such Bid Loan is repaid at the rate per annum quoted by the Lender or Lenders making such Bid Loan pursuant to §2.1(c).
(f)    Borrower promises to pay interest on each Loan in arrears on each Interest Payment Date with respect thereto.
(g)    Base Rate Loans and LIBOR Rate Loans may be converted to Loans of the other Type as provided in §4.1.
§2.7    Requests for Loans.  
(a)    Requests for Revolving Credit Loans.  Except with respect to the initial Revolving Credit Loan on the Closing Date, Borrower shall give to the Agent written notice executed by an Authorized Officer in the form of Exhibit F hereto (or telephonic notice confirmed in writing in the form of Exhibit F hereto) of each Revolving Credit Loan requested hereunder (a “Revolving Credit Loan Request”) by 11:00 a.m. (Cleveland time) one (1) Business Day prior to the proposed Drawdown Date with respect to Revolving Credit Base Rate Loans and three (3) Business Days prior to the proposed Drawdown Date with respect to Revolving Credit LIBOR Rate Loans.  Each such notice shall specify with respect to the requested Revolving Credit Loan the proposed principal amount of such Revolving Credit Loan, the Type of Revolving Credit Loan, the initial Interest Period (if applicable) for such Revolving Credit Loan and the Drawdown Date.  Each such notice shall also contain (i) a general statement as to the purpose for which such advance shall be used (which purpose shall be in accordance with the terms of §2.9) and (ii) a certification by the chief financial officer or chief accounting officer (or other accounting officer reasonably approved by Agent) of Borrower (or of REIT) that Borrower and Guarantors are and will be in compliance with all covenants under the Loan Documents after giving effect to the making and use of such Revolving Credit Loan.  Promptly upon receipt of any such notice, the Agent shall notify each of the Revolving Credit Lenders thereof.  Each such Revolving Credit Loan Request shall be irrevocable and binding on Borrower and shall obligate Borrower to accept the Revolving Credit Loan requested from the Revolving Credit Lenders on the proposed Drawdown Date; provided, that such Loan Request may, by notice to the Agent delivered simultaneously with such Loan Request, be made contingent on the consummation of a refinancing or other transaction, and may in such event be modified or rescinded if such refinancing or other transaction does not close on the originally anticipated closing date; provided, further, that Borrower shall remain liable for any Breakage Costs.  Nothing herein shall prevent Borrower from seeking recourse against any Revolving Credit Lender that fails to advance its proportionate share of a requested Revolving Credit Loan as required by this Agreement.  Each Revolving Credit Loan Request shall be (a) for a Revolving Credit Base Rate Loan in a minimum aggregate amount of $1,000,000.00 or an integral multiple of $100,000.00 in excess thereof; or (b) for a Revolving Credit LIBOR Rate Loan in a minimum aggregate amount of $1,000,000.00 or an integral multiple of $250,000.00 in excess thereof; provided, however, that 

54

there shall be no more than ten (10) LIBOR Rate Loans (whether Term Loan, Revolving Credit Loan or Bid Loan) outstanding at any one time unless all of the Lenders agree to allow additional LIBOR Rate Loans.
(b)    [Intentionally Omitted.]
§2.8    Funds for Loans.
(a)    Not later than 1:00 p.m. (Cleveland time) on the proposed Drawdown Date of any Revolving Credit Loans or Term Loans, each of the Revolving Credit Lenders or Term Loan Lenders, as applicable, will make available to the Agent, at the Agent’s Head Office, in immediately available funds, the amount of such Lender’s Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to §2.1 or §2.2.  Upon receipt from each such Revolving Credit Lender or Term Loan Lender, as applicable, of such amount, and upon receipt of the documents required by §10 and §11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to Borrower the aggregate amount of such Revolving Credit Loans or Term Loans made available to the Agent by the Revolving Credit Lenders or Term Loan Lenders, as applicable, by crediting such amount to the account of Borrower maintained at the Agent’s Head Office.  The failure or refusal of any Revolving Credit Lender or Term Loan Lender to make available to the Agent at the aforesaid time and place on any Drawdown Date of any Revolving Credit Loans or Term Loans the amount of its Commitment Percentage of the requested Loans shall not relieve any other Revolving Credit Lender or Term Loan Lender from its several obligation hereunder to make available to the Agent the amount of such other Lender’s Commitment Percentage of any requested Loans, including any additional Revolving Credit Loans or Term Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Lender so failing or refusing. 
(b)    Unless the Agent shall have been notified by any Lender prior to the applicable Drawdown Date of any Revolving Credit Loans or Term Loans that such Lender will not make available to Agent such Lender’s Commitment Percentage of a proposed Loan, Agent may in its discretion assume that such Lender has made such Loan available to Agent in accordance with the provisions of this Agreement and the Agent may, if it chooses, in reliance upon such assumption make such Loan available to Borrower, and such Lender shall be liable to the Agent for the amount of such advance.  If such Lender does not pay such corresponding amount upon the Agent’s demand therefor, the Agent will promptly notify Borrower, and Borrower shall promptly pay such corresponding amount to the Agent.  The Agent shall also be entitled to recover from the Lender or Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Agent to Borrower to the date such corresponding amount is recovered by the Agent at a per annum rate equal to (i) from Borrower at the applicable rate for such Loan or (ii) from a Lender at the Federal Funds Effective Rate.
§2.9    Use of Proceeds.  Borrower shall use the proceeds of the Loans and the Letters of Credit solely to (a) pay closing costs in connection with this Agreement; (b) repay Indebtedness, fund future development projects and property and equipment acquisitions of Borrower and its Subsidiaries and (d) for working capital and general corporate purposes.  In no event shall Borrower 

55

and the Guarantors use the proceeds of the Loans and the Letters of Credit to purchase or carry, or extend credit to others for the purpose of purchasing or carrying, any “margin security” or “margin stock” as such terms are used in Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 220, 221 and 224.
§2.10    Letters of Credit.
(a)    Subject to the terms and conditions set forth in this Agreement, at any time and from time to time from the Closing Date through the day that is ninety (90) days prior to the Revolving Credit Maturity Date, the Issuing Lender shall issue such Letters of Credit as Borrower may request upon the delivery of a written request in the form of Exhibit H hereto (a “Letter of Credit Request”) to the Issuing Lender, provided that (i) no Default or Event of Default shall have occurred and be continuing, (ii) upon issuance of such Letter of Credit, the Letter of Credit Liabilities shall not exceed Fifty Million Dollars ($50,000,000.00), (iii) in no event shall the sum of (A) the Revolving Credit Loans Outstanding, (B) the Swing Loans Outstanding, (C) the Bid Loans Outstanding, and (D) the amount of Letter of Credit Liabilities (after giving effect to all Letters of Credit requested) exceed the Total Revolving Credit Commitment, (iv) in no event shall the aggregate Outstanding Term Loans, Outstanding Revolving Credit Loans, Outstanding Swing Loans, Outstanding Bid Loans and the aggregate Letter of Credit Liabilities (after giving effect to any requested Letters of Credit) exceed the Total Commitment or cause a violation of the covenant set forth in §9.1, (v) the conditions set forth in §§10 and 11 shall have been satisfied, and (vi) in no event shall any amount drawn under a Letter of Credit be available for reinstatement or a subsequent drawing under such Letter of Credit.  Notwithstanding anything to the contrary contained in this §2.10, the Issuing Lender shall not be obligated to issue, amend, extend, renew or increase any Letter of Credit at a time when any other Revolving Credit Lender is a Defaulting Lender, unless the Issuing Lender is reasonably satisfied that the participation therein will otherwise be fully allocated to the Revolving Credit Lenders that are Non-Defaulting Lenders consistent with §2.13(c) and the Defaulting Lender shall have no participation therein, except to the extent the Issuing Lender has entered into arrangements with Borrower or such Defaulting Lender which are satisfactory to the Issuing Lender in its good faith determination to eliminate the Issuing Lender’s Fronting Exposure with respect to any such Defaulting Lender, including the delivery of cash collateral.  The Issuing Lender may assume that the conditions in §10 and §11 have been satisfied unless it receives written notice from a Revolving Credit Lender that such conditions have not been satisfied.  Each Letter of Credit Request shall be executed by an Authorized Officer of Borrower.  The Issuing Lender shall be entitled to conclusively rely on such Person’s authority to request a Letter of Credit on behalf of Borrower.  The Issuing Lender shall have no duty to verify the authenticity of any signature appearing on a Letter of Credit Request.  Borrower assumes all risks with respect to the use of the Letters of Credit.  Unless the Issuing Lender and the Majority Revolving Credit Lenders otherwise consent, the term of any Letter of Credit shall not exceed a period of time commencing on the issuance of the Letter of Credit and ending one year after the date of issuance thereof, subject to extension pursuant to an “evergreen” clause acceptable to Agent and Issuing Lender (but in any event the term shall not extend beyond the Revolving Credit Maturity Date).  The amount available to be drawn under any Letter of Credit shall reduce on a dollar-for-dollar basis the amount available to be drawn under the Total Revolving Credit Commitment as a Revolving 

56

Credit Loan.  The Existing Letters of Credit shall upon the Closing Date be deemed to be Letters of Credit under this Agreement.
(b)    Each Letter of Credit Request shall be submitted to the Issuing Lender at least five (5) Business Days (or such shorter period as the Issuing Lender may approve) prior to the date upon which the requested Letter of Credit is to be issued.  Each such Letter of Credit Request shall contain (i) a statement as to the purpose for which such Letter of Credit shall be used (which purpose shall be in accordance with the terms of this Agreement), and (ii) a certification by the chief financial or chief accounting officer (or other accounting officer reasonably approved by Agent) of Borrower that Borrower and Guarantors are and will be in compliance with all covenants under the Loan Documents after giving effect to the issuance of such Letter of Credit.  Borrower shall further deliver to the Issuing Lender such additional applications (which application as of the date hereof is in the form of Exhibit K attached hereto) and documents as the Issuing Lender may require, in conformity with the then standard practices of its letter of credit department, in connection with the issuance of such Letter of Credit; provided that in the event of any conflict, the terms of this Agreement shall control.
(c)    The Issuing Lender shall, subject to the conditions set forth in this Agreement, issue the Letter of Credit on or before five (5) Business Days following receipt of the documents last due pursuant to §2.10(b).  Each Letter of Credit shall be in form and substance reasonably satisfactory to the Issuing Lender in its reasonable discretion.
(d)    Upon the issuance of a Letter of Credit, each Revolving Credit Lender shall be deemed to have purchased a participation therein from Issuing Lender in an amount equal to its respective Revolving Credit Commitment Percentage of the amount of such Letter of Credit.  No Revolving Credit Lender’s obligation to participate in a Letter of Credit shall be affected by any other Revolving Credit Lender’s failure to perform as required herein with respect to such Letter of Credit or any other Letter of Credit.  
(e)    Upon the issuance of each Letter of Credit, Borrower shall pay to the Issuing Lender (i) for its own account, a Letter of Credit issuance fee calculated at the rate per annum equal to one-eighth of one percent (0.125%) of the amount available to be drawn under such Letter of Credit (which fee shall not be less than $1,500 in any event), and (ii) for the accounts of the Revolving Credit Lenders that are Non-Defaulting Lenders (including the Issuing Lender) in accordance with their respective percentage shares of participation in such Letter of Credit, a Letter of Credit fee calculated at the rate per annum equal to the Applicable Margin for Revolving Credit LIBOR Rate Loans on the amount available to be drawn under such Letter of Credit.  Such fee under clause (e)(i) shall be payable upon issuance of the Letter of Credit, and the fee under clause (e)(ii) shall be payable in quarterly installments in arrears with respect to each Letter of Credit on the first day of each calendar quarter following the date of issuance and continuing on each quarter or portion thereof thereafter, as applicable, or on any earlier date on which the Revolving Credit Commitments shall terminate and on the expiration or return of any Letter of Credit.  In addition, Borrower shall pay to Issuing Lender for its own account within five (5) days of demand of Issuing Lender the standard issuance, documentation and service charges for Letters of Credit issued from time to time by Issuing Lender.

57

(f)    In the event that any amount is drawn under a Letter of Credit by the beneficiary thereof, Borrower shall reimburse the Issuing Lender by having such amount drawn treated as an outstanding Revolving Credit Base Rate Loan under this Agreement (Borrower being deemed to have requested a Revolving Credit Base Rate Loan on such date in an amount equal to the amount of such drawing and such amount drawn shall be treated as an outstanding Revolving Credit Base Rate Loan under this Agreement) and the Agent shall promptly notify each Revolving Credit Lender by telex, telecopy, telegram, electronic mail, telephone (confirmed in writing) or other similar means of transmission, and each Revolving Credit Lender shall promptly and unconditionally pay to the Agent, for the Issuing Lender’s own account, an amount equal to such Revolving Credit Lender’s Revolving Credit Commitment Percentage of such Letter of Credit (to the extent of the amount drawn).  Borrower further hereby irrevocably authorizes and directs Agent to notify the Revolving Credit Lenders of Borrower’s intent to convert such Revolving Credit Base Rate Loan to a Revolving Credit LIBOR Rate Loan with an Interest Period of one (1) month on the third (3rd) Business Day following the funding by the Revolving Credit Lenders of their advance under this §2.10(f), provided that the making of such Revolving Credit LIBOR Rate Loan shall not be a contravention of any provision of this Agreement.  If and to the extent any Revolving Credit Lender shall not make such amount available on the Business Day on which such draw is funded, such Revolving Credit Lender agrees to pay such amount to the Agent forthwith on demand, together with interest thereon, for each day from the date on which such draw was funded until the date on which such amount is paid to the Agent, at the Federal Funds Effective Rate until three (3) days after the date on which the Agent gives notice of such draw and at the Federal Funds Effective Rate plus one percent (1.0%) for each day thereafter.  Further, such Revolving Credit Lender shall be deemed to have assigned any and all payments made of principal and interest on its Revolving Credit Loans, amounts due with respect to its participations in Letters of Credit and any other amounts due to it hereunder to the Agent to fund the amount of any drawn Letter of Credit which such Revolving Credit Lender was required to fund pursuant to this §2.10(f) until such amount has been funded (as a result of such assignment or otherwise).  In the event of any such failure or refusal, the Revolving Credit Lenders not so failing or refusing shall be entitled to a priority position for such amounts as provided in §12.5.  The failure of any Revolving Credit Lender to make funds available to the Agent in such amount shall not relieve any other Revolving Credit Lender of its obligation hereunder to make funds available to the Agent pursuant to this §2.10(f).
(g)    If after the issuance of a Letter of Credit pursuant to §2.10(c) by the Issuing Lender, but prior to the funding of any portion thereof by a Revolving Credit Lender, for any reason a drawing under a Letter of Credit cannot be refinanced as a Revolving Credit Loan, each Revolving Credit Lender will, on the date such Revolving Credit Loan pursuant to §2.10(f) was to have been made, purchase an undivided participation interest in the Letter of Credit in an amount equal to its Revolving Credit Commitment Percentage of the amount of such Letter of Credit.  Each Revolving Credit Lender will immediately transfer to the Issuing Lender in immediately available funds the amount of its participation and upon receipt thereof the Issuing Lender will deliver to such Revolving Credit Lender a Letter of Credit participation certificate dated the date of receipt of such funds and in such amount. 
(h)    Whenever at any time after the Issuing Lender has received from any Revolving Credit Lender any such Revolving Credit Lender’s payment of funds under a Letter of 

58

Credit and thereafter the Issuing Lender receives any payment on account thereof, then the Issuing Lender will distribute to such Revolving Credit Lender its participation interest in such amount (appropriately adjusted in the case of interest payments to reflect the period of time during which such Revolving Credit Lender’s participation interest was outstanding and funded); provided, however, that in the event that such payment received by the Issuing Lender is required to be returned, such Revolving Credit Lender will return to the Issuing Lender any portion thereof previously distributed by the Issuing Lender to it.
(i)    The issuance of any supplement, modification, amendment, renewal or extension to or of any Letter of Credit shall be treated in all respects the same as the issuance of a new Letter of Credit.
(j)    Borrower assumes all risks of the acts, omissions, or misuse of any Letter of Credit by the beneficiary thereof.  Neither Agent, Issuing Lender nor any Lender will be responsible for (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any Letter of Credit or any document submitted by any party in connection with the issuance of any Letter of Credit, even if such document should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the form, validity, sufficiency, accuracy, genuineness or legal effect of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of any beneficiary of any Letter of Credit to comply fully with the conditions required in order to demand payment under a Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document or draft required by or from a beneficiary in order to make a disbursement under a Letter of Credit or the proceeds thereof; (vii) for the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; and (viii) for any consequences arising from causes beyond the control of Agent or any Lender.  None of the foregoing will affect, impair or prevent the vesting of any of the rights or powers granted to Agent, Issuing Lender or the Lenders hereunder.  In furtherance and extension and not in limitation or derogation of any of the foregoing, any act taken or omitted to be taken by Agent, Issuing Lender or the other Lenders in good faith will be binding on Borrower and will not put Agent, Issuing Lender or the other Lenders under any resulting liability to Borrower; provided nothing contained herein shall relieve Issuing Lender for liability to Borrower arising as a result of the gross negligence or willful misconduct of Issuing Lender as determined by a court of competent jurisdiction after the exhaustion of all applicable appeal periods.
§2.11    Increase in Total Commitment.
(a)    Provided that no Default or Event of Default has occurred and is continuing, subject to the terms and conditions set forth in this §2.11, Borrower shall have the option at any time and from time to time before the date which is ninety (90) days prior to the Revolving Credit Maturity Date, the Term Loan A Maturity Date or the Term Loan B Maturity Date, as applicable, to request by delivery of written notice to Agent an increase in the Total Revolving Credit Commitment and/or the Total Term Loan A Commitment and/or the Total Term Loan B 

59

Commitment, by an aggregate amount of increases to the Total Revolving Credit Commitment, Total Term Loan A Commitment and the Total Term Loan B Commitment of up to $300,000,000 (which, assuming no previous reduction in the Revolving Credit Commitments, Term Loan A Commitments or the Term Loan B Commitments, would result in a maximum Total Commitment of $1,850,000,000) (an “Increase Notice”; and the amount of such requested increase is the “Commitment Increase”).  The Commitment Increase shall be set forth in the Increase Notice, and must be in a minimum amount of $25,000,000.00 and increments of $5,000,000.00 in excess thereof unless otherwise approved by Agent.  The execution and delivery of the Increase Notice by Borrower shall constitute a representation and warranty by Borrower that all the conditions set forth in this §2.11 shall have been satisfied on the date of such Increase Notice.  The Commitment Increase may be allocated, at Borrower’s option, to the then existing Revolving Credit Commitments, or to the then existing Term Loan A Commitments or Term Loan B Commitments, or any combination thereof (provided that no Commitment Increase may be allocated to any portion of the Total Commitment as to which the applicable maturity date (i.e., the Revolving Credit Maturity Date, the Term Loan A Maturity Date or the Term Loan B Maturity Date) has occurred).
(b)    Upon receipt of any Increase Notice, the Agent shall consult with Arrangers and shall notify Borrower of the amount of facility fees to be paid to any Lenders who provide an additional Revolving Credit Commitment, Term Loan A Commitment and/or Term Loan B Commitment, as applicable, in connection with such increase in the Total Revolving Credit Commitment, the Total Term Loan A Commitment or Total Term Loan B Commitment, as applicable (which shall be in addition to the fees to be paid to Agent or Arrangers pursuant to the Agreement Regarding Fees).  If Borrower agrees to pay the facility fees so determined, then the Agent shall send a notice to all Revolving Credit Lenders, Term Loan A Lenders and/or Term Loan B Lenders, as applicable, (the “Additional Commitment Request Notice”) informing them of Borrower’s request to increase the Total Revolving Credit Commitment, Total Term Loan A Commitment, or Total Term Loan B Commitment, as applicable, and of the facility fees to be paid with respect thereto.  Each Lender who desires to provide an additional Revolving Credit Commitment, Term Loan A Commitment, and/or Term Loan B Commitment, as applicable, upon such terms shall provide Agent with a written commitment letter specifying the amount of the additional Revolving Credit Commitment, Term Loan A Commitment, and/or Term Loan B Commitment, as applicable, which it is willing to provide prior to such deadline as may be specified in the Additional Commitment Request Notice.  If the requested increase is oversubscribed then the Agent and the Arrangers shall allocate the Commitment Increase among the Revolving Credit Lenders, Term Loan A Lenders and/or Term Loan B Lenders, as applicable, who provide such commitment letters on such basis as the Agent, the Arrangers and Borrower shall determine.  In addition, the Agent and Arrangers shall, at Borrower’s request, invite one or more banks or lending institutions selected by Borrower (which banks or lending institutions shall be reasonably acceptable to Agent (in its capacity as such), Arrangers and Borrower) to become a Revolving Credit Lender, Term Loan A Lender and/or Term Loan B Lender and provide an additional Revolving Credit Commitment, Term Loan A Commitment and/or Term Loan B Commitment, as applicable.  In addition, the Agent shall provide all Revolving Credit Lenders, Term Loan A Lenders and/or Term Loan B Lenders, as applicable, with a notice setting forth the amount, if any, of the additional Revolving Credit Commitment, Term Loan A Commitment and/or Term Loan B Commitment, to be provided by each Revolving Credit Lender, Term Loan A Lender and/or Term Loan B Lender, as applicable, and the revised Revolving 

60

Credit Commitment Percentages, Term Loan A Commitment Percentages and/or Term Loan B Commitment Percentages, as applicable, which shall be applicable after the effective date of the Commitment Increase specified therein (the “Commitment Increase Date”).  In no event shall any Lender be obligated to provide an additional Revolving Credit Commitment, Term Loan A Commitment or Term Loan B Commitment.
(c)    On any Commitment Increase Date on which the Revolving Credit Commitment is increased, the Outstanding Revolving Credit Loans shall be reallocated among the Revolving Credit Lenders such that after the applicable Commitment Increase Date the outstanding principal amount of Revolving Credit Loans owed to each Revolving Credit Lender shall be equal to such Lender’s Revolving Credit Commitment Percentage (as in effect after the applicable Commitment Increase Date) of the Outstanding Revolving Credit Loans.  The participation interests of the Revolving Credit Lenders in Outstanding Swing Loans and Outstanding Letters of Credit shall be similarly adjusted.  On any Commitment Increase Date those Revolving Credit Lenders whose Revolving Credit Commitment Percentage is increasing shall advance the funds to the Agent and the funds so advanced shall be distributed among the Revolving Credit Lenders whose Revolving Credit Commitment Percentage is decreasing as necessary to accomplish the required reallocation of the outstanding Revolving Credit Loans.  The funds so advanced shall be Base Rate Loans until converted to LIBOR Rate Loans which are allocated among all Lenders based on their Commitment Percentages.  Borrower further agrees to pay the Breakage Costs, if any, resulting from any Commitment Increase. 
(d)    Upon the effective date of each increase in the Total Revolving Credit Commitment, Total Term Loan A Commitment or Total Term Loan B Commitment pursuant to this §2.11, the Agent may unilaterally revise Schedule 1.1 and Borrower shall execute and deliver to the Agent new Revolving Credit Notes, Term Loan A Notes and Term Loan B Notes for each Lender whose Commitment has changed so that the principal amount of such Revolving Credit Lender’s Revolving Credit Note shall equal its Revolving Credit Commitment, such Term Loan A Lender’s Term Loan A Note shall equal its Term Loan A Commitment, and such Term Loan B Lender’s Term Loan B Note shall equal its Term Loan B Commitment.  If there is an increase to the Revolving Credit Commitment, Borrower shall also execute and deliver to each Revolving Credit Lender a Bid Loan Note in the face amount of the new Bid Loan Sublimit.  The Agent shall deliver such replacement Revolving Credit Notes, Term Loan A Notes, Term Loan B Notes and Bid Loan Notes, as applicable, to the respective Lenders in exchange for the Revolving Credit Notes, Bid Loan Notes, Term Loan A Notes and Term Loan B Notes replaced thereby which shall be surrendered by such Lenders to Agent who shall deliver such replaced Notes to Borrower for cancellation.  Such new Revolving Credit Notes, Term Loan A Notes, Term Loan B Notes and Bid Loan Notes shall provide that they are replacements for the surrendered Revolving Credit Notes, Term Loan A Notes, Term Loan B Notes and Bid Loan Notes, as applicable, and that they do not constitute a novation, shall be dated as of the Commitment Increase Date and shall otherwise be in substantially the form of the replaced Revolving Credit Notes, Term Loan A Notes, Term Loan B Notes or Bid Loan Notes, as applicable.  Upon Agent’s request within five (5) days of issuance of any new Notes pursuant to this §2.11(d), Borrower shall deliver an opinion of counsel, addressed to the Lenders and the Agent, relating to the due authorization, execution and delivery of such new Revolving Credit Notes, Term Loan A Notes, Term Loan B Notes and/or Bid Loan Notes and the enforceability thereof, in form 

61

and substance substantially similar to the opinion delivered in connection with the first disbursement under this Agreement.  Any surrendered Revolving Credit Notes, Term Loan A Notes and Term Loan B Notes shall be canceled and returned to Borrower.
(e)    Notwithstanding anything to the contrary contained herein, the obligation of the Agent and the Revolving Credit Lenders providing an additional Revolving Credit Commitment to increase the Total Revolving Credit Commitment and/or the Agent and the Term Loan A Lenders or Term Loan B Lenders providing an additional Term Loan A Commitment or Term Loan B Commitment to increase the Total Term Loan A Commitment or Total Term Loan B Commitment, as applicable, pursuant to this §2.11 shall be conditioned upon satisfaction of the following conditions precedent which must be satisfied prior to the effectiveness of any increase of the Total Revolving Credit Commitment, the Total Term Loan A Commitment, or the Total Term Loan B Commitment, as applicable: 
(i)    Payment of Activation Fee.  Borrower shall pay (A) to the Arrangers those fees described in and contemplated by the Agreement Regarding Fees with respect to the applicable Commitment Increase, subject to the terms thereof, and (B) to the Arrangers such facility fees as the Revolving Credit Lenders, Term Loan A Lenders or Term Loan B Lenders, as applicable, who are providing an additional Commitment may require to increase or provide the aggregate Revolving Credit Commitment, Term Loan A Commitment or Term Loan B Commitment, which fees shall, when paid, be fully earned and non-refundable under any circumstances.  The Arrangers shall pay to the Lenders acquiring or providing the applicable Commitment Increase any fees set forth pursuant to any separate agreement; and
(ii)    No Default.  On the date any Increase Notice is given and on the date such increase becomes effective, both immediately before and after the Total Revolving Credit Commitment, Total Term Loan A Commitment or Total Term Loan B Commitment is increased, there shall exist no Default or Event of Default; and
(iii)    Representations True.  The representations and warranties made by Borrower and the Guarantors in the Loan Documents or otherwise made by Borrower and the Guarantors in connection therewith or after the date thereof shall have been true and correct in all material respects when made and shall also be true and correct in all material respects on the date of such Increase Notice and on the date the Total Revolving Credit Commitment, Total Term Loan A and/or Total Term Loan B Commitment is increased, both immediately before and after the Total Commitment is increased (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date); and
(iv)    Additional Documents and Expenses.  Borrower shall execute and deliver (or cause to be executed and delivered) to Agent and the Lenders such additional documents, instruments, certifications and opinions as the Agent may reasonably require in its reasonable discretion, including, without limitation, a Compliance Certificate, demonstrating compliance with all covenants, representations and warranties set forth in the Loan Documents after giving effect to the increase.

62

§2.12    Extension of Revolving Credit Maturity Date.  Borrower shall have the one-time right and option to extend the Revolving Credit Maturity Date to November 22, 2021, upon satisfaction of the following conditions precedent, which must be satisfied prior to the effectiveness of any extension of the Revolving Credit Maturity Date:
(a)    Extension Request.  Borrower shall deliver written notice of such request (the “Extension Request”) to the Agent not earlier than the date which is one hundred twenty (120) days and not later than the date which is thirty (30) days prior to the Revolving Credit Maturity Date (as determined without regard to such extension).  Any such Extension Request shall be irrevocable and binding on Borrower.
(b)    Payment of Extension Fee.  Borrower shall pay to the Agent for the pro rata accounts of the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitments an extension fee in an amount equal to ten (10) basis points on the Total Revolving Credit Commitment in effect on the Revolving Credit Maturity Date (as determined without regard to such extension), which fee shall, when paid, be fully earned and non-refundable under any circumstances.
(c)    No Default.  On the date the Extension Request is given and on the Revolving Credit Maturity Date (as determined without regard to such extension) there shall exist no Default or Event of Default.
(d)    Representations and Warranties.  The representations and warranties made by Borrower and the Guarantors in the Loan Documents or otherwise made by Borrower and the Guarantors in connection therewith or after the date thereof shall have been true and correct in all material respects when made and shall also be true and correct in all material respects on the date the Extension Request is given and on the Revolving Credit Maturity Date (as determined without regard to such extension) (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date).
§2.13    Defaulting Lenders.
(a)    If for any reason any Lender shall be a Defaulting Lender, then, in addition to the rights and remedies that may be available to the Agent or Borrower under this Agreement or applicable law, but subject to the terms of §27, such Defaulting Lender’s right to participate in the administration of the Loans, this Agreement and the other Loan Documents, including without limitation, any right to vote in respect of, to consent to or to direct any action or inaction of the Agent or to be taken into account in the calculation of the Majority Lenders, Majority Revolving Credit Lenders, Majority Term Loan A Lenders, Majority Term Loan B Lenders, all of the Lenders or the affected Lenders, shall be suspended during the pendency of such failure or refusal.  If a Lender is a Defaulting Lender because it has failed to make timely payment to the Agent of any amount required to be paid to the Agent hereunder (without giving effect to any notice or cure periods), in addition to other rights and remedies which the Agent or Borrower may have hereunder or otherwise, the Agent shall be entitled (i) to collect interest from such Defaulting Lender on such delinquent payment for the period from the date on which the payment was due until the date on 

63

which the payment is made at the Federal Funds Effective Rate, (ii) to withhold or setoff and to apply in satisfaction of the defaulted payment and any related interest, any amounts otherwise payable to such Defaulting Lender under this Agreement or any other Loan Document in accordance with §2.13(d) and (iii) to bring an action or suit against such Defaulting Lender in a court of competent jurisdiction to recover the defaulted amount and any related interest.  Any amounts received by the Agent in respect of a Defaulting Lender’s Loans and/or Commitment shall be applied as set forth in §2.13(d).
(b)    Any Non-Defaulting Lender may, but shall not be obligated, in its sole discretion, to acquire all or a portion of a Defaulting Lender’s Commitment.  Any Lender desiring to exercise such right shall give written notice thereof to the Agent and Borrower no sooner than two (2) Business Days and not later than five (5) Business Days after such Defaulting Lender became a Defaulting Lender.  If more than one Lender exercises such right, each such Lender shall have the right to acquire its pro rata share of such Defaulting Lender’s Commitment in proportion to the Commitments of the other Lenders exercising such right.  If after such fifth (5th) Business Day, the Lenders have not elected to purchase all of the Commitment of such Defaulting Lender, then Borrower (so long as no Default or Event of Default then exists) or the Majority Lenders may, by giving written notice thereof to the Agent, Borrower, such Defaulting Lender and the other Lenders, demand (but shall have no obligation to so demand) that such Defaulting Lender assign its Commitment to an assignee subject to and in accordance with the provisions of §18.1 for the purchase price provided for below and upon any such demand such Defaulting Lender shall comply with such demand and shall consummate such assignment (subject to and in accordance with the provisions of §18.1).  No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an assignee.  Upon any such purchase or assignment, and any such demand with respect to which the conditions specified in §18.1 have been satisfied, the Defaulting Lender’s interest in its Commitments, Loans and rights hereunder (but not its liability in respect thereof or under the Loan Documents or this Agreement to the extent the same relate to the period prior to the effective date of the purchase) shall terminate on the date of purchase and assignment, and the Defaulting Lender shall promptly execute all documents reasonably requested to surrender and transfer such interest to the purchaser or assignee thereof, including an appropriate Assignment and Acceptance Agreement.  The purchase price for the Commitment of a Defaulting Lender shall be equal to the amount of the principal balance of the Loans outstanding and owed by Borrower to the Defaulting Lender plus any accrued but unpaid interest thereon and any accrued but unpaid fees incurred prior to such Lender becoming a Defaulting Lender.  Prior to payment of such purchase price to a Defaulting Lender, the Agent shall apply against such purchase price any amounts retained by the Agent pursuant to §2.13(d).
(c)    During any period in which there is a Defaulting Lender, all or any part of such Defaulting Lender’s obligation to acquire, refinance or fund participations in Letters of Credit pursuant to §2.10(g) or Swing Loans pursuant to §2.5(e) shall be reallocated among the Revolving Credit Lenders that are Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment Percentages (computed without giving effect to the Revolving Credit Commitment of such Defaulting Lender); provided that (i) each such reallocation shall be given effect only if, at the date the applicable Revolving Credit Lender becomes a Defaulting Lender, no Default or Event of Default exists, (ii) the conditions set forth in §10 and §11 are satisfied at the 

64

time of such reallocation (and, unless Borrower shall have notified the Agent at such time, Borrower shall be deemed to have represented and warranted that such conditions are satisfied at the time), (iii) the representations and warranties in the Loan Documents shall be true and correct in all material respects on and as of the date of such reallocation with the same effect as though made on and as of such date, except to the extent of changes resulting from transactions permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date), and (iv) the aggregate obligation of each Revolving Credit Lender that is a Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Loans shall not exceed the positive difference, if any, of (A) the Revolving Credit Commitment of that Non-Defaulting Lender minus (B) the sum of (1) the Outstanding Revolving Credit Loans of that Lender plus (2) such Lender’s pro rata portion in accordance with its Revolving Credit Commitment Percentage of outstanding Letter of Credit Liabilities and participations in Outstanding Swing Loans.  Subject to §34, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.
(d)    Any payment of principal, interest, fees or other amounts received by the Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise, and including any amounts made available to the Agent for the account of such Defaulting Lender pursuant to §13), shall be applied at such time or times as may be determined by the Agent as follows:  first, to the payment of any amounts owing by such Defaulting Lender to the Agent (other than with respect to Letter of Credit Liabilities) hereunder; second, to the payment of any amounts owing by such Defaulting Lender to the Issuing Lender (with respect to Letter of Credit Liabilities) and/or the Swing Loan Lender hereunder; third, if so determined by the Agent or requested by the Issuing Lender or the Swing Loan Lender, to be held as cash collateral for future funding obligations of such Defaulting Lender of any participation in any Letter of Credit or Swing Loan; fourth, as Borrower may request (so long as no Default or Event of Default then exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and Borrower, to be held in a non-interest bearing deposit account and released pro rata in order to (x) satisfy obligations of such Defaulting Lender to fund Loans or participations under this Agreement and (y) be held as cash collateral for future funding obligations of such Defaulting Lender of any participation in any Letter of Credit or Swing Loan; sixth, to the payment of any amounts owing to the Agent or the Lenders (including the Issuing Lender and the Swing Loan Lender) as a result of any judgment of a court of competent jurisdiction obtained by the Agent or any Lender (including the Issuing Lender and the Swing Loan Lender) against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default then exists, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (i) such payment is a payment of the principal amount of any Revolving Credit Loans, Bid Loans, Term Loans or funded participations in Letters of Credit 

65

or Swing Loans in respect of which such Defaulting Lender has not fully funded its appropriate share and (ii) such Revolving Credit Loans, Bid Loans, Term Loans or funded participations in Letters of Credit or Swing Loans were made at a time when the conditions set forth in §10 and §11, to the extent required by this Agreement, were satisfied or waived, such payment shall be applied solely to pay the Revolving Credit Loans, Bid Loans or Term Loans of, and funded participations in Letters of Credit or Swing Loans owed to, all Non-Defaulting Lenders on a pro rata basis until such time as all Revolving Credit Loans, Bid Loans, Term Loans and funded and unfunded participations in Letters of Credit and Swing Loans are held by the Revolving Credit Lenders, the applicable Bid Loan Lenders, and Term Loan Lenders pro rata in accordance with their Revolving Credit Commitment Percentages, Term Loan A Commitment Percentages and Term Loan B Commitment Percentages, as applicable, without regard to §2.13(c), prior to being applied to the payment of any Revolving Credit Loans, Bid Loans (if applicable) or Term Loans of, or funded participations in Letters of Credit or Swing Loans owed to, such Defaulting Lender.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this §2.13(d) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto, and to the extent allocated to the repayment of principal of the Loan, shall not be considered outstanding principal under this Agreement.
(e)    Within five (5) Business Days of demand by the Issuing Lender or Swing Loan Lender from time to time, Borrower shall deliver to the Agent for the benefit of the Issuing Lender and the Swing Loan Lender cash collateral in an amount sufficient to cover all Fronting Exposure with respect to the Issuing Lender and Swing Loan Lender (after giving effect to §2.5(a), §2.10(a) and §2.13(c)) on terms reasonably satisfactory to the Issuing Lender and/or Swing Loan Lender in its good faith determination (and such cash collateral shall be in Dollars).  Any such cash collateral shall be deposited in the Collateral Account as collateral (solely for the benefit of the Issuing Lender and/or the Swing Loan Lender) for the payment and performance of each Defaulting Lender’s pro rata portion in accordance with their respective Revolving Credit Commitment Percentages of outstanding Letter of Credit Liabilities and Swing Loans.  Moneys in the Collateral Account deposited pursuant to this section shall be applied by the Agent to reimburse the Issuing Lender and/or the Swing Loan Lender immediately for each Defaulting Lender’s pro rata portion in accordance with their respective Revolving Credit Commitment Percentages of any funding obligation with respect to a Letter of Credit or Swing Loan which has not otherwise been reimbursed by Borrower or such Defaulting Lender.  Any amounts deposited in the Collateral Account (or any portion thereof) shall be refunded to Borrower promptly upon any of the following (as applicable) (i) the applicable Letter of Credit in connection with which it was provided being terminated or cancelled (without any drawing thereon), (ii) all Fronting Exposure with respect to the Issuing Lender and Swing Loan Lender has been eliminated or (iii) as provided in §§12.1 and 12.6(d) and (f).
(f)    (g)    Each Revolving Credit Lender that is a Defaulting Lender shall not be entitled to receive any Unused Fee or Facility Fee pursuant to §2.3 for any period during which that Lender is a Defaulting Lender.

66

(i)    Each Revolving Credit Lender that is a Defaulting Lender shall not be entitled to receive Letter of Credit fees pursuant to §2.10(e) for any period during which that Revolving Credit Lender is a Defaulting Lender.
(ii)    With respect to any Unused Fee, Facility Fee or Letter of Credit fees not required to be paid to any Defaulting Lender pursuant to clause (i) or (ii) above, Borrower shall (x) pay to each Non-Defaulting Lender that is a Revolving Credit Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in Letter of Credit Liabilities or Swing Loans that has been reallocated to such Non-Defaulting Lender pursuant to §2.13(c), (y) pay to the Issuing Lender and Swing Loan Lender the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to the Issuing Lender’s or Swing Loan Lender’s Fronting Exposure to such Defaulting Lender and (z) not be required to pay any remaining amount of any such fee.
(h)    If Borrower (so long as no Default or Event of Default exists and is continuing) and the Agent agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Loans to be held on a pro rata basis by the Lenders in accordance with their Commitments (without giving effect to §2.13(c)), whereupon such Lender will cease to be a Defaulting Lender and any applicable cash collateral provided by Borrower shall be promptly refunded to Borrower; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while such Lender was a Defaulting Lender (including any application of such payments pursuant to §2.13(d)); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender.
§2.14    Evidence of Debt.  The indebtedness of the Borrower resulting from the Loans made by each Lender from time to time shall be evidenced by one or more accounts or records maintained by such Lender and the Agent in the ordinary course of business, including, without limitation, the amounts of principal and interest payable and paid to such Lender from time to time hereunder.  The Borrower hereby irrevocably authorizes Agent and the Lenders to make, or cause to be made, at or about the time of the Drawdown Date of any Loan or at the time of receipt of any payment thereof, an appropriate notation on Agent’s and the Lender’s records reflecting the making of such Loan or (as the case may be) the receipt of such payment.  The Agent shall maintain accounts or records in accordance with its usual practice in which it shall record:  (i) the date and the amount of each Loan made hereunder, the Type of Loan and, if appropriate, the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder, and (iii) the amount of any sum received by the Agent hereunder from the Borrower and each Lender’s share thereof.  The accounts or records maintained by the Agent and each Lender shall be prima facie evidence of the existence and amounts of the 

67

Obligations recorded therein and shall be conclusive absent manifest error of the amount of the Loans made by the Lenders to the Borrower and the interest and payments thereon.  Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder or under the Notes, if any, to pay any amount owing with respect to the Obligations.  In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Agent in respect of such matters, the accounts and records of the Agent shall control in the absence of manifest error.  The Borrower agrees that upon the request of any Lender made through the Agent (whether for purposes of pledge, enforcement or otherwise), the Borrower shall promptly execute and deliver to such Lender (through the Agent) a Revolving Credit Note, a Bid Loan Note, a Term Loan A Note, a Term Loan B Note and/or a Swing Loan Note, as applicable, payable to the order of such Lender, which shall evidence such Lender’s Loans in addition to such accounts or records.  Each Lender may attach schedules to its Notes and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.  All references to Notes in the Loan Documents shall mean Notes, if any, to the extent issued hereunder.  By delivery of this Agreement and any Revolving Credit Note, Term Loan A Note, Term Loan B Note and/or Swing Loan Note, there shall not be deemed to have occurred, and there has not otherwise occurred, any payment, satisfaction or novation of the Indebtedness evidenced by the “Revolving Credit Notes”, the “Term Loan A Notes”, the “Term Loan B Notes” and the “Swing Loan Note” described in the Existing Credit Agreement, which Indebtedness under such Revolving Credit Notes is instead allocated among the Revolving Credit Lenders as of the date hereof in accordance with their respective Revolving Credit Commitment Percentages, which Indebtedness under the Swing Loan Note is allocated to the Swing Loan Lender, which Indebtedness under such Term Loan A Notes is instead allocated among the Term Loan A Lenders as of the date hereof in accordance with their respective Term Loan A Commitment Percentages, which Indebtedness under the Term Loan B Notes is allocated to the Term Loan B Lenders as of the date hereof in accordance with their respective Term Loan B Commitment Percentages, and such Indebtedness is evidenced by this Agreement and any Revolving Credit Notes, Term Loan A Notes, Term Loan B Notes and Swing Loan Note, as applicable.  The Revolving Credit Lenders, Term Loan A Lenders and Term Loan B Lenders shall as of the date hereof make such adjustments to the outstanding Revolving Credit Loans, Term Loans A and Term Loans B of such Revolving Credit Lenders, Term Loan A Lenders and Term Loan B Lenders, respectively, so that such outstanding Revolving Credit Loans, Term Loans A and Term Loans B are consistent with their respective Revolving Credit Commitment Percentages, Term Loan A Commitment Percentages and Term Loan A Commitment Percentages.
§3.    REPAYMENT OF THE LOANS.  
§3.1    Stated Maturity.  Borrower promises to pay on the Revolving Credit Maturity Date and there shall become absolutely due and payable on the Revolving Credit Maturity Date all of the Outstanding Revolving Credit Loans, Outstanding Swing Loans and the Letter of Credit Liabilities outstanding on such date, together with any and all accrued and unpaid interest thereon.  Borrower promises to pay all Outstanding Bid Loans in full, together with any and all accrued and unpaid interest thereon, on the maturity date thereof as provided in the applicable Bid Loan Quote Request, but in any event not later than the Revolving Credit Maturity Date.  Borrower promises to pay on the Term Loan A Maturity Date and there shall become absolutely due and payable on 

68

the Term Loan A Maturity Date all of the Outstanding Term Loans A on such date, together with any and all accrued and unpaid interest thereon.  Borrower promises to pay on the Term Loan B Maturity Date and there shall become absolutely due and payable on the Term Loan B Maturity Date all of the Outstanding Term Loans B on such date, together with any and all accrued and unpaid interest thereon.
§3.2    Mandatory Prepayments.  If at any time the sum of the aggregate Outstanding Revolving Credit Loans, Outstanding Swing Loans, Outstanding Bid Loans and the aggregate Letter of Credit Liabilities exceeds the Total Revolving Credit Commitment, then Borrower shall, within five (5) Business Days of such occurrence pay the amount of such excess to the Agent for the respective accounts of the Revolving Credit Lenders, as applicable, for application to the Revolving Credit Loans as provided in §3.4, together with any additional amounts payable pursuant to §4.8, except that the amount of any Swing Loans shall be paid solely to the Swing Loan Lender and the amount of any Bid Loans shall be paid solely to the applicable Bid Loan Lender.  If at any time the sum of the aggregate outstanding principal amount of the Bid Loans exceeds the Bid Loan Sublimit, then Borrower shall, within five (5) Business Days of such occurrence pay the amount of such excess to the Agent for the respective accounts of the Bid Loan Lenders, as applicable, for application to the Bid Loans as provided in §3.4, together with any additional amounts payable pursuant to §4.8.
§3.3    Optional Prepayments.
(a)    Borrower shall have the right, at its election, to prepay the outstanding amount of the Term Loans, the Revolving Credit Loans and Swing Loans, as a whole or in part, at any time without penalty or premium, and except as provided in the applicable Bid Loan Quote Request, Bid Loans may not be voluntarily prepaid at any time without the prior written consent of the Bid Loan Lender(s) making such Bid Loans.  Notwithstanding anything herein to the contrary, if any prepayment of the outstanding amount of any LIBOR Rate Loans pursuant to this §3.3 is made on a date that is not the last day of the Interest Period relating thereto, such prepayment shall be accompanied by the payment of any amounts due pursuant to §4.8.
(b)    Borrower shall give the Agent, no later than 10:00 a.m. (Cleveland time) at least three (3) days prior written notice of any prepayment pursuant to this §3.3, in each case specifying the proposed date of prepayment of the Loans and the principal amount to be prepaid (provided that any such notice may be revoked or modified upon one (1) day’s prior notice to the Agent).  Notwithstanding the foregoing, no prior notice shall be required for the prepayment of any Swing Loan.
§3.4    Partial Prepayments.  Each partial prepayment of the Loans under §3.3 shall be in a minimum amount of $1,000,000.00 or an integral multiple of $100,000.00 in excess thereof, shall be accompanied by the payment of accrued interest on the principal prepaid to the date of payment.  Each partial prepayment shall, in the absence of instructions by Borrower, be applied first to Revolving Credit Loans as provided below, then to Term Loans A and then to Term Loans B.  For Revolving Credit Loans, each partial payment under §3.2 and §3.3 shall be applied first to the principal of any Outstanding Swing Loans, second to any Outstanding Bid Loans and last to the principal of any Outstanding Revolving Credit Loans.  Any prepayment with respect to each category 

69

of Loans shall be applied as provided above first to the principal of Base Rate Loans, and then to the principal of LIBOR Rate Loans.
§3.5    Effect of Prepayments.  Amounts of the Revolving Credit Loans prepaid under §3.2 and §3.3 prior to the Revolving Credit Maturity Date may be reborrowed as provided in §2.  Amounts of the Term Loans prepaid under this Agreement may not be reborrowed.
§4.    CERTAIN GENERAL PROVISIONS.  
§4.1    Conversion Options.  
(a)    Borrower may elect from time to time to convert any of its Outstanding Revolving Credit Loans, Term Loans A or Term Loans B to a Revolving Credit Loan, Term Loan A or Term Loan B, respectively, of another Type and such Revolving Credit Loans, Term Loans A or Term Loans B shall thereafter bear interest as a Base Rate Loan or a LIBOR Rate Loan, as applicable; provided that (i) with respect to any such conversion of a LIBOR Rate Loan to a Base Rate Loan, Borrower shall give the Agent at least one (1) Business Day’s prior written notice of such election, and such conversion shall only be made on the last day of the Interest Period with respect to such LIBOR Rate Loan; (ii) with respect to any such conversion of a Base Rate Loan to a LIBOR Rate Loan, Borrower shall give the Agent at least three (3) LIBOR Business Days’ prior written notice of such election and the Interest Period requested for such Loan, the principal amount of the Loan so converted shall be in a minimum aggregate amount of $1,000,000.00 or an integral multiple of $250,000.00 in excess thereof and, after giving effect to the making of such Loan, there shall be no more than ten (10) LIBOR Rate Loans (whether Revolving Credit, Term Loan or Bid Loan) outstanding at any one time; and (iii) no Loan may be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing.  All or any part of the Outstanding Revolving Credit Loans, Term Loans A or Term Loans B of any Type may be converted as provided herein, provided that no partial conversion shall result in a Revolving Credit Base Rate Loan or Term Base Rate Loan in a principal amount of less than $1,000,000.00 or an integral multiple of $100,000.00 or a Revolving Credit LIBOR Rate Loan or Term Base Rate Loan in a principal amount of less than $1,000,000.00 or an integral multiple of $250,000.00.  On the date on which such conversion is being made, each Lender shall take such action as is necessary to transfer its Commitment Percentage of such Loans to its Domestic Lending Office or its LIBOR Lending Office, as the case may be.  Each Conversion/Continuation Request relating to the conversion of a Base Rate Loan to a LIBOR Rate Loan shall be irrevocable by Borrower.  A Bid Loan may not be continued or converted.
(b)    Any LIBOR Rate Loan may be continued as such Type upon the expiration of an Interest Period with respect thereto by compliance by Borrower with the terms of §4.1; provided that no LIBOR Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing, but shall be automatically converted to a Base Rate Loan on the last day of the Interest Period relating thereto ending during the continuance of any Default or Event of Default.
(c)    In the event that Borrower does not notify the Agent of its election hereunder with respect to any LIBOR Rate Loan, such Loan shall be automatically continued at the end of 

70

the applicable Interest Period as a LIBOR Rate Loan for an Interest Period of one month unless such Interest Period shall be greater than the time remaining until the applicable Revolving Credit Maturity Date, the Term Loan A Maturity Date or the Term Loan B Maturity Date, in which case such Loan shall be automatically converted to a Base Rate Loan at the end of the applicable Interest Period.
§4.2    Fees.  Borrower agrees to pay to KeyBank, Agent, Syndication Agent and Arrangers for their own account certain fees for services rendered or to be rendered in connection with the Loans as provided pursuant to a fee letter dated October 10, 2016 among Borrower, KeyBank, Syndication Agent and Arrangers (the “Agreement Regarding Fees”).  Any annual agency or administration fee payable under the Agreement Regarding Fees shall be paid on the terms set forth therein.  Any accrued but unpaid annual agency or administration fee payable pursuant to the “Agreement Regarding Fees” (as defined in the Existing Credit Agreement) shall be due and payable as provided therein.  All such fees shall be fully earned when paid and nonrefundable under any circumstances.
§4.3    [Intentionally Omitted.] 
§4.4    Funds for Payments.
(a)    All payments of principal, interest, facility fees, Letter of Credit fees, closing fees and any other amounts due hereunder or under any of the other Loan Documents shall be made to the Agent, for the respective accounts of the Lenders and the Agent, as the case may be, at the Agent’s Head Office, not later than 2:00 p.m. (Cleveland time) on the day when due (or such later time as is acceptable to the Agent in the event of a payment in full of all Loans and a termination of all Commitments hereunder), in each case in lawful money of the United States in immediately available funds.  To the extent not paid pursuant to the preceding sentence within the specified time, and only to the extent such amounts are not subject to dispute by the Borrower as evidenced by the delivery of prior written notice to the Agent, the Agent is hereby authorized to charge the accounts of Borrower with KeyBank, on the dates when the amount thereof shall become due and payable, with the amounts of the principal of and interest on the Loans and all fees, charges, expenses and other amounts owing to the Agent and/or the Lenders (including the Swing Loan Lender and any applicable Bid Loan Lender) under the Loan Documents.  Subject to the foregoing, all payments made to Agent on behalf of the Lenders, and actually received by Agent, shall be deemed received by the Lenders on the date actually received by Agent.
(b)    All payments by Borrower hereunder and under any of the other Loan Documents shall be made without setoff or counterclaim, and free and clear of and without deduction or withholding for any Taxes, except as required by Applicable Law.  If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by Borrower or other applicable Guarantor shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable 

71

under this §4.4) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(c)    Borrower and the Guarantors shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Agent timely reimburse it for the payment of, any Other Taxes.  
(d)    Borrower and the Guarantors shall jointly and severally indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this §4.4) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error; provided that the determinations in such statement are made on a reasonable basis and in good faith.
(e)    Each Lender shall severally indemnify the Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that Borrower or a Guarantor has not already indemnified the Agent for such Indemnified Taxes and without limiting the obligation of Borrower and the Guarantors to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of §18.4 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Agent to the Lender from any other source against any amount due to the Agent under this subsection.
(f)    As soon as practicable after any payment of Taxes by Borrower or any Guarantor to a Governmental Authority pursuant to this §4.4, Borrower or such Guarantor shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Agent.
(g)    (i)    Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to Borrower and the Agent, at the time or times reasonably requested by Borrower or the Agent, such properly completed and executed documentation reasonably requested by Borrower or the Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by Borrower or the Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by Borrower or the Agent as will enable Borrower or the Agent to determine whether or not such Lender is subject to backup 

72

withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in the immediately following clauses (ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.  
(ii)    Without limiting the generality of the foregoing, in the event that Borrower is a U.S. Person:
(A)    any Lender that is a U.S. Person shall deliver to Borrower and the Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or the Agent), an electronic copy (or an original if requested by Borrower or the Agent) of an executed IRS Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax;
(B)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or the Agent), whichever of the following is applicable:
a.    in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an electronic copy (or an original if requested by Borrower or the Agent) of an executed IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W‐8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
b.    an electronic copy (or an original if requested by Borrower or the Agent) of an executed IRS Form W-8ECI;
c.    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit L-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or
d.    to the extent a Foreign Lender is not the beneficial owner, an electronic copy (or an original if requested by Borrower or the Agent) of an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-2 or Exhibit L-3, IRS Form W-9, 

73

and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-4 on behalf of each such direct and indirect partner;
(C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or the Agent), an electronic copy (or an original if requested by Borrower or the Agent) of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit Borrower or the Agent to determine the withholding or deduction required to be made; and
(D)    if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to Borrower and the Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by Borrower or the Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Borrower or the Agent as may be necessary for Borrower and the Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Borrower and the Agent in writing of its legal inability to do so.
(h)    If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this §4.4 (including by the payment of additional amounts pursuant to this §4.4), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this §4.4 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this subsection (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this subsection, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this 

74

subsection the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund has not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it reasonably deems confidential) to the indemnifying party or any other Person.
(i)    Each party’s obligations under this §4.4 shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.
(j)    The obligations of Borrower to the Issuing Lenders under this Agreement (and of the Lenders to make payments to the Issuing Lender with respect to Letters of Credit and to the Swing Loan Lender with respect to Swing Loans) shall be absolute, unconditional and irrevocable, and shall be paid and performed strictly in accordance with the terms of this Agreement, under all circumstances whatsoever, including, without limitation, the following circumstances:  (i) any lack of validity or enforceability of this Agreement, any Letter of Credit or any of the other Loan Documents; (ii) any improper use which may be made of any Letter of Credit or any improper acts or omissions of any beneficiary or transferee of any Letter of Credit in connection therewith; (iii) the existence of any claim, set-off, defense or any right which Borrower, the Guarantors or any of their Subsidiaries or Affiliates may have at any time against any beneficiary or any transferee of any Letter of Credit (or persons or entities for whom any such beneficiary or any such transferee may be acting) or the Lenders (other than the defense of payment to the Lenders in accordance with the terms of this Agreement) or any other person, whether in connection with any Letter of Credit, this Agreement, any other Loan Document, or any unrelated transaction; (iv) any draft, demand, certificate, statement or any other documents presented under any Letter of Credit proving to be insufficient, forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect whatsoever; (v) any breach of any agreement between Borrower, the Guarantors or any of their Subsidiaries or Affiliates and any beneficiary or transferee of any Letter of Credit; (vi) any irregularity in the transaction with respect to which any Letter of Credit is issued, including any fraud by the beneficiary or any transferee of such Letter of Credit; (vii) payment by the Issuing Lender under any Letter of Credit against presentation of a sight draft, demand, certificate or other document which does not comply with the terms of such Letter of Credit, provided that such payment shall not have constituted gross negligence or willful misconduct on the part of the Issuing Lender as determined by a court of competent jurisdiction after the exhaustion of all applicable appeal periods; (viii) any non-application or misapplication by the beneficiary of a Letter of Credit of the proceeds of such Letter of Credit; (ix) the legality, validity, form, regularity or enforceability of the Letter of Credit; (x) the failure of any payment by the Issuing Lender to conform to the terms of a Letter of Credit (if, in the Issuing Lender’s good faith judgment, such payment is determined to be appropriate); (xi) the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan Documents; (xii) the occurrence of any Default or Event of Default; and (xiii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing; provided that such other circumstances or happenings shall not have 

75

been the result of gross negligence or willful misconduct on the part of the Issuing Lender or the Swing Loan Lender, as applicable, as determined by a court of competent jurisdiction after the exhaustion of all applicable appeal periods.
(k)    For purposes of this §4.4, the term “Lender” includes any Issuing Lender and the term “Applicable Law” includes FATCA.
§4.5    Computations.  All computations of interest on the Loans and of other fees to the extent applicable shall be based on a 360‐day year (or a 365- or 366-day year, as applicable, in the case of Base Rate Loans) and paid for the actual number of days elapsed.  Except as otherwise provided in the definition of the term “Interest Period” with respect to LIBOR Rate Loans, whenever a payment hereunder or under any of the other Loan Documents becomes due on a day that is not a Business Day, the due date for such payment shall be extended to the next succeeding Business Day, and interest shall accrue during such extension.  The Outstanding Loans and Letter of Credit Liabilities as reflected on the records of the Agent from time to time shall be considered prima facie evidence of such amount absent manifest error.
§4.6    Suspension of LIBOR Rate Loans.  In the event that, prior to the commencement of any Interest Period relating to any LIBOR Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining LIBOR for such Interest Period, or the Agent shall reasonably determine that LIBOR will not accurately and fairly reflect the cost of the Lenders making or maintaining LIBOR Rate Loans for such Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on Borrower and the Lenders absent manifest error) to Borrower and Lenders.  In such event (a) any Loan Request with respect to a LIBOR Rate Loan shall be automatically withdrawn and shall be deemed a request for a Base Rate Loan and (b) each LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable thereto, become a Base Rate Loan, and the obligations of the Lenders to make LIBOR Rate Loans shall be suspended until the Agent determines that the circumstances giving rise to such suspension no longer exist, whereupon the Agent shall so notify Borrower and the Lenders.
§4.7    Illegality.  Notwithstanding any other provisions herein, if any present or future law, regulation, treaty or directive or the interpretation or application thereof shall make it unlawful, or any central bank or other Governmental Authority having jurisdiction over a Lender or its LIBOR Lending Office shall assert that it is unlawful, for any Lender to make or maintain LIBOR Rate Loans, such Lender shall forthwith give notice of such circumstances to the Agent and Borrower and thereupon (a) the commitment of the Lenders to make LIBOR Rate Loans shall forthwith be suspended and (b) the LIBOR Rate Loans then outstanding shall be converted automatically to Base Rate Loans on the last day of each Interest Period applicable to such LIBOR Rate Loans or within such earlier period as may be required by law.  Notwithstanding the foregoing, before giving such notice, the applicable Lender shall designate a different lending office if such designation will void the need for giving such notice and will not, in the judgment of such Lender, be otherwise materially disadvantageous to such Lender or increase any costs payable by Borrower hereunder.
§4.8    Additional Interest.  If any LIBOR Rate Loan (including, without limitation, any Bid Loan that has a LIBOR Margin Bid) or any portion thereof is repaid or is converted to a Base 

76

Rate Loan for any reason on a date which is prior to the last day of the Interest Period applicable to such LIBOR Rate Loan, or if repayment of the Loans has been accelerated as provided in §12.1, or if Borrower fails to draw down on the first day of the applicable Interest Period any amount as to which Borrower has elected a LIBOR Rate Loan (including, without limitation, any Bid Loan that has a LIBOR Margin Bid), Borrower will pay to the Agent upon demand for the account of the applicable Lenders in accordance with their respective Commitment Percentages (or to the Swing Loan Lender with respect to a Swing Loan or to the Bid Loan Lender with respect to a Bid Loan), in addition to any amounts of interest otherwise payable hereunder, the Breakage Costs.  Borrower understands, agrees and acknowledges the following:  (i) no Lender has any obligation to purchase, sell and/or match funds in connection with the use of LIBOR as a basis for calculating the rate of interest on a LIBOR Rate Loan; (ii) LIBOR is used merely as a reference in determining such rate; and (iii) Borrower has accepted LIBOR as a reasonable and fair basis for calculating such rate and any Breakage Costs.  Borrower further agrees to pay the Breakage Costs, if any, whether or not a Lender elects to purchase, sell and/or match funds.
§4.9    Additional Costs, Etc.  Notwithstanding anything herein to the contrary, if, after the date hereof, any Applicable Law, which expression, as used herein, includes statutes, rules and regulations thereunder and interpretations thereof by any competent court or by any governmental or other regulatory body charged with the administration or the interpretation thereof and requests, directives, instructions and notices at any time or from time to time hereafter made upon or otherwise issued to any Lender or the Agent by any central bank or other fiscal, monetary or other authority (whether or not having the force of law), shall:
(a)    subject any Lender or the Agent to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature with respect to this Agreement, the other Loan Documents, such Lender’s Commitment, a Letter of Credit or the Loans (other than for Indemnified Taxes, Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, and Connection Income Taxes), or
(b)    impose on any Lender or Issuing Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender on any Letter of Credit or participation therein, or
(c)    impose or increase or render applicable any special deposit, reserve, assessment, liquidity, capital adequacy or other similar requirements (whether or not having the force of law and which are not already reflected in any amounts payable by Borrower hereunder) against assets held by, or deposits in or for the account of, or loans by, or commitments of an office of any Lender, or
(d)    impose on any Lender or the Agent any other conditions or requirements with respect to this Agreement, the other Loan Documents, the Loans, such Lender’s Commitment, a Letter of Credit or any class of loans or commitments of which any of the Loans or such Lender’s Commitment forms a part; and the result of any of the foregoing is:

77

(i)    to increase the cost to any Lender of making, funding, issuing, renewing, extending or maintaining any of the Loans, the Letters of Credit or such Lender’s Commitment, or
(ii)    to reduce the amount of principal, interest or other amount payable to any Lender or the Agent hereunder on account of such Lender’s Commitment or any of the Loans or the Letters of Credit, or
(iii)    to require any Lender or the Agent to make any payment or to forego any interest or other sum payable hereunder, the amount of which payment or foregone interest or other sum is calculated by reference to the gross amount of any sum receivable or deemed received by such Lender or the Agent from Borrower hereunder, 
then, and in each such case, Borrower will (and as to clause (a) above, subject to the provisions of §4.4), within thirty (30) days of demand made by such Lender or (as the case may be) the Agent at any time and from time to time and as often as the occasion therefor may arise, pay to such Lender or the Agent such additional amounts as such Lender or the Agent shall determine in good faith to be sufficient to compensate such Lender or the Agent for such additional cost, reduction, payment or foregone interest or other sum.  Each Lender and the Agent in determining such amounts may use any reasonable averaging and attribution methods generally applied by such Lender or the Agent.  Without limiting the generality of the foregoing provisions of this §4.9, any change applicable to the banking industry as a whole and lenders generally, and not solely to Agent or a Lender, based on: (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank of International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to have occurred ‘after the date hereof’ or ‘after the date of this Agreement’ for purposes of this §4.9.
§4.10    Capital Adequacy.  If after the date hereof any Lender determines that (a) the adoption of or change in any law, rule, regulation or guideline regarding capital or liquidity (including, without limitation, on account of Basel III) requirements for banks or bank holding companies or any change in the interpretation or application thereof by any Governmental Authority charged with the administration thereof, or (b) compliance by such Lender or its parent bank holding company with any guideline, request or directive of any such entity regarding capital adequacy or liquidity requirements (whether or not having the force of law), has the effect of reducing the return on such Lender’s or such holding company’s capital as a consequence of such Lender’s commitment to make Loans or participate in Letters of Credit hereunder to a level below that which such Lender or holding company could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such holding company’s then existing policies with respect to capital adequacy or liquidity position) by any amount deemed by such Lender to be material, then such Lender may notify Borrower thereof.  Borrower agrees to pay to such Lender the amount of such reduction in the return on capital as and when such reduction is determined, upon presentation by such Lender of a statement of the amount setting forth the Lender’s calculation thereof.  In determining such amount, such Lender may use any reasonable averaging and attribution methods 

78

generally applied by such Lender.  Without limiting the generality of the foregoing provisions of this Section §4.10, any change applicable to the banking industry as a whole and lenders generally, and not solely to Agent or a Lender, based on:  (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,  guidelines and directives thereunder or issued in connection therewith, and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to have occurred or been adopted and gone into effect after the date hereof regardless of when adopted, enacted or issued.
Failure or delay on the part of any Lender to demand compensation pursuant to §4.9 or §4.10 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that Borrower shall not be required to compensate a Lender pursuant to §4.9 or §4.10 for any increased costs or reductions on return incurred more than 180 days prior to the date that such Lender notifies Borrower of the change giving rise to such increased costs or reduction and of such Lender’s intention to claim compensation therefor; provided further that if any such change giving rise to such increased costs or reduction is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.  Neither the Agent nor a Lender, as the case may be, shall be entitled to submit a claim for compensation under §4.9 or §4.10 unless such Person shall deliver to Borrower a certificate that such Person has determined that the making of such claim is consistent with its general practices or policies in respect of similarly situated borrowers that are equity REITs with credit agreements entitling it to make such claims (it being agreed that such certification from Agent or any Lender shall be sufficient to make such a claim, and that neither the Agent nor a Lender shall be required to disclose any confidential or proprietary information in connection with such determination or the making of such claim).
§4.11    Breakage Costs.  Borrower shall pay all Breakage Costs required to be paid by it pursuant to this Agreement and incurred from time to time by any Lender upon demand within fifteen (15) days from receipt of written notice from Agent, or such earlier date as may be required by this Agreement.
§4.12    Default Interest.  Following the occurrence and during the continuance of any Event of Default under §12.1(a), (b), (h), (i) or (j) or upon the vote of the Majority Lenders following the occurrence of any other Event of Default, and regardless of whether or not the Agent or the Lenders shall have accelerated the maturity of the Loans, all Loans shall bear interest payable on demand at a rate per annum equal to two percent (2.0%) above the Base Rate plus the Applicable Margin for such Loan (the “Default Rate”), until such amount shall be paid in full (after as well as before judgment), and the fee payable with respect to Letters of Credit shall be increased to a rate equal to two percent (2.0%) above the Applicable Margin for a Revolving Credit Base Rate Loan, or if any of such amounts shall exceed the maximum rate permitted by law, then at the maximum rate permitted by law.
§4.13    Certificate.  A certificate setting forth any amounts payable pursuant to §4.8, §4.9, §4.10, §4.11 or §4.12 and a reasonably detailed explanation of such amounts which are due, 

79

submitted by any Lender or the Agent to Borrower, shall be conclusive in the absence of manifest error.
§4.14    Limitation on Interest.  Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, all agreements between or among Borrower, Guarantors, Lenders and Agent, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under applicable law.  If, from any circumstance whatsoever, interest would otherwise be payable to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance the Lenders shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations and to the payment of interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations, such excess shall be refunded to Borrower.  All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal of the Obligations (including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the maximum amount permitted by applicable law.  This Section shall control all agreements between or among Borrower, Guarantors, Lenders and Agent.
§4.15    Certain Provisions Relating to Increased Costs; Replacement of Lenders.  If a Lender gives notice of the existence of the circumstances set forth in §4.7 or any Lender requests compensation for any losses or costs to be reimbursed pursuant to any one or more of the provisions of §4.4(b) (as a result of the imposition of U.S. withholding taxes on amounts paid to such Lender under this Agreement), §4.9 or §4.10, then, upon request of Borrower, such Lender, as applicable, shall use reasonable efforts in a manner consistent with such institution’s practice in connection with loans like the Loan of such Lender to eliminate, mitigate or reduce amounts that would otherwise be payable by Borrower under the foregoing provisions, provided that such action would not be otherwise prejudicial to such Lender, including, without limitation, by designating another of such Lender’s offices, branches or affiliates; Borrower agreeing to pay all reasonably incurred costs and expenses incurred by such Lender in connection with any such action.  Notwithstanding anything to the contrary contained herein, if no Default or Event of Default shall have occurred and be continuing, and if any Lender has given notice of the existence of the circumstances set forth in §4.7 or has requested payment or compensation for any losses or costs to be reimbursed pursuant to any one or more of the provisions of §4.4(b) (as a result of the imposition of U.S. withholding taxes on amounts paid to such Lender under this Agreement), §4.9 or §4.10 and following the request of Borrower has been unable to take the steps described above to mitigate such amounts (each, an “Affected Lender”), then, within thirty (30) days after such notice or request for payment or compensation, as applicable, Borrower shall have the one-time right as to such Affected Lender to be exercised by delivery of written notice delivered to the Agent and the Affected Lender within sixty (60) days of receipt of such notice, to elect to cause the Affected Lender to transfer its Commitment, provided that the Borrower shall pay to the Agent the assignment fee (if any) specified in §18.2, such assignment will result in a reduction in such compensation or payments thereafter, 

80

and such assignment does not conflict with Applicable Law.  The Agent shall promptly notify the remaining Lenders that each of such Lenders shall have the right, but not the obligation, to acquire a portion of the Commitment, pro rata based upon their relevant Commitment Percentages, of the Affected Lender (or if any of such Lenders does not elect to purchase its pro rata share, then to such remaining Lenders in such proportion as approved by the Agent).  In the event that the Lenders do not elect to acquire all of the Affected Lender’s Commitment, then the Agent, in consultation with Borrower, shall endeavor to obtain a new Lender to acquire such remaining Commitment.  Upon any such purchase of the Commitment of the Affected Lender, the Affected Lender’s interest in the Obligations and its rights hereunder and under the Loan Documents shall terminate at the date of purchase, and the Affected Lender shall promptly execute all documents reasonably requested to surrender and transfer such interest.  The purchase price for the Affected Lender’s Commitment shall equal any and all amounts outstanding and owed by Borrower to the Affected Lender, including principal, prepayment premium or fee, and all accrued and unpaid interest or fees.
§5.    UNSECURED OBLIGATIONS; GUARANTY.  
§5.1    Collateral.  The Lenders have agreed to make the Loans to Borrower and issue Letters of Credit to the account of Borrower on an unsecured basis.  Notwithstanding the foregoing, the Obligations shall be guaranteed pursuant to the term of the Guaranty, subject to the terms of §5.2(c).
§5.2    Additional Subsidiary Guarantors.  
(a)    In the event that Borrower shall request that certain Real Estate of a Subsidiary of Borrower (including a Controlled Joint Venture) be included as an Unencumbered Property for purposes of calculation of the Unencumbered Asset Value, Borrower shall as a condition thereto, in addition to the requirements of §7.22, cause each such Subsidiary (including a Controlled Joint Venture) not already constituting a Subsidiary Guarantor hereunder (and any other Subsidiary of Borrower having an ownership interest in such Subsidiary of Borrower) to execute and deliver to Agent a Joinder Agreement, and such Subsidiary (and any such other Subsidiary having an ownership interest in such Subsidiary) shall thereby become a Subsidiary Guarantor hereunder.  In addition, in the event any Subsidiary of the REIT shall constitute a Material Subsidiary within the meaning of clause (b) of the definition thereof, the Borrower shall cause such Subsidiary, as a condition to such Subsidiary’s becoming a guarantor or other obligor with respect to such other Unsecured Indebtedness described therein (unless such Indebtedness was incurred prior to such Subsidiary becoming a Subsidiary Guarantor and not in contemplation of such Subsidiary becoming a Subsidiary Guarantor, in which case such Subsidiary shall promptly execute and deliver to Agent a Joinder Agreement), cause each such Subsidiary to execute and deliver to Agent a Joinder Agreement, and such Subsidiary shall thereby become a Subsidiary Guarantor hereunder.  In addition, in the event any Subsidiary of the Borrower shall constitute a Material Subsidiary pursuant to clause (c) of the definition thereof, Borrower shall cause such Subsidiary, within thirty (30) days (or such later date as agreed to by Agent) of such Subsidiary becoming a Material Subsidiary pursuant to clause (c) of the definition thereof, to execute and deliver to Agent a Joinder Agreement, and such Subsidiary shall become a Subsidiary Guarantor hereunder.  Each such Subsidiary shall be specifically authorized, in accordance with its respective organizational documents and applicable 

81

law, to be a Guarantor hereunder.  Without limiting the terms of this agreement, Borrower shall cause all representations in the Loan Documents that apply to the Guarantors to be true and correct in all material respects, with respect to such new Subsidiary Guarantor, at the time each such Subsidiary becomes a Subsidiary Guarantor (unless such representations apply to any earlier date).  Without limiting the terms of this Agreement, Borrower shall cause all covenants in the Loan Documents that apply to the Guarantors to be true and correct, with respect to such new Subsidiary Guarantor, at the time each such Subsidiary becomes a Subsidiary Guarantor.  In connection with the delivery of any Joinder Agreement, Borrower shall deliver to the Agent such organizational agreements, resolutions, consents, opinions and other documents and instruments as the Agent may reasonably require.  Each Subsidiary of Borrower (including any Controlled Joint Venture) that owns or leases Real Estate included as an Unencumbered Property (and each other Subsidiary of Borrower having an interest in such Subsidiary of Borrower) shall be organized under the laws of a State and shall have its principal place of business in a State, consistent with the requirements of §7.2.
(b)    The Borrower may request in writing that the Agent release, and the Agent shall release (subject to the terms hereof), a Subsidiary Guarantor from the Guaranty so long as:  (i) no Default or Event of Default shall then be in existence or would occur as a result of such release; (ii) the Agent shall have received such written request at least five (5) Business Days (or such shorter period to which Agent may agree) prior to the requested date of release together with an updated Compliance Certificate which gives effect to such proposed release; and (iii) Borrower shall deliver to the Agent a certificate pursuant to which an Authorized Officer of Borrower certifies (together with such other evidence as Agent may reasonably request to confirm) that either (A) the Borrower has disposed of or simultaneously with such release will dispose of its entire interest in such Subsidiary Guarantor, all of the assets of such Subsidiary Guarantor shall be liquidated and transferred to Borrower or another Subsidiary Guarantor, or that all of the assets of such Subsidiary Guarantor have been or simultaneously with such release will be contributed to an Unconsolidated Affiliate or disposed of in compliance with the terms of this Agreement to a Person other than REIT or any of its Subsidiaries, and the net cash proceeds from such disposition are being distributed directly or indirectly to the Borrower or any Subsidiary Guarantor in connection with such disposition; or (B) if such Subsidiary Guarantor previously directly or indirectly owned an asset included in the calculation of Unencumbered Asset Value, all such assets have been removed from the calculation of the Unencumbered Asset Value in accordance with the terms of the Agreement (and such Subsidiary Guarantor is not otherwise required by the terms of this Agreement to be a Guarantor); or (C) such Subsidiary Guarantor (i) does not directly or indirectly own an asset included in the calculation of the Unencumbered Asset Value and will not, upon giving effect to such requested release, be a guarantor of or otherwise liable with respect to any other Unsecured Indebtedness of the REIT, Borrower or any of their respective Subsidiaries of the type described in clause (b) of the definition of Material Subsidiary which would require it to be a Guarantor and (ii) would not be required to be a Guarantor pursuant to clause (c) of the definition of Material Subsidiary upon giving effect to such requested release.  Delivery by the Borrower to the Agent of any such request for a release shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request.  Upon the request of Borrower, Agent shall reasonably cooperate with Borrower to confirm to Borrower in writing as to whether such 

82

Subsidiary Guarantor has been fully released from its Guaranty, has no further liability with respect thereto and is no longer a party to the Guaranty.  Notwithstanding the foregoing, the foregoing release provisions shall not apply to the REIT or General Partner, which may only be released upon the written approval of Agent and all of the Lenders.
(c)    Notwithstanding the terms of §5.2(a) and (b), from and after any date that Agent first receives written notice from Borrower that Borrower has first obtained an Investment Grade Rating, then (i) subject to the terms of this §5.2(c), all Material Subsidiaries (including, without limitation, any Subsidiary Guarantor that is a direct or indirect owner of an Unencumbered Property) shall no longer be required to be Guarantors under the Credit Agreement, and (ii) Agent shall promptly release the Material Subsidiaries from the Guaranty; provided however that notwithstanding the foregoing, (A) Agent shall not be obligated to release any Material Subsidiary from the Guaranty in the event that a Default or Event of Default shall have occurred and be continuing, and (B) no Material Subsidiary shall be released in the event that such Material Subsidiary constitutes a Material Subsidiary within the meaning of clause (b) of the definition thereof.  In the event that at any time after Borrower has an Investment Grade Rating, Borrower shall no longer have an Investment Grade Rating, Borrower and REIT shall within thirty (30) days (or such later date as agreed to by Agent) after such occurrence cause all Material Subsidiaries to execute a Joinder Agreement and shall further cause to be satisfied within such thirty (30) day period (or such longer period as agreed to by Agent) all of the provisions of §5.2(a) that would be applicable to the addition of a new Guarantor.  In no event shall the provisions of this §5.2(c) entitle REIT or General Partner to be released from the Guaranty.  For the avoidance of doubt, if at any time during which the Borrower has an Investment Grade Rating the provisions of clause (b) of the definition of Material Subsidiary shall be applicable to a Subsidiary of Borrower, the Borrower shall be required to cause such Subsidiary to become a Guarantor by executing a Joinder Agreement and comply with the provisions of §5.2(a) as a condition to such Subsidiary’s becoming a guarantor or other obligor with respect to such other Unsecured Indebtedness regardless of whether Borrower has obtained an Investment Grade Rating.
(d)    Notwithstanding anything to the contrary contained herein, in the event that the entities described in clause (a) of the definition of Material Subsidiary are not required to be a Subsidiary Guarantor pursuant to §5.2(c), the Unencumbered Properties owned by such Persons shall still be considered Unencumbered Properties for the purposes of this Agreement (and considered in the calculation of Unencumbered Asset Value and Unencumbered Property Debt Yield); provided that the representations and warranties in this Agreement with respect to Unencumbered Property Subsidiaries continue to be true and correct in all material respects, and the Borrower and such Unencumbered Property Subsidiaries continue to comply with the provisions and covenants applicable to Unencumbered Property Subsidiaries (or such provisions and covenants shall be applicable to such Persons and shall be complied with, as applicable).
§6.    REPRESENTATIONS AND WARRANTIES.  
Borrower represents and warrants to the Agent and the Lenders as follows.
§6.1    Corporate Authority, Etc.  

83

(a)    Incorporation; Good Standing.  Borrower is duly organized and is validly existing and in good standing under the laws of its state of its organization.  REIT is duly organized and is validly existing and in good standing under the laws of its state of organization.  General Partner is duly organized and is validly existing and in good standing under the laws of its state of organization.  Each of Borrower, REIT and General Partner (i) has all requisite power to own its property and conduct its business as now conducted and as presently contemplated, and (ii) is in good standing and is duly authorized to do business in the jurisdictions where an Unencumbered Property included in the calculation of Unencumbered Asset Value owned or leased by it is located (to the extent required by applicable law) and in each other jurisdiction where a failure to be so qualified in such other jurisdiction could have a Material Adverse Effect.
(b)    Subsidiaries.  Each of the Subsidiary Guarantors and each of the Subsidiaries of Borrower and REIT (i) is a corporation, limited partnership, general partnership, limited liability company or trust, as applicable, duly organized under the laws of its State of organization and is validly existing and in good standing under the laws thereof, (ii) has all requisite power to own its property and conduct its business as now conducted and as presently contemplated and (iii) is in good standing and is duly authorized to do business in each jurisdiction where an Unencumbered Property included in the calculation of Unencumbered Asset Value owned or leased by it is located (to the extent required by applicable law) and in each other jurisdiction where a failure to be so qualified could have a Material Adverse Effect.
(c)    Authorization.  The execution, delivery and performance of this Agreement and the other Loan Documents to which any of Borrower or the Guarantors is a party and the transactions contemplated hereby and thereby (i) are within the authority of such Person, (ii) have been duly authorized by all necessary proceedings on the part of such Person, (iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which such Person is subject or any judgment, order, writ, injunction, license or permit applicable to such Person, (iv) do not and will not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the partnership agreement, articles of incorporation or other charter documents or bylaws of, or any material agreement or other material instrument binding upon, such Person or any of its properties, (v) do not and will not result in or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of such Person other than liens and encumbrances in favor of Agent contemplated by this Agreement and the other Loan Documents, and (vi) do not require any material approval or consent of any Person other than those already obtained and as are in full force and effect.
(d)    Enforceability.  This Agreement and the other Loan Documents to which Borrower or Guarantors is a party are valid and legally binding obligations of such Person enforceable in accordance with the respective terms and provisions hereof and thereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’  rights and general principles of equity.
§6.2    Governmental Approvals.  The execution, delivery and performance of this Agreement and the other Loan Documents to which Borrower or the Guarantors is a party and the 

84

transactions contemplated hereby and thereby do not require the approval or consent of, or filing or registration with, or the giving of any notice to, any court, department, board, governmental agency or authority other than those already obtained and other than any disclosure filings with the SEC as may be required with respect to this Agreement.
§6.3    Title to Properties.  Except as indicated on Schedule 6.3 hereto or other adjustments that are not material in amount, REIT and its Subsidiaries own or lease all of the assets reflected in the consolidated balance sheet of REIT as of the Balance Sheet Date or the consolidated balance sheet delivered pursuant to §7.4(a) as of the date of such consolidated balance sheet, in each case subject to no Liens other than Permitted Liens.
§6.4    Financial Statements.  Borrower has furnished to Agent:  (a) the Consolidated balance sheet of REIT and its Subsidiaries as of the Balance Sheet Date and the related Consolidated statement of income and cash flow for the two (2) calendar quarter period most recently ended certified by the chief financial or accounting officer (or other officer reasonably acceptable to Agent) of REIT, (b) as of the Closing Date, an unaudited statement of Net Operating Income for each of the Unencumbered Properties included in the calculation of Unencumbered Asset Value for the period ending September 30, 2016, reasonably satisfactory in form to the Agent and certified by the chief financial officer, chief accounting officer or other accounting officer reasonably approved by Agent of REIT as fairly presenting, in all material respects, the Net Operating Income for such parcels for such periods, and (c) certain other financial information relating to Borrower, Guarantors and the assets included in the calculation of Unencumbered Asset Value.  Such balance sheet and statements have been prepared in accordance with generally accepted accounting principles (except as disclosed therein and approved by Agent in its reasonable discretion) and fairly present, in all material respects, the Consolidated financial condition of REIT and its Subsidiaries as of such dates and the Consolidated results of the operations of REIT and its Subsidiaries for such periods.  There are no liabilities, contingent or otherwise, of REIT or any of its Subsidiaries involving material amounts not disclosed in said financial statements and the related notes thereto (other than liabilities permitted under this Agreement incurred after the date of said financial statements or as otherwise disclosed in writing to Agent).
§6.5    No Material Changes.  Since the Balance Sheet Date or the date of the most recent financial statements delivered pursuant to §7.4, as applicable, there has occurred no materially adverse change in the financial condition or business of Borrower and REIT and their respective Subsidiaries taken as a whole, as shown on or reflected in the consolidated balance sheet of the REIT as of the Balance Sheet Date, or its consolidated statement of income or cash flows for the two (2) calendar quarter period most recently ended, other than changes that have not and would not reasonably be expected to have a Material Adverse Effect.  As of the date hereof, except as set forth on Schedule 6.5 hereto, there has occurred no materially adverse change in the financial condition, operations or business activities of any of the Unencumbered Properties included in the calculation of Unencumbered Asset Value from the condition shown on the statements of income delivered to the Agent pursuant to §6.4 other than changes in the ordinary course of business that have not had any materially adverse effect either individually or in the aggregate on the business, operation or financial condition of such Unencumbered Property.

85

§6.6    Franchises, Patents, Copyrights, Etc..  Borrower, Guarantors and their respective Subsidiaries possess all franchises, patents, copyrights, trademarks, trade names, service marks, licenses and permits, and rights in respect of the foregoing, adequate for the conduct of their business substantially as now conducted without known conflict with any rights of others except where such failure has not had and would not reasonably be expected to have a Material Adverse Effect.
§6.7    Litigation.  Except as stated on Schedule 6.7, as of the Closing Date there are no actions, suits, proceedings or investigations of any kind pending or to the knowledge of Borrower threatened against Borrower, any Guarantor or any of their respective Subsidiaries before any court, tribunal, arbitrator, mediator or administrative agency or board which question the validity of this Agreement or any of the other Loan Documents, any action taken or to be taken pursuant hereto or thereto, or which if adversely determined, could reasonably be expected to have a Material Adverse Effect.  Except as set forth on Schedule 6.7, as of the Closing Date, there are no judgments, final orders or awards outstanding against or affecting Borrower, any Guarantor or any of their respective Subsidiaries or any Unencumbered Property individually or in the aggregate in excess of $1,000,000.00.
§6.8    No Material Adverse Contracts, Etc..  None of Borrower, Guarantors or any of their respective Subsidiaries is subject to any charter, corporate or other legal restriction, or any judgment, decree, order, rule or regulation that has or is reasonably expected in the future to have a Material Adverse Effect.  None of Borrower, Guarantors or any of their respective Subsidiaries is in violation of any contract or agreement to which it is a party, the violation of which by Borrower, such Guarantor or such Subsidiary, as applicable, has had or could reasonably be expected to have a Material Adverse Effect.
§6.9    Compliance with Other Instruments, Laws, Etc..  None of Borrower, the Guarantors or any of their respective Subsidiaries is in violation of any provision of its charter or other organizational documents, bylaws, or any agreement or instrument to which it is subject or by which it or any of its properties is bound or any decree, order, judgment, statute, license, rule or regulation, in any of the foregoing cases in a manner that has had or could reasonably be expected to have a Material Adverse Effect.
§6.10    Tax Status.  Each of Borrower, Guarantors and their respective Subsidiaries (a) has made or filed all federal, state, provincial and other applicable income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject or has obtained an extension for filing, (b) has paid prior to delinquency all taxes and other governmental assessments and charges shown or determined to be due on such returns, reports and declarations, except those in the case of each of clause (a) and (b) which in the aggregate do  not exceed $500,000.00 or those which are being contested in good faith and by appropriate proceedings and (c) has set aside on its books provisions reasonably adequate in accordance with GAAP for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply.  There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction except those that are being contested pursuant to §7.8, and the officers or partners of such Person know of no basis for any such claim.  The taxpayer identification number for Borrower is 46-0982896.  REIT is a real estate investment trust in full compliance with and entitled to the benefits 

86

of §856 of the Code, and has elected to be treated as a real estate investment trust pursuant to the Code.
§6.11    No Event of Default.  No Default or Event of Default has occurred and is continuing.
§6.12    Investment Company Act.  None of Borrower, Guarantors or any of their respective Subsidiaries is an “investment company”, or an “affiliated company” or a “principal underwriter” of an “investment company”, as such terms are defined in the Investment Company Act of 1940.
§6.13    Absence of UCC Financing Statements, Etc..  Except (i) with respect to Permitted Liens or (ii) any UCC pre-filings in respect of Permitted Liens filed prior to the incurrence of such Permitted Lien (provided that if the Indebtedness to which such pre-filing relates is not incurred promptly following such pre-filing, such pre-filed UCC financing statement shall be promptly released), there is no effective financing statement (but excluding any financing statements that may be filed against Borrower, the Guarantors or their respective Subsidiaries without the consent or agreement of such Persons), security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with any applicable filing records, registry, or other public office, that purports to cover, affect or give notice of any present or possible future lien on, or security interest or security title in, any property of Borrower, the Guarantors or their respective Subsidiaries.
§6.14    [Intentionally Omitted].  
§6.15    [Intentionally Omitted].  
§6.16    Employee Benefit Plans.  Borrower, each Guarantor and each ERISA Affiliate has fulfilled its obligation, if any, under the minimum funding standards of ERISA and the Code with respect to each Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan and is in compliance in all material respects with the presently applicable provisions of ERISA and the Code with respect to each Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan.  Neither Borrower, any Guarantor nor any ERISA Affiliate has (a) sought a waiver of the minimum funding standard under §412 of the Code in respect of any Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan, (b) failed to make any contribution or payment to any Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan, or made any amendment to any Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan, which has resulted or could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Code, or (c) incurred any material liability under Title IV of ERISA other than a liability to the PBGC for premiums under §4007 of ERISA.  None of the Real Estate constitutes a “plan asset” of any Employee Plan, Multiemployer Plan or Guaranteed Pension Plan.  There are no current and never have been any employee benefit plans, pension plans, defined benefit plans or similar plans sponsored, administered, established, maintained or contributed to by REIT or any of its Subsidiaries under the laws of any jurisdiction other than the United States.
§6.17    Disclosure.  The written information, reports and other papers and data with respect to Borrower, Guarantors, any Subsidiary or the Unencumbered Properties (which for the purposes hereof shall include all materials delivered electronically or by email) (other than financial projections concerning Borrower, Guarantors and their respective Subsidiaries (the “Projections”), 

87

materials marked drafts, other forward-looking information, and information of a general economic nature or industry-specific nature) furnished to the Agent or the Lenders by or on behalf of Borrower, Guarantors and their respective Subsidiaries in connection with this Agreement or the obtaining of the Commitments of the Lenders hereunder when taken as a whole with all other information furnished does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not misleading at such time in light of the circumstances under which such information was provided and was, at the time so furnished, complete and correct in all material respects, or has been subsequently supplemented by other written information, reports or other papers or data, to the extent necessary to give in all material respects a true and accurate knowledge of the subject matter in all material respects; provided that such representation shall not apply to (a) the accuracy of any appraisal, title commitment, survey, or engineering or environmental reports, or other written materials (but excluding any materials prepared by accounting firms that are required to be delivered pursuant to §7.4) prepared by third parties or legal conclusions or analyses provided by Borrower’s or Guarantors’ counsel (although Borrower has no reason to believe that the Agent and the Lenders may not rely on the accuracy thereof) or (b) budgets, projections and other forward-looking speculative information prepared in good faith by Borrower (except to the extent the related assumptions were when made manifestly unreasonable).
§6.18    Place of Business.  As of the date hereof, the principal place of business of Borrower and Guarantors is 1649 W. Frankford Road, Carrollton, Texas  75007.
§6.19    Regulations T, U and X.  No portion of any Loan is to be used for the purpose of purchasing or carrying any “margin security” or “margin stock” as such terms are used in Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 220, 221 and 224.  Neither Borrower nor any Guarantor is engaged, nor will it engage, principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any “margin security” or “margin stock” as such terms are used in Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 220, 221 and 224.
§6.20    Environmental Compliance.  Borrower makes the following representations and warranties except as set forth on Schedule 6.20(d):
(a)    None of Borrower, Guarantors, their respective Subsidiaries nor to the best knowledge and belief of Borrower any operator of the Real Estate, nor any tenant or operations thereon, is in violation, or alleged violation, of any judgment, decree, order, law, license, rule or regulation pertaining to environmental matters, including without limitation, those arising under any Environmental Law, which violation (i) involves Real Estate (other than the Unencumbered Properties included in the calculation of Unencumbered Asset Value) and has had or could reasonably be expected to have a Material Adverse Effect or (ii) involves an Unencumbered Property included in the calculation of Unencumbered Asset Value and has had or could reasonably be expected, when taken together with other matters covered by this §6.20 and §8.6, to result in liability, clean-up, remediation, containment, correction or other costs to Borrower, any Guarantor or any Unencumbered Property Subsidiary individually or in the aggregate with other Unencumbered 

88

Properties in excess of $10,000,000.00 or could reasonably be expected to materially adversely affect the operation of or ability to use such property.
(b)    None of Borrower, Guarantors nor any of their respective Subsidiaries has received notice from any third party including, without limitation, any federal, state, provincial, local or other Governmental Authority, (i) that it has been identified by the United States Environmental Protection Agency (“EPA”) as a potentially responsible party under CERCLA with respect to a site listed on the National Priorities List, 40 C.F.R. Part 300 Appendix B (1986); (ii) that any Hazardous Substance(s) which it has generated, transported or disposed of have been found at any site at which a federal, state, provincial, local or other agency or other third party has conducted or has ordered that Borrower, any Guarantor or any of their respective Subsidiaries conduct a remedial investigation, removal or other response action pursuant to any Environmental Law; or (iii) that it is or shall be a named party to any claim, action, cause of action, complaint, or legal or administrative proceeding (in each case, contingent or otherwise) arising out of any third party’s incurrence of costs, expenses, losses or damages of any kind whatsoever in connection with the release of Hazardous Substances, which in any case (A) involves Real Estate other than the Unencumbered Properties included in the calculation of Unencumbered Asset Value and has had or could reasonably be expected to have a Material Adverse Effect or (B) involves an Unencumbered Property included in the calculation of Unencumbered Asset Value and has had or could reasonably be expected, when taken together with other matters covered by this §6.20 and §8.6, to result in liability, clean‐up, remediation, containment, correction or other costs to Borrower, any Guarantor or any Unencumbered Property Subsidiary individually or in the aggregate with other Unencumbered Properties in excess of $10,000,000.00 or could reasonably be expected to materially adversely affect the operation of or ability to use such property.
(c)    (i) No portion of the Real Estate has been used for the handling, processing, storage or disposal of Hazardous Substances except in accordance with applicable Environmental Laws, and no underground tank or other underground storage receptacle for Hazardous Substances is located on any portion of the Real Estate except those which are being operated and maintained in compliance with Environmental Laws; (ii) in the course of any activities conducted by Borrower, Guarantors, their respective Subsidiaries or, to the best knowledge and belief of Borrower, the tenants and operators of their properties, no Hazardous Substances have been generated or are being used on the Real Estate except in the ordinary course of Borrower’s or Guarantors’ business and in compliance with applicable Environmental Laws; (iii) except as set forth on Schedule 6.20(c), there has been no past or present releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, disposing or dumping (other than the storing of materials in reasonable quantities to the extent necessary for the operation of data centers of the type and size of those owned by Borrower or Guarantors in the ordinary course of their business, and in any event in compliance with all Environmental Laws) (a “Release”) or threatened Release of Hazardous Substances on, upon, into or from the Unencumbered Properties included in the calculation of Unencumbered Asset Value, which Release would have a material adverse effect on the value of such Unencumbered Properties or adjacent properties, or from any other Real Estate, which Release has had or could reasonably be expected to have a Material Adverse Effect; (iv) to Borrower’s actual knowledge, there have been no Releases on, upon, from or into any real property in the vicinity of any of the Real Estate which, through soil or groundwater contamination, may have come to be 

89

located on, and which could be reasonably anticipated to have a material adverse effect on the value of, the Real Estate; and (v) any Hazardous Substances that have been generated on any of the Real Estate have been transported off‐site in accordance with all applicable Environmental Laws (except with respect to each of the foregoing clauses of this §6.20(c), as to (A) any Real Estate (other than the Unencumbered Properties included in the calculation of Unencumbered Asset Value) where the foregoing has not had or would not reasonably be expected to have a Material Adverse Effect and (B) any Unencumbered Property included in the calculation of Unencumbered Asset Value where the foregoing has had or could reasonably be expected, when taken together with other matters covered by this §6.20 and §8.6, to result in liability, clean up, remediation, containment, correction or other costs to Borrower, any Guarantor or any Unencumbered Property Subsidiary individually or in the aggregate with other Unencumbered Properties in excess of $10,000,000.00 or could reasonably be expected to materially adversely affect the operation of or ability to use such property).
(d)    As of the Closing Date, except as set forth on Schedule 6.20(d), none of Borrower, Guarantors, their respective Subsidiaries nor the Real Estate is subject to any applicable Environmental Law requiring the performance of Hazardous Substances site assessments, or the removal or remediation of Hazardous Substances, or the giving of notice to any governmental agency or the recording or delivery to other Persons of an environmental disclosure document or statement in each case by virtue of the transactions set forth herein and contemplated hereby, or as a condition to the effectiveness of any transactions contemplated hereby except for such matters that shall be complied with as of the Closing Date.
(e)    There are no existing or closed sanitary landfills, solid waste disposal sites, or hazardous waste treatment, storage or disposal facilities on or, to Borrower’s actual knowledge, affecting the Real Estate except where such existence (1) as to any Real Estate other than an Unencumbered Property included in the calculation of Unencumbered Asset Value has not had or could not be reasonably be expected to have a Material Adverse Effect or (2) with respect to any Unencumbered Property included in the calculation of Unencumbered Asset Value has had or could reasonably be expected, when taken together with other matters covered by this §6.20 and §8.6, to result in liability, clean up, remediation, containment, correction or other costs to Borrower, any Guarantor or any Unencumbered Property Subsidiary individually or in the aggregate with other Unencumbered Properties in excess of $10,000,000.00 or could reasonably be expected to materially adversely affect the operation of or ability to use such property.
(f)    Neither Borrower nor any Guarantor has received any written notice of any claim by any party that any use, operation, or condition of the Real Estate has caused any nuisance or any other liability or adverse condition on any other property which (A) as to any Real Estate other than an Unencumbered Property included in the calculation of Unencumbered Asset Value has had or could reasonably be expected to have a Material Adverse Effect, nor is there any actual knowledge of any basis for such a claim and (B) as to any Unencumbered Property included in the calculation of Unencumbered Asset Value, has had or could reasonably be expected, when taken together with other matters covered by this §6.20 and §8.6,  to result in liability, clean up, remediation, containment, correction or other costs to Borrower, any Guarantor or any Unencumbered Property Subsidiary individually or in the aggregate with other Unencumbered Properties in excess of 

90

$10,000,000.00 or could reasonably be expected to materially adversely affect the operation of or ability to use such property, nor is there any actual knowledge of any basis for such a claim.
§6.21    Subsidiaries; Organizational Structure.  Schedule 6.21(a) sets forth, as of the Closing Date, all of the Subsidiaries of REIT, the form and jurisdiction of organization of each of the Subsidiaries, and the owners of the direct and indirect ownership interests therein.  Schedule 6.21(b) sets forth, as of the Closing Date, all of the Unconsolidated Affiliates of REIT and its Subsidiaries, the form and jurisdiction of organization of each of the Unconsolidated Affiliates, REIT’s or its Subsidiary’s ownership interest therein and the other owners of the applicable Unconsolidated Affiliate.  No Person owns any legal, equitable or beneficial interest in any of the Persons (other than REIT) set forth on Schedules 6.21(a) and 6.21(b) except as set forth on such Schedules or as set forth in an update provided in writing to Agent by Borrower.  Each Subsidiary Guarantor and Unencumbered Property Subsidiary (other than a Controlled Joint Venture) is a Wholly Owned Subsidiary of Borrower, and with respect to any Unencumbered Property Subsidiary that is a Controlled Joint Venture, such Subsidiary satisfies the requirements of this Agreement to be a Controlled Joint Venture.
§6.22    [Intentionally Omitted.]  
§6.23    Property.  All Real Estate of Borrower, Guarantors and their respective Subsidiaries is structurally sound, in good condition and working order, subject to ordinary wear and tear and casualty events, except for such portion of such Real Estate (i) which is not occupied by any tenant or (ii) where such defects have not had and would not reasonably be expected to have a Material Adverse Effect.  Each of the Unencumbered Properties included in the calculation of Unencumbered Asset Value, and the use and operation thereof, is in material compliance with all applicable federal, state, provincial and other applicable law and governmental regulations and any local ordinances, orders or regulations, including without limitation, laws, regulations and ordinances relating to zoning, building codes, subdivision, fire protection, health, safety, handicapped access, historic preservation and protection, wetlands and tidelands.  There are no unpaid or outstanding real estate or other taxes or assessments on or against any of the Unencumbered Properties included in the calculation of Unencumbered Asset Value which are payable by Borrower or any Guarantor (except only real estate or other taxes or assessments, that are not yet delinquent or are being protested as permitted by this Agreement).  There are no unpaid or outstanding real estate or other taxes or assessments on or against any other property of Borrower, Guarantors or any of their respective Subsidiaries which are payable by any of such Persons in any material amount (except only real estate or other taxes or assessments, that are not yet delinquent or are being protested as permitted by this Agreement).  There are no pending, or to the knowledge of Borrower threatened or contemplated, eminent domain, expropriation or similar proceedings against any of the Unencumbered Properties included in the calculation of Unencumbered Asset Value, the effect of which could reasonably be expected to have a material adverse effect on the access to, marketability, leases, use or operation of such Unencumbered Property.  There are no pending, or to the knowledge of Borrower threatened or contemplated, aboriginal right or aboriginal title claims with respect to any of the Unencumbered Properties included in the calculation of Unencumbered Asset Value.  All or a material portion of any Unencumbered Properties included in the calculation of Unencumbered Asset Value is not, except as disclosed to the Agent in writing in accordance with §7.22(b), now 

91

materially damaged as a result of any fire, explosion, accident, flood or other casualty, and none of the other properties of Borrower, Guarantors or their respective subsidiaries is now damaged as a result of any fire, explosion, accident, floor or other casualty in any manner which individually or in the aggregate would have any Material Adverse Effect.  No person or entity has any right or option to acquire any Unencumbered Property included in the calculation of Unencumbered Asset Value or any building thereon or any portion thereof or interest therein, except for certain tenants pursuant to the terms of their leases with Borrower or Unencumbered Property Subsidiaries.
§6.24    Brokers.  None of Borrower, Guarantors nor any of their respective Subsidiaries has engaged or otherwise dealt with any broker, finder or similar entity in connection with this Agreement or the Loans contemplated hereunder.
§6.25    Other Debt.   Schedule 6.25 hereto sets forth all agreements, mortgages, deeds of trust, financing agreements or other material agreements binding upon Borrower, Guarantors or their respective properties and entered into by Borrower or Guarantors as of the date of this Agreement with respect to any outstanding Indebtedness of Borrower or Guarantors in an amount greater than $2,500,000.00, and, to the extent requested by the Agent, Borrower has provided the Agent with true, correct and complete copies thereof.
§6.26    Solvency.  REIT, the Borrower and the other Guarantors are not, on a consolidated balance sheet basis, insolvent such that the sum of the assets of REIT, the Borrower and the other Guarantors exceeds the sum of their liabilities, they are able to pay their debts as they become due, and they have sufficient capital to carry on their business.
§6.27    No Bankruptcy Filing.  Neither Borrower nor any Guarantor is contemplating either the filing of a petition by it under any state, federal, foreign or provincial Insolvency Laws or the liquidation of its assets or property, and neither Borrower nor any Guarantor has any knowledge of any Person contemplating the filing of any such petition against it.
§6.28    No Fraudulent Intent.  Neither the execution and delivery of this Agreement or any of the other Loan Documents nor the performance of any actions required hereunder or thereunder is being undertaken by Borrower, any Guarantor or any of their respective Subsidiaries with or as a result of any actual intent by any of such Persons to hinder, delay or defraud any entity to which any of such Persons is now or will hereafter become indebted.
§6.29    Transaction in Best Interests of Borrower and Guarantors; Consideration.  The transaction evidenced by this Agreement and the other Loan Documents is in the best interests of Borrower, the Guarantors and their respective Subsidiaries.  The direct and indirect benefits to inure to Borrower, Guarantors and their respective Subsidiaries pursuant to this Agreement and the other Loan Documents constitute substantially more than “reasonably equivalent value” (as such term is used in §548 of the Bankruptcy Code) and “valuable consideration,” “fair value,” and “fair consideration,” (as such terms are used in any applicable state fraudulent conveyance law), in exchange for the benefits to be provided by Borrower, the Guarantors and their respective Subsidiaries to the Lenders pursuant to this Agreement and the other Loan Documents, and but for the willingness of each Subsidiary Guarantor from time to time party to the Guaranty to be a guarantor of the Loan, Borrower would be unable to obtain the financing contemplated hereunder which 

92

financing will enable Borrower and its Subsidiaries to have available financing to conduct their business.  Borrower further acknowledges and agrees that Borrower and the Subsidiary Guarantors constitute a single integrated and common enterprise and that each receives a benefit from the availability of credit under this Agreement.
§6.30    [Intentionally Omitted.]  
§6.31    OFAC.  None of Borrower or any Guarantor, nor any of the Borrower’s, Guarantors’, or their respective Subsidiaries’ directors, officers, or, to the knowledge of the Borrower, employees, agents, advisors or affiliates, is (or will be) a person with whom any Lender is restricted from doing business under OFAC (including, those Persons named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and shall not engage in any dealings or transactions or otherwise be associated with such persons (any such Person, a “Designated Person”).  In addition, Borrower hereby agrees to provide to the Lenders any additional information that a Lender deems reasonably necessary from time to time in order to ensure compliance with all applicable laws concerning money laundering and similar activities.  Neither Borrower, any Guarantor, nor any Subsidiary, director or officer of Borrower or Guarantor or, to the knowledge of Borrower, any Affiliate, agent or employee of Borrower or any Guarantor, has engaged in any activity or conduct which would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws or regulations in any applicable jurisdiction, including without limitation, any Sanctions Laws and Regulations.
§6.32    General Partner and REIT.  REIT is the sole owner of the General Partner.  General Partner is the sole general partner of Borrower.  As of Closing Date, REIT owns a 100% limited partnership interest in Borrower.  
§6.33    Unencumbered Properties.  Schedule 1.2 is a correct and complete list of all Unencumbered Properties included in the calculation of the Unencumbered Asset Value as of the Closing Date.  Each of the Unencumbered Properties and Unencumbered Controlled Joint Venture Properties included by Borrower in the calculation of the Unencumbered Asset Value and in the requisite calculations with respect to the covenants set forth in §9 satisfies all of the requirements contained in this Agreement for such Unencumbered Properties and Unencumbered Controlled Joint Venture Properties to be included therein.  Each of the Controlled Joint Ventures that owns or leases an Unencumbered Controlled Joint Venture Property included in the calculation of Unencumbered Asset Value and in the requisite calculations with respect to the covenants set forth in §9 satisfies all of the requirements of this Agreement to be a Controlled Joint Venture.
§6.34    Ground Lease; Leased Property.  
(a)    Each Ground Lease and Lease pertaining to any Unencumbered Property contains the entire agreement of the Borrower or the applicable Unencumbered Property Subsidiary and the applicable Lessor pertaining to the Unencumbered Property covered thereby.  The Borrower or the applicable Unencumbered Property Subsidiary has no estate, right, title or interest in or to any Unencumbered Property subject to a Ground Lease or Lease except under and pursuant to the 

93

applicable Ground Lease or Lease.  The Borrower has delivered a true and correct copy of each Ground Lease and Lease pertaining to any Unencumbered Property to the Agent and each such Ground Lease and Lease have not been modified, amended or assigned, with the exception of written instruments that have been delivered to Agent.
(b)    Each applicable Lessor of an Unencumbered Property (i) to the Borrower’s knowledge, is the exclusive fee simple or, with respect to a Leased Property, a leasehold interest owner of such Unencumbered Property subject only to any applicable Ground Lease, any applicable Lease and other non-monetary Liens which do not materially affect the operation of the applicable Unencumbered Property or (ii) has the right to lease to Borrower or the applicable Unencumbered Property Subsidiary the space covered by the applicable Lease or Ground Lease.  
(c)    Each Ground Lease and Lease is in full force and effect and no default or event of default (after the expiration of any applicable notice and cure period) under any Ground Lease or Lease has occurred and is continuing on the part of a Borrower or the applicable Unencumbered Property Subsidiary (a “Lease Default”) or on the part of a Lessor under any Ground Lease or Lease.  All base rent and additional rent, if any, due and payable under each Ground Lease or Lease pertaining to an Unencumbered Property has been paid through the date of acceptance of such Real Estate as an Unencumbered Property and neither Borrower nor any Unencumbered Property Subsidiary is required to pay any deferred or accrued rent after the date of acceptance of such Real Estate as an Unencumbered Property under any Ground Lease or Lease pertaining to any Unencumbered Property.  As of the Closing Date, neither Borrower nor any Unencumbered Property Subsidiary has received any written notice that a Lease Default exists, or that any Lessor or any third party alleges the same to have occurred or exist.
(d)    The applicable Borrower or Unencumbered Property Subsidiary is the exclusive owner of the ground lessee’s interest under and pursuant to each Ground Lease pertaining to an Unencumbered Property or lessee’s interest under each Lease pertaining to an Unencumbered Property, and has not assigned, transferred or encumbered its interest in, to, or under any such Ground Lease or Lease, except as permitted in §8.2(i)(A) or 8.2(iv)(A).
§7.    AFFIRMATIVE COVENANTS.  
Borrower covenants and agrees that, so long as any Loan, Note or Letter of Credit is outstanding or any Lender has any obligation to make any Loans or issue Letters of Credit:
§7.1    Punctual Payment.  Borrower will duly and punctually pay or cause to be paid the principal and interest on the Loans and all interest and fees provided for in this Agreement, all in accordance with the terms of this Agreement and the Notes, as well as all other sums owing pursuant to the Loan Documents.
§7.2    Maintenance of Office.  Borrower and Guarantors will maintain their respective chief executive office at 1649 W. Frankford Road, Carrollton, Texas  75007, or at such other place in the United States of America as Borrower shall designate upon prompt written notice to the Agent, where notices, presentations and demands to or upon Borrower or Guarantors in respect of the Loan Documents may be given or made.

94

§7.3    Records and Accounts.  Borrower and Guarantors will (a) keep, and cause each of their respective Subsidiaries to keep true and accurate records and books of account in which full, true and correct entries will be made in accordance with GAAP and (b) maintain adequate accounts and reserves for all taxes (including income taxes), depreciation and amortization of its properties and the properties of their respective Subsidiaries, contingencies and other reserves, in each case, in all material respects.  Neither Borrower, any Guarantor nor any of their respective Subsidiaries shall, without the prior written consent of the Agent (not to be unreasonably withheld), (x) except as required by GAAP, make any material change to the accounting policies/principles used by such Person in preparing the financial statements and other information described in §6.4 or §7.4, or (y) change its fiscal year.  Agent and the Lenders acknowledge that Borrower’s fiscal year is a calendar year.  In the event that Borrower, any Guarantor or any of their respective Subsidiaries makes any change in the accounting policies/principles used by such Person, Borrower shall give prompt written notice thereof to Agent, which notice shall reasonably describe such change and any potential impact on the calculation of any financial covenant in this Agreement.
§7.4    Financial Statements, Certificates and Information.  Borrower will deliver or cause to be delivered to the Agent:
(a)    within ten (10) days of the filing of REIT’s Form 10-K with the SEC, but in any event not later than ninety (90) days after the end of each fiscal year, the audited Consolidated balance sheet of REIT and its Subsidiaries at the end of such year, and the related audited Consolidated statements of income, changes in capital and cash flows for such year, setting forth in comparative form the figures for the previous fiscal year and all such statements to be in reasonable detail, prepared in accordance with GAAP, together with a certification by the chief financial officer, chief accounting officer or other accounting officer reasonably acceptable to Agent of REIT that the information contained in such financial statements fairly presents in all material respects the financial position of REIT and its Subsidiaries, and accompanied by an auditor’s report prepared without qualification as to the scope of the audit (other than any qualification solely as a result of the Loans becoming current obligations as a result of the impending maturity of the Loans) by a nationally recognized independent accounting firm reasonably approved by Agent;
(b)    within ten (10) days of the filing of REIT’s Form 10-Q with the SEC for the first three (3) fiscal quarters of each year but in any event not later than forty-five (45) days after the end of each of the first three (3) fiscal quarters of each year, copies of the unaudited Consolidated financial statements (including a Consolidated balance sheet and income statement) of REIT and its Subsidiaries, as at the end of such quarter, and the related unaudited Consolidated statements of income and cash flows for the portion of REIT’s fiscal year then elapsed, all in reasonable detail and prepared in accordance with GAAP, together with a certification by the chief financial officer, the chief accounting officer or other accounting officer reasonably acceptable to Agent of REIT that the information contained in such financial statements fairly presents in all material respects the financial position of REIT and its Subsidiaries on the date thereof (subject to year‐end adjustments and the inclusion of final year‐end statements of footnotes that were  not contained in the quarterly financial statements);

95

(c)    simultaneously with the delivery of the financial statements referred to in subsections (a) and (b) above, a statement (a “Compliance Certificate”) certified by the chief financial officer or chief accounting officer (or other accounting officer reasonably acceptable to Agent) of REIT in the form of Exhibit I hereto (or in such other form as the Agent and Borrower may approve from time to time) setting forth in reasonable detail computations evidencing compliance or non-compliance (as the case may be) with the covenants contained in §8.1(f) and (g), §8.3(f)-(h), §8.3(l), §8.7(a) and (b), §8.8, §9 and the other covenants described in such certificate and (if applicable) setting forth reconciliations to reflect changes in GAAP since the Balance Sheet Date.  The Compliance Certificate shall be accompanied by a list of each of the Unencumbered Properties (specifying which constitutes Development Properties or Stabilized Properties), any sales, acquisitions, dispositions or removals of Unencumbered Properties during such accounting period, the acquisition costs of any Unencumbered Properties acquired during such period, any Development Properties included within the Unencumbered Properties and the book value thereof, with respect to any Unencumbered Controlled Joint Venture Properties the applicable Distribution Percentage, Controlled Joint Venture Value and Controlled Joint Venture Allocable Net Operating Income, and indicating any Development Properties that are now valued as Stabilized Properties pursuant to clause (ii) of the definition of Development Properties, together with copies of the statements of Funds from Operations and Net Operating Income for such fiscal quarter for each of the Unencumbered Properties included in the calculation of Unencumbered Asset Value, prepared on a basis consistent with the statements furnished to the Agent prior to the date hereof and otherwise in form and substance reasonably satisfactory to the Agent, together with a certification by the chief financial officer, chief accounting officer or other accounting officer reasonably acceptable to Agent of REIT that the information contained in such statement fairly presents the calculation of Unencumbered Asset Value, Funds from Operations and Net Operating Income of the Unencumbered Properties included in the calculation of Unencumbered Asset Value for such periods;
(d)    simultaneously with the delivery of the financial statements referred to in clause (a) above, the statement of all contingent liabilities as of the date of such financial statements involving amounts of $1,000,000.00 or more of Borrower, Guarantors and their Subsidiaries which are not reflected in such financial statements or referred to in the notes thereto (including, without limitation, all guaranties, endorsements and other contingent obligations in excess of $1,000,000.00 in respect of the indebtedness of others, and obligations to reimburse the issuer in respect of any letters of credit that are in excess of $1,000,000.00);
(e)    promptly upon the request of Agent or the Majority Lenders, an operating statement for each of such Unencumbered Properties for each such fiscal quarter and year to date and a consolidated operating statement for such Unencumbered Properties for each such fiscal quarter and year to date (such statements and reports to be in the form previously provided to the Agent or otherwise reasonably satisfactory to Agent); 
(f)    to the extent not included in public filings by or on behalf of the REIT, promptly upon the request of Agent or the Majority Lenders, a statement (i) listing the material Real Estate owned by Borrower, Guarantors and their Subsidiaries (or in which Borrower, Guarantors or their Subsidiaries owns an interest) and stating the location thereof, the date acquired and the 

96

acquisition cost, (ii) listing the Indebtedness of Borrower, Guarantors and their Subsidiaries (excluding Indebtedness of the type described in §8.1(b)-(e)), which statement shall include, without limitation, a statement of the original principal amount of such Indebtedness and the current amount outstanding, the holder thereof (or if there is a trustee acting on behalf of the holders, the trustee), the maturity date and any extension options, the interest rate, the collateral provided for such Indebtedness and whether such Indebtedness is recourse or non-recourse, and (iii) listing the properties of Borrower, Guarantors and their Subsidiaries which are Land or Development Properties (and with respect to Development Properties providing a brief summary of the status of such development);
(g)    [Intentionally Omitted];
(h)    promptly upon the request of Agent, copies of all annual federal income tax returns and amendments thereto of Borrower and REIT;
(i)    promptly upon the request of Agent, copies of any registration statements (other than the exhibits thereto and any registration statements on Form S-8 or its equivalent) and any annual, quarterly or monthly reports and other statements and reports which Borrower or REIT shall file with the SEC;
(j)    promptly upon the request of Agent, evidence reasonably satisfactory to Agent of the timely payment of all real estate taxes for the Unencumbered Properties included in the calculation of Unencumbered Asset Value;
(k)    not later than 90 days after the end of each fiscal year, a consolidated budget and consolidated business plan for Borrower, Guarantors and their Subsidiaries for the such calendar year; and
(l)    from time to time such other financial data and information in the possession of Borrower, Guarantors or their respective Subsidiaries (including without limitation auditors’ management letters, status of litigation or investigations against Borrower or any Guarantor and any settlement discussions relating thereto, property inspection and environmental reports and information as to zoning and other legal and regulatory changes affecting Borrower or any Guarantor) as the Agent may reasonably request.
Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Borrower to the Agent (collectively, “Information Materials”) pursuant to this §7.4 and, upon Agent’s reasonable request, the Borrower shall designate Information Materials (a) that are either available to the public or do not contain material non-public information with respect to the Borrower, its Subsidiaries, their respective Affiliates or any of their respective securities for purposes of United States federal and state securities laws, as “Public Information” (the “Public Information”) and (b) that are not Public Information as “Private Information” (the “Private Information”)(it being understood and agreed that to the extent such Information Materials constitute confidential information, they shall be treated as provided in §18.7).  Any material to be delivered pursuant to this §7.4(a), (b), (f) or (i) shall be deemed delivered hereunder upon posting thereof on the EDGAR Website or on Company’s website on the Internet at the website address 

97

www.cyrusone.com (or another website address provided by Company in a written notice to Administrative Agent).  Additionally, any material required to be delivered pursuant to this §7.4 may be otherwise delivered electronically directly to Agent and the Lenders provided that such material is in a format reasonably acceptable to Agent, and such material shall be deemed to have been delivered to Agent and the Lenders upon Agent’s receipt thereof.  Upon the request of Agent, the Borrower shall deliver paper copies of any information delivered electronically (other than with respect to §7.4(a) and (b) via posting on the EDGAR website or Company’s website) to Agent.  The Borrower and the Guarantors authorize Agent and Arrangers to disseminate to the Lenders any materials delivered pursuant to the Loan Documents, including without limitation the Information Materials, through the use of Intralinks, SyndTrak or any other reputable electronic information dissemination system, and the Borrower and the Guarantors release Agent, the Arrangers and the Lenders from any liability in connection therewith, provided that no information designated by the Borrower as Private Information may be distributed in a publically accessible format or to any Public Lenders (provided further neither Agent, any Arranger nor any Lender shall have any liability with respect to any distribution of Public Information in a publicly accessible format or to any Public Lenders unless the same is the result of such Person’s bad faith, gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment) and all confidential information shall be treated as provided in §18.7.  Certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower, its Subsidiaries or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market related activities with respect to such Persons’ securities.  The Borrower hereby agrees that, upon Agent’s reasonable request, it will use commercially reasonable efforts to identify that portion of the Information Materials that may be distributed to the Public Lenders and that (i) all such Information Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (ii) by marking Information Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Agent, the Lenders and the Arrangers to treat such Information Materials as not containing any material non-public information with respect to the Borrower, its Subsidiaries, its Affiliates or their respective securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Information Materials constitute confidential information, they shall be treated as provided in §18.7); (iii) all Information Materials marked “PUBLIC” are permitted to be made available through a portion of any reputable electronic dissemination system designated “Public Investor” or a similar designation; and (iv) the Agent and the Arrangers shall treat any Information Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of any reputable electronic dissemination system not designated “Public Investor” or a similar designation.
§7.5    Notices.  
(a)    Defaults.  Borrower will promptly upon becoming aware of same notify the Agent in writing of the occurrence of any Default or Event of Default, which notice shall describe such occurrence with reasonable specificity and shall state that such notice is a “notice of default”.  If any Person shall give any notice or take any other action in respect of a claimed default (whether or not constituting an Event of Default) under this Agreement or under any note, evidence of indebtedness, indenture or other obligation to which or with respect to which Borrower, the 

98

Guarantors or any of their respective Subsidiaries is a party or obligor, whether as principal or surety, and such default would permit the holder of such note or obligation or other evidence of indebtedness to accelerate the maturity thereof or cause the redemption, prepayment or purchase thereof, which acceleration, redemption, prepayment or purchase would either cause a Default under §12.1(g) or have a Material Adverse Effect, promptly upon becoming aware of the same Borrower shall forthwith give written notice thereof to the Agent, describing the notice or action and the nature of the claimed default.
(b)    Environmental Events.  Borrower will give notice to the Agent within five (5) Business Days of becoming aware of (i) any potential or known Release, or threat of Release, of any Hazardous Substances in violation of any applicable Environmental Law; (ii) any violation of any Environmental Law that Borrower, any Guarantor or any of their respective Subsidiaries reports in writing or is reportable by such Person in writing (or for which any written report supplemental to any oral report is made) to any foreign, federal, state, provincial, local or other applicable environmental agency or (iii) any inquiry, proceeding, investigation, or other action, including a notice from any agency of potential environmental liability, of any foreign, federal, state, provincial, local or other applicable environmental agency or board, that in any case involves (A) any Unencumbered Property included in the calculation of Unencumbered Asset Value, or (B) any other Real Estate and could reasonably be expected to have a Material Adverse Effect.
(c)    Notice of Litigation and Judgments.  Borrower will give notice to the Agent in writing within five (5) Business Days of becoming aware of any litigation or proceedings threatened in writing affecting Borrower, any Guarantor or any of their respective Subsidiaries or to which Borrower, any Guarantor or any of their respective Subsidiaries, to its knowledge, is or is to become a party involving an uninsured claim against Borrower, any Guarantor or any of their respective Subsidiaries that could reasonably be expected to either cause a Default or have a Material Adverse Effect and stating the nature and status of such litigation or proceedings.  Borrower will give notice to the Agent, in writing, in form and detail reasonably satisfactory to the Agent, within ten (10) days of any judgment not covered by insurance, whether final or otherwise, against Borrower, any Guarantor or any of their respective Subsidiaries in an amount in excess of $10,000,000.00.
(d)    Notice of Sales, Encumbrances, Refinance or Transfer of Non‐Unencumbered Property.  Borrower will give notice to the Agent of any completed sale, encumbrance, refinance or transfer of any Real Estate (other than the Unencumbered Properties included in the calculation of Unencumbered Asset Value) of Borrower or their respective Subsidiaries within any fiscal quarter, such notice to be submitted together with the Compliance Certificate provided or required to be provided to the Agent and the Lenders under §7.4 with respect to such fiscal quarter.  The Compliance Certificate shall with respect to any completed sale, encumbrance, refinance or transfer be adjusted in the best good faith estimate of Borrower to give effect to such sale, encumbrance, refinance or transfer and demonstrate that no Default or Event of Default with respect to the covenants referred to therein shall exist after giving effect to such sale, encumbrance, refinance or transfer.

99

(e)    ERISA.  Borrower will give notice to the Agent within ten (10) Business Days after Borrower, Guarantors or any ERISA Affiliate (i) gives or is required to give notice to the PBGC of any “reportable event” (as defined in §4043 of ERISA) with respect to any Guaranteed Pension Plan, or knows that the plan administrator of any such plan has given or is required to give notice of any such reportable event; (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA with respect to a Multiemployer Plan; or (iii) receives any notice from the PBGC under Title IV of ERISA of an intent to terminate or appoint a trustee to administer any Guaranteed Pension Plan or Multiemployer Plan.
(f)    Lease Default.  The Borrower will promptly notify the Agent in writing of any Lease Default by a Borrower, Unencumbered Property Subsidiary, or material default by a Lessor, with respect to an Unencumbered Property.
(g)    Notification of Lenders.  Within five (5) Business Days after receiving any notice under this §7.5, the Agent will forward a copy thereof to each of the Lenders, together with copies of any certificates or other written information that accompanied such notice.
(h)    Amendment to Controlled Joint Venture Organizational Documents.  Borrower will provide to the Agent a copy of any amendment, supplement, restatement or other modification of any articles or certificate of incorporation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational document of or relating to a Controlled Joint Venture which owns or leases an asset included in the determination of Unencumbered Asset Value within five (5) Business Days of the occurrence thereof.
§7.6    Existence; Maintenance of Properties.  
(a)    Borrower will and will cause each of the Guarantors and their respective Subsidiaries to preserve and keep in full force and effect their legal existence in the jurisdictions of their incorporation or formation except when (i) the Borrower or the Guarantors determine that such Subsidiaries are no longer necessary for the conduct of their business, (ii) such Subsidiaries are not the Borrower, a Guarantor or an Unencumbered Property Subsidiary hereunder and (iii) no Default, Event of Default or Material Adverse Effect results therefrom.  Borrower will preserve and keep in full force all of its rights and franchises and those of the Guarantors and their respective Subsidiaries, the preservation of which is necessary to the conduct of their business.  Borrower shall cause REIT to at all times comply with all requirements and applicable laws and regulations necessary to maintain REIT Status and continue to receive REIT Status.  Borrower shall cause the common stock of REIT to at all times be listed for trading and be traded on the New York Stock Exchange or another national exchange approved by Agent, unless otherwise consented to by the Majority Lenders.  Except for dispositions of Subsidiaries otherwise permitted under §8.8, Borrower shall continue to own directly or indirectly one hundred percent (100%) of the Subsidiary Guarantors and Unencumbered Property Subsidiaries (other than those that are Controlled Joint Ventures).  Borrower shall continue to have directly or indirectly not less than the economic ownership and the management and control rights specified in the definition of Controlled Joint Venture with respect to each Controlled Joint Venture that is a Subsidiary Guarantor or Unencumbered Property Subsidiary.

100

(b)    Each of Borrower and Guarantors (i) will cause all of their properties and those of their Subsidiaries used or useful in the conduct of its business or the business of its Subsidiaries to be maintained and kept in good condition, repair and working order (ordinary wear and tear and casualty and condemnation events excepted) and supplied with all necessary equipment, and (ii) will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof in the cases of both (i) and (ii) in which the failure so to do would have a material adverse effect on the condition of any Unencumbered Property included in the calculation of Unencumbered Asset Value or would cause a Material Adverse Effect.
§7.7    Insurance.  Borrower, Guarantors and their respective Material Subsidiaries (as applicable) will, at their expense, procure and maintain insurance covering Borrower, Guarantors and their respective Subsidiaries (as applicable) and their respective properties in such amounts and against such risks and casualties as are customary for companies of similar size engaged in the same or similar businesses operating in the same or similar locations.
§7.8    Taxes; Liens.  Borrower will, and will cause the Guarantors and their respective Subsidiaries to, duly pay and discharge, or cause to be paid and discharged, before the same shall become delinquent, all taxes, assessments and other governmental charges imposed upon them or upon the Unencumbered Properties or the other Real Estate, sales and activities, or any part thereof, or upon the income or profits therefrom as well as all claims for labor, materials or supplies that if unpaid might by law become a lien or charge upon any of its property or other Liens affecting property of Borrower, the Guarantors or their respective Subsidiaries, provided that any such tax, assessment, charge or levy or claim need not be paid which are in the aggregate less than $500,000.00 or if the validity or amount thereof shall currently be contested in good faith by appropriate proceedings which shall suspend the collection thereof with respect to such property (or, solely in respect of claims for labor, materials or supplies, if such claims are not yet overdue by more than 60 days but in any event prior to the commencement of any foreclosure or other enforcement action with respect thereto), provided that neither such property nor any portion thereof or interest therein would be in any danger of sale, forfeiture or loss by reason of such proceeding, and Borrower, such Guarantor or any such Subsidiary shall have set aside on its books adequate reserves in accordance with GAAP; and provided, further, that forthwith upon the commencement of proceedings to foreclose any lien that may have attached as security therefor, Borrower, such Guarantor or any such Subsidiary either (i) will provide a bond issued by a surety reasonably acceptable to the Agent and sufficient to stay all such proceedings or (ii) if no such bond is provided, will pay each such tax, assessment, charge or levy.
§7.9    Inspection of Properties and Books.  Borrower will, and will cause the Guarantors and their respective Subsidiaries to, permit the Agent and the Lenders, at Borrower’s expense and upon reasonable prior notice, to visit and inspect any of the properties of Borrower, the Guarantors or any of their respective Subsidiaries (subject to the rights of tenants under their leases), to examine the books of account of Borrower, Guarantors and their respective Subsidiaries (and to make copies thereof and extracts therefrom) and to discuss the affairs, finances and accounts of Borrower, Guarantors and their respective Subsidiaries with, and to be advised as to the same by, their respective officers, partners or members, all at such reasonable times and intervals as the Agent or any Lender may reasonably request, provided that so long as no Default or Event of Default shall have occurred 

101

and be continuing, Borrower shall not be required to pay for more than one such visit and inspection in any twelve (12) month period.  The Lenders shall use good faith efforts to coordinate such visits and inspections so as to minimize the interference with and disruption to the normal business operations of Borrower, Guarantors and their respective Subsidiaries.
§7.10    Compliance with Laws, Contracts, Licenses, and Permits.  Borrower will, and will cause each of the Guarantors and their respective Subsidiaries to, comply in all respects with (i) all applicable laws and regulations now or hereafter in effect wherever its business is conducted, including all Environmental Laws, (ii) the provisions of its corporate charter, partnership agreement, limited liability company agreement or declaration of trust, as the case may be, and other charter documents and bylaws, (iii) all agreements and instruments to which it is a party or by which it or any of its properties may be bound, (iv) all applicable decrees, orders, and judgments, and (v) all licenses and permits required by applicable laws and regulations for the conduct of its business or the ownership, use or operation of its properties, except where a failure to so comply with any of clauses (i) through (v) would not reasonably be expected to have a Material Adverse Effect.  If any material authorization, consent, approval, permit or license from any officer, agency or instrumentality of any government shall become necessary or required in order that Borrower, Guarantors or their respective Subsidiaries may fulfill any of its obligations hereunder, Borrower, such Guarantor or such Subsidiary will promptly take or cause to be taken all reasonable steps necessary to obtain such authorization, consent, approval, permit or license and furnish the Agent and the Lenders with evidence thereof.  Borrower shall develop and implement such programs, policies and procedures as are necessary to comply with the Patriot Act and shall promptly advise Agent in writing in the event that Borrower shall determine that any investors in Borrower are in violation of such act.
§7.11    Further Assurances.  Borrower will, and will cause each of the Guarantors and their respective Subsidiaries to, cooperate with the Agent and the Lenders and execute such further instruments and documents as the Lenders or the Agent shall reasonably request to carry out to their reasonable satisfaction the transactions contemplated by this Agreement and the other Loan Documents.
§7.12    [Intentionally Omitted.]  
§7.13    [Intentionally Omitted.]  
§7.14    Business Operations.  Borrower will not, and will not permit any Guarantor or Subsidiary to, directly or indirectly, engage, to any material extent in any line of business other than the ownership, operation, management and development of Data Center Properties or businesses incidental, reasonably related or necessary thereto.
§7.15    [Intentionally Omitted.]  
§7.16    Ownership of Real Estate.  Without the prior written consent of Agent, none of the Real Estate or interests (whether direct or indirect) of Borrower or REIT in any real estate assets now owned or leased or acquired or leased after the date hereof shall be owned or leased directly by any Person other than Borrower or a Wholly Owned Subsidiary of Borrower; provided, however 

102

that (a) Borrower shall be permitted to own or lease interests in Real Estate and real estate assets through non-Wholly Owned Subsidiaries and Unconsolidated Affiliates subject to any restrictions in §8.3 and may dispose of such interests as permitted by §8.8 and (b) Borrower and the REIT shall be permitted to own or lease its corporate headquarters.
§7.17    Distributions of Income to Borrower.  Borrower shall cause all of its Subsidiaries that are not Subsidiary Guarantors (subject to the terms of any loan documents under which such Subsidiary is the borrower) to promptly distribute to Borrower (but not less frequently than once each calendar quarter, unless otherwise approved by the Agent), whether in the form of dividends, distributions or otherwise, all profits, proceeds or other income relating to or arising from its Subsidiaries’ use, operation, financing, refinancing, sale or other disposition of their respective assets and properties after (a) the payment by each Subsidiary of its debt service, operating expenses, capital improvements and leasing commissions for such quarter, and (b) the establishment of reasonable reserves for the payment of operating expenses not paid on at least a quarterly basis and capital improvements and tenant improvements to be made to such Subsidiary’s assets and properties approved by such Subsidiary in the course of its business consistent with its past practices; provided, however, that (x) with respect to any Subsidiary not organized under the laws of a political subdivision of the United States, no such distributions will be required to be made to the extent such distributions could jeopardize the ability of such Subsidiary to comply with applicable legal restrictions, to preserve tax status, or otherwise to address currency exchange or other operating business issues as reasonably determined by the Board of the REIT, and (y) with respect to any Taxable REIT Subsidiary, no such distributions will be required to be made to the extent that it is reasonably determined that such distribution could either (i) increase the amount required to be distributed to the REIT’s shareholders for the REIT to either (A) maintain its status as a real estate investment trust under the Code, or (B) eliminate the tax liability of the REIT, or (ii) affect the REIT’s ability to satisfy the income tests in Section 856(c) of the Code.
§7.18    [Intentionally Omitted.]  
§7.19    Plan Assets.  Borrower will do, or cause to be done, all things necessary to ensure that none of the assets included in the calculation of Unencumbered Asset Value will be deemed to be Plan Assets at any time.  Neither the Borrower, the REIT nor any of their Subsidiaries shall have any employee benefit, pension, defined benefit or other similar plans sponsored, administered, established, maintained or contributed to by REIT or any of its Subsidiaries other than any Employee Benefit Plans, Multiemployer Plans or Guaranteed Pension Plans.
§7.20    [Intentionally Omitted.]  
§7.21    REIT and General Partner Covenants.  Borrower shall cause REIT and General Partner to comply with the following covenants:  
(a)    REIT shall not enter into or conduct any business other than (x) in connection with the ownership, acquisition and disposition of interests in Borrower and the General Partner and management of the business of Borrower and the General Partner, including but not limited to making equity investments in Borrower, (y) any other activities that are permitted by this Agreement 

103

(such as making Distributions and doing Equity Offerings), and (z) any activities as are incidental to any of the foregoing.  
(b)    General Partner will have as its sole business purpose owning its general partnership interest in Borrower, and performing duties as the general partner of Borrower and making equity investments in Borrower, and shall not engage in any business other than those described in this §7.21(b), those activities permitted by this Agreement and any activities as are incidental to any of the foregoing.  
(c)    For clarity, nothing in this §7.21 shall be construed to prevent REIT from maintaining reasonable cash balances.  
(d)    Neither the REIT nor General Partner shall dissolve, liquidate or otherwise wind‐up its business, affairs or assets.
§7.22    Unencumbered Properties.  
(a)    The Eligible Real Estate included in the calculation of the Unencumbered Asset Value shall at all times satisfy all of the following conditions:
(i)    the Eligible Real Estate shall be owned 100% in fee simple, or leased pursuant to a Ground Lease or Lease that as to Borrower or the applicable Unencumbered Property Subsidiary is not in Lease Default, by Borrower or an Unencumbered Property Subsidiary and shall, in each case, be benefitted by easements, rights of way and other similar appurtenances as are required for the operation of such Eligible Real Estate.  Borrower or the applicable Unencumbered Property Subsidiary shall own all right, title and interest to the rents, accounts and other revenues from such Eligible Real Estate.  Such Eligible Real Estate shall (x) be free and clear of all Liens and Negative Pledges (other than the Liens permitted in §8.2(i)(A) and §8.2(iv)), and (y) such Eligible Real Estate and Borrower and the Unencumbered Property Subsidiary shall not have applicable to it any restriction on the sale, pledge, transfer, mortgage or assignment of such Eligible Real Estate (including any restrictions contained in any applicable organizational documents) other than any restriction on sale, transfer, mortgage or assignment arising (A) from any restrictions in the nature of unencumbered asset financial covenants that are calculated with reference to such Eligible Real Estate, (B) asset sale, assignment and transfer limitations of general applicability under the terms of other Indebtedness that do not apply specifically to such Eligible Real Estate, (C) restrictions under any other tax protection agreement approved in writing by Agent in its discretion, (D) any restrictions arising under any Loan Document, or (E) restrictions in a Ground Lease or Lease contained in such Ground Lease or Lease which is approved by the Majority Lenders in connection with the addition of the applicable Eligible Real Estate as an Unencumbered Property (any restrictions on sale, pledge, transfer, mortgage or assignment described in this clause (y), after taking into account the carve-outs in this clause (y), a “Negative Pledge”);
(ii)    none of the Eligible Real Estate or any equipment used therein shall have any material structural defects or major architectural deficiencies, title defects, materially adverse environmental conditions or other materially adverse matters in each case except for defects, deficiencies, conditions or other matters individually or collectively which are not materially adverse 

104

to the profitable operation of such Eligible Real Estate, and such Real Estate shall be in compliance with the representations in §6.20 and the requirements of §8.6 that are applicable to Unencumbered Properties;
(iii)    if such Real Estate is owned or leased by an Unencumbered Property Subsidiary, then, without limiting the ability of such Unencumbered Property Subsidiary to guaranty Unsecured Indebtedness otherwise permitted hereunder, such Unencumbered Property Subsidiary shall not be liable with respect to any Secured Recourse Indebtedness or Non-Recourse Indebtedness (provided that such Unencumbered Property Subsidiary may be liable with respect to (w) Capitalized Lease Obligations existing as of the Original Closing Date described on Schedule 7.22, (x) Capitalized Lease Obligations which exist at the time any Person which becomes an Unencumbered Property Subsidiary is acquired by Borrower and which Capitalized Lease Obligations were not entered into in anticipation of such acquisition by Borrower, (y) other Capitalized Lease Obligations not exceeding $10,000,000.00 in the aggregate at any time outstanding and (z) purchase money Indebtedness with respect to equipment used at an Unencumbered Property of up to $10,000,000.00 in the aggregate at any time outstanding);
(iv)    such Eligible Real Estate is managed by Borrower or another manager approved by Agent, such approval to not be unreasonably withheld;
(v)    prior to inclusion of Real Estate as an Unencumbered Property included in the calculation of the Unencumbered Asset Value, Borrower shall have delivered to Agent a physical description of the Real Estate and current operating statements, an operating and capital expenditure budget for such Real Estate reasonably satisfactory to the Agent, and such other information as Agent may reasonably require to determine the value attributable to such Real Estate for the purposes of §9.1 and compliance with this §7.22;
(vi)    if such Unencumbered Property is owned or leased by an Unencumbered Property Subsidiary, unless such Unencumbered Property Subsidiary is a Controlled Joint Venture, Borrower shall directly or indirectly own 100% of all equity interests (including all economic, beneficial and voting interests) in such Unencumbered Property Subsidiary, if such Unencumbered Property Subsidiary is a Controlled Joint Venture, Borrower shall directly or indirectly own such interests and have such rights and control so that such Person qualifies as a Controlled Joint Venture under the definition thereof, any and all intermediate entities shall be Subsidiary Guarantors to the extent required by this Agreement, and no direct or indirect ownership or other interests or rights in any such Unencumbered Property Subsidiary (except with respect to any interest in a Controlled Joint Venture not required to be owned directly or indirectly by Borrower) or intermediate Subsidiary shall (except with respect to a Controlled Joint Venture, any intermediate entities owned by the Person that owns the interests not required to be owned by Borrower) be subject to any Lien or Negative Pledge other than Liens permitted under §8.2(i)(A);
(vii)    such Real Estate has been designated as an “Unencumbered Property” on Schedule 1.2 hereto or in a Compliance Certificate delivered in accordance with §7.4(c) or delivered pursuant to this §7.22 and the Eligible Real Estate Qualification Documents have been delivered to Agent, and in any event has not been removed as an Unencumbered Property included in the calculation of the Unencumbered Asset Value pursuant to §7.22(b), §7.22(c) or §7.22(d); 

105

(viii)    all of the representations and warranties in this Agreement with respect to Unencumbered Properties are true and correct in all material respects, and no Default or Event of Default would exist if such Unencumbered Property is included in the calculation of Unencumbered Asset Value; and
(ix)    the Borrower or Unencumbered Property Subsidiary owning such Real Estate (and any other Subsidiaries of Borrower owning an interest in such Subsidiary) shall be organized under the laws of a State and shall have its principal place of business in a State, consistent with the requirements of §7.2. 
(b)    In the event that all or any material portion of any Eligible Real Estate included in the calculation of the Unencumbered Asset Value shall be materially damaged or taken by condemnation, then Borrower shall promptly notify the Agent thereof and such Real Estate may, at the reasonable determination of Agent, no longer be included in the calculation of the Unencumbered Asset Value unless and until (i) any damage to such Real Estate is repaired or restored, such Real Estate becomes operational (if such Real Estate was a Stabilized Property), and the Agent shall receive evidence satisfactory to the Agent of the value of such Real Estate following such repair or restoration (both at such time and prospectively), or (ii) Agent shall receive evidence reasonably satisfactory to the Agent that the value of such Real Estate, both at such time and prospectively (after giving consideration to such factors as Agent shall reasonably consider, including, limitation, the availability of insurance proceeds or condemnation awards, and the impact of such casualty or condemnation upon continued occupancy by tenants under their leases) shall not be materially adversely affected (in Agent’s good faith determination) by such damage or condemnation, provided that in the event of a material adverse effect on the value (in Agent’s good faith determination) where some but not all of the leases relating to such Eligible Real Estate may remain in effect after such casualty or condemnation, such Real Estate shall continue to be included in the Unencumbered Asset Value subject to Agent having reasonably approved an adjusted valuation of such Eligible Real Estate following receipt from Borrower of a proposed reduced valuation for such Eligible Real Estate (taking into account the reduced leasing of such Eligible Real Estate) together with such other information as Agent may reasonably request in order for Agent to evaluate and approve such proposed valuation for such Eligible Real Estate.
(c)    Upon any asset ceasing to qualify to be included in the calculation of the Unencumbered Asset Value, such asset shall no longer be included in the calculation of the Unencumbered Asset Value.  Within five (5) Business Days after any such disqualification, Borrower shall deliver to the Agent a certificate reflecting such disqualification, together with the identity of the disqualified asset, a statement as to whether any Default or Event of Default arises as a result of such disqualification, and a calculation of the Unencumbered Asset Value attributable to such asset.  Simultaneously with the delivery of the items required pursuant to this clause (c), Borrower shall deliver to the Agent a pro forma Compliance Certificate demonstrating, after giving effect to such removal or disqualification, compliance with the covenants contained in §9.1.
(d)    In addition, Borrower may voluntarily remove any Unencumbered Properties from the calculation of Unencumbered Asset Value by delivering to the Agent, no later than five (5) Business Days prior to date on which such removal is to be effected, notice of such removal, 

106

together with a statement that no Default or Event of Default then exists or would, upon the occurrence of such event or with passage of time, result from such removal, and the identity of the Unencumbered Property being removed, and a calculation of the value attributable to such Unencumbered Property.  Simultaneously with the delivery of the items required pursuant above, Borrower shall deliver to the Agent a pro forma Compliance Certificate demonstrating, after giving effect to such removal or disqualification, compliance with the covenants contained in §7.22 and §9.1. 
(e)    Notwithstanding the foregoing, in the event any Real Estate does not qualify as Eligible Real Estate or satisfy the requirements of §7.22(a), such Real Estate shall be included in the calculation of the Unencumbered Asset Value so long as (x) the Agent shall have received the prior written consent of each of the Majority Lenders to the inclusion of such Real Estate in the calculation of the Unencumbered Asset Value and (y) at no time after it is included does such Real Estate fail to satisfy any requirements of the Majority Lenders imposed as a condition to such approval, and any requirements of the definition of Eligible Real Estate or of §7.22(a) in addition to those it failed to satisfy at the time such consent of the Majority Lenders was provided for such inclusion.
§7.23    Sanctions Laws and Regulations.  The Borrower shall not, directly or indirectly, use the proceeds of the Loans or any Letter of Credit or lend, contribute or otherwise make available such proceeds to any Guarantor, Subsidiary, Unconsolidated Affiliate or other Person (i) to fund any activities or business of or with any Designated Person, or in any country or territory, that at the time of such funding is itself the subject of territorial sanctions under applicable Sanctions Laws and Regulations, (ii) in any manner that would result in a violation of applicable Sanctions Laws and Regulations by any party to this Agreement, or (iii) in any manner that would cause the Borrower, the Guarantors or any of their respective Subsidiaries to violate the United States Foreign Corrupt Practices Act.  None of the funds or assets of the Borrower or Guarantors that are used to pay any amount due pursuant to this Agreement shall constitute funds obtained from transactions with or relating to Designated Persons or countries which are themselves the subject of territorial sanctions under applicable Sanctions Laws and Regulations.  Borrower shall maintain policies and procedures designed to achieve compliance with Sanctions Laws and Regulations.
§8.    NEGATIVE COVENANTS.  
Borrower covenants and agrees that, so long as any Loan, Note or Letter of Credit is outstanding or any of the Lenders has any obligation to make any Loans or issue any Letter of Credit:
§8.1    Restrictions on Indebtedness.  Borrower will not, and will not permit REIT or their respective Subsidiaries to, create, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any Indebtedness other than:
(a)    Indebtedness to the Lenders arising under any of the Loan Documents;
(b)    current liabilities of Borrower or its respective Subsidiaries incurred in the ordinary course of business but not incurred through (i) the borrowing of money, or (ii) the obtaining 

107

of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and services;
(c)    Indebtedness in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of §7.8;
(d)    Indebtedness in respect of judgments only to the extent, for the period and for an amount not resulting in an Event of Default;
(e)    endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business; 
(f)    subject to the provisions of §9, Secured Recourse Indebtedness of Borrower and its Subsidiaries, provided that, until the date that Agent first receives written notice from REIT or Borrower that Borrower has obtained an Investment Grade Rating, the aggregate amount of such Secured Recourse Indebtedness shall not exceed fifteen percent (15%) of Gross Asset Value;
(g)    subject to the provisions of §9, Consolidated Secured Indebtedness of Borrower and its Subsidiaries, provided that the aggregate amount of such Consolidated Secured Indebtedness shall not exceed forty percent (40%) of Gross Asset Value; 
(h)    subject to the provisions of §9, Unsecured Indebtedness of Borrower and its Subsidiaries and of REIT and General Partner; 
(i)    (i)    indebtedness of the REIT, Borrower or any other Subsidiary in the form of purchase price adjustments, earn-outs or other arrangements representing acquisition consideration incurred in connection with any acquisition permitted by this Agreement or other Investment permitted by §8.3 other than Indebtedness for borrowed money, provided that, solely with respect to any Unencumbered Property Subsidiary, any Subsidiary of Borrower owning an interest in such Unencumbered Property Subsidiary and the REIT, such Indebtedness is unsecured; and (ii) Indebtedness owed in respect of any overdrafts and related liabilities arising from treasury, depository and Cash Management Services or in connection with any automated clearing-house transfers of funds; provided that such Indebtedness shall be repaid in full within five Business Days of the incurrence thereof; and
(j)    Unsecured Indebtedness between or among any of the REIT, the Borrower and their respective Subsidiaries, provided that any such Indebtedness to which Borrower or any Guarantor shall be an obligor shall be subordinated to the Obligations in a manner reasonably acceptable to the Agent.
Notwithstanding anything in this Agreement to the contrary, (i) none of the Indebtedness described in §8.1(f) or (g) above shall be secured by any asset included in the calculation of the Unencumbered Asset Value or any interest therein or any direct or indirect ownership interest in any Subsidiary Guarantor or Unencumbered Property Subsidiary owning such an asset as collateral and (ii) REIT and General Partner shall not create, incur, assume, guarantee or be or remain liable, 

108

contingently or otherwise, with respect to any Indebtedness (including, without limitation, pursuant to any conditional or limited guaranty or indemnity agreement creating liability with respect to usual and customary exclusions from the non-recourse limitations governing the Non-Recourse Indebtedness of any Person) other than Indebtedness described in §§8.1(a)-(e), (h) and (j) above.
§8.2    Restrictions on Liens, Etc.  Borrower will not, and will not permit REIT or their respective Subsidiaries to (a) create or incur or suffer to be created or incurred or to exist any lien, security title, encumbrance, mortgage, pledge, charge, hypothec, restriction or other security interest of any kind (and however denominated under any Applicable Law) upon any of their respective property or assets of any character whether now owned or hereafter acquired, or upon the income or profits therefrom; (b) acquire any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (c) suffer to exist for a period of more than thirty (30) days after the same shall have been incurred any Indebtedness or claim or demand against any of them that if unpaid could by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over any of their general creditors; or (d) pledge, encumber or otherwise transfer as part of a financing transaction any accounts, contract rights, general intangibles, intangibles, chattel paper or instruments, with or without recourse (collectively, “Liens”); provided that notwithstanding anything to the contrary contained herein, Borrower and any such Subsidiary of Borrower may create or incur or suffer to be created or incurred or to exist:
(i)    (A)  (x)  Liens on properties to secure taxes incurred in the ordinary course of business in respect of obligations not then delinquent (or being contested in good faith by appropriate proceedings as permitted by this Agreement) or not otherwise required to be paid or discharged under the terms of this Agreement or any of the other Loan Documents and (y) assessments and other governmental charges (excluding any Lien imposed pursuant to any of the provisions of ERISA or any similar law of a jurisdiction other than the United States or pursuant to any Environmental Laws) or claims for labor, material or supplies (including warehousemen’s, mechanics’, materialmen's, repairmen’s and other like Liens) incurred in the ordinary course of business in respect of obligations not then delinquent by more than 60 days but in any event prior to the commencement of any foreclosure or other enforcement action with respect thereto (or being contested in good faith by appropriate proceedings as permitted by this Agreement) or not otherwise required to be paid or discharged under the terms of this Agreement or any of the other Loan Documents and (B) Liens on (x) assets other than the assets included in the calculation of Unencumbered Asset Value in respect of judgments permitted by §8.1(d), or (y) assets included in the calculation of Unencumbered Asset Value in respect of judgments that individually or in the aggregate do not exceed $10,000,000.00 but only to the extent such Lien is fully released and discharged from such asset prior to the first to occur of the date that is sixty (60) days after such Lien attaches to such asset or the commencement of any action to enforce such judgment against such asset;
(ii)    Liens incurred or deposits or pledges made in connection with, or to secure payment of, workers’ compensation, unemployment insurance, old age pensions or other social security obligations;

109

(iii)    (A) Liens granted by Borrower or any Subsidiary of Borrower (other than an Unencumbered Property Subsidiary or another Subsidiary of Borrower which directly or indirectly owns an interest in an Unencumbered Property Subsidiary) on any asset of such Person securing Indebtedness which is permitted by §8.1(f) or (g), provided that none of such assets shall include any direct or indirect interest in any asset included in the calculation of Unencumbered Asset Value, or any direct or indirect right, title or interest in any rent, issue, profit, proceed or other asset related thereto, included in the calculation of the Unencumbered Asset Value, or any interest in any Unencumbered Property Subsidiary or any Subsidiary of Borrower which directly or indirectly owns an asset included in the calculation of Unencumbered Asset Value, and (B) pledges of security interests in the ownership interests of any Subsidiary of the Borrower which is not an Unencumbered Property Subsidiary or the direct or indirect owner of an interest in an Unencumbered Property Subsidiary securing Indebtedness which is permitted by §8.1(f) or (g);
(iv)    (A) encumbrances on properties consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which Borrower or any such Subsidiary is a party, purchase money security interests and other liens or encumbrances, which do not individually or in the aggregate have a Material Adverse Effect, (B) banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with deposit institutions provided that such liens, rights or remedies are not security for or otherwise related to Indebtedness, and none of such liens, rights or remedies relate to any asset included in the calculation of Unencumbered Asset Value, and (C) UCC pre-filings in respect of Permitted Liens prior to incurrence of such Permitted Liens; provided that if the Indebtedness to which such pre-filing relates is not promptly closed following such pre-filing, such pre-filed UCC financing statement shall be promptly released; 
(v)    Liens arising from filing UCC financing statements relating solely to leases not prohibited by this Agreement;
(vi)    Liens in favor of Agent under the Loan Documents to secure the Obligations;
(vii)    Liens by the REIT or any of its Subsidiaries on cash or Cash Equivalents (other than on any cash or Cash Equivalents of Borrower or any Unencumbered Property Subsidiary (or any direct or indirect owners of Borrower or such Subsidiaries));
(viii)    the rights of tenants or subtenants in the ordinary course of business relating to the use or occupation of space in any building or of any Real Estate;
(ix)    any option, contract or other agreement to sell an asset provided such sale is otherwise permitted by this Agreement; and 
(x)    with respect to any Leased Property, (x) any reversionary interest or title of lessor under an applicable Lease with respect thereto or (y) Lien, easement, restriction or encumbrance to which the interest or title of such lessor may be subject.

110

(xi)    Liens arising in connection with customary rights and restrictions contained in agreements relating to such sale or transfer of assets pending the completion thereof; and
(xii)    Liens arising under Capitalized Lease Obligations with respect to the assets subject to such lease.
Notwithstanding anything in this Agreement to the contrary, REIT and General Partner shall not create or suffer to be created or incurred or to exist any Lien other than Liens contemplated in §8.2(i), (ii), (iv)(B), (v) and (vi).
§8.3    Restrictions on Investments.  Neither Borrower will, nor will it permit REIT or any of their respective Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in:
(a)    Cash Equivalents;
(b)    the acquisition of fee interests or long-term ground lease interests or interests under Leases by Borrower or its Subsidiaries in (i) Real Estate which is utilized for income-producing Data Center Properties located in the continental United States or the District of Columbia and businesses and investments incidental thereto (including Ancillary Office), and (ii) subject to the restrictions set forth in this §8.3, the acquisition of Land Assets to be developed for the foregoing purposes and Development Properties to be used for the purposes set forth in §8.3(b)(i);
(c)    Investments by Borrower in Wholly Owned Subsidiaries of Borrower as of the Closing Date and in any Person that becomes a Wholly Owned Subsidiary of Borrower after the Closing Date;
(d)    Investments in non-Wholly Owned Subsidiaries and Unconsolidated Affiliates as of the Closing Date and in any Person that becomes a non-Wholly Owned Subsidiary or an Unconsolidated Affiliate after the Closing Date; 
(e)    Investment by any Subsidiary in any other Subsidiary, by Borrower in any Subsidiary, and by the REIT in Borrower;  
(f)    Investments in Land Assets, provided that the aggregate Investment therein shall not exceed seven and one-half percent (7.5%) of Gross Asset Value;
(g)    Investments in Development Properties, provided that the aggregate Investment therein shall not exceed thirty-five percent (35%) of Gross Asset Value;
(h)    Investments in Mortgage Notes and other notes receivable, provided that the aggregate Investment therein shall not exceed five percent (5%) of Gross Asset Value; 
(i)    Investments (i) in equipment and other personal property which will be incorporated into, or otherwise used in connection with, Data Center Properties, (ii) with utility companies to bring critical power to Data Center Properties, (iii) services associated with managing 

111

and providing Data Center Properties (including ancillary businesses) and (iv) with fiber optic companies to bring fiber optics to Data Center Properties;
(j)    Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customary and suppliers, in each case in the ordinary course of business; 
(k)    In connection with the consummation of the Cervalis Acquisition, any loan or extension of credit by any Subsidiary of Borrower to a customer in connection with the customized fit-out of such customer’s cage space at the property located at 50 Madison Road, Totowa, New Jersey not to exceed the principal amount of $3,500,000 outstanding at any time; and
(l)    Investments in International Investments; provided that the aggregate Investment therein shall not exceed twenty-five percent (25%) of Gross Asset Value.
Notwithstanding the foregoing, in no event shall the aggregate value of the holdings of Borrower and its Subsidiaries in the Investments described in §8.3(f)-(h) and §8.3(l) exceed forty-five percent (45%) of Gross Asset Value at any time.
For the purposes of this §8.3, the Investment of Borrower or its Subsidiaries in any non-Wholly Owned Subsidiaries and Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s pro rata share of their non-Wholly Owned Subsidiaries’ and Unconsolidated Affiliate’s Investment in Land Assets and Development Properties; plus (ii) such Person’s pro rata share of their non-Wholly Owned Subsidiaries’ and Consolidated Affiliates’ Investment in Mortgage Notes valued at the lesser of GAAP book value and outstanding principal balance; plus (iii) such Person’s pro rata share of any other Investments valued at the GAAP book value.
§8.4    Merger, Consolidation.  Borrower will not, nor will Borrower permit REIT or any of their respective Subsidiaries to, (a) dissolve, liquidate, dispose of all or substantially all of its assets or (b) consummate a business, merger, reorganization, consolidation or other business combination or agree to effect any asset acquisition, stock acquisition or other acquisition individually or in a series of transactions which may have a similar effect as any of the foregoing (any of the foregoing transactions in this clause (b), for purposes of this §8.4 (other than §8.4(xii)), a “merger”), except for (i) the merger or consolidation of one or more of the Subsidiaries of Borrower with and into Borrower (it being understood and agreed that in any such event Borrower will be the surviving Person), (ii) the merger or consolidation of two or more Subsidiaries of Borrower, (iii) any dissolution of a Subsidiary (A) that owns no assets or (B) if Borrower determines in good faith that such liquidation or dissolution is in the best interests of Borrower and is not materially disadvantageous to the Lenders, provided that (x) Borrower or a Guarantor receives any assets of such dissolved or liquidated Subsidiary if such dissolved or liquidated Subsidiary was a Guarantor at the time of such liquidation or dissolution and (y) the provisions of §5.2(b) (to the extent that such Subsidiary is a Subsidiary Guarantor at the time of such dissolution) and §7.22 are satisfied, (iv) dispositions permitted by §8.8, (v)(A) a merger of a Person with Borrower, so long as Borrower is the surviving entity, (B) a merger of (1) the general partner of a Person simultaneously merging with Borrower or a Subsidiary of Borrower with (2) General Partner, so long as General Partner is the surviving entity and the provisions of §7.21 are not violated, (C) a merger of an entity that has 

112

elected to obtain and qualifies for REIT Status and which is the general partner or other owner of a Person simultaneously merging with Borrower or a Subsidiary of Borrower, with the REIT, so long as the REIT is the surviving entity and the provisions of §7.21 are not violated, and (D) a merger of a Person with a Subsidiary of Borrower (other than an Unencumbered Property Subsidiary or a Subsidiary that in either case directly or indirectly owns an Unencumbered Property unless with respect to an Unencumbered Property Subsidiary the terms of §7.22(a)(iii) are satisfied), in each instance so long as (v) in the case of a merger with REIT, General Partner, Borrower or a Subsidiary of Borrower organized under the laws of a political subdivision of the United States, such Person was organized under the laws of the United States of America or one of its states; (w) if such Subsidiary is a Subsidiary Guarantor or an Unencumbered Property Subsidiary, such Subsidiary is the survivor of such merger or with the prior written approval of Agent, becomes a Subsidiary Guarantor, and if such Subsidiary is not a Subsidiary Guarantor, the surviving Person is controlled by Borrower; (x) Borrower shall have given the Agent at least ten (10) Business Days’ prior written notice prior to consummation of such merger; (y) such merger is completed as a result of negotiations with the approval of the board of directors or similar body of such Person and is not a so called “hostile takeover”; and (z) following such merger, Borrower and its Subsidiaries will continue to be engaged solely in the businesses permitted by §7.14; and (vi) Investments constituting asset or stock acquisitions permitted by §8.3 and which are not mergers, reorganizations, consolidations or business combinations; provided that no such merger or consolidation shall be permitted in the event that a Default or Event of Default exists immediately before or would exist after giving effect thereto.
§8.5    Sale and Leaseback.  Borrower will not, and will not permit any Guarantor or their respective Subsidiaries, to enter into any arrangement, directly or indirectly, whereby Borrower, any Guarantor or any such Subsidiary shall sell or transfer any Real Estate owned by it in order that then or thereafter Borrower, any Guarantor or any such Subsidiary shall lease back such Real Estate without the prior written consent of Agent, such consent not to be unreasonably withheld.
§8.6    Compliance with Environmental Laws.  None of Borrower or Guarantors will, nor will it permit any of their Subsidiaries or any other Person to, do any of the following: (a) use any of the Real Estate or any portion thereof as a facility for the use, handling, processing, storage or disposal of Hazardous Substances, except for quantities of Hazardous Substances used in the ordinary course of operating large-scale data centers and in material compliance with all applicable Environmental Laws, (b) cause or, with respect to owned or ground leased Real Estate, permit to be located on any of the Real Estate any underground tank or other underground storage receptacle for Hazardous Substances except in full compliance with Environmental Laws, (c) generate any Hazardous Substances on any of the Real Estate except in full compliance with Environmental Laws, or (d) conduct any activity at any Real Estate or use any Real Estate in any manner that could reasonably be contemplated to cause a Release of Hazardous Substances on, upon or into the Real Estate or any surrounding properties or any threatened Release of Hazardous Substances could reasonably be expected  to give rise to liability under CERCLA or any other Environmental Law, except, in each case, (i) with respect to any Real Estate other than an Unencumbered Property included in the calculation of Unencumbered Asset Value where any such use, generation, conduct or other activity has not had and would not reasonably be expected to have a Material Adverse Effect, and (ii) with respect to any Unencumbered Property included in the calculation of 

113

Unencumbered Asset Value where any such use, generation, conduct or other activity has not had and would not reasonably be expected, when taken with other matters covered by §6.20 and this §8.6, to result in liability, clean-up, remediation, containment, correction or other costs to Borrower, any Guarantor or any Unencumbered Property Subsidiary individually or in the aggregate with other Unencumbered Properties in excess of $10,000,000.00 or materially adversely affect the operation of or ability to use such property; provided, that in the case of this clause (ii) such estimated liability or other costs shall be promptly reported to the Agent and deducted in the calculation of Unencumbered Asset Value, and Borrower shall diligently and continuously pursue corrective, remedial and other actions to bring such Unencumbered Property or Properties into compliance with Environmental Laws and to eliminate such liability.   
Borrower shall, and shall cause its Subsidiaries to:
(i)    in the event of any change in Environmental Laws governing the assessment, release or removal of Hazardous Substances, take all reasonable action (including, without limitation, the conducting of engineering tests at the sole expense of Borrower) to confirm that no Hazardous Substances are or ever were Released or disposed of on the Unencumbered Properties included in the calculation of Unencumbered Asset Value in violation of applicable Environmental Laws; and
(ii)    if any Release or disposal of Hazardous Substances which any Person may be legally obligated to contain, correct or otherwise remediate or which may otherwise expose it to liability shall occur or shall have occurred on any Unencumbered Property included in the calculation of Unencumbered Asset Value (including without limitation any such Release or disposal occurring prior to the acquisition or leasing of such Unencumbered Property by Borrower or any such Subsidiary), Borrower shall, after obtaining knowledge thereof, cause the prompt containment and removal of such Hazardous Substances and remediation of such Unencumbered Property to the extent required by and in full compliance with all applicable Environmental Laws; provided, that each of Borrower and its Subsidiaries shall be deemed to be in compliance with Environmental Laws for the purpose of this clause (ii) so long as it or a responsible third party with sufficient financial resources is taking reasonable action to remediate or manage any event of noncompliance to the satisfaction of the Agent and no action shall have been commenced by any enforcement agency.  The Agent may engage its own environmental consultant to review the environmental assessments and the compliance with the covenants contained herein.
At any time while an Event of Default exists hereunder the Agent may at its election (and will at the request of the Majority Lenders) obtain such environmental assessments of any or all of the Unencumbered Properties included in the calculation of Unencumbered Asset Value prepared by an environmental consultant as may be necessary or advisable for the purpose of evaluating or confirming (i) whether any Hazardous Substances are present in the soil or water at or adjacent to any such Unencumbered Property and (ii) whether the use and operation of any such Unencumbered Property complies with all Environmental Laws to the extent required by the Loan Documents.  Additionally, at any time that the Agent or the Majority Lenders shall have reasonable and objective grounds to believe that a Release or threatened Release of Hazardous Substances which any Person may be legally obligated to contain, correct or otherwise remediate or which otherwise may expose 

114

such Person to liability may have occurred, relating to any Unencumbered Property included in the calculation of Unencumbered Asset Value, or that any of the Unencumbered Property included in the calculation of Unencumbered Asset Value is not in compliance with Environmental Laws to the extent required by the Loan Documents, Borrower shall promptly upon the request of Agent obtain and deliver to Agent such environmental assessments of such Unencumbered Property prepared by an environmental consultant reasonably acceptable to the Agent as may be necessary or advisable for the purpose of evaluating or confirming (i) whether any Hazardous Substances are present in the soil or water at or adjacent to such Unencumbered Property and (ii) whether the use and operation of such Unencumbered Property comply with all Environmental Laws to the extent required by the Loan Documents.  Environmental assessments may include detailed visual inspections of such Unencumbered Property including, without limitation, any and all storage areas, storage tanks, drains, dry wells and leaching areas, and the taking of soil samples, as well as such other investigations or analyses as are reasonably necessary or appropriate for a complete determination of the compliance of such Unencumbered Property and the use and operation thereof with all applicable Environmental Laws.  All environmental assessments contemplated by this §8.6 shall be at the sole cost and expense of Borrower.  Notwithstanding the foregoing, it shall not be considered a breach of this §8.6 if permission from a third-party (including, without limitation, any owners or landlords) is required to conduct an environmental assessment and, after reasonable attempts, Borrower is unable to obtain such permission for whatever reason and therefore does not perform the requested environmental assessment.
§8.7    Distributions.  
(a)    Borrower shall not pay any Distribution to the partners, members or other owners of Borrower, and General Partner and REIT shall not pay any Distribution to their respective partners, members or other owners, if such Distribution is in excess of the amount which, when added to the amount of all other Distributions paid in the same fiscal quarter and the preceding three (3) fiscal quarters, would exceed ninety-five percent (95%) of Funds from Operations for such period (the “FFO Basket”); provided that the foregoing limitation in this §8.7(a) shall not apply to Distributions that are Preferred Distributions; and provided further that the limitations contained in this §8.7(a) shall not (i) preclude Borrower, the REIT or the General Partner from making the minimum amount of Distributions that, when made in accordance with its organizational documents (e.g., pro rata to all of its partners, members or other owners, if so required), are required (A) to enable REIT to maintain its REIT Status, as evidenced by a certification of the principal financial or accounting officer of Borrower containing calculations in detail reasonably satisfactory in form and substance to the Agent, (B) to enable REIT to avoid the imposition of any taxes imposed under Code Section 857(b)(1) or 4981 of the Code, and (C) to enable REIT to avoid the imposition of taxes imposed under Section 857(b)(3) of the Code, provided that no Distribution under this clause (C) may be paid if a Default exists or would arise as a result of such Distribution, (ii) limit the ability of (A) Borrower or the REIT to retain, acquire, relinquish or sell Equity Interests awarded to officers and employees of Borrower, CyrusOne LLC or the REIT pursuant to equity compensation programs in the ordinary course of business in order to pay applicable withholding tax obligations of such employee, or (B) Borrower to distribute funds to the REIT for the purpose of covering administration and operating expense of the REIT in an amount not to exceed $1,000,000.00 per calendar year; (iii) preclude redemptions of equity interests in Borrower or REIT from proceeds of an Equity 

115

Offering provided that the proceeds of such Equity Offering are used within ninety (90) days of such issuance and sale for such purpose, (iv) preclude Borrower, the REIT or the General Partner from making cash payments in lieu of the issuance of fractional shares representing insignificant interests in the REIT in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests in the REIT, or Borrower from making Distributions to the REIT in order to enable the REIT to make such cash payments, (v) preclude the REIT or Borrower from making Distributions, pursuant to and in accordance with stock option plans or other benefit plans or agreements for directors, officers or employees of the REIT, Borrower and their respective Subsidiaries, in an aggregate amount not in excess of $5,000,000 in any fiscal year or the Borrower from making Distributions to the REIT in order to enable the REIT to make such Distributions; provided that any amount not so used in any given fiscal year may be carried forward and used in the next succeeding fiscal year, (vi) preclude the REIT or Borrower from repurchasing Equity Interests upon the exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants as part of a “cashless” exercise, or (vii) (A) preclude Borrower from paying Distributions to the REIT which are promptly used by the REIT to redeem or repurchase Equity Interests of the REIT or Borrower or (B) preclude Borrower from making Distributions which are promptly used by Borrower to redeem or repurchase partnership common units of Borrower, provided that the aggregate amount of Distributions made in reliance on this clause (vii)(A) and (B) shall not exceed $60,000,000 in any calendar year, or (viii) preclude the cashless exchange of Equity Interests in Borrower for Equity Interests in REIT.  For the avoidance of doubt, any Distributions made pursuant to clauses (i) – (viii) of the preceding sentence shall not be included in any calculation to determine Borrower’s, the General Partner’s or the REIT’s compliance with the limitation on Distributions calculated by reference to the FFO Basket.  For the purposes of this §8.7(a), (i) the REIT and the General Partner may each make Distributions in respect of any Distributions received from Borrower, provided such Distributions were, at the time made, permitted by this §8.7(a) to be made by Borrower to the REIT or the General Partner, and (ii) Borrower may make any Distributions to the REIT as are necessary in order to enable the REIT to make any Distributions that are permitted by §8.7(a) to be made by the REIT.
(b)    In the event that an Event of Default shall have occurred and be continuing, (i) Borrower, REIT and General Partner shall not pay any Distribution to its partners, members or other owners, other than (A) the minimum amount of Distributions (when made in accordance with the applicable organizational documents (e.g., pro rata to all of its partners, members or other owners, if so required)) required to enable the REIT to maintain its REIT Status, as evidenced by a certification of the principal financial or accounting officer of Borrower containing calculations in detail reasonably satisfactory in form and substance to the Agent and (B) cashless exchanges of Equity Interests in Borrower for Equity Interests in the REIT.  
(c)    Notwithstanding the foregoing, at any time when an Event of Default under §12.1(a), (b), (h), (i) or (j) shall have occurred and be continuing or the maturity of the Obligations has been accelerated, Borrower shall not, and shall not permit REIT or General Partner to, make any Distributions whatsoever, directly or indirectly, other than cashless exchanges of Equity Interests in Borrower for Equity Interests in the REIT.

116

§8.8    Asset Sales.  Borrower will not, and will not permit the Guarantors or their respective Subsidiaries to, sell, transfer or otherwise dispose of any material asset to a Person that is not a Wholly Owned Subsidiary of Borrower other than pursuant to a bona fide arm’s length transaction or, with respect to transactions subject to §8.13, as permitted by §8.13; provided that Borrower, Guarantors and their respective Subsidiaries may sell, transfer or otherwise dispose of assets subject to any condemnation proceeding (including in lieu thereof).  Without limiting the foregoing, neither Borrower nor any Subsidiary thereof shall sell, transfer or otherwise dispose of any Real Estate in one transaction or a series of transactions unless no Default or Event of Default has occurred and is continuing or would result from such transaction (including, without limitation, pro forma compliance with the covenants in §7.22, §8.1, §8.3, §8.7, and §§9.1 through 9.4 after giving effect thereto).
§8.9    [Intentionally Omitted.]  
§8.10    Restriction on Prepayment of Indebtedness.  After the occurrence and during the continuance of any Event of Default, Borrower will not, and will not permit any Guarantor or their respective Subsidiaries to:  (a) optionally or voluntarily prepay, redeem, defease, purchase or otherwise retire the principal amount, in whole or in part, of any Indebtedness other than the Obligations prior to the maturity date thereof; provided, that the foregoing shall not prohibit (x) the prepayment of Indebtedness which is financed solely from the proceeds of a new or increased loan, note or other Indebtedness which would otherwise be permitted by the terms of §8.1 and proceeds described in the following clause (y); and (y) the prepayment, redemption, defeasance or other retirement of the principal of Indebtedness secured by Real Estate which is satisfied solely from the proceeds of a sale or other disposition of the Real Estate securing such Indebtedness; and (b) modify any document evidencing any Indebtedness (other than the Obligations) to accelerate the maturity date of such Indebtedness.
§8.11    [Intentionally Omitted.] 
§8.12    Derivatives Contracts.  Neither Borrower nor any of the Guarantors or their respective Subsidiaries shall contract, create, incur, assume or suffer to exist any Derivatives Contracts except for interest rate swap, collar, cap or similar agreements providing interest rate protection and currency swaps and currency options made in the ordinary course of business and forward equity commitments and forward equity sale agreements with customary terms and, to the extent constituting Indebtedness, permitted pursuant to §8.1.
§8.13    Transactions with Affiliates.  Borrower shall not, and shall not permit any Guarantor or any of their respective Subsidiaries to, permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate (other than any Wholly Owned Subsidiary of Borrower), except (i) transactions set forth on Schedule 6.15 attached hereto and any amendments to stock option plans, employment agreements and indemnities of officers and directors to the extent that such amendment is not adverse, taken as a whole, to the Lenders or the Borrower in any material respect, (ii) transactions pursuant to the reasonable requirements of the business of such Person and upon fair and reasonable terms which are substantially no less favorable to such Person than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate (which, in connection 

117

with any transaction with a non-wholly owned Subsidiary, may take into account any enhancement to the value of the equity owned by a Wholly Owned Subsidiary of Borrower as a result of the transaction), (iii) Distributions permitted pursuant to §8.7, (iv) transactions under this Agreement or the Senior Notes Documents, (v) (a) transactions solely among the REIT, the General Partner, Borrower and any of their respective Subsidiaries that are Unencumbered Property Subsidiaries or Guarantors or (b) transactions solely among the Subsidiaries of the Borrower that are not Unencumbered Property Subsidiaries or owners of direct or indirect interests in an Unencumbered Property Subsidiary, (vi) issuance by the REIT or Borrower of Equity Interests (other than Disqualified Equity Interests) and receipt by the REIT or Borrower of capital contributions, (vii) any transaction with any Person who is not an Affiliate immediately before the consummation of such transaction that becomes an Affiliate as a result of such transaction, (viii) payroll, travel, business entertainment and similar advances to officers, directors, employees and consultants of the REIT or any Subsidiary to cover matters that are expected at the time of such advances to be treated as expenses of the REIT or such Subsidiary for accounting purposes and that are made in the ordinary course of business, (x) compensation, insurance, expense reimbursement, severance, employee benefit arrangements and indemnification of, and other employment arrangements with, directors, officers, consultants and employees of the REIT, Borrower or any Subsidiary of either thereof and (xi) intercompany loans permitted by §8.1 and §8.3.
§8.14    Equity Pledges.  Notwithstanding anything in this Agreement to the contrary, (a) REIT will not create or incur or suffer to be created or incurred any Lien (other than Liens permitted under §8.2(i)(A)) on any of its direct or indirect legal, equitable or beneficial interest in General Partner or Borrower, including, without limitation, any Distributions or rights to Distributions on account thereof, and (b) General Partner will not create or incur or suffer to be created or incurred any Lien (other than Liens permitted under §8.2(i)(A)) on any of its direct or indirect legal, equitable or beneficial interest in Borrower.
§9.    FINANCIAL COVENANTS.
Borrower covenants and agrees that, so long as any Loan, Note or Letter of Credit is outstanding or any Lender has any obligation to make any Loans or issue any Letter of Credit:
§9.1    Unencumbered Asset Tests.  
(a)    Borrower will not at any time permit Consolidated Total Unsecured Indebtedness (including the Loans and Letter of Credit Liabilities) to exceed sixty percent (60%) of the Unencumbered Asset Value; provided, however, that for one (1) or more periods of up to two (2) consecutive calendar quarters immediately following a Material Acquisition of which Borrower has given Agent written notice (with such two (2) consecutive calendar quarter period to include the quarter in which such Material Acquisition is consummated), such ratio of Consolidated Total Unsecured Indebtedness to Unencumbered Asset Value may exceed sixty percent (60%) but shall not exceed sixty-five percent (65%) during such period. 
(b)    Borrower will not at any time permit the Unencumbered Property Debt Yield to be less than 14.0%; provided, however, that for one (1) or more periods of up to two (2) consecutive calendar quarters immediately following a Material Acquisition of which Borrower has given Agent 

118

written notice (with such two (2) consecutive calendar quarter period to include the quarter in which such Material Acquisition is consummated), the Unencumbered Property Debt Yield may be less than 14.0% but shall not be less than 12.5% during such period.
§9.2    Consolidated Total Indebtedness to Gross Asset Value.  Borrower will not at any time permit Consolidated Total Indebtedness to exceed sixty percent (60%) of Gross Asset Value; provided, however, that for one (1) or more periods of up to two (2) consecutive calendar quarters immediately following a Material Acquisition of which Borrower has given Agent written notice (with such two (2) consecutive calendar quarter period to include the quarter in which such Material Acquisition is consummated), the ratio of such Consolidated Total Indebtedness to Gross Asset Value may exceed sixty percent (60%) but shall not exceed sixty-five percent (65%) during such period.
§9.3    Consolidated EBITDA to Consolidated Fixed Charges.  Borrower will not at any time permit the ratio of Consolidated EBITDA determined for the most recently ended fiscal quarter to Consolidated Fixed Charges for the most recently ended fiscal quarter, to be less than 1.70 to 1.00.
§9.4    Minimum Consolidated Tangible Net Worth.  Borrower will not at any time permit REIT’s Consolidated Tangible Net Worth to be less than the sum of (i) $2,216,250,000.00 plus (ii) seventy-five percent (75%) of the sum of (A) any additional Net Offering Proceeds after June 30, 2016, plus (B) the value of interests in Borrower or interests in REIT issued upon the contribution of assets to Borrower or its Subsidiaries after June 30, 2016 (with such value determined at the time of contribution); provided that from and after the date that Agent first receives written notice from Borrower that Borrower has received an Investment Grade Rating, the covenant in this §9.4 shall be of no further force and effect and the Borrower shall thereafter not be required to comply with this §9.4.
§10.    CLOSING CONDITIONS.
The obligation of the Lenders to make the Loans or issue Letters of Credit shall be subject to the satisfaction of the following conditions precedent:
§10.1    Loan Documents.  Each of the Loan Documents shall have been duly executed and delivered by the respective parties thereto and shall be in full force and effect.  The Agent shall have received a fully executed counterpart of each such document.
§10.2    Certified Copies of Organizational Documents.  The Agent shall have received from Borrower and each Guarantor (i) a copy, certified as of a recent date by the appropriate officer of each State in which such Person is organized and a duly authorized officer, partner or member of such Person, as applicable, to be true and complete, of the partnership agreement, corporate charter or operating agreement and/or other organizational agreements of such Person, as applicable, and (ii) for each State in which an Unencumbered Property owned or leased by Borrower or such Guarantor included in the calculation of Unencumbered Asset Value is located, a copy, certified as of a recent date by the appropriate officer of such State, of Borrower or such Guarantor’s qualification to do business, as applicable, as in effect on such date of certification (provided that with respect 

119

to any partnership agreement, bylaws or operating agreement delivered to Agent pursuant to the Existing Credit Agreement, such officer, partner or member may certify that there has been no change to such documents previously delivered to Agent) pursuant to the Existing Credit Agreement.
§10.3    Resolutions.  All action on the part of Borrower and Guarantors, as applicable, necessary for the valid execution, delivery and performance by such Person of this Agreement and the other Loan Documents to which such Person is or is to become a party shall have been duly and effectively taken, and evidence thereof reasonably satisfactory to the Agent shall have been provided to the Agent.
§10.4    Incumbency Certificate; Authorized Signers.  The Agent shall have received from Borrower and Guarantors an incumbency certificate, dated as of the Closing Date, signed by a duly authorized officer of such Person and giving the name and bearing a specimen signature of each individual who shall be authorized to sign, in the name and on behalf of such Person, each of the Loan Documents to which such Person is or is to become a party.  The Agent shall have also received from Borrower a certificate, dated as of the Closing Date, signed by a duly authorized representative of Borrower and giving the name and specimen signature of each Authorized Officer who shall be authorized to make Revolving Credit Loan Requests, Letter of Credit Requests, Bid Loan Quote Requests and Conversion/Continuation Requests and to give notices and to take other action on behalf of Borrower under the Loan Documents.
§10.5    Opinion of Counsel.  The Agent shall have received an opinion addressed to the Lenders and the Agent and dated as of the Closing Date from counsel to Borrower and Guarantors in form and substance reasonably satisfactory to the Agent.
§10.6    Payment of Fees.  Borrower shall have paid to the Agent the fees then due and owing pursuant to §4.2.
§10.7    Performance; No Default.  Borrower and Guarantors shall have performed and complied with all terms and conditions herein required to be performed or complied with by it on or prior to the Closing Date, and on the Closing Date there shall exist no Default or Event of Default.
§10.8    Representations and Warranties.  The representations and warranties made by Borrower and Guarantors in the Loan Documents or otherwise made by Borrower and Guarantors and their respective Subsidiaries in connection therewith shall be true and correct in all material respects on the Closing Date (except to the extent that any such representation or warranty relates to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects as of such earlier date).
§10.9    Compliance Certificate.  The Agent shall have received a Compliance Certificate dated as of the date of the Closing Date demonstrating compliance with each of the covenants calculated therein as of the most recent fiscal quarter for which Borrower has provided financial statements under §6.4 adjusted in the best good faith estimate of Borrower as of the Closing Date.
§10.10    Consents.  The Agent shall have received evidence reasonably satisfactory to the Agent that all necessary stockholder, partner, member or other consents required in connection with 

120

the consummation of the transactions contemplated by this Agreement and the other Loan Documents have been obtained.
§10.11    [Intentionally Omitted.]
§10.12    [Intentionally Omitted.]
§10.13    Other.  The Agent shall have reviewed such other documents, instruments, certificates, opinions, assurances, consents and approvals as the Agent or the Agent’s Special Counsel may reasonably have requested.
§11.    CONDITIONS TO ALL BORROWINGS.
The obligations of the Lenders to make any Loan or issue any Letter of Credit, whether on or after the Closing Date, shall also be subject to the satisfaction of the following conditions precedent:
§11.1    [Intentionally Omitted].  
§11.2    Representations True; No Default.  Each of the representations and warranties made by or on behalf of Borrower, Guarantors or any of their respective Subsidiaries contained in this Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in connection with this Agreement shall be true in all material respects both as of the date as of which they were made and shall also be true in all material respects as of the time of the making of such Loan or the issuance of such Letter of Credit, with the same effect as if made at and as of that time, except to the extent of changes resulting from transactions permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date), and no Default or Event of Default shall have occurred and be continuing.
§11.3    Borrowing Documents.  The Agent shall have received a fully completed Revolving Credit Loan Request or Bid Loan Quote Request and Bid Loan Quote, as applicable, for such Loan and the other documents and information as required by §2.7, or a fully completed Letter of Credit Request required by §2.10 in the form of Exhibit H hereto fully completed, as applicable.
§12.    EVENTS OF DEFAULT; ACCELERATION; ETC.  
§12.1    Events of Default and Acceleration.  If any of the following events (“Events of Default” or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, “Defaults”) shall occur:
(a)    Borrower shall fail to pay any principal of the Loans when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment;
(b)    Borrower shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the Letters of Credit or any fees or other sums due hereunder or under 

121

any of the other Loan Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment;
(c)    Borrower shall fail to comply with any covenant contained in §9.1 and such failure shall continue for five (5) Business Days after written notice thereof shall have been given to the Borrower by the Agent;
(d)    Borrower shall fail to perform any term, covenant or agreement contained in §9.2, §9.3 or §9.4;
(e)    Borrower, Guarantors or any of their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified in the other subclauses of this §12 or in the other Loan Documents);
(f)    any representation or warranty made by or on behalf of Borrower, Guarantors or any of their respective Subsidiaries in this Agreement or any other Loan Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated;
(g)    any of Borrower, Guarantors or any Material Subsidiary shall fail to pay when due (including, without limitation, at maturity) (after all applicable grace and cure periods have expired), any principal, interest or other amount on account of any obligation for borrowed money or credit received or other Indebtedness (including under any Derivatives Contracts), or shall fail to observe or perform any term, covenant or agreement contained in any agreement by which it is bound, evidencing or securing any obligation for borrowed money or credit received or other Indebtedness (including under any Derivatives Contracts); provided that the events described in §12.1(g) shall not constitute an Event of Default unless such failure to perform (including under any Derivatives Contracts), together with other failures to perform as described in §12.1(g) (i) is for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or to require the settlement, termination, prepayment, purchase or redemption thereof and (ii)(A) in respect of Recourse Indebtedness, involves singly or in the aggregate obligations for borrowed money or credit received or other Indebtedness totaling in excess of $50,000,000.00 or (B) in respect of Non-Recourse Indebtedness, involves singly or in the aggregate obligations for borrowed money or credit received or other Indebtedness totaling in excess of $100,000,000.00;
(h)    Borrower, any Guarantor or any of their Material Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator, monitor, receiver, receiver-manager or similar official for it or any substantial part of its assets, (ii) shall commence any case or other proceeding relating to it under any Insolvency Law, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing;

122

(i)    a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator, monitor, receiver, receiver-manager or similar official of Borrower, any Guarantor or any of their respective Material Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against any such Person under any Insolvency Law, now or hereafter in effect, and any such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition, application, case or proceeding shall not have been dismissed within sixty (60) days following the filing or commencement thereof;
(j)    a decree or order is entered appointing a trustee, custodian, liquidator, monitor, receiver, receiver-manager or similar official for Borrower, any Guarantor or any of their respective Material Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of any such Person in an involuntary case under any Insolvency Laws as now or hereafter constituted;
(k)    there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, one or more uninsured or unbonded final judgments against Borrower, any Guarantor or any of their respective Subsidiaries that, exceed $50,000,000.00 per occurrence or in the aggregate in any calendar year;
(l)    any of the Loan Documents shall be canceled, terminated, revoked or rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the Lenders, or any action at law, suit in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents, or to contest or challenge the validity or enforceability of any of the Loan Documents, shall be commenced by or on behalf of Borrower or a Guarantor, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination, or issue a judgment, order, decree or ruling, to the effect that any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof;
(m)    any dissolution, termination, partial or complete liquidation, merger or consolidation of Borrower, any Guarantor or any of their respective Material Subsidiaries shall occur or any sale, transfer or other disposition of the assets of Borrower, any Guarantor or any of their respective Subsidiaries shall occur other than not prohibited by the terms of this Agreement or the other Loan Documents;
(n)    with respect to any Guaranteed Pension Plan, an ERISA Reportable Event shall have occurred and the Majority Lenders shall have determined in their reasonable discretion that such event reasonably could be expected to result in liability of any of Borrower, any Guarantor or any of their respective Subsidiaries to the PBGC or such Guaranteed Pension Plan in an aggregate amount exceeding $10,000,000.00 and either (w) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan; or (x) a trustee shall have been appointed by the United States District Court to administer such Plan; or (y) the PBGC shall have instituted proceedings to terminate 

123

such Guaranteed Pension Plan; or (z) such event requires such Guaranteed Pension Plan to notify the PBGC of withdrawal and to determine liability under Section 4062(e) or Section 4063 of ERISA;
(o)    Borrower, any Guarantor or any of their respective Subsidiaries or any shareholder, officer, director, partner or member of any of them shall be indicted for a foreign or federal crime, a punishment for which could include the forfeiture of (i) any assets of Borrower, any Guarantor or any of their respective Subsidiaries which in the good faith judgment of the Majority Lenders could reasonably be expected to have a Material Adverse Effect, or (ii) the assets included in the calculation of the Unencumbered Asset Value;
(p)    any Guarantor denies that it has any liability or obligations under the Guaranty or any other Loan Document, or shall notify the Agent or any of the Lenders of such Guarantor’s intention to attempt to cancel or terminate the Guaranty or cancel any other Loan Document, or shall fail to observe or comply with any term, covenant, condition or agreement under the Guaranty or any other Loan Document; 
(q)    any Change of Control shall occur; or
(r)    an Event of Default under any of the other Loan Documents shall occur;
then, and in any such event, the Agent may, and upon the request of the Majority Lenders shall, by notice in writing to Borrower declare all amounts owing with respect to this Agreement, the Notes, the Letters of Credit and the other Loan Documents to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by Borrower; provided that in the event of any Event of Default specified in §12.1(h), §12.1(i) or §12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent.  Upon demand by Agent or the Majority Revolving Credit Lenders in their absolute and sole discretion after the occurrence of an Event of Default, and regardless of whether the conditions precedent in this Agreement for a Revolving Credit Loan have been satisfied, the Revolving Credit Lenders will cause a Revolving Credit Loan to be made in the undrawn amount of all Letters of Credit.  The proceeds of any such Revolving Credit Loan will be pledged to and held by Agent as security for any amounts that become payable under the Letters of Credit and Revolving Credit Loans.  In the alternative, if demanded by Agent in its absolute and sole discretion after the occurrence of an Event of Default, Borrower will deposit in the Collateral Account and pledge to Agent cash in an amount equal to the amount of all undrawn Letters of Credit.  Such amounts will be pledged to and held by Agent for the benefit of the Lenders as security for any amounts that become payable under the Letters of Credit and all other Obligations.  Upon any draws under Letters of Credit, at Agent’s sole discretion, Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any remaining amounts will be applied to the payment of all other Obligations or if there are no outstanding Obligations and Lenders have no further obligation to make Revolving Credit Loans or issue Letters of Credit or if such excess no longer exists, such proceeds deposited by Borrower will be released to Borrower.  For the purposes of this §12.1, a Material Subsidiary shall be determined without reference to whether such Subsidiary is an Excluded Subsidiary.

124

§12.2    Certain Cure Periods; Limitation of Cure Periods.  Notwithstanding anything contained in §12.1 to the contrary, (i) no Event of Default shall exist hereunder upon the occurrence of any failure described in §12.1(b) with respect to the payment of interest or other fees on the Loans in the event that Borrower cures such Default within five (5) Business Days after the date such payment is due, provided that no such cure period shall apply to any payments due upon the maturity of the Notes, (ii) no Event of Default shall exist hereunder upon the occurrence of any failure to comply with §7.4(c), §7.19 or §7.22 in the event that Borrower cures such Default within five (5) Business Days following occurrence of such failure; and (iii) no Event of Default shall exist hereunder upon the occurrence of any failure described in §12.1(e) in the event that Borrower cures such Default within thirty (30) days following receipt of written notice of such default from Agent, provided that the provisions of this clause (iii) shall not pertain to any default consisting of a failure to comply with §8.1, §8.2, §8.3, §8.4, §8.7, §8.8 or §8.14.
In the event that there shall occur any Default or Event of Default that affects only certain Unencumbered Property included in the calculation of the Unencumbered Asset Value, then Borrower may elect to cure such Default (so long as no other Default or Event of Default would arise as a result) by electing to have Agent remove such Unencumbered Property from the calculation of Unencumbered Asset Value and by reducing the Outstanding Loans by the amount necessary so that no Event of Default exists under §9.1 or §9.2, in which event such removal and reduction shall be completed within five (5) Business Days after the earlier of (i) Borrower obtaining knowledge of such Default and (ii) receipt of notice of such Default from the Agent or the Majority Lenders.
§12.3    Termination of Commitments.  If any one or more Events of Default specified in §12.1(h), §12.1(i) or §12.1(j) shall occur, then immediately and without any action on the part of the Agent or any Lender any unused portion of the credit hereunder shall terminate and the Lenders shall be relieved of all obligations to make Loans or issue Letters of Credit to Borrower.  If any other Event of Default shall have occurred and be continuing, the Agent may, and upon the election of the Majority Revolving Credit Lenders with respect to Revolving Credit Loans and Bid Loans, shall, by notice to Borrower terminate the obligation to make Loans and issue Letters of Credit, as applicable, to Borrower.  No termination under this §12.3 shall relieve Borrower or Guarantors of their obligations to the Lenders arising under this Agreement or the other Loan Documents.
§12.4    Remedies.  In case any one or more Events of Default shall have occurred and be continuing, and whether or not the Lenders shall have accelerated the maturity of the Loans pursuant to §12.1, the Agent on behalf of the Lenders may, and upon the direction of the Majority Lenders shall, proceed to protect and enforce their rights and remedies under this Agreement, the Notes and/or any of the other Loan Documents by suit in equity, action at law or other appropriate proceeding, including to the full extent permitted by applicable law the specific performance of any covenant or agreement contained in this Agreement and the other Loan Documents, the obtaining of the ex parte appointment of a receiver, and, if any amount shall have become due, by declaration or otherwise, the enforcement of the payment thereof.  No remedy herein conferred upon the Agent or the holder of any Note is intended to be exclusive of any other remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or any other provision of law.  Notwithstanding the provisions of this Agreement providing that the Loans may be evidenced by multiple Notes in 

125

favor of the Lenders, the Lenders acknowledge and agree that only the Agent may exercise any remedies arising by reason of a Default or Event of Default.  If Borrower or any Guarantor fails to perform any agreement or covenant contained in this Agreement or any of the other Loan Documents beyond any applicable period for notice and cure, Agent may itself perform, or cause to be performed, any agreement or covenant of such Person contained in this Agreement or any of the other Loan Documents which such Person shall fail to perform, and the out-of-pocket costs of such performance, together with any reasonable expenses, including reasonable attorneys’ fees actually incurred (including attorneys’ fees incurred in any appeal) by Agent in connection therewith, shall be payable by Borrower upon demand and shall constitute a part of the Obligations and shall if not paid within five (5) days after demand bear interest at the Default Rate.  In the event that all or any portion of the Obligations is collected by or through an attorney-at-law, Borrower shall pay all costs of collection including, but not limited to, reasonable attorney’s fees.
§12.5    Distribution of Proceeds.  In the event that, following the occurrence and during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Loan Documents, or otherwise with respect to the realization upon any of the assets of Borrower or Guarantors, such monies shall be distributed for application as follows:
(a)    First, to the payment of, or (as the case may be) the reimbursement of the Agent for or in respect of, all reasonable out-of-pocket costs, expenses, disbursements and losses which shall have been paid, incurred or sustained by the Agent in connection with the collection of such monies by the Agent, for the exercise, protection or enforcement by the Agent of all or any of the rights, remedies, powers and privileges of the Agent or the Lenders under this Agreement or any of the other Loan Documents or in support of any provision of adequate indemnity to the Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Agent or the Lenders to such monies;
(b)    Second, to all other Obligations (including any interest, expenses or other obligations incurred after the commencement of a bankruptcy) in such order or preference as the Majority Lenders shall determine; provided, that (i) Swing Loans shall be repaid first, (ii) distributions in respect of such other Obligations shall include, on a pari passu basis, any Agent’s fee due and payable pursuant to §4.2; (iii) in the event that any Lender is a Defaulting Lender, payments to such Lender shall be governed by §2.13, and (iv) except as otherwise provided in clause (iii), Obligations owing to the Lenders with respect to each type of Obligation such as interest, principal, fees and expenses (but excluding the Swing Loans) shall be made among the Lenders pro rata; and provided, further that the Majority Lenders may in their discretion make proper allowance to take into account any Obligations not then due and payable; and
(c)    Third, the excess, if any, shall be returned to Borrower or to such other Persons as are entitled thereto.
§12.6    Collateral Account.
(a)    As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities, Swing Loans and the other Obligations, Borrower hereby pledges and grants to the Agent, for the ratable benefit of the Agent and the Lenders as provided herein, a security 

126

interest in all of its right, title and interest in and to the Collateral Account and the balances from time to time in the Collateral Account.  The balances from time to time in the Collateral Account shall not constitute payment of any Letter of Credit Liabilities or Swing Loans until applied by the Agent as provided herein.  Anything in this Agreement to the contrary notwithstanding, funds held in the Collateral Account shall be subject to withdrawal only as provided in this section and as otherwise provided in this Agreement.
(b)    If a drawing pursuant to any Letter of Credit occurs on or prior to the expiration date of such Letter of Credit, Borrower and the Lenders authorize the Agent to use the monies deposited in the Collateral Account to make payment to the beneficiary with respect to such drawing or the payee with respect to such presentment.  If a Swing Loan is not refinanced as a Base Rate Loan or LIBOR Rate Loan as provided in §2.5 above, then the Agent is authorized to use monies deposited in the Collateral Account to make payment to the Swing Loan Lender with respect to any participation not funded by a Defaulting Lender.
(c)    While an Event of Default exists, the Majority Revolving Credit Lenders may, in their discretion, at any time and from time to time, instruct the Agent to apply the funds in the Collateral Account to the Obligations in accordance with §12.5.
(d)    So long as no Default or Event of Default then exists, and to the extent amounts on deposit in the Collateral Account pursuant to §2.13(e) exceed the pro rata share of any Letter of Credit Obligations and participations in Swing Loans of any Defaulting Lender after giving effect to §2.13(c), the Agent shall, from time to time, at the request of Borrower, deliver to Borrower within five (5) Business Days after the Agent’s receipt of such request from Borrower, against receipt but without any recourse, warranty or representation whatsoever, such excess balances in the Collateral Account at such time from deposits pursuant to §2.13(e).
(e)    Borrower shall pay to the Agent from time to time such reasonable fees as the Agent normally charges for similar services in connection with the Agent’s administration of the Collateral Account.  Borrower authorizes Agent to file such financing statements as Agent may reasonably require in order to perfect Agent’s security interest in the Collateral Account, and Borrower shall promptly upon demand execute and deliver to Agent such other documents as Agent may reasonably request to evidence its security interest in the Collateral Account.
(f)    Upon payment in full of all Obligations (other than indemnification obligations which by their terms expressly survive payment of the Obligations and termination of this Agreement or any of the other Loan Documents unless a claim is pending with respect thereto) and the termination of the obligations of the Lenders and the Issuing Lenders to extend credit hereunder and under the other Loan Documents and the cancelation or expiration of all Letters of Credit (other than Letters of Credit as to which other arrangements with respect thereto satisfactory to Administrative Agent and Issuing Lender in their sole and absolute discretion shall have been made), all funds held in the Collateral Account shall be promptly returned to Borrower and the security interest granted to Agent pursuant to §12.6(a) shall automatically be released without any further action by any further party.  Agent will, at Borrower’s expense, promptly execute and deliver to Borrower such documents as Borrower may reasonably request to evidence the release of such security interest.

127

§13.    SETOFF.  
Regardless of the adequacy of any collateral, if any, during the continuance of any Event of Default, any deposits (general or specific, time or demand, provisional or final, regardless of currency, maturity, or the branch where such deposits are held) or other sums credited by or due from any Lender to Borrower or any Guarantor and any securities or other property of Borrower or any Guarantor in the possession of such Lender may, without notice to Borrower or any Guarantor (any such notice being expressly waived by Borrower and Guarantors) but with the prior written approval of Agent, be applied to or set off against the payment of Obligations and any and all other liabilities, direct, or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, of such Person to such Lender.  Each of the Lenders agrees with each other Lender that if such Lender shall receive from Borrower or any Guarantor, whether by voluntary payment, exercise of the right of setoff, or otherwise, and shall retain and apply to the payment of the Note or Notes held by such Lender (but excluding the Swing Loan Note) any amount in excess of its ratable portion of the payments received by all of the Lenders with respect to the Notes held by all of the Lenders, such Lender will make such disposition and arrangements with the other Lenders with respect to such excess, either by way of distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in each Lender receiving in respect of the Notes held by it its proportionate payment as contemplated by this Agreement; provided that if all or any part of such excess payment is thereafter recovered from such Lender, such disposition and arrangements shall be rescinded and the amount restored to the extent of such recovery, but without interest.  Without limiting the foregoing, each of the Bid Loan Lenders agrees with each other Bid Loan Lender holding a Bid Loan made as part of the same Bid Loan Borrowing that if such Bid Loan Lender shall receive from Borrower or any Guarantor, whether by voluntary payment, exercise of the right of setoff, or otherwise, and shall retain and apply to the payment of the Bid Loan Note held by such Bid Loan Lender any amount in excess of its ratable portion of the payments received by all of the Bid Loan Lenders with respect to the Bid Loan Notes held by all of such Bid Loan Lenders relating to such Bid Loan Borrowing, such Bid Loan Lender will make such disposition and arrangements with the other Bid Loan Lenders with respect to such excess, either by way of distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in each Bid Loan Lender receiving in respect of such Bid Loan Notes held by it its proportionate payment as contemplated by this Agreement.  In the event that any Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the Agent for further application in accordance with the provisions of this Agreement and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agent and the Lenders, and (b) the Defaulting Lender shall provide promptly to the Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.
§14.    THE AGENT.  
§14.1    Authorization.  The Agent is authorized to take such action on behalf of each of the Lenders and to exercise all such powers as are hereunder and under any of the other Loan Documents and any related documents delegated to the Agent, together with such powers as are reasonably incident thereto, provided that no duties or responsibilities not expressly assumed herein or therein 

128

shall be implied to have been assumed by the Agent.  The obligations of the Agent hereunder are primarily administrative in nature, and nothing contained in this Agreement or any of the other Loan Documents shall be construed to constitute the Agent as a trustee for any Lender or to create an agency or fiduciary relationship.  Agent shall act as the contractual representative of the Lenders hereunder, and notwithstanding the use of the term “Agent”, it is understood and agreed that Agent shall not have any fiduciary duties or responsibilities to any Lender by reason of this Agreement or any other Loan Document and is acting as an independent contractor, the duties and responsibilities of which are limited to those expressly set forth in this Agreement and the other Loan Documents.  Borrower, Guarantors and any other Person shall be entitled to conclusively rely on a statement from the Agent that it has the authority to act for and bind the Lenders pursuant to this Agreement and the other Loan Documents.
§14.2    Employees and Agents.  The Agent may exercise its powers and execute its duties by or through employees or agents and shall be entitled to take, and to rely on, advice of counsel concerning all matters pertaining to its rights and duties under this Agreement and the other Loan Documents.  The Agent may utilize the services of such Persons as the Agent may reasonably determine, and all reasonable fees and expenses of any such Persons shall be paid by Borrower to the extent provided for in §15.
§14.3    No Liability.  Neither the Agent nor any of its shareholders, directors, officers or employees nor any other Person assisting them in their duties nor any agent, or employee thereof, shall be liable for (a) any waiver, consent or approval given or any action taken, or omitted to be taken, in good faith by it or them hereunder or under any of the other Loan Documents, or in connection herewith or therewith, or be responsible for the consequences of any oversight or error of judgment whatsoever, except that the Agent or such other Person, as the case may be, shall be liable for losses due to its willful misconduct or gross negligence as finally determined by a court of competent jurisdiction after the expiration of all applicable appeal periods or (b) any action taken or not taken by Agent with the consent or at the request of the Majority Lenders.  The Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, unless the Agent has received notice from a Lender or Borrower referring to the Loan Documents and describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default”.
§14.4    No Representations.  The Agent shall not be responsible for the execution or validity or enforceability of this Agreement, the Notes, any of the other Loan Documents or any instrument at any time constituting, or intended to constitute, collateral security for the Notes, or for the value of any such collateral security or for the validity, enforceability or collectability of any such amounts owing with respect to the Notes, or for any recitals or statements, warranties or representations made herein, or any agreement, instrument or certificate delivered in connection therewith or in any of the other Loan Documents or in any certificate or instrument hereafter, in each case furnished to it by or on behalf of Borrower, Guarantors or any of their respective Subsidiaries, or be bound to ascertain or inquire as to the performance or observance of any of the terms, conditions, covenants or agreements herein or in any of the other Loan Documents.  The Agent shall not be bound to ascertain whether any notice, consent, waiver or request delivered to it by Borrower, Guarantors or any holder of any of the Notes shall have been duly authorized or is true, accurate and complete.  

129

The Agent has not made nor does it now make any representations or warranties, express or implied, nor does it assume any liability to the Lenders, with respect to the creditworthiness or financial condition of Borrower, Guarantors or any of their respective Subsidiaries, or the value of any collateral or any other assets of Borrower, Guarantors or any of their respective Subsidiaries.  Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender, and based upon such information and documents as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any other Lender, based upon such information and documents as it deems appropriate at the time, continue to make its own credit analysis and decisions in taking or not taking action under this Agreement and the other Loan Documents.  Agent’s Special Counsel has only represented Agent and KeyBank in connection with the Loan Documents and the only attorney client relationship or duty of care is between Agent’s Special Counsel and Agent or KeyBank.  Each Lender has been independently represented by separate counsel on all matters regarding the Loan Documents.
§14.5    Payments.  
(a)    A payment by Borrower or Guarantors to the Agent hereunder or under any of the other Loan Documents for the account of any Lender shall constitute a payment to such Lender.  The Agent agrees to distribute to each Lender not later than one Business Day after the Agent’s receipt of good funds, determined in accordance with the Agent’s customary practices, such Lender’s pro rata share of payments received by the Agent for the account of the Lenders except as otherwise expressly provided herein or in any of the other Loan Documents.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, each payment by Borrower hereunder shall be applied in accordance with §2.13(d).
(b)    If in the opinion of the Agent the distribution of any amount received by it in such capacity hereunder, under the Notes or under any of the other Loan Documents might involve it in liability, it may refrain from making such distribution until its right to make such distribution shall have been adjudicated by a court of competent jurisdiction.  If a court of competent jurisdiction shall adjudge that any amount received and distributed by the Agent is to be repaid, each Person to whom any such distribution shall have been made shall either repay to the Agent its proportionate share of the amount so adjudged to be repaid or shall pay over the same in such manner and to such Persons as shall be determined by such court.
§14.6    Holders of Notes.  Subject to the terms of §18, the Agent may deem and treat the payee of any Note as the absolute owner or purchaser thereof for all purposes hereof until it shall have been furnished in writing with a different name by such payee or by a subsequent holder, assignee or transferee.
§14.7    Indemnity.  The Lenders ratably agree hereby to indemnify and hold harmless the Agent from and against any and all claims, actions and suits (whether groundless or otherwise), losses, damages, costs, expenses (including any expenses for which the Agent has not been reimbursed by Borrower as required by §15), and liabilities of every nature and character arising out of or related to this Agreement, the Notes, or any of the other Loan Documents or the transactions 

130

contemplated or evidenced hereby or thereby, or the Agent’s actions taken hereunder or thereunder, except to the extent that any of the same shall be directly caused by the Agent’s willful misconduct or gross negligence as finally determined by a court of competent jurisdiction after the expiration of all applicable appeal periods.  The agreements in this §14.7 shall survive the payment of all amounts payable under the Loan Documents.
§14.8    Agent as Lender.  In its individual capacity, KeyBank shall have the same obligations and the same rights, powers and privileges in respect to its Commitment and the Loans made by it, and as the holder of any of the Notes as it would have were it not also the Agent.
§14.9    Resignation.  The Agent may resign at any time by giving thirty (30) calendar days’ prior written notice thereof to the Lenders and Borrower.  Any such resignation may at Agent’s option also constitute Agent’s resignation as Issuing Lender and Swing Loan Lender.  Upon any such resignation, the Majority Lenders, subject to the terms of §18.1, shall have the right to appoint as a successor Agent and, if applicable, Issuing Lender and Swing Loan Lender, any Lender or any U.S. bank (or U.S. branch of a foreign bank) whose senior debt obligations are rated not less than “A” or its equivalent by Moody’s or not less than “A” or its equivalent by S&P and which has a net worth of not less than $500,000,000.00.  Unless a Default or Event of Default shall have occurred and be continuing, such successor Agent and, if applicable, Issuing Lender and Swing Loan Lender, shall be reasonably acceptable to Borrower.  If no successor Agent shall have been appointed and shall have accepted such appointment within thirty (30) days after the retiring Agent’s giving of notice of resignation, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be any Lender or any U.S. bank (or U.S. branch of a foreign bank) whose senior debt obligations are rated not less than “A2” or its equivalent by Moody’s or not less than “A” or its equivalent by S&P and which has a net worth of not less than $500,000,000.00.  Upon the acceptance of any appointment as Agent and, if applicable, Issuing Lender and Swing Loan Lender, hereunder by a successor Agent and, if applicable, Issuing Lender and Swing Loan Lender, such successor Agent and, if applicable, Issuing Lender and Swing Loan Lender, shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent and, if applicable, Issuing Lender and Swing Loan Lender, and the retiring Agent and, if applicable, Issuing Lender and Swing Loan Lender, shall be discharged from its duties and obligations hereunder as Agent and, if applicable, Issuing Lender and Swing Loan Lender.  After any retiring Agent’s resignation, the provisions of this Agreement and the other Loan Documents shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent, Issuing Lender and Swing Loan Lender.  If the resigning Agent shall also resign as the Issuing Lender, such successor Agent shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or shall make other arrangements satisfactory to the current Issuing Lender, in either case, to assume effectively the obligations of the current Agent with respect to such Letters of Credit.  Upon any change in the Agent under this Agreement, the resigning Agent shall execute such assignments of and amendments to the Loan Documents as may be necessary to substitute the successor Agent for the resigning Agent.
§14.10    Duties in the Case of Enforcement.  In case one or more Events of Default have occurred and shall be continuing, and whether or not acceleration of the Obligations shall have occurred, the Agent may and, if (a) so requested by the Majority Lenders and (b) the Lenders have 

131

provided to the Agent such additional indemnities and assurances in accordance with their respective Commitment Percentages against expenses and liabilities as the Agent may reasonably request, shall proceed to exercise all or any legal and equitable and other rights or remedies as it may have; provided, however, that unless and until the Agent shall have received such directions, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem to be in the best interests of the Lenders.  Without limiting the generality of the foregoing, if Agent reasonably determines payment is in the best interest of all the Lenders, Agent may without the approval of the Lenders pay taxes and insurance premiums and spend money for maintenance, repairs or other expenses which may be necessary to be incurred, and Agent shall promptly thereafter notify the Lenders of such action.  Each Lender shall, within thirty (30) days of request therefor, pay to the Agent its Commitment Percentage of the reasonable costs incurred by the Agent in taking any such actions hereunder to the extent that such costs shall not be promptly reimbursed to the Agent by Borrower or Guarantors within such period.  The Majority Lenders may direct the Agent in writing as to the method and the extent of any such exercise, the Lenders hereby agreeing to indemnify and hold the Agent harmless in accordance with their respective Commitment Percentages from all liabilities incurred in respect of all actions taken or omitted in accordance with such directions, provided that the Agent need not comply with any such direction to the extent that the Agent reasonably believes the Agent’s compliance with such direction to be unlawful in any applicable jurisdiction or commercially unreasonable under the UCC or any similar law as enacted in any applicable jurisdiction.
§14.11    Bankruptcy.  In the event a bankruptcy or other insolvency proceeding is commenced by or against Borrower or any Guarantor with respect to the Obligations, the Agent shall have the sole and exclusive right to file and pursue a joint proof claim on behalf of all Lenders.  Any votes with respect to such claims or otherwise with respect to such proceedings shall be subject to the vote of the Majority Lenders or all of the Lenders as required by this Agreement.  Each Lender irrevocably waives its right to file or pursue a separate proof of claim in any such proceedings unless Agent fails to file such claim within thirty (30) days after receipt of written notice from the Lenders requesting that Agent file such proof of claim.
§14.12    Reliance by Agent.  The Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by an Authorized Officer.  The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Agent may presume that such condition is satisfactory to such Lender unless the Agent shall have received notice to the contrary from such Lender prior to the making of such Loan.  The Agent may consult with legal counsel (who may be counsel for Borrower or Guarantors), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
§14.13    Approvals.  

132

(a)    If consent is required for some action under this Agreement, or except as otherwise provided herein an approval of the Majority Lenders, Majority Revolving Credit Lenders, Majority Term Loan A Lenders or Majority Term Loan B Lenders is required or permitted under this Agreement, each Lender agrees to give the Agent, within ten (10) days of receipt of the written request for action together with all reasonably requested information related thereto requested by such Lender (or such lesser period of time required by the terms of the Loan Documents), notice in writing of  approval or disapproval (collectively “Directions”) in respect of any action requested or proposed in writing pursuant to the terms hereof.  To the extent that any Lender does not approve any recommendation of Agent, such Lender shall in such notice to Agent describe the actions that would be acceptable to such Lender.  If the Agent submits to the Lenders a written request for consent with respect to this Agreement and any Lender fails to provide Directions within ten (10) days after such Lender receives from the Agent such initial request for Directions together with all reasonably requested information related thereto, then Agent shall make a second request for approval, which approval shall include the following in all capital, bolded, block letters on the first page thereof:
“THE FOLLOWING REQUEST REQUIRES A RESPONSE WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT.  FAILURE TO DO SO WILL BE DEEMED AN APPROVAL OF THE REQUEST.”
If the Agent submits to such Lender a second written request to approve or disapprove such action, and a Lender fails to provide Directions within five (5) Business Days after the Lender receives from the Agent such second request, then any Lender’s failure to respond to a request for Directions within the required time period shall be deemed to constitute a Direction to take such requested action.
(b)    In the event that any recommendation is not approved by the requisite number of Lenders and a subsequent approval on the same subject matter is requested by Agent (a “Subsequent Approval Request”), then for the purposes of this paragraph each Lender shall be required to respond to a Subsequent Approval Request within five (5) Business Days of receipt of such request.
If the Agent submits to the Lenders a Subsequent Approval Request and any Lender fails to provide Directions within five (5) Business Days after such Lender receives from the Agent the Subsequent Approval Request, then Agent shall make a second request for approval, which approval shall include the following in all capital, bolded, block letters on the first page thereof:
“THE FOLLOWING REQUEST REQUIRES A RESPONSE WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT.  FAILURE TO DO SO WILL BE DEEMED AN APPROVAL OF THE REQUEST.”
If the Agent submits to such Lender a second written request to approve or disapprove the Subsequent Approval Request, and the Lender fails to approve or disapprove such Subsequent Approval Request within five (5) Business Days after the Lender receives from the Agent such second request, then any Lender’s failure to respond to a request for Directions within the required time period shall be deemed to constitute a Direction to take such requested action.

133

(c)    Each request by Agent for a Direction shall include Agent’s recommended course of action or determination.  Notices given by Agent pursuant to this §14.13 may be given through the use of Intralinks, Syndtrak or another electronic information dissemination system.  Agent and each Lender shall be entitled to assume that any officer of the other Lenders delivering any notice, consent, certificate or other writing is authorized to give such notice, consent, certificate or other writing unless Agent and such other Lenders have otherwise been notified in writing.  Notwithstanding anything in this §14.13 to the contrary, any matter requiring all Lenders’ or each affected Lender’s approval or consent shall not be deemed given by a Lender as a result of such Lender’s failure to respond to any approval or consent request within any applicable reply period.  Notwithstanding anything to the contrary set forth in this §14.13, the Agent, at the direction of the Majority Lenders, or the Majority Lenders, may at any time take any action that is permitted hereunder to be taken by the Majority Lenders.
§14.14    Borrower and Guarantors Not Beneficiary.  Except for the provisions of §14.9 relating to the appointment of a successor Agent, the provisions of this §14 are solely for the benefit of the Agent and the Lenders, may not be enforced by Borrower or Guarantors, and except for the provisions of §14.9, may be modified or waived without the approval or consent of Borrower or Guarantors.
§15.    EXPENSES.  
Borrower agrees to pay, without duplication, (a) the reasonable and documented out-of-pocket costs of Agent of producing and reproducing this Agreement, the other Loan Documents and the other agreements and instruments mentioned herein, (b) any Indemnified Taxes (including any interest and penalties in respect thereto) payable by the Agent or any of the Lenders, including any taxes payable on or with respect to the transactions contemplated by this Agreement, including any such taxes payable by the Agent or any of the Lenders after the Closing Date (Borrower hereby agreeing to indemnify the Agent and each Lender with respect thereto), (c) all title searches, environmental reviews and the reasonable and documented out‐of‐pocket fees, expenses and disbursements of the single counsel to the Agent and any local counsel to the Agent incurred in connection with the preparation, administration, or interpretation of the Loan Documents and other instruments mentioned herein, and amendments, modifications, approvals, consents or waivers hereto or hereunder, (d) the out-of-pocket fees, costs, expenses and disbursements of Agent incurred in connection with the syndication of the Loans, (e) all other reasonable and documented out-of-pocket fees, expenses and disbursements of the Agent incurred by the Agent in connection with the preparation or interpretation of the Loan Documents and other instruments mentioned herein, the making of each advance hereunder, and the issuance of Letters of Credit, and the syndication of the Commitments pursuant to §18 (without duplication of those items addressed in subparagraph (d), above), (f) all out-of-pocket expenses (including reasonable and documented out-of-pocket fees and costs of appraisers, attorneys, engineers, investment bankers or other experts retained by any Lender or the Agent) incurred by any Lender or the Agent in connection with (i) the enforcement of or preservation of rights under any of the Loan Documents against Borrower or Guarantors or the administration thereof while a Default or Event of Default exists and (ii) any litigation, proceeding or dispute whether arising hereunder or otherwise, in any way related to the Agent’s or any of the Lenders’ relationship with Borrower or Guarantors with respect to the Loan Documents 

134

(provided that any attorneys’ fees and costs pursuant to this §15 shall be limited to those incurred by one primary counsel to the Agent and an additional single local counsel in each applicable local jurisdiction for all Lenders taken as a whole and, to the extent reasonably necessary in the case of an actual or perceived conflict of interest, one additional counsel), (g) all reasonable and documented out-of-pocket fees, expenses and disbursements of the Agent incurred in connection with UCC or similar searches or title searches, (h) all reasonable and documented out-of-pocket fees, expenses and disbursements (including reasonable and documented out-of-pocket attorneys’ fees and costs, subject to the proviso above) which may be incurred by KeyBank in connection with the execution and delivery of this Agreement and the other Loan Documents, and (i) all reasonable and documented out-of-pocket expenses relating to the use of Intralinks, SyndTrak or any other similar system for the dissemination and sharing of documents and information in connection with the Loans; provided, however, that Borrower shall not be obligated to reimburse any Person in connection with any litigation, proceeding or dispute (A) in the case of any action brought by Borrower against such Person as a result of a material breach by such Person as determined by a court of competent jurisdiction by final and nonappealable judgment in which Borrower is the prevailing party or (B) to the extent of any claim of liability arising out of (x) the willful misconduct or gross negligence of such Person as determined by a court of competent jurisdiction by final and nonappealable judgment, or (y) disputes solely between and among Persons other than the Borrower and the Guarantors other than (1) disputes involving the Agent or Arrangers in their respective capacities as such and (2) disputes to the extent arising from an act or omission of the Borrower or any Guarantor.  The covenants of this §15 shall survive the repayment of the Loans and the termination of the obligations of the Lenders hereunder.
§16.    INDEMNIFICATION.
Borrower agrees to indemnify and hold harmless the Agent, the Lenders, the Arrangers and each of their respective Affiliates and each director, officer, partner, employee and agent of each of the foregoing (the “Indemnified Parties”) against any and all claims, actions and suits, whether groundless or otherwise, and from and against any and all liabilities, losses, damages and expenses of every nature and character arising out of or relating to this Agreement or any of the other Loan Documents or the transactions contemplated hereby and thereby including, without limitation, (a) any and all claims for brokerage, leasing, finders or similar fees which may be made relating to the Unencumbered Properties or the Loans, (b) any condition of the Unencumbered Properties or any other Real Estate, (c) any actual or proposed use by Borrower of the proceeds of any of the Loans or Letters of Credit, (d) any actual or alleged infringement of any patent, copyright, trademark, service mark or similar right of Borrower, the Guarantors or any of their respective Subsidiaries, (e) Borrower and Guarantors entering into or performing this Agreement or any of the other Loan Documents, (f) any actual or alleged violation of any law, ordinance, code, order, rule, regulation, approval, consent, permit or license relating to the Unencumbered Properties or any other Real Estate, (g) with respect to Borrower and their respective Subsidiaries and their respective properties and assets, the violation of any Environmental Law, the Release or threatened Release of any Hazardous Substances or any action, suit, proceeding or investigation brought or threatened with respect to any Hazardous Substances (including, but not limited to, claims with respect to wrongful death, personal injury, nuisance or damage to property), and (h) any use of Intralinks, SyndTrak or any other system for the dissemination and sharing of documents and information, in each case 

135

including, without limitation, the reasonable and documented out‐of‐pocket fees and disbursements of counsel incurred in connection with any such investigation, litigation or other proceeding; provided, however, that (i) the Borrower shall only be required to indemnify the Indemnified Parties for the reasonable, documented legal fees and reasonable, documented out-of-pocket expenses (provided that the Indemnified Parties shall not be required to disclose any privileged or confidential information) of one primary counsel to the Indemnified Parties, taken as a whole, and an additional single local counsel in each applicable local jurisdiction for all such parties (and, to the extent reasonably necessary in the case of an actual or perceived conflict of interest, one additional counsel) and (ii) the Borrower shall not be obligated to indemnify an Indemnified Party under this §16 (A) in the case of any action brought by Borrower against such Indemnified Party as a result of a material breach by such Indemnified Party as determined by a court of competent jurisdiction by final and nonappealable judgment in which Borrower is the prevailing party or (B) to the extent of any claim of liability arising out of (x) the willful misconduct or gross negligence of such Indemnified Party as determined by a court of competent jurisdiction by final and nonappealable judgment, or (y) disputes solely between and among the Indemnified Parties and/or their affiliates other than (1) disputes involving the Agent or Arrangers in their respective capacities as such and (2) disputes to the extent arising from an act or omission of the Borrower or any Guarantor.  If, and to the extent that the obligations of Borrower under this §16 are unenforceable for any reason, Borrower hereby agrees to make the maximum contribution to the payment in satisfaction of such obligations which is permissible under applicable law.  The provisions of this §16 shall survive the repayment of the Loans and the termination of the obligations of the Lenders hereunder.
§17.    SURVIVAL OF COVENANTS, ETC.  
All covenants, agreements, representations and warranties made herein, in the Notes, in any of the other Loan Documents or in any documents or other papers delivered by or on behalf of Borrower, Guarantors or any of their respective Subsidiaries pursuant hereto or thereto shall be deemed to have been relied upon by the Lenders and the Agent, notwithstanding any investigation heretofore or hereafter made by any of them, and shall survive the making by the Lenders of any of the Loans, as herein contemplated, and shall continue in full force and effect so long as any amount due under this Agreement or the Notes or any of the other Loan Documents remains outstanding or any Letters of Credit remain outstanding or any Lender has any obligation to make any Loans or issue any Letters of Credit.  The indemnification obligations of Borrower provided herein and in the other Loan Documents and the Borrower’s obligations under §§ 4.9, 4.10 and 4.11 shall survive the full repayment of amounts due and the termination of the obligations of the Lenders hereunder and thereunder to the extent provided herein and therein.  All statements contained in any certificate delivered to any Lender or the Agent at any time by or on behalf of Borrower, the Guarantors or any of their respective Subsidiaries pursuant hereto or in connection with the transactions contemplated hereby shall constitute representations and warranties by such Person hereunder.
§18.    ASSIGNMENT AND PARTICIPATION.
§18.1    Conditions to Assignment by Lenders.  Except as provided herein, each Lender may assign to one or more banks or other entities (but not to any natural person) all or a portion of its 

136

interests, rights and obligations under this Agreement (including all or a portion of its Commitment Percentage and Commitment and the same portion of the Loans at the time owing to it and the Notes held by it); provided that (a) the Agent, the Issuing Lender (as to any assignment of a Revolving Credit Commitment or Revolving Credit Loan) and, so long as no Default or Event of Default exists hereunder, Borrower shall have each given its prior written consent to such assignment, which consent shall not be unreasonably withheld or delayed, and if the Borrower does not respond to any such request for consent within ten (10) Business Days, the Borrower shall be deemed to have consented (provided that (i) if Borrower reasonably requests additional information regarding the proposed assignee, the foregoing time period will be automatically extended until three (3) Business Days after Borrower receives information regarding the proposed assignee responsive to Borrower’s request and (ii) such consent shall not be required for any assignment to, in respect of a Revolving Credit Lender, another Revolving Credit Lender or Term Loan Lender, a Related Revolving Fund, an Affiliate of a Revolving Credit Lender or Term Loan Lender which controls, is controlled by or is under common control with the assigning Lender or to a wholly owned Subsidiary of such Lender, and in respect of a Term Loan Lender, another Term Loan Lender or Revolving Credit Lender, a Related Term Fund or Related Revolver Fund, an Affiliate of a Term Loan Lender or Revolving Credit Lender which controls, is controlled by or is under common control with the assigning Lender or to a wholly owned Subsidiary of such Lender), (b) each such assignment shall be of a constant, and not a varying, percentage of all the assigning Lender’s rights and obligations under this Agreement with respect to its Commitment, (c) the parties to such assignment shall execute and deliver to the Agent, for recording in the Register (as hereinafter defined) an Assignment and Acceptance Agreement in the form of Exhibit J annexed hereto, together with any Notes subject to such assignment, (d) in no event shall any assignment be to any Person controlling, controlled by or under common control with, or which is not otherwise free from influence or control by, Borrower, REIT or any other Guarantor, or to a Defaulting Lender or an Affiliate of a Defaulting Lender, (e) such assignee of a portion of the Revolving Credit Loans shall have a net worth or unfunded commitment as of the date of such assignment of not less than $100,000,000.00 (unless otherwise approved by Agent and, so long as no Default or Event of Default exists hereunder, Borrower), (f) such assignee shall acquire an interest in the applicable Loans of not less than $5,000,000.00 and integral multiples of $1,000,000.00 in excess thereof (or if less, the remaining Loans of the assignor), unless waived by the Agent, and so long as no Default or Event of Default exists hereunder, Borrower, and (g) if such assignment is less than the assigning Lender’s Revolving Credit Commitment, Term Loan A Commitment or Term Loan B Commitment, the assigning Lender shall retain an interest in the applicable Loans of not less than $5,000,000.00.  In connection with such assignment of the Revolving Credit Commitment, the assignor may assign all or any portion of its Bid Loan Note and the Bid Loans at the time owing to it to the same such assignee, which, if so assigned, shall be assigned in such proportion as the assignor and assignee agree, but in no event shall the assignee acquire an interest in the Bid Loans of the assignor of less than $5,000,000.00; provided, however, that in the event such assignor assigns all of its Revolving Credit Commitment, such assignor shall assign all of its Bid Loan Note and Bid Loans, if any, in connection therewith to the same such assignee.  Upon execution, delivery, acceptance and recording of such Assignment and Acceptance Agreement, (i) the assignee thereunder shall be a party hereto and all other Loan Documents executed by the Lenders and, to the extent provided in such Assignment and Acceptance Agreement, have the rights and obligations of a Lender hereunder, (ii) the assigning Lender shall, upon payment to the Agent of the registration fee referred to in §18.2, be released from its obligations 

137

under this Agreement arising after the effective date of such assignment with respect to the assigned portion of its interests, rights and obligations under this Agreement, and (iii) the Agent may unilaterally amend Schedule 1.1 to reflect such assignment.  In connection with each assignment, the assignee shall represent and warrant to the Agent, the assignor and each other Lender as to whether such assignee is controlling, controlled by, under common control with or is not otherwise free from influence or control by, Borrower, REIT or any Guarantor and whether such assignee is a Defaulting Lender or an Affiliate of a Defaulting Lender.  In connection with any assignment of rights and obligations of any Defaulting Lender, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or actions, including funding, with the consent of Borrower and Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Loans in accordance with its Commitment Percentage.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.
§18.2    Register.  The Agent, acting solely for this purpose as a non-fiduciary agent on behalf of Borrower, shall maintain a copy of each assignment delivered to it and a register or similar list (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment Percentages of and principal amount of the Loans owing to the Lenders from time to time.  The entries in the Register shall be conclusive, in the absence of manifest error, and Borrower, Guarantors, Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by Borrower and Lenders at any reasonable time and from time to time upon reasonable prior notice.  Upon each such recordation, the assigning Lender agrees to pay to the Agent a registration fee in the sum of $5,000.00.
§18.3    New Notes.  Upon its receipt of an Assignment and Acceptance Agreement executed by the parties to such assignment, together with each Note subject to such assignment, the Agent shall record the information contained therein in the Register.  Within five (5) Business Days after receipt of notice of such assignment from Agent, Borrower, at its own expense, shall execute and deliver to the Agent, in exchange for each surrendered Note, a new Note to such assignee in an amount equal to the amount assigned to such assignee pursuant to such Assignment and Acceptance Agreement and, if the assigning Lender has retained some portion of its obligations hereunder, a new Note to the assigning Lender in an amount equal to the amount retained by it hereunder.  Such new Notes shall provide that they are replacements for the surrendered Notes, shall be in an aggregate principal amount equal to the aggregate principal amount of the surrendered Notes, shall be dated the effective date of such Assignment and Acceptance Agreement and shall otherwise be in 

138

substantially the form of the assigned Notes.  The surrendered Notes shall be canceled and returned to Borrower.
§18.4    Participations.  Each Lender may sell participations to one or more Lenders or other entities (but not to any natural person) in all or a portion of such Lender’s rights and obligations under this Agreement and the other Loan Documents; provided that (a) any such sale or participation shall not affect the rights and duties of the selling Lender hereunder, (b) such participation shall not entitle such participant to any rights or privileges under this Agreement or any Loan Documents, including without limitation, rights granted to the Lenders under §4.8, §4.9 and §4.10, (c) such participation shall not entitle the participant to the right to approve waivers, amendments or modifications, (d) such participant shall have no direct rights against Borrower, (e) such sale is effected in accordance with all applicable laws, and (f) such participant shall not be a Person controlling, controlled by or under common control with, or which is not otherwise free from influence or control by Borrower, REIT or any other Guarantor and shall not be a Defaulting Lender or an Affiliate of a Defaulting Lender; provided, however, such Lender may agree with the participant that it will not, without the consent of the participant, agree to (i) increase, or extend the term or extend the time or waive any requirement for the reduction or termination of, such Lender’s Commitment (except for any extension contemplated under §2.12 or any Extension, and any waiver of any Default or Event of Default and the forbearance with respect to such Default or Event of Default shall not be considered an increase or extension of the Commitment of any Lender), (ii) extend the date fixed for the payment of principal of or interest on the Loans or portions thereof owing to such Lender (other than pursuant to an extension of the Revolving Credit Maturity Date pursuant to §2.12 or any Extension), (iii) reduce the amount of any such payment of principal, (iv) reduce the rate at which interest is payable thereon or (v) release Borrower or any Guarantor (except as otherwise permitted under this Agreement).  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Documents) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.
§18.5    Pledge by Lender.  Any Lender may at any time pledge all or any portion of its interest and rights under this Agreement (including all or any portion of its Note) to any of the twelve Federal Reserve Banks organized under §4 of the Federal Reserve Act, 12 U.S.C. §341, any other central bank having jurisdiction over such Lender or to such other Person as the Agent may approve to secure obligations of such Lenders.  No such pledge or the enforcement thereof shall release the pledgor Lender from its obligations hereunder or under any of the other Loan Documents.

139

§18.6    No Assignment by Borrower.  Borrower shall not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each of the Lenders.
§18.7    Disclosure.  Each of Agent and the Lenders agrees to maintain the confidentiality of the Information, except that the Information may be disclosed by Agent or a Lender:
(a)    to its Affiliates directors, officers, partners, members, trustees, employees, agents, administrators, managers, representatives, advisors and controlling persons, including, but not limited to, its accountants, appraisers, legal counsel, professional advisors and other agents and advisors (collectively the “Related Parties”) who shall be informed of the confidential nature of such Information and instructed to keep such Information confidential;
(b)    to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners); provided that, to the extent commercially feasible and not prohibited by applicable law or court order, the Agent or applicable Lender, shall notify Borrower of any request by any regulatory authority (other than any such request in connection with an examination of Agent or a Lender) for disclosure of any such non-public Information prior to disclosure of such Information; 
(c)    to the extent required by applicable law or by any subpoena or similar legal process;
(d)    to any other party to the Loan Documents;
(e)    in connection with the exercise of any remedies under the Loan Documents or any suit, action or proceeding relating to the Loan Documents or the enforcement of rights hereunder or thereunder to the extent such disclosure is reasonably necessary in connection with such suit, action or proceeding (provided that Borrower shall be given notice thereof and a reasonable opportunity to seek a protective court order with respect to such Information prior to such disclosure (it being understood that the refusal by a court to grant such a protective order shall not prevent the disclosure of such Information thereafter)); 
(f)    subject to an agreement containing confidentiality undertakings substantially similar to those of this Section 18.7, to (i) any Lender, assignee, of or participant in, or any prospective Lender, assignee of or participant in, the Loans or any interest therein, and their Related Parties in connection with a potential or actual assignment or transfer by such Lender of any Loans or any participations therein (Borrower hereby agrees to promptly cooperate with any reasonable requests by any Lender in connection with any proposed assignment, transfer or participation of all or any portion of such Lender’s Commitment) or (ii) any actual or prospective counterparty (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the REIT, Borrower or any other Subsidiary and its obligations, the Loan Documents or payments hereunder or thereunder;

140

(g)    on a confidential basis to (i) any rating agency in connection with rating the REIT, its Subsidiaries or the Loans or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loans;
(h)    with the consent of Borrower; or 
(i)    to the extent such Information (A) becomes publicly available other than as a result of a breach of this §18.7 or (B) becomes available to any Lender, Related Parties or Affiliates of any of the foregoing on a non-confidential basis from a source other than REIT, Borrower or any of their respective Subsidiaries that, to the actual knowledge of such Lender, Related Parties or Affiliate, without duty of inquiry, is not subject to contractual or fiduciary confidentiality obligations.  
Any Person required to maintain the confidentiality of Information as provided in §18.7 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
§18.8    Amendments to Loan Documents.  Upon any such assignment or participation, Borrower shall (and shall cause Guarantors to), upon the request of the Agent, enter into such documents as may be reasonably required by the Agent to modify the Loan Documents to reflect such assignment or participation.
§18.9    Titled Agents.  The Titled Agents shall not have any additional rights or obligations under the Loan Documents, except for those rights, if any, as a Lender.
§18.10    Mandatory Assignment.  In the event Borrower requests that certain amendments, modifications or waivers be made to this Agreement or any of the other Loan Documents which request is approved by Agent but is not approved by one or more of the Lenders (any such non-consenting Lender shall hereafter be referred to as the “Non-Consenting Lender”), then, within thirty (30) days after Borrower’s receipt of notice of such disapproval by such Non-Consenting Lender, Borrower shall have the right as to such Non-Consenting Lender, to be exercised by delivery of written notice delivered to the Agent and the Non-Consenting Lender within thirty (30) days of receipt of such notice, to elect to cause the Non-Consenting Lender to transfer its entire Commitment.  The Agent shall promptly (but in any event, no later than three (3) Business Days after receipt of such notice from Borrower) notify the remaining Lenders (each such notice, the “Lender Offer Notice”) that each of such Lenders shall have the right, but not the obligation, to acquire a portion of the Commitment, pro rata based upon their relevant Commitment Percentages, of the Non-Consenting Lender (or if any of such Lenders does not elect to purchase its pro rata share, then to such remaining Lenders in such proportion as approved by the Agent).  In the event that the Lenders do not elect to acquire all of the Non-Consenting Lender’s Commitment within ten (10) Business Days of receipt of the Lender Offer Notice, then Borrower may endeavor to find a new Lender or Lenders to acquire such remaining Commitment, such Lender or Lenders to be subject to the approval of Agent and Issuing Lender, such approval not to be unreasonably withheld.  Upon any such purchase of the Commitment of the Non-Consenting Lender, the Non-Consenting Lender’s interests in the Obligations and its rights hereunder and under the Loan Documents shall terminate at the date of purchase, and the Non‐Consenting Lender shall promptly execute and deliver any 

141

and all documents reasonably requested by Agent to surrender and transfer such interest, including, without limitation, an Assignment and Acceptance Agreement and such Non-Consenting Lender’s original Note.  Notwithstanding anything in this §18.10 to the contrary, any Lender or other Lender assignee acquiring some or all of the assigned Commitment of the Non-Consenting Lender must consent to the proposed amendment, modification or waiver.  The purchase price to be paid by the acquiring Lenders for the Non-Consenting Lender’s Commitment shall equal the principal owed to such Non-Consenting Lender, and Borrower shall pay to such Non-Consenting Lender in addition thereto and as a condition to such sale any and all other amounts outstanding and owed by Borrower to the Non-Consenting Lender hereunder or under any of the other Loan Documents, including all accrued and unpaid interest or fees which would be owed to such Non-Consenting Lender hereunder or under any of the other Loan Documents if the Loans were to be repaid in full on the date of such purchase of the Non-Consenting Lender’s Commitment.  No registration fee under §18.2 shall be required in connection with such assignment.
§19.    NOTICES.  
Each notice, demand, election or request provided for or permitted to be given pursuant to this Agreement (hereinafter in this §19 referred to as “Notice”), but specifically excluding to the maximum extent permitted by law any notices of the institution or commencement of foreclosure proceedings, must be in writing and shall be deemed to have been properly given or served by personal delivery or by sending same by overnight courier or by depositing same in the United States Mail, postpaid and registered or certified, return receipt requested, or as expressly permitted herein, by telegraph, telecopy, telefax or telex, and addressed as follows:
If to the Agent or KeyBank:
KeyBank National Association 
4910 Tiedeman Road, 3rd Floor 
Brooklyn, Ohio  44144 
Attn:  Real Estate Capital Services
With a copy to:
KeyBank National Association 
127 Public Square, 8th Floor 
Cleveland, Ohio  44114 
Attn:  Mr. Jason Weaver  
Telecopy No.:  (216) 689-5819

142

and
Dentons US LLP 
303 Peachtree Street, N.E. 
Suite 5300 
Atlanta, Georgia  30308 
Attn:  Mr. William F. Timmons, Esq. 
Telecopy No.:  (404) 527-4198
If to Borrower:
CyrusOne LP   
1649 West Frankford Road 
Carrollton, Texas  75007 
Attn:  Chief Financial Officer 
Telecopy No.:   (972) 820-8633
With a copy to:
Sullivan & Cromwell LLP 
125 Broad Street 
New York, New York  10004-2498  
Attn:  Ari B. Blaut, Esq. 
Telecopy No.:  (212) 558-1656
to any other Lender which is a party hereto, at the address for such Lender set forth on its signature page hereto, and to any Lender which may hereafter become a party to this Agreement, at such address as may be designated by such Lender.  Each Notice shall be effective upon being personally delivered or upon being sent by overnight courier or upon being deposited in the United States Mail as aforesaid, or if transmitted by telegraph, telecopy, telefax or telex is permitted, upon being sent and confirmation of receipt.  The time period in which a response to such Notice must be given or any action taken with respect thereto (if any), however, shall commence to run from the date of receipt if personally delivered or sent by overnight courier, or if so deposited in the United States Mail, the earlier of three (3) Business Days following such deposit or the date of receipt as disclosed on the return receipt.  Rejection or other refusal to accept or the inability to deliver because of changed address for which no notice was given shall be deemed to be receipt of the Notice sent.  By giving at least five (5) days prior Notice thereof, Borrower, a Lender or Agent shall have the right from time to time and at any time during the term of this Agreement to change their respective addresses and each shall have the right to specify as its address any other address within the United States of America.
Loan Documents and notices under the Loan Documents may, with Agent’s approval, be transmitted and/or signed by facsimile and by signatures delivered in “PDF” format by electronic mail.  The effectiveness of any such documents and signatures shall, subject to applicable law, have the same force and effect as an original copy with manual signatures and shall be binding on the Borrower, the Guarantors, Agent and Lenders.  Agent may also require that any such documents and signature 

143

delivered by facsimile or “PDF” format by electronic mail be confirmed by a manually-signed original thereof; provided, however, that the failure to request or deliver any such manually-signed original shall not affect the effectiveness of any facsimile or “PDF” document or signature.  Agent, any Lender or Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.
§20.    RELATIONSHIP.
Neither the Agent nor any Lender has any fiduciary relationship with or fiduciary duty to Borrower, Guarantors or their respective Subsidiaries arising out of or in connection with this Agreement or the other Loan Documents or the transactions contemplated hereunder and thereunder, and the relationship between each Lender and Agent, and Borrower is solely that of a lender and borrower, and nothing contained herein or in any of the other Loan Documents shall in any manner be construed as making the parties hereto partners, joint venturers or any other relationship other than lender and borrower.
§21.    GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE.
THIS AGREEMENT AND EACH OF THE OTHER LOAN DOCUMENTS SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5‐1401, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.  BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN ANY COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK (INCLUDING ANY FEDERAL COURT SITTING THEREIN).  BORROWER FURTHER ACCEPTS, GENERALLY AND UNCONDITIONALLY, THE NON‐EXCLUSIVE JURISDICTION OF SUCH COURTS AND ANY RELATED APPELLATE COURT AND IRREVOCABLY (i) AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY WITH RESPECT TO THIS AGREEMENT AND ANY OF THE OTHER LOAN DOCUMENTS AND (ii) WAIVES ANY OBJECTION ANY OF THEM MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH A COURT IS AN INCONVENIENT FORUM.  BORROWER FURTHER AGREES THAT SERVICE OF PROCESS IN ANY SUCH SUIT MAY BE MADE UPON BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN §19 HEREOF.  IN ADDITION TO THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN, THE AGENT OR ANY LENDER MAY BRING ACTION(S) FOR ENFORCEMENT ON A NONEXCLUSIVE BASIS WHERE ANY ASSETS OF BORROWER OR GUARANTORS EXIST AND BORROWER CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURTS AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN SECTION 19 HEREOF.
§22.    HEADINGS.
The captions in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof.

144

§23.    COUNTERPARTS.
This Agreement and any amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, and all of which together shall constitute one instrument.  In proving this Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought.
§24.    ENTIRE AGREEMENT, ETC.
This Agreement and the Loan Documents is intended by the parties as the final, complete and exclusive statement of the transactions evidenced by this Agreement and the Loan Documents.  All prior or contemporaneous promises, agreements and understandings, whether oral or written, are deemed to be superseded by this Agreement and the Loan Documents, and no party is relying on any promise, agreement or understanding not set forth in this Agreement and the Loan Documents.  Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated, except as provided in §27.
§25.    WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS.
EACH OF BORROWER, AGENT AND LENDERS HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY NOTE OR ANY OF THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS.  BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, PUNITIVE OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES.  BORROWER (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY LENDER OR THE AGENT HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH LENDER OR THE AGENT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B) ACKNOWLEDGES THAT THE AGENT AND THE LENDERS HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH THEY ARE PARTIES BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED IN THIS §25.  BORROWER ACKNOWLEDGES THAT IT HAS HAD AN OPPORTUNITY TO REVIEW THIS §25 WITH LEGAL COUNSEL AND THAT BORROWER AGREES TO THE FOREGOING AS ITS FREE, KNOWING AND VOLUNTARY ACT.
§26.    DEALINGS WITH BORROWER.
The Agent, the Lenders and their affiliates may accept deposits from, extend credit to, invest in, act as trustee under indentures of, serve as financial advisor of, and generally engage in any kind of banking, trust or other business with Borrower, Guarantors and their respective Subsidiaries or 

145

any of their Affiliates regardless of the capacity of Agent or the Lender hereunder.  The Lenders acknowledge that, pursuant to such activities, KeyBank or its Affiliates may receive information regarding such Persons (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Agent shall be under no obligation to provide such information to them.  Borrower acknowledges, on behalf of itself and its Affiliates, that the Agent and each of the Lenders and their respective Affiliates may be providing debt financing, equity capital or other services (including financial advisory services) in which Borrower and its Affiliates may have conflicting interests regarding the transactions described herein and otherwise.  Neither the Agent nor any Lender will use confidential information obtained from Borrower by virtue of the transactions contemplated hereby or its other relationships with Borrower and its Affiliates in connection with the performance by the Agent or such Lender or their respective Affiliates of services for other companies, and neither the Agent nor any Lender nor their Affiliates will furnish any such information to other companies.  Borrower, on behalf of itself and its Affiliates, also acknowledges that neither the Agent nor any Lender has any obligation to use in connection with the transactions contemplated hereby, or to furnish to Borrower, confidential information obtained from other companies.  Borrower, on behalf of itself and its Affiliates, further acknowledges that one or more of the Agent and Lenders and their respective Affiliates may be a full service securities firm and may from time to time effect transactions, for its own or its Affiliates’ account or the account of customers, and hold positions in loans, securities or options on loans or securities of Borrower and its Affiliates.
§27.    CONSENTS, AMENDMENTS, WAIVERS, ETC.  
(a)    Except as otherwise expressly provided in this Agreement, any consent or approval required or permitted by this Agreement may be given, and any term of this Agreement or of any other instrument related hereto or mentioned herein may be amended, and the performance or observance by Borrower or Guarantors of any terms of this Agreement or such other instrument or the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Majority Lenders.  Notwithstanding the foregoing, none of the following may occur without the written consent of:  (i) in the case of a reduction in the rate of interest on the Notes (other than a reduction or waiver of default interest), the consent of each Lender holding a Note affected by such interest rate reduction; (ii) in the case of an increase in the Revolving Credit Commitment, Term Loan A Commitment, Term Loan B Commitment or the amount of the Commitments of the Lenders (in each case, except as provided in §2.11 and §18.1), the consent of each Lender whose Commitment is increased; (iii) in the case of a forgiveness, reduction or waiver of the principal of any unpaid Loan or any interest thereon or fee payable under the Loan Documents, the consent of each Lender that would have otherwise received such principal, interest or fee; (iv) in the case of a change in the amount of any fee payable to a Lender hereunder, the consent of each Lender to which such fee would otherwise be owed; (v) in the case of the postponement of any date fixed for any payment of principal of or interest on the Loan, the consent of each Lender that would otherwise have received such principal or interest at an earlier date; (vi) in the case of an extension of the Revolving Credit Maturity Date, the Term Loan A Maturity Date or the Term Loan B Maturity Date (except as provided in §2.12 or pursuant to an Extension), each Lender whose Commitment is thereby extended; (vii) in the case of a change in the manner of distribution of any payments to the 

146

Lenders or the Agent, the consent of each Lender directly affected hereby; (viii) in the case of the release of Borrower or any material portion of the Guarantors except as otherwise provided in this Agreement, each Lender directly affected thereby; (ix) in the case of an amendment of the definition of Majority Lenders, each Lender directly affected thereby, in the case of an amendment of the definition of Majority Revolving Credit Lenders, each Revolving Credit Lender, in the case of an amendment of the definition of Majority Term Loan A Lenders, each Term Loan A Lender, and, in the case of an amendment to the definition of Majority Term Loan B Lenders, each Term Loan B Lender; (x) in the case of any modification to require a Lender to fund a pro rata share of a Loan to Borrower other than based on such Lender’s Commitment Percentage, the consent of each such Lender thereby required to fund a pro rata share other than based on its Commitment Percentage; (xi) in the case of an amendment to this §27, each Lender directly affected thereby; (xii) in the case of an amendment of any provision of this Agreement or the Loan Documents which requires the approval of all of the Lenders or the Majority Lenders, to require a lesser number of Lenders to approve such action, each Lender directly affected thereby, in the case of an amendment of any provision of any Loan Document that requires the approval of the Majority Revolving Credit Lenders to require a lesser number of Lenders to approve such action, each Revolving Credit Lender or, in the case of an amendment to any provision of the Loan Documents that requires the approval of the Majority Term Loan A Lenders or Majority Term Loan B Lenders, as applicable, to require a lesser number of Lenders to approve such action, each Term Loan A Lender or Term Loan B Lender, respectively; or (xiii) in the case of the issuance or an extension of a Letter of Credit beyond the Revolving Credit Maturity Date, the consent of each Revolving Credit Lender.  The provisions of §14 may not be amended without the written consent of the Agent (and, with respect to §14.9, Borrower).  There shall be no amendment, modification or waiver of any provision in the Loan Documents with respect to Swing Loans without the consent of the Swing Loan Lender or Bid Loans without the consent of the Bid Loan Lenders, nor any amendment, modification or waiver of any provision in the Loan Documents with respect to Letters of Credit without the consent of the Issuing Lender.  Any fee letter may be amended, or rights or privileges thereunder waived, in a writing executed by the parties thereto.  There shall be no amendment, modification or waiver of any provision in the Loan Documents which result in a modification of the conditions to funding with respect to the Revolving Credit Commitment, the Term Loan A Commitment or the Term Loan B Commitment without the written consent of the Majority Revolving Credit Lenders, the Majority Term Loan A Lenders or the Majority Term Loan B Lenders, respectively, nor any amendment, modification or waiver that disproportionately affects the Revolving Credit Lenders, the Term Loan A Lenders or the Term Loan B Lenders without the approval of the Majority Revolving Credit Lenders, the Majority Term Loan A Lenders or Majority Term Loan B Lenders, respectively.  No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent on any matter not expressly waived.  No course of dealing or delay or omission on the part of the Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto.  No notice to or demand upon any of Borrower or Guarantors shall entitle Borrower or Guarantors to other or further notice or demand in similar or other circumstances.  Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders, except that (x) the Commitment of any Defaulting Lender may not be increased or, except as provided in §2.12, 

147

extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender).  Notwithstanding anything to the contrary in this Agreement, including this §27, this Agreement may be amended by Borrower and Agent to provide for any Commitment Increase in the manner contemplated by §2.11 and the extension of the Revolving Credit Maturity Date as provided in §2.12 and an Extension as provided in this §27, in each case, without any additional consents.
(b)    Further notwithstanding anything to the contrary in this §27, if the Agent and the Borrower have jointly identified an ambiguity, omission, mistake or defect in any provision of this Agreement or the other Loan Documents or an inconsistency between provisions of this Agreement and/or the other Loan Documents, the Agent and the Borrower shall be permitted to amend such provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do so would not adversely affect the interest of the Lenders.  Any such amendment shall become effective without any further or consent of any of other party to this Agreement.
(c)    (i) The Borrower may, by written notice to the Agent from time to time, request an extension (each, an “Extension”) of the maturity date of any Class of Loans and Commitments to the extended maturity date specified in such notice.  Such notice shall (A) set forth the amount of the applicable Revolving Credit Commitments, Term Loans A and/or Term Loans B that will be subject to the Extension (which shall be in a minimum amount reasonably acceptable to the Agent and the Borrower), (B) set forth the date on which such Extension is requested to become effective (which shall be not less than ten (10) Business Days nor more than sixty (60) days after the date of such Extension notice (or such longer or shorter periods as the Agent shall agree in its sole discretion)) and (C) identify the relevant Class of Revolving Credit Commitments, Term Loans A and/or Term Loans B to which such Extension relates.  Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Agent and the Borrower.  If the aggregate principal amount of Revolving Credit Commitments, Term Loans A or Term Loans B in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments, Term Loans A or Term Loans B, as applicable, subject to the Extension Offer as set forth in the Extension notice, then the Revolving Credit Commitments, Term Loans A or Term Loans B, as applicable, of Lenders of the applicable Class shall be extended ratably up to such maximum amount based on the respective principal amounts with respect to which such Lenders have accepted such Extension Offer.
(ii)    The following shall be conditions precedent to the effectiveness of any Extension: (A) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (B) each of the representations and warranties made by or on behalf of the Borrower, Guarantors or any of their respective Subsidiaries contained in this Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in connection with this Agreement shall be true in all material respects both as of the 

148

date as of which they were made and shall also be true in all material respects as of the effective date of such Extension, with the same effect as if made at and as of that time, except to the extent of changes resulting from transactions permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date), (C) the Issuing Lender and the Swing Loan Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such Extension provides for the issuance or extension of Letters of Credit or making of Swing Loans at any time during the extended period, (D) the terms of such Extended Revolving Credit Commitments, Extended Term Loans A and Extended Term Loans B shall comply with §27(c)(iii) and (E) the Revolving Credit Commitments, Term Loan A Commitments and Term Loan B Commitments of any nonparticipating Revolving Credit Lender, Term Loan A Lender and Term Loan B Lender shall terminate and the Revolving Credit Loans, Term Loans A and Term Loans B of such Lender shall be due and payable in each case on the original Revolving Credit Maturity Date, the Term Loan A Maturity Date or Term Loan B Maturity Date, as applicable, or such other date specified by Section 12, and such Loans, together with all interest, fees and other amounts accrued or otherwise due and payable to such Lender shall have been paid on or before the Revolving Credit Maturity Date, the Term Loan A Maturity Date or the Term Loan B Maturity Date, as applicable, or such earlier date specified in Section 12.  Notwithstanding any other provision of this Agreement to the contrary, in no event shall the Commitments or Loans of any Lender be extended pursuant to this Section §27(c) unless such Lender affirmatively accepts in writing the applicable Extension Offer, it being understood and agreed that a failure by a Lender to respond to any such Extension Offer shall be deemed to be a rejection by such Lender of such Extension Offer.
(iii)    The terms of each Extension shall be determined by the Borrower and the applicable extending Lenders and set forth in an Extension Amendment; provided that (A) the final maturity date of any Extended Revolving Credit Commitment, Extended Term Loan A or Extended Term Loan B shall be no earlier than the Revolving Credit Maturity Date, the Term Loan A Maturity Date or the Term Loan B Maturity Date, respectively, (B)(1) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Commitments and (2) the average life to maturity of the Extended Term Loans A or the Extended Term Loans B, as applicable, shall be no shorter than the remaining average life to maturity of the existing Term Loans A or the existing Term Loans B, as applicable, (C) the Extended Revolving Credit Loans, the Extended Term Loans A and the Extended Term Loans B will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans, the existing Term Loans A and the existing Term Loans B and the borrower and guarantors of the Extended Revolving Credit Commitments, the Extended Term Loans A or the Extended Term Loans B, as applicable, shall be the same as the Borrower and Guarantors with respect to the existing Revolving Credit Loans, Term Loans A or Term Loans B, as applicable, (D) the interest rate margin, rate floors, fees, original issue discount and premium applicable to any Extended Revolving Credit Commitment (and the Extended Revolving Credit Loans thereunder), the Extended Term Loans A and Extended Term Loans B shall be determined by the Borrower and the applicable extending Lenders, (E)(1) the Extended Term Loans A or Extended Term Loans B, as applicable, may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in voluntary or mandatory prepayments with the other Term Loans A and Term Loans B, as applicable, and (2) borrowing and prepayment of Extended Revolving 

149

Credit Loans, or reductions of Extended Revolving Credit Commitments, and participation in Letters of Credit and Swing Loans, shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments (other than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) and (F) the terms of the Extended Revolving Credit Commitments, the Extended Term Loans A or the Extended Term Loans B, as applicable, shall be substantially identical to the terms set forth herein (except as set forth in clauses (A) through (E) above).
(d)    In connection with any Extension, the Borrower, the Agent and each applicable extending Lender shall execute and deliver to the Agent an Extension Amendment and such other documentation as the Agent shall reasonably specify to evidence the Extension.  The Agent shall promptly notify each Lender as to the effectiveness of each Extension.  Any Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Agent and the Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments, Extended Term Loans A or Extended Term Loans B as a new Class or tranche of Revolving Credit Commitments, Term Loans A or Term Loans B, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Agent and the Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of the Revolving Credit Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms consistent with this section.
§28.    SEVERABILITY.
The provisions of this Agreement are severable, and if any one clause or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction, and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction.
§29.    TIME OF THE ESSENCE.
Time is of the essence with respect to each and every covenant, agreement and obligation of Borrower and Guarantors under this Agreement and the other Loan Documents.
§30.    NO UNWRITTEN AGREEMENTS.
THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.  ANY ADDITIONAL TERMS OF THE AGREEMENT BETWEEN THE PARTIES ARE SET FORTH BELOW.

150

§31.    REPLACEMENT NOTES.
Upon receipt of evidence reasonably satisfactory to Borrower of the loss, theft, destruction or mutilation of any Note, and in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory to Borrower or, in the case of any such mutilation, upon surrender and cancellation of the applicable Note, Borrower will execute and deliver, in lieu thereof, a replacement Note, identical in form and substance to the applicable Note and dated as of the date of the applicable Note and upon such execution and delivery all references in the Loan Documents to such Note shall be deemed to refer to such replacement Note.
§32.    NO THIRD PARTIES BENEFITED.
This Agreement and the other Loan Documents are made and entered into for the sole protection and legal benefit of Borrower, Guarantors, Lenders, Agent and their permitted successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents.  All conditions to the performance of the obligations of the Agent and the Lenders under this Agreement, including the obligation to make Loans and issue Letters of Credit, are imposed solely and exclusively for the benefit of the Agent and the Lenders and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that the Agent and the Lenders will refuse to make Loans or issue Letters of Credit in the absence of strict compliance with any or all thereof and no other Person shall, under any circumstances, be deemed to be a beneficiary of such conditions, any and all of which may be freely waived in whole or in part by the Agent and the Lenders at any time if in their sole discretion they deem it desirable to do so.  In particular, the Agent and the Lenders make no representations and assume no obligations as to third parties concerning the quality of the construction by Borrower or any of their Subsidiaries of any development or the absence therefrom of defects.
§33.    PATRIOT ACT.
Each Lender and the Agent (for itself and not on behalf of any Lender) hereby notifies Borrower and Guarantors that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies Borrower and Guarantors, which information includes names and addresses and other information that will allow such Lender or the Agent, as applicable, to identify Borrower in accordance with the Patriot Act.
§34.    ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN OF EEA FINANCIAL INSTITUTIONS.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

151

(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
§35.    ORIGINAL NOTES. 
Each Lender shall use its commercially reasonable efforts to deliver the Original Notes held by it to the Borrower.  All amounts owing under, and evidenced by, the Original Notes as of the Closing Date shall continue to be outstanding hereunder, and shall from and after the Closing Date be evidenced by the Revolving Credit Notes, Term Loan A Notes and Term Loan B Notes, as applicable, and shall in any event be evidenced by, and governed by the terms of, this Agreement.
§36.    CONSENT TO AMENDMENT AND RESTATEMENT; EFFECT OF AMENDMENT AND RESTATEMENT.
Pursuant to §27 of the Existing Credit Agreement, KeyBank as Agent under the Existing Credit Agreement and each Lender hereby consents to the amendment and restatement of the Existing Credit Agreement pursuant to the terms of this Agreement and the amendment and restatement of the Existing Guaranty pursuant to the terms of the Guaranty.  On the Closing Date, the Existing Credit Agreement shall be amended and restated in its entirety by this Agreement, and the Existing Credit Agreement, except as specifically set forth herein, shall thereafter be of no further force and effect and shall be deemed replaced and superseded in all respects by this Agreement.  The parties hereto acknowledge and agree that this Agreement does not constitute a novation or termination of the “Obligations” under the Existing Credit Agreement, which remain outstanding as of the Closing Date.  On the Closing Date, the Existing Guaranty shall be amended and restated in its entirety by the Guaranty, and the Existing Guaranty shall thereafter be of no further force and effect and shall be deemed replaced and superseded in all respects by the Guaranty.  KeyBank, as Agent under the Existing Credit Agreement, is hereby authorized and directed by the Lenders party hereto to execute and deliver the Second Amended and Restated Guaranty (on behalf of the Lenders and as Agent under the Existing Credit Agreement).
[continued on next page]

152

IN WITNESS WHEREOF, each of the undersigned have caused this Agreement to be executed by its duly authorized representatives as of the date first set forth above.
BORROWER:
CYRUSONE LP, a Maryland limited partnership
		
	By:
	CYRUSONE GP, a Maryland statutory trust, its general partner

		
	By:
	CyrusOne Inc., a Maryland corporation,  
as its sole trustee

By:       /s/ Diane M. Morefield    
Name:  Diane M. Morefield
Title:    Chief Financial Officer
(SEAL)
[SIGNATURES CONTINUE ON FOLLOWING PAGE] 

Signature Page to Second Amended and Restated Credit Agreement – KeyBank/CyrusOne

AGENT AND LENDERS:
KEYBANK NATIONAL ASSOCIATION,  
individually and as Agent
By:      /s/ Jason Weaver                                                         
Name: Jason Weaver
Title:   Senior Vice President

Signature Page to Second Amended and Restated Credit Agreement – KeyBank/CyrusOne

JPMORGAN CHASE BANK, N.A.

By:      /s/ Michael Becker                                                      
Name: Michael Becker
Title:   Credit Risk Director
Address:

JPMORGAN CHASE BANK, N.A.
2200 Ross Avenue, 8th Floor
Dallas, TX  75201
Attention:  Brooke Tankersley

THE TORONTO-DOMINION BANK, NEW YORK BRANCH

By:      /s/ Annie Dorval                                                         
Name: Annie Dorval
Title:   Authorized Signatory
Address:

The Toronto-Dominion Bank, New York Branch
31 West 52nd Street
New York, NY 10019
Attention:  Masood Fikree

BARCLAYS BANK PLC

By:      /s/ May Huang                                                            
Name: May Huang
Title:   Assistant Vice President
Address:

BARCLAYS BANK PLC
745 7th Avenue, 25th Floor
New York, NY  10019
Attention:  Sean Duggan

[SIGNATURES CONTINUE ON FOLLOWING PAGE] 

Signature Page to Second Amended and Restated Credit Agreement – KeyBank/CyrusOne

ROYAL BANK OF CANADA

By:      /s/ Sheena Lee                                                            
Name: Sheena Lee
Title:   Authorized Signatory
Address:

Royal Bank of Canada
Global Loans Administration
20 King Street West, 4th Floor
Toronto, Ontario, Canada
M5H1C4
Attention:  Manager, Loans Administration

SUNTRUST BANK

By:      /s/ Danny Stover                                                         
Name: Danny Stover
Title:   Senior Vice President
Address:

SUNTRUST BANK
8330 Boone Blvd., 7th Floor
Vienna, VA  22182
Attention:  Nancy B. Richards

CITIZENS BANK, N.A.

By:      /s/ David R. Jablonowski                                           
Name: David R. Jablonowski
Title:   Senior Vice President
Address:

CITIZENS BANK, N.A.
1215 Superior Avenue
Cleveland, Ohio  44114
Attention:  David Jablonowski
 
[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Signature Page to Second Amended and Restated Credit Agreement – KeyBank/CyrusOne

CITIBANK, N.A.

By:      /s/ John C. Rowland                                                   
Name: John C. Rowland
Title:   Vice President

Address:

CITIBANK, N.A.
388 Greenwich Street, 6th Floor
New York, NY  10013
Attention:  Bryce Hong

PNC BANK, NATIONAL ASSOCIATION

By:      /s/ Brandon K. Fiddler                                                
Name: Brandon K. Fiddler
Title:   Senior Vice President
Address:

PNC BANK, NATIONAL ASSOCIATION
1200 Smith Street
Houston, TX  77002
Attention:  Christian Brown

COBANK, ACB

By:      /s/ Andy Smith                                                           
Name: Andy Smith
Title:   Vice President
Address:

COBANK, ACB
900 Circle 75 Parkway, Suite 1400
Atlanta, GA  30339-5946
Attention:  Charles Smith

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Signature Page to Second Amended and Restated Credit Agreement – KeyBank/CyrusOne

BANK OF AMERICA, N.A.

By:      /s/ Dennis Kwan                                                         
Name: Dennis Kwan
Title:   Vice President
Address:

BANK OF AMERICA, N.A.
555 California Street, 6th Floor
CA5-705-06-11
San Francisco, CA  94104
Attention:  Dennis Kwan

GOLDMAN SACHS BANK USA

By:      /s/ Annie Carr                                                             
Name: Annie Carr
Title:   Authorized Signatory
Address:

GOLDMAN SACHS BANK USA
c/o Goldman, Sachs & Co.
30 Hudson Street, 5th Floor
Jersey City, NY  07302
Attention:  Michelle Latzoni

SYNOVUS BANK

By:      /s/ David W. Bowman                                                
Name: David W. Bowman
Title:   Director
Address:

SYNOVUS BANK
800 Shades Creek Parkway
Birmingham, AL  35209
Attention:  David Bowman

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Signature Page to Second Amended and Restated Credit Agreement – KeyBank/CyrusOne

DEUTSCHE BANK AG NEW YORK BRANCH

By:      /s/ Alexander B. V. Johnson                                       
Name: Alexander B. V. Johnson
Title:   Managing Director
By:      /s/ Joanna Soliman                                                      
Name: Joanna Soliman
Title:   Vice President
Address:

Deutsche Bank AG New York
200 Crescent Court, Suite 550
Dallas, TX  75230
Attention:  Linda Davis

MORGAN STANLEY BANK, N.A.

By:      /s/ Michael King                                                         
Name: Michael King
Title:   Authorized Signatory
Address:

MORGAN STANLEY BANK, N.A.
1300 Thames Street, Thames Street Wharf, 4th Floor
Baltimore, MD  21231 
Attention:  Morgan Stanley Loan Servicing

RAYMOND JAMES BANK, N.A.

By:      /s/ James M. Armstrong                                          
Name: James M. Armstrong
Title:   Senior Vice President
Address:

RAYMOND JAMES BANK, N.A.
710 Carillon Parkway
St. Petersburg, FL  33716
Attention:  James Armstrong

Signature Page to Second Amended and Restated Credit Agreement – KeyBank/CyrusOne

WOODFOREST NATIONAL BANK

By:      /s/ Jacob McGee                                                         
Name: Jacob McGee
Title:   Assistant Vice President
Address:

WOODFOREST NATIONAL BANK
1599 Lake Robbins, Suite 100
The Woodlands, TX  77380
Attention:  John Ellis

MORGAN STANLEY SENIOR FUNDING, INC.

By:      /s/ Michael King                                                         
Name: Michael King
Title:   Vice President
Address:

MORGAN STANLEY SENIOR FUNDING, INC.
1300 Thames Street, Thames Street Wharf, 4th Floor
Baltimore, MD  21231
Attention:  Morgan Stanley Loan Servicing

THE BANK OF TOKYO – MITSUBISHI UFJ, LTD.

By:      /s/ Matthew Antioco                                                   
Name: Matthew Antioco
Title:   Vice President
Address:

THE BANK OF TOKYO – MITSUBISHI UFJ, LTD.
1251 Avenue of the Americas
New York, NY  10020-1104
Attention:  Matthew Antioco

Signature Page to Second Amended and Restated Credit Agreement – KeyBank/CyrusOne

EXHIBIT A
FORM OF REVOLVING CREDIT NOTE
$______________    _____________, 201_
FOR VALUE RECEIVED, the undersigned (“Maker”), hereby promises to pay to ________________ __________________ (“Payee”), or its successors and permitted assigns, in accordance with the terms of that certain Second Amended and Restated Credit Agreement, dated as of November 21, 2016, as amended, restated, or otherwise modified from time to time, among CyrusOne LP, KeyBank National Association, as a lender and as Agent for the lenders party thereto, and the other lenders party thereto, including Payee, as may be from time to time named therein (the “Credit Agreement”), to the extent not sooner paid, on or before the Revolving Credit Maturity Date, the principal sum of _________________ ($__________), or if less such amount as may be advanced by the Payee under the Credit Agreement as a Revolving Credit Loan with daily interest from the date thereof, computed as provided in the Credit Agreement, on the principal amount hereof from time to time unpaid, at a rate per annum on each portion of the principal amount which shall at all times be equal to the rate of interest applicable to such portion in accordance with the Credit Agreement, and with interest on overdue principal and, to the extent permitted by applicable law, on overdue installments of interest at the rates provided in the Credit Agreement.  Interest shall be payable on the dates specified in the Credit Agreement, except that all accrued interest shall be paid at the stated or accelerated maturity hereof or upon the prepayment in full hereof.  Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Credit Agreement.
Payments hereunder shall be made to the Agent for the Payee at 127 Public Square, Cleveland, Ohio 44114-1306, or at such other address as Agent may designate from time to time.
This Note is one of one or more Revolving Credit Notes evidencing borrowings under and is entitled to the benefits and subject to the provisions of the Credit Agreement.  The principal of this Note may be due and payable in whole or in part prior to the Revolving Credit Maturity Date and is subject to mandatory prepayment in the amounts and under the circumstances set forth in the Credit Agreement, and may be prepaid in whole or from time to time in part, all as set forth in the Credit Agreement.
Notwithstanding anything in this Note to the contrary, all agreements between the undersigned Maker and the Lenders and the Agent, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under applicable law.  If, from any circumstance whatsoever, interest would otherwise be payable to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance the Lenders shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations of the undersigned Maker and to the payment of interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations of the undersigned Maker, such excess shall be refunded to the undersigned Maker.  All interest paid or agreed to be paid to the Lenders 

A-1

shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal of the Obligations of the undersigned Maker (including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the maximum amount permitted by applicable law.  This paragraph shall control all agreements between the undersigned Maker and the Lenders and the Agent.
In case an Event of Default shall occur and be continuing, the entire principal amount of this Note may become or be declared due and payable in the manner and with the effect provided in said Credit Agreement.
This Note shall, pursuant to New York General Obligations Law Section 5‐1401, be governed by the laws of the State of New York.
The undersigned Maker and all guarantors and endorsers hereby waive presentment, demand, notice, protest, notice of intention to accelerate the indebtedness evidenced hereby, notice of acceleration of the indebtedness evidenced hereby and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, except as specifically otherwise provided in the Credit Agreement, and assent to extensions of time of payment or forbearance or other indulgence without notice.
[This Note is issued in replacement of that certain Revolving Credit Note dated ____________, 201__, made by the undersigned maker to the order of ______________________ and issued pursuant to the Existing Credit Agreement (the “Prior Note”), and shall supersede and replace the Prior Note in all respects.  The execution and delivery by the undersigned of this Note shall not, in any manner or circumstance, be deemed to be a novation of or to have terminated, extinguished or discharged any of the undersigned’s indebtedness evidenced by the Prior Note, all of which indebtedness shall continue under, and shall hereinafter be evidenced and governed by, this Note.]
IN WITNESS WHEREOF, the undersigned has by its duly authorized officer executed this Note on the day and year first above written.
CYRUSONE LP, a Maryland limited partnership
		
	By:
	CYRUSONE GP, a Maryland statutory trust, its general partner

		
	By:
	CyrusOne Inc., a Maryland corporation,  
as its sole trustee

By:    
Name:    
Title:    
(SEAL)

A-2

EXHIBIT B-1
FORM OF TERM LOAN A NOTE
$______________    _____________, 201_
FOR VALUE RECEIVED, the undersigned (“Maker”), hereby promises to pay to ________________ __________________ (“Payee”), or its successors and permitted assigns, in accordance with the terms of that certain Second Amended and Restated Credit Agreement, dated as of November 21, 2016, as amended, restated, or otherwise modified from time to time, among CyrusOne LP, KeyBank National Association, as a lender and as Agent, and the other lenders party thereto (the “Credit Agreement”), to the extent not sooner paid, on or before the Term Loan A Maturity Date, the principal sum of _________________ ($__________), or if less such amount as may be advanced by the Payee under the Credit Agreement as a Term Loan A with daily interest from the date thereof, computed as provided in the Credit Agreement, on the principal amount hereof from time to time unpaid, at a rate per annum on each portion of the principal amount which shall at all times be equal to the rate of interest applicable to such portion in accordance with the Credit Agreement, and with interest on overdue principal and, to the extent permitted by applicable law, on overdue installments of interest at the rates provided in the Credit Agreement.  Interest shall be payable on the dates specified in the Credit Agreement, except that all accrued interest shall be paid at the stated or accelerated maturity hereof or upon the prepayment in full hereof.  Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Credit Agreement.
Payments hereunder shall be made to the Agent for the Payee at 127 Public Square, Cleveland, Ohio 44114-1306, or at such other address as Agent may designate from time to time.
This Note is one of one or more Term Loan A Notes evidencing borrowings under and is entitled to the benefits and subject to the provisions of the Credit Agreement.  The principal of this Note may be due and payable in whole or in part prior to the Term Loan A Maturity Date and is subject to mandatory prepayment in the amounts and under the circumstances, if any, set forth in the Credit Agreement, and may be prepaid in whole or from time to time in part, all as set forth in the Credit Agreement.
Notwithstanding anything in this Note to the contrary, all agreements between the undersigned Maker and the Lenders and the Agent, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under applicable law.  If, from any circumstance whatsoever, interest would otherwise be payable to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance the Lenders shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations of the undersigned Maker and to the payment of interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations of the undersigned Maker, such excess 

B-1-1

shall be refunded to the undersigned Maker.  All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal of the Obligations of the undersigned Maker (including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the maximum amount permitted by applicable law.  This paragraph shall control all agreements between the undersigned Maker and the Lenders and the Agent.
In case an Event of Default shall occur and be continuing, the entire principal amount of this Note may become or be declared due and payable in the manner and with the effect provided in said Credit Agreement.
This Note shall, pursuant to New York General Obligations Law Section 5-1401, be governed by the laws of the State of New York.
The undersigned Maker and all guarantors and endorsers hereby waive presentment, demand, notice, protest, notice of intention to accelerate the indebtedness evidenced hereby, notice of acceleration of the indebtedness evidenced hereby and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, except as specifically otherwise provided in the Credit Agreement, and assent to extensions of time of payment or forbearance or other indulgence without notice.
[This Note is issued in replacement of that certain Term Loan A Note dated ____________, 201__, made by the undersigned maker to the order of ______________________ and issued pursuant to the Existing Credit Agreement (the “Prior Note”), and shall supersede and replace the Prior Note in all respects.  The execution and delivery by the undersigned of this Note shall not, in any manner or circumstance, be deemed to be a novation of or to have terminated, extinguished or discharged any of the undersigned’s indebtedness evidenced by the Prior Note, all of which indebtedness shall continue under, and shall hereinafter be evidenced and governed by, this Note.]
IN WITNESS WHEREOF, the undersigned has by its duly authorized officer executed this Note on the day and year first above written.
CYRUSONE LP, a Maryland limited partnership
		
	By:
	CYRUSONE GP, a Maryland statutory trust, its general partner

		
	By:
	CyrusOne Inc., a Maryland corporation,  
as its sole trustee

By:    
Name:    
Title:    
(SEAL)

B-1-2

EXHIBIT B-2
FORM OF TERM LOAN B NOTE
$______________    _____________, 201_
FOR VALUE RECEIVED, the undersigned (“Maker”), hereby promises to pay to ________________ __________________ (“Payee”), or its successors and permitted assigns, in accordance with the terms of that certain Second Amended and Restated Credit Agreement, dated as of November 21, 2016, as amended, restated, or otherwise modified from time to time, among CyrusOne LP, KeyBank National Association, as a lender and as Agent, and the other lenders party thereto (the “Credit Agreement”), to the extent not sooner paid, on or before the Term Loan B Maturity Date, the principal sum of _________________ ($__________), or if less such amount as may be advanced by the Payee under the Credit Agreement as a Term Loan B with daily interest from the date thereof, computed as provided in the Credit Agreement, on the principal amount hereof from time to time unpaid, at a rate per annum on each portion of the principal amount which shall at all times be equal to the rate of interest applicable to such portion in accordance with the Credit Agreement, and with interest on overdue principal and, to the extent permitted by applicable law, on overdue installments of interest at the rates provided in the Credit Agreement.  Interest shall be payable on the dates specified in the Credit Agreement, except that all accrued interest shall be paid at the stated or accelerated maturity hereof or upon the prepayment in full hereof.  Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Credit Agreement.
Payments hereunder shall be made to the Agent for the Payee at 127 Public Square, Cleveland, Ohio 44114-1306, or at such other address as Agent may designate from time to time.
This Note is one of one or more Term Loan B Notes evidencing borrowings under and is entitled to the benefits and subject to the provisions of the Credit Agreement.  The principal of this Note may be due and payable in whole or in part prior to the Term Loan B Maturity Date and is subject to mandatory prepayment in the amounts and under the circumstances, if any, set forth in the Credit Agreement, and may be prepaid in whole or from time to time in part, all as set forth in the Credit Agreement.
Notwithstanding anything in this Note to the contrary, all agreements between the undersigned Maker and the Lenders and the Agent, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under applicable law.  If, from any circumstance whatsoever, interest would otherwise be payable to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance the Lenders shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations of the undersigned Maker and to the payment of interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations of the undersigned Maker, such excess 

B-2-1

shall be refunded to the undersigned Maker.  All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal of the Obligations of the undersigned Maker (including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the maximum amount permitted by applicable law.  This paragraph shall control all agreements between the undersigned Maker and the Lenders and the Agent.
In case an Event of Default shall occur and be continuing, the entire principal amount of this Note may become or be declared due and payable in the manner and with the effect provided in said Credit Agreement.
This Note shall, pursuant to New York General Obligations Law Section 5-1401, be governed by the laws of the State of New York.
The undersigned Maker and all guarantors and endorsers hereby waive presentment, demand, notice, protest, notice of intention to accelerate the indebtedness evidenced hereby, notice of acceleration of the indebtedness evidenced hereby and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, except as specifically otherwise provided in the Credit Agreement, and assent to extensions of time of payment or forbearance or other indulgence without notice.
[This Note is issued in replacement of that certain Term Loan B Note dated ____________, 201__, made by the undersigned maker to the order of ______________________ and issued pursuant to the Existing Credit Agreement (the “Prior Note”), and shall supersede and replace the Prior Note in all respects.  The execution and delivery by the undersigned of this Note shall not, in any manner or circumstance, be deemed to be a novation of or to have terminated, extinguished or discharged any of the undersigned’s indebtedness evidenced by the Prior Note, all of which indebtedness shall continue under, and shall hereinafter be evidenced and governed by, this Note.]
IN WITNESS WHEREOF, the undersigned has by its duly authorized officer executed this Note on the day and year first above written.
CYRUSONE LP, a Maryland limited partnership
		
	By:
	CYRUSONE GP, a Maryland statutory trust, its general partner

		
	By:
	CyrusOne Inc., a Maryland corporation,  
as its sole trustee

By:    
Name:    
Title:    
(SEAL)

B-2-2

EXHIBIT C
FORM OF SWING LOAN NOTE
$____________    _____________, 201_
FOR VALUE RECEIVED, the undersigned (“Maker”), hereby promises to pay to KEYBANK NATIONAL ASSOCIATION (“Payee”), or its successors and permitted assigns, in accordance with the terms of that certain Second Amended and Restated Credit Agreement, dated as of November 21, 2016, as amended, restated, or otherwise modified from time to time, among CyrusOne LP, KeyBank National Association, as a lender and as Agent, and the other lenders party thereto (the “Credit Agreement”), to the extent not sooner paid, on or before the Revolving Credit Maturity Date, the principal sum of ________ ($_________), or, if less, such amount as may be advanced by the Payee under the Credit Agreement as a Swing Loan with daily interest from the date thereof, computed as provided in the Credit Agreement, on the principal amount hereof from time to time unpaid, at a rate per annum on each portion of the principal amount which shall at all times be equal to the rate of interest applicable to such portion in accordance with the Credit Agreement, and with interest on overdue principal and, to the extent permitted by applicable law, on overdue installments of interest at the rates provided in the Credit Agreement.  Interest shall be payable on the dates specified in the Credit Agreement, except that all accrued interest shall be paid at the stated or accelerated maturity hereof or upon the prepayment in full hereof.  Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Credit Agreement.
Payments hereunder shall be made to the Agent for the Payee at 127 Public Square, Cleveland, Ohio 44114-1306, or at such other address as Agent may designate from time to time.
This Note is the Swing Loan Note evidencing borrowings under and is entitled to the benefits and subject to the provisions of the Credit Agreement.  The principal of this Note may be due and payable in whole or in part prior to the Revolving Credit Maturity Date and is subject to mandatory prepayment in the amounts and under the circumstances set forth in the Credit Agreement, and may be prepaid in whole or from time to time in part, all as set forth in the Credit Agreement.
Notwithstanding anything in this Note to the contrary, all agreements between the undersigned Maker and the Lenders and the Agent, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under applicable law.  If, from any circumstance whatsoever, interest would otherwise be payable to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance the Lenders shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations of the undersigned Maker and to the payment of interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations of the undersigned Maker, such excess shall be refunded to the undersigned Maker.  All interest paid or agreed to be paid to the Lenders 

C-1

shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal of the Obligations of the undersigned Maker (including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the maximum amount permitted by applicable law.  This paragraph shall control all agreements between the undersigned Maker and the Lenders and the Agent.
In case an Event of Default shall occur and be continuing, the entire principal amount of this Note may become or be declared due and payable in the manner and with the effect provided in said Credit Agreement.
This Note shall, pursuant to New York General Obligations Law Section 5‐1401, be governed by the laws of the State of New York.
The undersigned Maker and all guarantors and endorsers hereby waive presentment, demand, notice, protest, notice of intention to accelerate the indebtedness evidenced hereby, notice of acceleration of the indebtedness evidenced hereby and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, except as specifically otherwise provided in the Credit Agreement, and assent to extensions of time of payment or forbearance or other indulgence without notice.
[This Note is issued in replacement of that certain Swing Loan Note dated ____________, 201__, made by the undersigned maker to the order of ______________________ and issued pursuant to the Existing Credit Agreement (the “Prior Note”), and shall supersede and replace the Prior Note in all respects.  The execution and delivery by the undersigned of this Note shall not, in any manner or circumstance, be deemed to be a novation of or to have terminated, extinguished or discharged any of the undersigned’s indebtedness evidenced by the Prior Note, all of which indebtedness shall continue under, and shall hereinafter be evidenced and governed by, this Note.]
IN WITNESS WHEREOF, the undersigned has by its duly authorized officer executed this Note on the day and year first above written.
CYRUSONE LP, a Maryland limited partnership
		
	By:
	CYRUSONE GP, a Maryland statutory trust, its general partner

		
	By:
	CyrusOne Inc., a Maryland corporation,  
as its sole trustee

By:    
Name:    
Title:    
(SEAL)

C-2

EXHIBIT D
FORM OF BID LOAN NOTE
$______________    _____________, 201_
FOR VALUE RECEIVED, the undersigned (“Maker”), hereby promises to pay to ________________ __________________ (“Payee”), or its successors and permitted assigns, in accordance with the terms of that certain Second Amended and Restated Credit Agreement, dated as of November 21, 2016, as amended, restated, or otherwise modified from time to time, among CyrusOne LP, KeyBank National Association, as a lender and as Agent, and the other lenders party thereto, including Payee, as may be from time to time named therein (the “Credit Agreement”), to the extent not sooner paid, on or before the Revolving Credit Maturity Date, the principal sum of _________________ ($__________), or, if less, such amount as may be advanced by the Payee under the Credit Agreement as a Bid Loan with daily interest from the date thereof, computed as provided in the Credit Agreement, on the principal amount hereof from time to time unpaid, at a rate per annum on each portion of the principal amount which shall at all times be equal to the rate of interest applicable to such portion in accordance with the Credit Agreement, and with interest on overdue principal and, to the extent permitted by applicable law, on overdue installments of interest at the rates provided in the Credit Agreement.  Interest shall be payable on the dates specified in the Credit Agreement, except that all accrued interest shall be paid at the stated or accelerated maturity hereof or upon the prepayment in full hereof.  Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Credit Agreement.
Payments hereunder shall be made to the Agent for the Payee at 127 Public Square, Cleveland, Ohio 44114-1306, or at such other address as Agent may designate from time to time.
This Note is one of one or more Bid Loan Notes evidencing borrowings under and is entitled to the benefits and subject to the provisions of the Credit Agreement.  The principal of this Note may be due and payable in whole or in part prior to the Revolving Credit Maturity Date and is subject to mandatory prepayment in the amounts and under the circumstances set forth in the Credit Agreement, and may be prepaid in whole or from time to time in part, all as set forth in the Credit Agreement.
Notwithstanding anything in this Note to the contrary, all agreements between the undersigned Maker and the Lenders and the Agent, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under applicable law.  If, from any circumstance whatsoever, interest would otherwise be payable to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance the Lenders shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations of the undersigned Maker and to the payment of interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations of the undersigned Maker, such excess 

D-1

shall be refunded to the undersigned Maker.  All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal of the Obligations of the undersigned Maker (including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the maximum amount permitted by applicable law.  This paragraph shall control all agreements between the undersigned Maker and the Lenders and the Agent.
In case an Event of Default shall occur and be continuing, the entire principal amount of this Note may become or be declared due and payable in the manner and with the effect provided in said Credit Agreement.
This Note shall, pursuant to New York General Obligations Law Section 5‐1401, be governed by the laws of the State of New York.
The undersigned Maker and all guarantors and endorsers hereby waive presentment, demand, notice, protest, notice of intention to accelerate the indebtedness evidenced hereby, notice of acceleration of the indebtedness evidenced hereby and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, except as specifically otherwise provided in the Credit Agreement, and assent to extensions of time of payment or forbearance or other indulgence without notice.
[This Note is issued in replacement of that certain Bid Loan Note dated ____________, 201__, made by the undersigned maker to the order of ______________________ and issued pursuant to the Existing Credit Agreement (the “Prior Note”), and shall supersede and replace the Prior Note in all respects.  The execution and delivery by the undersigned of this Note shall not, in any manner or circumstance, be deemed to be a novation of or to have terminated, extinguished or discharged any of the undersigned’s indebtedness evidenced by the Prior Note, all of which indebtedness shall continue under, and shall hereinafter be evidenced and governed by, this Note.]
IN WITNESS WHEREOF, the undersigned has by its duly authorized officer executed this Note on the day and year first above written.
CYRUSONE LP, a Maryland limited partnership
		
	By:
	CYRUSONE GP, a Maryland statutory trust, its general partner

		
	By:
	CyrusOne Inc., a Maryland corporation,  
as its sole trustee

By:    
Name:    
Title:    
(SEAL)

D-2

EXHIBIT E
FORM OF JOINDER AGREEMENT
THIS JOINDER AGREEMENT (“Joinder Agreement”) is executed as of _____________, 20__, by ________________________________, a ______________________ (“Joining Party”), and delivered to KeyBank National Association, as Agent, pursuant to §5.2 of the Second Amended and Restated Credit Agreement dated as of November 21, 2016, as amended, restated or otherwise modified from time to time (the “Credit Agreement”), among CyrusOne LP (the “Borrower”), KeyBank National Association, as a Lender and as Agent, and the other Lenders from time to time party thereto.  Terms used but not defined in this Joinder Agreement shall have the meanings defined for those terms in the Credit Agreement.
RECITALS
A.    Joining Party is required, pursuant to §5.2 of the Credit Agreement, to become an additional Subsidiary Guarantor under the Guaranty.
B.    Joining Party expects to realize direct and indirect benefits as a result of the availability to Borrower of the credit facilities under the Credit Agreement.
NOW, THEREFORE, Joining Party agrees as follows:
AGREEMENT
1.    Joinder.  By this Joinder Agreement, Joining Party hereby becomes a “Subsidiary Guarantor” and a “Guarantor” under the Guaranty, and the other Loan Documents with respect to all the Obligations of Borrower now or hereafter incurred under the Credit Agreement and the other Loan Documents.  Joining Party agrees that, as of the Effective Date (and, in the case of representations and warranties, subject to the following paragraph) Joining Party is and shall be bound by, and hereby assumes, all representations, warranties, covenants, terms, conditions, duties and waivers applicable to a Subsidiary Guarantor and a Guarantor under the Guaranty and the other Loan Documents.
2.    Representations and Warranties of Joining Party.  Joining Party represents and warrants to Agent that, as of the Effective Date (as defined below), except as disclosed in writing by Joining Party to Agent on or prior to the date hereof and approved by the Agent in writing (which disclosures shall be deemed to amend the Schedules and other disclosures delivered as contemplated in the Credit Agreement and which disclosures are attached hereto as Schedule A), the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects as applied to Joining Party as a Subsidiary Guarantor and a Guarantor on and as of the Effective Date as though made on that date (unless such representations apply to any earlier date).  As of the Effective Date, the Joining Party shall be in compliance with all covenants and agreements in the Loan Documents of a Subsidiary Guarantor with respect to Joining Party and no Default or Event of Default exists or will exist after giving effect hereto as of the date hereof.

E-1

3.    Joint and Several.  Joining Party hereby agrees that, as of the Effective Date, the Guaranty and the other Loan Documents heretofore delivered to the Agent and the Lenders shall be a joint and several obligation of Joining Party to the same extent as if executed and delivered by Joining Party, and upon request by Agent, will promptly become a party to the Guaranty and the other applicable Loan Documents to confirm such obligation.
4.    Further Assurances.  Joining Party agrees to execute and deliver such other instruments and documents and take such other action, as the Agent may reasonably request, in connection with the transactions contemplated by this Joinder Agreement.
5.    GOVERNING LAW.  THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACTUAL OBLIGATION UNDER, AND SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
6.    Counterparts.  This Agreement may be executed in any number of counterparts which shall together constitute but one and the same agreement.
7.    The effective date (the “Effective Date”) of this Joinder Agreement shall be the date first above written.
IN WITNESS WHEREOF, Joining Party has executed this Joinder Agreement under seal as of the day and year first above written.
“JOINING PARTY”
_________________________________________, a ________________________________
By:    
Name:    
Title:    
(SEAL)
ACKNOWLEDGED:
KEYBANK NATIONAL ASSOCIATION, as Agent
By:    
Its:    
[Printed Name and Title] 

E-2 

EXHIBIT F
FORM OF REQUEST FOR REVOLVING CREDIT LOAN
KeyBank National Association, as Agent
Mail Code:  OH-01-51-0311 
4910 Tiedeman Road, 3rd Floor
Brooklyn, OH  44144
Attn:  Vicky F. Heineck, AVP
Ladies and Gentlemen:
Pursuant to the provisions of [§2.5(c)][§2.7(a)] of the Second Amended and Restated Credit Agreement dated as of November 21, 2016 (as the same may hereafter be amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among CYRUSONE LP, a Maryland limited partnership (the “Borrower”), KeyBank National Association as a Lender and as Agent, and the other Lenders from time to time party thereto, the undersigned Borrower hereby requests and certifies in his or her capacity as an officer of Borrower or REIT, as applicable, and not individually as follows:
1.    Revolving Credit Loan.  The undersigned Borrower hereby requests a [Revolving Credit Loan under §2.1(a)] [Swing Loan under §2.5] of the Credit Agreement:
Principal Amount:  $__________ 
Type (LIBOR Rate Loan, Base Rate Loan): 
Drawdown Date: 
Interest Period for LIBOR Rate Loans:
by credit to the general account of Borrower with Agent at Agent’s Head Office or to the account specified by Borrower on Schedule A hereto pursuant to the wiring instructions set forth on Schedule A.
[If the requested Loan is a Swing Loan and Borrower desires for such Loan to be a Revolving Credit LIBOR Rate Loan following its conversion as provided in §2.5(d), specify the Interest Period following conversion:_________________]
2.    Use of Proceeds.  Such Loan shall be used for purposes permitted by §2.9 of the Credit Agreement.
3.    No Default.  The undersigned chief financial officer, chief accounting officer or other accounting officer reasonably approved by Agent of Borrower (or of the REIT) certifies in his or her capacity as an officer of Borrower or REIT, as applicable, and not individually, that Borrower is and will be in compliance with all covenants under the Loan Documents after giving effect to the making of the Loan requested hereby and no Default or Event of Default has occurred and is continuing.  

F-1

4.    Representations True.  The undersigned chief financial officer, chief accounting officer or other accounting officer reasonably approved by Agent of Borrower (or of the REIT) certifies in his or her capacity as an officer of Borrower or REIT, as applicable, and not individually, that each of the representations and warranties made by or on behalf of Borrower, Guarantors or their respective Subsidiaries (if applicable), contained in the Credit Agreement, in the other Loan Documents or in any document or instrument delivered pursuant to or in connection with the Credit Agreement was true in all material respects as of the date on which it was made and, is true in all material respects as of the date hereof and shall also be true at and as of the Drawdown Date for the Loan requested hereby, with the same effect as if made at and as of such Drawdown Date, except to the extent of changes resulting from transactions permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date).
5.    Other Conditions.  The undersigned chief financial officer, chief accounting officer or other accounting officer reasonably approved by Agent of Borrower or of REIT, as applicable, certifies in his or her capacity as an officer of Borrower or REIT, as applicable, and not individually, that all other conditions, if any, expressly set forth in the Credit Agreement to the making of the Loan requested hereby have been satisfied.
6.    Definitions.  Terms defined in the Credit Agreement are used herein with the meanings so defined.
IN WITNESS WHEREOF, the undersigned has duly executed this request this _____ day of _____________, 201__.
CYRUSONE LP, a Maryland limited partnership
		
	By:
	CYRUSONE GP, a Maryland statutory trust, its general partner

		
	By:
	CyrusOne Inc., a Maryland corporation,  
as its sole trustee

By:    
Name:    
Title:    
(SEAL)

F-2

EXHIBIT G
[RESERVED]

G-1

EXHIBIT H
FORM OF LETTER OF CREDIT REQUEST
[DATE]
KeyBank National Association, as Agent and Issuing Lender
Mail Code:  OH-01-51-0311 
4910 Tiedeman Road, 3rd Floor
Brooklyn, OH  44144
Attn:  Vicky F. Heineck, AVP
		
	Re:
	Letter of Credit Request under Second Amended and Restated Credit Agreement dated as of November   , 2016

Ladies and Gentlemen:
Pursuant to §2.10 of the Second Amended and Restated Credit Agreement dated as of November 21, 2016 (as amended, supplemented or modified from time to time, the “Credit Agreement”), among you, certain other Lenders and CyrusOne LP (“Borrower”), we hereby request that you issue a Letter of Credit as follows:
(i)    Name and address of beneficiary:
(ii)    Face amount: $
(iii)    Proposed Issuance Date:
(iv)    Proposed Expiration Date:
(v)    Other terms and conditions as set forth in the proposed form of Letter of Credit attached hereto.
(vi)    Purpose of Letter of Credit:
This Letter of Credit Request is submitted pursuant to, and shall be governed by, and subject to satisfaction of, the terms, conditions and provisions set forth in §2.10 of the Credit Agreement.
The undersigned chief financial officer, chief accounting officer or other accounting officer reasonably approved by Agent of Borrower (or of the REIT) certifies in his or her capacity as an officer of Borrower or REIT, as applicable, and not individually, that Borrower and Guarantors are and will be in compliance with all covenants under the Loan Documents after giving effect to the issuance of the Letter of Credit requested hereby and no Default or Event of Default has occurred and is continuing.  
We also understand that if you grant this request this request obligates us to accept the requested Letter of Credit and pay the issuance fee, Letter of Credit fee and the standard issuance, 

H-1

documentation and service charges for Letters of Credit issued from time to time by you, each as required by §2.10(e).  All capitalized terms defined in the Credit Agreement and used herein without definition shall have the meanings set forth in the Credit Agreement.
The undersigned chief financial officer, chief accounting officer or other accounting officer reasonably approved by Agent of Borrower (or of REIT) certifies in his or her capacity as an officer of Borrower or REIT, as applicable, and not individually, that each of the representations and warranties made by or on behalf of Borrower, Guarantors or their respective Subsidiaries (if applicable), contained in the Credit Agreement, in the other Loan Documents or in any document or instrument delivered pursuant to or in connection with the Credit Agreement was true in all material respects as of the date on which it was made, is true as of the date hereof and shall also be true at and as of the proposed issuance date of the Letter of Credit requested hereby, with the same effect as if made at and as of the proposed issuance date, except to the extent of changes resulting from transactions permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date).
Very truly yours,
CYRUSONE LP, a Maryland limited partnership
		
	By:
	CYRUSONE GP, a Maryland statutory trust, its general partner

		
	By:
	CyrusOne Inc., a Maryland corporation,  
as its sole trustee

By:    
Name:    
Title:    
(SEAL)

H-2

EXHIBIT I
FORM OF COMPLIANCE CERTIFICATE
KeyBank National Association, as Agent
127 Public Square
Cleveland, Ohio 44114-1306
Attn:  Jason Weaver
Ladies and Gentlemen:
Reference is made to the Second Amended and Restated Credit Agreement dated as of November 21, 2016 (as the same may hereafter be amended, supplemented or modified from time to time, the “Credit Agreement”) by and among CyrusOne LP (“Borrower”), KeyBank National Association as a Lender and as Agent, and the other Lenders from time to time party thereto.  Terms defined in the Credit Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement.
Pursuant to the Credit Agreement, Borrower is furnishing to you herewith (or has furnished to you) the Consolidated financial statements of REIT for the fiscal period ended _______________ (the “Balance Sheet Date”).  Such financial statements have been prepared in accordance with GAAP and present fairly in all material respects the Consolidated financial position of REIT and its Subsidiaries as of the date thereof (subject, in the case of quarterly financials, to year-end adjustments) and the results of its operations for the periods covered thereby.
This certificate is submitted in compliance with requirements of §2.11(e)(iv), §5.2(b), §7.4(c), §7.5(d), §7.22(a)(vii), §7.22(c), §7.22(d) or §10.9 of the Credit Agreement.  If this certificate is provided under a provision other than §7.4(c), the calculations provided below are made using the Consolidated financial statements of REIT as of the Balance Sheet Date adjusted in the best good faith estimate of REIT to give effect to the increase in Total Commitments,  acquisition or disposition of property or other event that occasions the preparation of this certificate; and the nature of such event and the estimate of Borrower of its effects are set forth in reasonable detail in an attachment hereto.  The undersigned officer is the chief financial officer of REIT, chief accounting officer of REIT or other accounting officer of REIT that Agent has informed Borrower that it accepts for purposes of execution of this Compliance Certificate.
The undersigned representative has caused the provisions of the Loan Documents to be reviewed and has no knowledge of the existence as of the date hereof of any Default or Event of Default.  (Note: If the signer does have knowledge of any Default or Event of Default, the form of certificate should be revised to specify the Default or Event of Default, the nature thereof and the actions taken, being taken or proposed to be taken by Borrower with respect thereto.)
The undersigned is providing the attached information to demonstrate compliance as of the date hereof with the covenants described in the attachment hereto. 

I-1

IN WITNESS WHEREOF, the undersigned have duly executed this Compliance Certificate this _____ day of ___________, 201__.
CYRUSONE LP, a Maryland limited partnership
		
	By:
	CYRUSONE GP, a Maryland statutory trust, its general partner

		
	By:
	CyrusOne Inc., a Maryland corporation,  
as its sole trustee

By:    
Name:    
Title:    
(SEAL)

I-2

[APPENDIX TO COMPLIANCE CERTIFICATE]

I-3

I-4

EXHIBIT J
FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT
THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT (this “Agreement”) dated ____________________, by and between ____________________________ (“Assignor”), and ____________________________ (“Assignee”).
W I T N E S S E T H:
WHEREAS, Assignor is a party to that certain Second Amended and Restated Credit Agreement, dated November 21, 2016, by and among CYRUSONE LP, a Maryland limited partnership (“Borrower”), the lenders that are or may become a party thereto, and KEYBANK NATIONAL ASSOCIATION, as a Lender and as Agent (as amended, supplemented or modified from time to time, the “Credit Agreement”); and
WHEREAS, Assignor desires to transfer to Assignee [describe assigned Commitment] under the Credit Agreement and its rights and obligations with respect to the Commitment assigned and its Outstanding Loans with respect thereto;
NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 Dollars ($10.00) and other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee hereby agree as follows:
1.Definitions.  Terms defined in the Credit Agreement and used herein without definition shall have the respective meanings assigned to such terms in the Credit Agreement.
2.    Assignment.
(a)Subject to the terms and conditions of this Agreement  and the Loan Documents and in consideration of the payment to be made by Assignee to Assignor pursuant to Paragraph 5 of this Agreement, effective as of the “Assignment Date” (as defined in Paragraph 7 below), Assignor hereby irrevocably sells, transfers and assigns to Assignee, without recourse, [all/a] portion of its [Revolving Credit][Term Loan A][Term Loan B][Bid Loan] Note in the amount of $_______________ representing a $_______________ [Revolving Credit][Term Loan A][Term Loan B] Commitment [Bid Loan], and a _________________ percent (_____%) [Revolving Credit][Term Loan A][Term Loan B] Commitment Percentage, and a corresponding interest in and to all of the other rights and obligations under the Credit Agreement and the other Loan Documents relating thereto (the assigned interests being hereinafter referred to as the “Assigned Interests”), including Assignor’s share of all Outstanding [Revolving Credit] [Bid] Loans [Term Loans A][Term Loans B] with respect to the Assigned Interests and the right to receive interest and principal on and all other fees and amounts with respect to the Assigned Interests, all from and after the Assignment Date, all as if Assignee were an original Lender under and signatory to the Credit Agreement having a [Revolving Credit][Term Loan A][Term Loan B] Commitment Percentage [Bid Loans] equal to the amount of the respective Assigned Interests.

J-1

(b)    Assignee, subject to the terms and conditions hereof, hereby assumes all obligations of Assignor with respect to the Assigned Interests from and after the Assignment Date as if Assignee were an original Lender under and signatory to the Credit Agreement, which obligations shall include, but shall not be limited to, the obligation to make Revolving Credit Loans, Term Loans A or Term Loans B, as applicable, to the Borrower with respect to the Assigned Interests and to indemnify the Agent as provided therein (such obligations, together with all other obligations set forth in the Credit Agreement and the other Loan Documents are hereinafter collectively referred to as the “Assigned Obligations”).  From and after the Assignment Date, Assignor shall have no further duties or obligations with respect to, and shall have no further interest in, the Assigned Obligations or the Assigned Interests.
3.    Representations and Requests of Assignor.
(a)    Assignor represents and warrants to Assignee (i) that it is legally authorized to, and has full power and authority to, enter into this Agreement and perform its obligations under this Agreement; (ii) that as of the date hereof, before giving effect to the assignment contemplated hereby the principal face amount of Assignor’s [Revolving Credit][Term Loan A][Term Loan B][Bid Loan] Note is $____________ and the aggregate outstanding principal balance of the [Revolving Credit][Bid] Loans [Term Loans A][Term Loans B] made by it equals $____________, and (iii) that it has forwarded to the Agent the [Revolving Credit][Term Loan A][Term Loan B][Bid Loan] Note held by Assignor.  Assignor makes no representation or warranty, express or implied, and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Loan Documents or the execution, legality, validity, enforceability, genuineness or sufficiency of any Loan Document or any other instrument or document furnished pursuant thereto or in connection with the Loan, the collectability of the Loans, the continued solvency of the Borrower or the Guarantors or the continued existence, sufficiency or value of any assets of the Borrower or the Guarantors which may be realized upon for the repayment of the Loans, or the performance or observance by the Borrower or the Guarantors of any of their respective obligations under the Loan Documents to which they are a party or any other instrument or document delivered or executed pursuant thereto or in connection with the Loan; other than that it is the legal and beneficial owner of, or has the right to assign, the interests being assigned by it hereunder and that such interests are free and clear of any adverse claim.
(b)    Assignor requests that the Agent obtain replacement notes for each of Assignor and Assignee as provided in the Credit Agreement.
4.    Representations of Assignee.  Assignee makes and confirms to the Agent, Assignor and the other Lenders all of the representations, warranties and covenants of a Lender under Articles 14 and 18 of the Credit Agreement.  Without limiting the foregoing, Assignee (a) represents and warrants that it is legally authorized to, and has full power and authority to, enter into this Agreement and perform its obligations under this Agreement; (b) confirms that it has received copies of such documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (c) agrees that it has and will, independently and without reliance upon Assignor, any other Lender or the Agent and based upon such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in evaluating the Loans, 

J-2

the Loan Documents, the creditworthiness of Borrower and Guarantors and the value of the assets of Borrower and Guarantors, and taking or not taking action under the Loan Documents; (d) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers as are reasonably incidental thereto pursuant to the terms of the Loan Documents; (e) agrees that, by this Assignment, Assignee has become a party to and will perform in accordance with their terms all the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender; (f) represents and warrants that Assignee does not control, is not controlled by, is not under common control with and is otherwise free from influence or control by, Borrower, any Guarantor or REIT, and is not a Defaulting Lender or an Affiliate of a Defaulting Lender, (g) agrees that if Assignee is not incorporated under the laws of the United States of America or any State, it has on or prior to the date hereof delivered to Borrower and Agent certification as to its exemption (or lack thereof) from deduction or withholding of any United States federal income taxes and (h) if Assignee is acquiring a portion of the Revolving Credit Commitments, Assignee has a net worth or unfunded commitment as of the date hereof of not less than $100,000,000.00 unless waived in writing by Borrower and Agent as required by the Credit Agreement.  Assignee agrees that Borrower may rely on the representation contained in Section 4(h).
5.    Payments to Assignor.  In consideration of the assignment made pursuant to Paragraph 2 of this Agreement, Assignee agrees to pay to Assignor on the Assignment Date, an amount equal to $____________ representing the aggregate principal amount outstanding of the [Revolving Credit][Bid] Loans [Term Loans A][Term Loans B] owing to Assignor under the Credit Agreement and the other Loan Documents with respect to the Assigned Interests.
6.    Payments by Assignor.  Assignor agrees to pay the Agent on the Assignment Date the registration fee required by §18.2 of the Credit Agreement.
7.    Effectiveness.
(a)    The effective date for this Agreement shall be _______________ (the “Assignment Date”).  Following the execution of this Agreement, each party hereto shall deliver its duly executed counterpart hereof to the Agent for acceptance and recording in the Register by the Agent.  This Agreement will not be effective unless and until executed by Assignor, Assignee and, so long as no Default or Event of Default exists as of the date hereof, Borrower.
(b)    Upon such acceptance and recording and from and after the Assignment Date, (i) Assignee shall be a party to the Credit Agreement and, to the extent of the Assigned Interests, have the rights and obligations of a Lender thereunder, and (ii) Assignor shall, with respect to the Assigned Interests, relinquish its rights and be released from its obligations under the Credit Agreement.
(c)    Upon such acceptance and recording and from and after the Assignment Date, the Agent shall make all payments in respect of the rights and interests assigned hereby accruing after the Assignment Date (including payments of principal, interest, fees and other amounts) to Assignee. 

J-3

(d)    All outstanding LIBOR Rate Loans shall continue in effect for the remainder of their applicable Interest Periods and Assignee shall accept the currently effective interest rates on its Assigned Interest of each LIBOR Rate Loan.
8.    Notices.  Assignee specifies as its address for notices and its Lending Office for all assigned Loans, the offices set forth below:
Notice Address:        

Domestic Lending Office:    Same as above
Eurodollar Lending Office:    Same as above
9.    Payment Instructions.  All payments to Assignee under the Credit Agreement shall be made as provided in the Credit Agreement in accordance with the separate instructions delivered to Agent.
10.    Governing Law.  THIS AGREEMENT IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT FOR ALL PURPOSES AND TO BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401 (WITHOUT REFERENCE TO CONFLICT OF LAWS).
11.    Counterparts.  This Agreement may be executed in any number of counterparts which shall together constitute but one and the same agreement.
12.    Amendments.  This Agreement may not be amended, modified or terminated except by an agreement in writing signed by Assignor and Assignee, and consented to by Agent and, unless a Default or Event of Default exists, Borrower.
13.    Successors.  This Agreement shall inure to the benefit of the parties hereto and their respective successors and assigns as permitted by the terms of Credit Agreement.
[signatures on following page] 

J-4

IN WITNESS WHEREOF, intending to be legally bound, each of the undersigned has caused this Agreement to be executed on its behalf by its officers thereunto duly authorized, as of the date first above written.
ASSIGNEE:
By:    
Title:
ASSIGNOR:
By:    
Title:
RECEIPT ACKNOWLEDGED AND
ASSIGNMENT CONSENTED TO BY:
KEYBANK NATIONAL ASSOCIATION,  
as Agent
By:    
Title:
CONSENTED TO BY:  
CYRUSONE LP, a Maryland limited partnership
		
	By:
	CYRUSONE GP, a Maryland statutory trust, its general partner

		
	By:
	CyrusOne Inc., a Maryland corporation,  
as its sole trustee

By:    
Name:    
Title:    
(SEAL)

J-5

EXHIBIT K
FORM OF LETTER OF CREDIT APPLICATION

K-1

 

K-2

K-3

K-4

K-5

K-6

K-7

EXHIBIT L-1
FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is made to that certain Second Amended and Restated Credit Agreement dated as of November 21, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among CyrusOne LP (the “Borrower”), the financial institutions party thereto and their assignees under §18.1 thereof (the “Lenders”), KeyBank National Association, as Agent (the “Agent”) and the other parties thereto.
Pursuant to the provisions of §4.4 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Agent and Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform Borrower and Agent, and (2) the undersigned shall have at all times furnished Borrower and Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
 
[NAME OF LENDER]
By:     
Name:     
Title:    
Date: ________ __, 20__

L-1

EXHIBIT L-2
FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is made to that certain Second Amended and Restated Credit Agreement dated as of November 21, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among CyrusOne LP (the “Borrower”), the financial institutions party thereto and their assignees under §18.1 thereof (the “Lenders”), KeyBank National Association, as Agent (the “Agent”) and the other parties thereto.
Pursuant to the provisions of §4.4 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
 
[NAME OF PARTICIPANT]
By:     
Name:     
Title:    
Date: ________ __, 20__  

L-2

EXHIBIT L-3
FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is made to that certain Second Amended and Restated Credit Agreement dated as of November 21, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among CyrusOne LP (the “Borrower”), the financial institutions party thereto and their assignees under §18.1 thereof (the “Lenders”), KeyBank National Association, as Agent (the “Agent”) and the other parties thereto.
Pursuant to the provisions of §4.4 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the Code. 
The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
 
[NAME OF PARTICIPANT]
By:     
Name:     
Title:    
Date: ________ __, 20__

L-3

EXHIBIT L-4
FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is made to that certain Second Amended and Restated Credit Agreement dated as of November 21, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among CyrusOne LP (the “Borrower”), the financial institutions party thereto and their assignees under §18.1 thereof (the “Lenders”), KeyBank National Association, as Agent (the “Agent”) and the other parties thereto.
Pursuant to the provisions of §4.4 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Agent and Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform Borrower and Agent, and (2) the undersigned shall have at all times furnished Borrower and Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
 
[NAME OF LENDER]
By:     
Name:     
Title:    
Date: ________ __, 20__

L-4

EXHIBIT M-1
Form of 
Bid Loan Quote Request
		
	TO:
	KeyBank National Association, as Agent  
Mail Code:  OH-01-51-0311 
4910 Tiedeman Road, 3rd Floor 
Brooklyn, OH  44144 
Attn:    Vicky F. Heineck, AVP 
Fax:    216-370-6206

		
	RE:
	Second Amended and Restated Credit Agreement, dated as of November 21, 2016, by and among CyrusOne LP (“Borrower”), the Lenders and KeyBank National Association, as Agent (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement)

		
	DATE:
	[Date]

Pursuant to §2.1(c) of the Credit Agreement:
1.    Borrower hereby gives notice that it requests Bid Loan Quotes for the following proposed Bid Loan Borrowing(s) on _______________________ (the “Credit Extension Date”):
	
					
	Credit Extension Date
	Amount
	Interest Period
	Basis for Interest Rate Calculation
	Prepayable

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

2.    Use of Proceeds.  Such Loan shall be used for purposes permitted by §2.9 of the Credit Agreement.
3.    No Default.  The undersigned chief financial officer, chief accounting officer or other accounting officer reasonably approved by Agent of Borrower (or of the REIT) certifies in his or her capacity as an officer of Borrower or REIT, as applicable, and not individually, that Borrower is and will be in compliance with all covenants under the Loan Documents after giving effect to the making of the Loan requested hereby and no Default or Event of Default has occurred and is continuing.  

M-1 – Page 1

4.    Representations True.  The undersigned chief financial officer, chief accounting officer or other accounting officer reasonably approved by Agent of Borrower (or of the REIT) certifies in his or her capacity as an officer of Borrower or REIT, as applicable, and not individually, that each of the representations and warranties made by or on behalf of Borrower, Guarantors or their respective Subsidiaries (if applicable), contained in the Credit Agreement, in the other Loan Documents or in any document or instrument delivered pursuant to or in connection with the Credit Agreement was true in all material respects as of the date on which it was made and, is true in all material respects as of the date hereof and shall also be true at and as of the Drawdown Date for the Loan requested hereby, with the same effect as if made at and as of such Drawdown Date, except to the extent of changes resulting from transactions permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date).
5.    Other Conditions.  The undersigned chief financial officer, chief accounting officer or other accounting officer reasonably approved by Agent of Borrower or of REIT, as applicable, certifies in his or her capacity as an officer of Borrower or REIT, as applicable, and not individually, that all other conditions, if any, expressly set forth in the Credit Agreement to the making of the Loan requested hereby have been satisfied.
6.    Maximum Amount.  After giving effect to the requested Bid Loan, (a) the aggregate principal amount outstanding under the Bid Loan Notes (after giving effect to all amounts requested thereunder) will not exceed the Bid Loan Sublimit, and (b) the aggregate principal amount outstanding under the Revolving Credit Notes, the Swing Loan Note and the Bid Loan Notes (after giving effect to all amounts requested thereunder) plus the Letter of Credit Liabilities will not exceed the Total Revolving Credit Commitment.  
CYRUSONE LP, a Maryland limited partnership
		
	By:
	CYRUSONE GP, a Maryland statutory trust, its general partner

		
	By:
	CyrusOne Inc., a Maryland corporation,  
as its sole trustee

By:    
Name:    
Title:    
(SEAL)

M-1 - Page 2

EXHIBIT M-2
Form of 
Bid Loan Quote
		
	TO:
	KeyBank National Association, as Agent 
Mail Code:  OH-01-51-0311 
4910 Tiedeman Road, 3rd Floor 
Brooklyn, OH  44144 
Attn:    Vicky F. Heineck, AVP 
Fax:    216-370-6206

		
	RE:
	Second Amended and Restated Credit Agreement, dated as of November 21, 2016, by and among CyrusOne LP (“Borrower”), the Lenders and KeyBank National Association, as Agent (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement)

		
	DATE:
	[Date]

In response to Borrower’s Bid Loan Quote Request dated _____________,____ (the “Bid Loan Quote Request”), we hereby make the following Bid Loan Quote(s) on the following terms:
1.    Quoting Bank: ______________________
2.    Name, address, phone number and facsimile number of person to contact at Quoting Bank:
_______________________
 
_______________________
 
_______________________
 
_______________________
3.    We hereby offer to make Bid Loan(s) in the following principal amount(s), for the following Interest Period(s) and the following rate(s):

M-2 – Page 1

	
						
	Funding Date
	Amount
	Interest Period
	Absolute Rate Bid
	LIBOR Margin Bid
	Prepayable

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

We understand and agree that the offer(s) set forth above, subject to the satisfaction of the applicable conditions set forth in the Credit Agreement, irrevocably obligate(s) us to make the Bid Loan(s) for which any offer(s) are accepted, in whole or in part, subject to §2.1(c)(ii)(B) of the Credit Agreement.
Date:_______________, ____
[____________________________]
By:     
Name:     
Title:     

M-2 - Page 2

EXHIBIT N
FORM OF GUARANTY
SECOND AMENDED AND RESTATED GUARANTY
THIS SECOND AMENDED AND RESTATED GUARANTY (“Guaranty”) made as of the 21st day of November, 2016, by CYRUSONE INC., a Maryland corporation (“REIT”), CYRUSONE GP, a Maryland statutory trust (“General Partner”), CYRUSONE LLC, a Delaware limited liability company (“LLC”), CYRUSONE TRS INC., a Delaware corporation (“TRS”), CYRUSONE FOREIGN HOLDINGS LLC, a Delaware limited liability company (“Foreign Holdings”), CYRUSONE FINANCE CORP., a Maryland corporation (“Finance”), CERVALIS HOLDINGS LLC, a Delaware limited liability company (“Cervalis Holdings”), CERVALIS LLC, a Delaware limited liability company (“Cervalis”, together with REIT, General Partner, LLC, TRS, Foreign Holdings, Finance, Cervalis Holdings, and each other Subsidiary Guarantor (as defined in the Credit Agreement referred to below) that may become a party hereto are sometimes hereinafter referred to individually as “Guarantor” and collectively as “Guarantors”) to and for the benefit of KEYBANK NATIONAL ASSOCIATION (“KeyBank”), a national banking association, as Agent (“Agent”), and KeyBank and the other lenders now or hereafter a party to the Credit Agreement (collectively, the “Lenders”).  Agent and the Lenders, and their permitted successors and assigns, are hereinafter referred to collectively as the “Credit Parties”.
R E C I T A L S
A.On or about the date hereof, CyrusOne LP, a Maryland limited partnership (“Borrower”), Agent and the Lenders entered into that certain Second Amended and Restated Credit Agreement (the “Credit Agreement”) whereby the Lenders agreed to make a revolving credit, bid loan and term loan facility (the “Loan”) available to Borrower in the maximum aggregate amount at any time outstanding not to exceed the sum of One Billion Five Hundred Fifty Million and No/100 Dollars ($1,550,000,000.00), increasable to One Billion Eight Hundred Fifty Million and No/100 Dollars ($1,850,000,000.00).  Capitalized terms used and not otherwise defined herein shall have the meanings given to them in the Credit Agreement.
B.In connection with the Loan, Borrower has executed and delivered the Notes in favor of Lenders and certain other Loan Documents.
C.Guarantors will derive material financial benefit from the Loan evidenced by the Notes and the other Loan Documents.
D.The Credit Parties have relied on the statements and agreements contained herein in agreeing to make the Loan.  The execution and delivery of this Guaranty by Guarantors is a condition precedent to the making of the Loan by Lenders.
AGREEMENTS
NOW, THEREFORE, intending to be legally bound, Guarantors, in consideration of the matters described in the foregoing Recitals, which Recitals are incorporated herein and made a part hereof, and for other good and valuable consideration the receipt and sufficiency of which are 

N-1

acknowledged, hereby covenant and agree for the benefit of the Credit Parties and their respective successors and permitted assigns as follows:
1.    Guaranty.  Each Guarantor, absolutely, unconditionally, and irrevocably guarantees:
(a)    the full and prompt payment of the principal of and interest on the Notes (including, without limitation, the Revolving Credit Notes, the Term Loan A Notes, the Term Loan B  Notes, the Bid Loan Notes and the Swing Loan Note) when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, and the full and prompt payment of all sums which may now be or may hereafter become due and owing under the Notes, the Credit Agreement and the other Loan Documents, together with any replacements, supplements, renewals, modifications, consolidations, restatements, increases and extensions thereof;
(b)    the full, complete and punctual observance, performance and satisfaction of all of the other obligations, duties, covenants and agreements of Borrower under the Credit Agreement and the other Loan Documents, together with any replacements, supplements, renewals, modifications, consolidations, restatements, increases and extensions thereof; and
(c)    the full and prompt payment of any Enforcement Costs (as hereinafter defined in Section 7 hereof).
All amounts due, debts, liabilities, payment obligations and other obligations described in subsections (a) through (c) of this Section 1 are referred to herein as the “Obligations.”  Without limiting the generality of the foregoing, Guarantors acknowledge the terms of Section 2.11 of the Credit Agreement pursuant to which the Total Commitment under the Credit Agreement may be increased and agree that this Guaranty shall extend and be applicable to each new or replacement note delivered by Borrower in connection with any such increase and all other obligations of Borrower under the Loan Documents as a result of such increase without notice to or consent from Guarantors, or any of them.
2.    Agreement to Pay or Perform.  Upon the occurrence and during the continuation of an Event of Default, Guarantors agree, on demand by Agent (which demand may be made concurrently with notice to Borrower that an Event of Default has occurred), to pay to Agent for distribution to the applicable Credit Parties and perform all the Obligations regardless of any defense, right of setoff or claims which Borrower or any Guarantor may have against any of the Credit Parties (other than the indefeasible payment in full (other than Obligations which survive termination of the Credit Agreement as to which no claim has been made) in cash and performance in full of the Obligations).  Upon the occurrence and during the continuation of an Event of Default, the Agent shall have the right, at its option, either before, during or after pursuing any right or remedy against Borrower or any Guarantor, to perform any and all of the then unperformed Obligations by or through any agent of its selection, all as the Agent in its sole discretion deems proper.  Furthermore, the Credit Parties shall not have any obligation to protect or insure any collateral for the Loan, nor shall the Credit Parties have any obligation to perfect their security interest in any collateral for the Loan.
All of the remedies set forth herein and/or provided for in any of the Loan Documents or at law or equity shall be available to the Agent, and the choice by the Agent of one such alternative over another shall not be subject to question or challenge by any Guarantor or any other Person, nor shall any such choice be asserted as a defense, setoff, or failure to mitigate damages in any 

N-2

action, proceeding, or counteraction by the Credit Parties to recover or seeking any other remedy under this Guaranty, nor shall such choice preclude the Credit Parties from subsequently electing to exercise a different remedy.  The parties have agreed to the alternative remedies hereinabove specified in part because they recognize that the choice of remedies in the event of a failure hereunder will necessarily be and should properly be a matter of good faith business judgment, which the passage of time and events may or may not prove to have been the best choice to maximize recovery by the Credit Parties at the lowest cost to Borrower and/or Guarantors.  It is the intention of the parties that such good faith choice by the Credit Parties be given conclusive effect regardless of such subsequent developments.
3.    Waiver of Defenses.  Each Guarantor hereby agrees that its obligations hereunder shall not be affected or impaired by, and hereby waives and agrees not to assert or take advantage of any defense based on any of the following (other than any defense of the indefeasible payment in full (other than Obligations which survive termination of the Credit Agreement as to which no claim has been made) in cash and performance in full of the Obligations):
(a)    (i) any change in the amount, interest rate or due date or other term of any of the obligations hereby guaranteed, (ii) any change in the time, place or manner of payment of all or any portion of the obligations hereby guaranteed, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document, or any other document or instrument evidencing or relating to any obligations hereby guaranteed, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the obligations hereby guaranteed or any other instrument or agreement evidencing any obligations hereby guaranteed or any assignment or transfer of any of the foregoing;
(b)    any subordination of the payment of the obligations hereby guaranteed to the payment of any other liability of Borrower or any other person;
(c)    any act or failure to act by Borrower or any other Person which may adversely affect such Guarantor’s subrogation rights, if any, against Borrower or any other Person to recover payments made under this Guaranty;
(d)    any nonperfection or impairment of any security interest or other lien on any collateral, if any, securing in any way any of the obligations hereby guaranteed or any failure on the part of the Credit Parties to ascertain the extent or nature of any collateral or any insurance or other rights with respect thereto, or the liability of any party liable under the Loan Documents or the obligations evidenced or secured thereby;
(e)    any application of sums paid by Borrower or any other Person with respect to the Obligations, regardless of what liabilities of Borrower remain unpaid;
(f)    any defense of Borrower, including without limitation, the invalidity, illegality or unenforceability of any of the Obligations;
(g)    either with or without notice to such Guarantor, any renewal, extension, modification, amendment or other changes in the Obligations, including but not limited to any material alteration of the terms of payment or performance of the Obligations;

N-3

(h)    any statute of limitations in any action hereunder or for the collection of the Notes or for the payment or performance of any obligation hereby guaranteed;
(i)    the incapacity, lack of authority, death or disability of Borrower or any other Person or entity, or the failure of the Credit Parties to file or enforce a claim against the estate (either in administration, bankruptcy or in any other proceeding) of Borrower or any Guarantor or any other Person;
(j)    the dissolution or termination of existence of Borrower, any Guarantor or any other Person;
(k)    the voluntary or involuntary liquidation, sale or other disposition of all or substantially all of the assets of Borrower or any Guarantor or any other Person;
(l)    the voluntary or involuntary receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, assignment, composition, or readjustment of, or any similar proceeding affecting, Borrower or any Guarantor or any other Person, or any of Borrower’s or any Guarantor’s or any other Person’s properties or assets;
(m)    an assertion or claim that the automatic stay provided by 11 U.S.C. §362 (arising upon the voluntary or involuntary bankruptcy proceeding of Borrower), any Insolvency Law or any other stay provided under any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable, shall operate or be interpreted to stay, interdict, condition, reduce or inhibit the ability of the Credit Parties to enforce any of their rights, whether now or hereafter required, which the Credit Parties may have against any Guarantor or any collateral for the Loan;
(n)    any right or claim of right to cause a marshaling of the assets of Borrower or Guarantors;
(o)    the damage, destruction, condemnation, foreclosure or surrender of all or any part of any collateral or the Unencumbered Property;
(p)    the failure of the Credit Parties to give notice to any Guarantor of the existence, creation or incurring of any new or additional indebtedness or obligation of Borrower or of any action or nonaction on the part of any other person whomsoever in connection with any obligation hereby guaranteed;
(q)    any failure or delay of the Credit Parties to commence an action against Borrower, any Guarantor or any other Person, to assert or enforce any remedies against Borrower or any Guarantor under the Notes or the other Loan Documents, or to realize upon any security;
(r)    any failure of any duty on the part of the Credit Parties to disclose to Guarantors any facts they may now or hereafter know regarding Borrower (including, without limitation Borrower’s financial condition), any other person or entity, any collateral, or any other assets or liabilities of such person or entity, whether such facts materially increase the risk to Guarantors or not (it being agreed that Guarantors assume responsibility for being informed with respect to such information);

N-4

(s)    failure to accept or give notice of acceptance of this Guaranty by the Credit Parties;
(t)    failure to make or give notice of presentment and demand (other than the demand on Guarantors pursuant to Section 2 above) for payment of any of the indebtedness or performance of any of the obligations hereby guaranteed;
(u)    failure to make or give protest and notice of dishonor or of default to Guarantors or to any other party with respect to the indebtedness or performance of obligations hereby guaranteed;
(v)    any and all other notices whatsoever to which Guarantors might otherwise be entitled;
(w)    any lack of diligence by the Credit Parties in collection, protection or realization upon any collateral securing the payment of the indebtedness or performance of obligations hereby guaranteed;
(x)    the invalidity or unenforceability of the Notes, or any of the other Loan Documents, or any assignment or transfer of the foregoing;
(y)    the compromise, settlement, release or termination of any or all of the obligations of Borrower or any Guarantor (except that an individual Guarantor may be released as provided in Section 5.2(b) and (c) of the Credit Agreement) under the Notes or the other Loan Documents (except to the extent that no Obligation (other than Obligations which survive termination of the Credit Agreement as to which no claim has been made) remains outstanding or subject to any fraudulent conveyance, preference, transfer for undervalue or bankruptcy preference period or any other possibility of disgorgement and no Letters of Credit remain outstanding and no Credit Party has any obligation to make any Loans or issue any Letters of Credit);
(z)    any transfer by Borrower or any other Person of all or any part of any security encumbered by the Loan Documents;
(aa)    any right to require the Credit Parties to proceed against Borrower, any Guarantor or any other Person or to proceed against or exhaust any security held by the Credit Parties at any time or to pursue any other remedy in the Credit Parties’ power or under any other agreement before proceeding against any Guarantor hereunder or under any other Loan Document;
(bb)    the failure of the Credit Parties to perfect any security or to extend or renew the perfection of any security;
(cc)    any principle or provision of law, statutory or otherwise, which is or might be in conflict with the terms and provisions of this Guaranty;
(dd)    any inaccuracy of any representation or other provision contained in any Loan Document;
(ee)    any sale or assignment of the Loan Documents, or any interest therein;

N-5

(ff)    any and all rights, benefits and defenses which might otherwise be available under the provisions of any other applicable statues, rules or common law principals or provisions which might operate to limit any Guarantor’s liability under, or the enforcement of, this Guaranty; or
(gg)    to the fullest extent permitted by law, any other legal, equitable or surety defenses whatsoever to which any Guarantor might otherwise be entitled, it being the intention that the obligations of Guarantors hereunder are absolute, unconditional and irrevocable.
Each Guarantor understands that the exercise by the Credit Parties of certain rights and remedies may affect or eliminate such Guarantor’s right of subrogation in respect of the Obligations against Borrower and that such Guarantor may therefore incur partially or totally nonreimbursable liability hereunder.  Nevertheless, each Guarantor hereby authorizes and empowers the Agent and its permitted successor and assigns, on behalf of the Credit Parties to exercise in its sole discretion, any rights and remedies, or any combination thereof, which may then be available under the Loan Documents, including, without limitation, any remedies against Borrower with respect to the Notes, it being the purpose and intent of the Guarantors that the obligations hereunder shall be absolute, continuing, independent and unconditional under any and all circumstances.  Notwithstanding any other provision of this Guaranty to the contrary, for so long as any Obligation (other than Obligations which survive termination of the Credit Agreement as to which no claim has been made) remains outstanding or subject to any fraudulent conveyance, preference, transfer for undervalue or bankruptcy preference period or any other possibility of disgorgement or any Letters of Credit remain outstanding or any Credit Party has any obligation to make any Loans or issue any Letters of Credit, each Guarantor hereby agrees not to pursue any claim or other rights which such Guarantor may now have or hereafter acquire, in each case solely in respect of the Obligations, against the Borrower or any other Guarantor of all or any of the obligations of Guarantors hereunder that arise from the existence or performance of such Guarantor’s obligations under this Guaranty or any of the other Loan Documents, including, without limitation but in each case solely in respect of the Obligations, any right of subrogation, reimbursement, exoneration, contribution or indemnification, any right to participate in any claim or remedy of Credit Parties against the Borrower or any other Guarantor or any collateral which Credit Parties now have or hereafter acquire, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, by any payment made hereunder or otherwise, including, without limitation but in each case solely in respect of the Obligations, the right to take or receive from the Borrower or any other Guarantor, directly or indirectly, in cash or other property or by setoff or in any other manner, payment or security on account of such claim or other rights except for those rights of each Guarantor for contribution that such Guarantor may choose to exercise; provided, however, each Guarantor agrees not to pursue or enforce any of its rights for contribution and each Guarantor agrees not to make or receive any payment on account of such rights of contribution with respect to the Obligations so long as any of the Obligations (other than Obligations which survive termination of the Credit Agreement as to which no claim has been made) remain unpaid or undischarged or any Letters of Credit remain outstanding or any Credit Party has any obligation to make any Loans or issue any Letters of Credit.  In the event any Guarantor shall receive any such payment under or on account of any rights of contribution in respect of any Obligations, it shall hold such payment as trustee for Credit Parties and pay such amounts over to the Agent for distribution to the applicable Credit Parties on account of the indebtedness of Borrower to Credit Parties but without reducing or affecting in any manner the liability of Guarantors under the other provisions of this Guaranty except to the extent the principal amount or other portion of such indebtedness shall have been reduced by such payment.

N-6

4.    Rights of Credit Parties to Deal with Borrower and Other Persons.  Each Guarantor hereby consents and agrees that the Credit Parties may at any time, and from time to time, without thereby releasing any Guarantor from any liability hereunder and without notice to or further consent from any Guarantor or any other Person, either with or without consideration:  release or surrender any lien or other security of any kind or nature whatsoever held by them or by any person, firm or corporation on their behalf or for their account, securing any indebtedness or liability hereby guaranteed; substitute for any collateral so held by them, other collateral of like kind, or of any kind; modify the terms of the Notes or the Loan Documents; extend or renew the Notes for any period; grant releases, compromises and indulgences with respect to the Notes or the Loan Documents and to any persons or entities now or hereafter liable thereunder or hereunder; release any other guarantor, surety, endorser or accommodation party of the Notes or any other Loan Document; or take or fail to take any action of any type whatsoever.  No such action which the Credit Parties shall take or fail to take in connection with the Notes or the Loan Documents, or any of them, or any security for the payment of the indebtedness of Borrower to the Credit Parties or for the performance of any obligations or undertakings of Borrower or Guarantors, nor any course of dealing with Borrower or any other Person, shall release Guarantors’ obligations hereunder, affect this Guaranty in any way or afford Guarantors any recourse against the Credit Parties.  The provisions of this Guaranty shall extend and be applicable to all replacements, supplements, renewals, amendments, extensions, consolidations, restatements and modifications of the Notes and the other Loan Documents, and any and all references herein to the Notes and the other Loan Documents shall be deemed to include any such replacements, supplements, renewals, extensions, amendments, consolidations, restatements or modifications thereof.  Without limiting the generality of the foregoing, each Guarantor acknowledges the terms of Section 18 of the Credit Agreement and agrees that this Guaranty shall extend and be applicable to each new or replacement note delivered by Borrower pursuant thereto without notice to or further consent from Guarantor.  Each Guarantor acknowledges that no representations of any kind whatsoever have been made by the Credit Parties to Borrower or Guarantors.  No modification or waiver of any of the provisions of this Guaranty shall be binding upon the Credit Parties except as expressly set forth in a writing duly signed and delivered by Agent in accordance with the provisions of the Credit Agreement.
5.    Guaranty of Payment and Performance and Not of Collection.  This is an absolute, present and continuing guaranty of payment and performance and not of collection.  The liability of Guarantors under this Guaranty shall be primary, direct and immediate and not conditional or contingent upon the pursuit of any remedies against Borrower or any other person, nor against any securities or liens available to Credit Parties or their permitted successors or assigns.  Guarantors hereby waive any right to require that an action be brought against Borrower or any other Person or to require that resort be had to any security or to any balance of any deposit account or credit on the books of Credit Parties in favor of Borrower or any other person.  Each Guarantor further agrees that nothing contained herein or otherwise shall prevent the Credit Parties from pursuing concurrently or successively all rights and remedies available to them at law and/or in equity or under the Notes, Credit Agreement or any other Loan Documents, and the exercise of any of their rights or the completion of any of their remedies shall not constitute a discharge of Guarantors’ obligations hereunder, it being the purpose and intent of Guarantors that the obligations of Guarantors hereunder shall be absolute, independent and unconditional under any and all circumstances whatsoever other than any defense of indefeasible payment in full (other than Obligations which survive termination of the Credit Agreement as to which no claim has been made) in cash and performance in full of the Obligations.  None of Guarantors’ obligations under this 

N-7

Guaranty or any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever by any impairment, modification, change, release or limitation of the liability of Borrower under the Notes, Credit Agreement or other Loan Documents or by reason of the bankruptcy or other insolvency of Borrower or by reason of any creditor or bankruptcy proceeding instituted by or against Borrower.  This Guaranty shall continue to be effective or be reinstated (as the case may be) if at any time payment of all or any part of any sum payable pursuant to the Notes, Credit Agreement or any other Loan Document is rescinded or otherwise required to be returned by the Credit Parties upon the insolvency, bankruptcy, dissolution, liquidation, or reorganization of Borrower, or upon or as a result of the appointment of a receiver, receiver-manager, monitor, liquidator, custodian or conservator of or trustee or similar officer for, Borrower or any substantial part of its property, or otherwise, all as though such payment to the Credit Parties had not been made, regardless of whether the Credit Parties contested the order requiring the return of such payment.  Notwithstanding anything to the contrary herein or in the other Loan Documents, the obligations of the Guarantors hereunder shall be unsecured obligations.
6.    Assignment by Credit Party.  In the event any Credit Party shall assign its rights in connection with the Loan to another Person pursuant to and in compliance with the terms of the Credit Agreement, Guarantors will accord full recognition thereto and agree that all rights and remedies of such Person shall be enforceable against Guarantors by the Agent on behalf of such Person with the same force and effect and to the same extent as would have been enforceable by the Agent on behalf of such Credit Party but for such assignment.
7.    Costs of Collection.  During the continuance of a Default or Event of Default, upon enforcement by the Agent of this Guaranty, Guarantors shall pay to the Agent all reasonable and documented out-of-pocket attorney’s fees, costs and expenses incurred in connection therewith (all of which are referred to herein as “Enforcement Costs”) (provided that any attorneys’ fees, costs and expenses pursuant to this Section 7 shall be limited to those incurred by one counsel to the Agent and an additional single local counsel in each applicable local jurisdiction for Agent (and, to the extent reasonably necessary, in the case of an actual or perceived conflict of interest, one additional counsel), in addition to all other amounts due hereunder, regardless of whether all or a portion of such Enforcement Costs are incurred in a single proceeding brought to enforce this Guaranty as well as the other Loan Documents (provided that such Enforcement Costs shall not be duplicative of costs claimed under the Loan Documents).
8.    Severability.  The parties hereto intend and believe that each provision in this Guaranty comports with all applicable local, state, provincial and federal laws and judicial decisions.  However, if any provision or provisions, or if any portion of any provision or provisions, in this Guaranty is found by a court of law to be in violation of any applicable local, state, provincial or federal ordinance, statute, law, administrative or judicial decision, or public policy, and if such court should declare such portion, provision or provisions of this Guaranty to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of all parties hereto that such portion, provision or provisions shall be given force to the fullest possible extent that they are legal, valid and enforceable,  that the remainder of this Guaranty shall be construed as if such illegal, invalid, unlawful, void or unenforceable portion, provision or provisions were not contained therein, and that the rights, obligations and interest of the Credit Parties or the holder of the Notes under the remainder of this Guaranty shall continue in full force and effect.

N-8

9.    Marshaling of Assets; Jurisdiction; Waiver of Venue; Consent to Service of Process.  TO THE GREATEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY WAIVES ANY AND ALL RIGHTS TO REQUIRE MARSHALING OF ASSETS BY THE CREDIT PARTIES.  EACH GUARANTOR AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN ANY COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK (INCLUDING ANY FEDERAL COURT SITTING THEREIN).  WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDINGS RELATING TO THIS GUARANTY (EACH, A “PROCEEDING”), THE CREDIT PARTIES AND EACH GUARANTOR IRREVOCABLY ACCEPTS, GENERALLY AND UNCONDITIONALLY, THE NON‐EXCLUSIVE JURISDICTION OF SUCH COURTS AND ANY RELATED APPELLATE COURT AND IRREVOCABLY (i) AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY WITH RESPECT TO THIS GUARANTY AND ANY OF THE OTHER LOAN DOCUMENTS AND (ii) WAIVES ANY OBJECTION ANY OF THEM MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH A COURT IS AN INCONVENIENT FORUM.  EACH GUARANTOR FURTHER AGREES THAT SERVICE OF PROCESS IN ANY SUCH SUIT MAY BE MADE UPON ANY GUARANTOR BY MAIL AT THE ADDRESS SPECIFIED IN SECTION 13 HEREOF.  IN ADDITION TO THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN, ANY CREDIT PARTY MAY BRING ACTION(S) FOR ENFORCEMENT ON A NONEXCLUSIVE BASIS WHERE ANY ASSETS OF EACH GUARANTOR EXIST AND EACH GUARANTOR CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURTS AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON ANY GUARANTOR BY MAIL AT THE ADDRESS SPECIFIED IN SECTION 13 HEREOF.
10.    No Contest with Credit Parties; Subordination.  Any indebtedness of Borrower to Guarantors now or hereafter existing is hereby subordinated to the payment and performance of the Obligations.  Each Guarantor agrees that, for so long as any Obligation (other than Obligations which survive termination of the Credit Agreement as to which no claim has been made) remains outstanding or any Letters of Credit remain outstanding or any Credit Party has any obligation to make any Loans or issue any Letters of Credit, no Guarantor will seek, accept, or retain for its own account, any payment from Borrower on account of such subordinated debt; provided however that so long as no Default or Event of Default shall be continuing, Guarantor may seek, accept and retain payments by Borrower of principal and interest in connection with the subordinated debt.  Any payments to any Guarantor on account of such subordinated debt which are not otherwise permitted herein shall be collected and received by such Guarantor in trust for the Credit Parties and shall be paid over to the Credit Parties on account of the Indebtedness without impairing or releasing the obligations of Guarantors hereunder.  No Guarantor will, by paying any sum recoverable hereunder (whether or not demanded by the Credit Parties) or by any means or on any other ground, claim any set-off or counterclaim against Borrower in respect of any liability of such Guarantor to Borrower or, in proceedings under Insolvency Law of any nature, prove in competition with the Credit Parties in respect of any payment hereunder or be entitled to have the benefit of any counterclaim or proof of claim or dividend or payment by or on behalf of Borrower or the benefit of any other security for any of the Obligations hereby guaranteed which, now or hereafter, the Credit Parties may hold or in which they may have any share.  For so long as any Obligation (other than Obligations which survive termination of the Credit Agreement as to which no claim has been made) remains 

N-9

outstanding or subject to any bankruptcy preference, fraudulent conveyance, preference or transfer for undervalue period or any other possibility of disgorgement or any Letters of Credit remain outstanding or any Credit Party has any obligation to make any Loans or issue any Letters of Credit, each Guarantor hereby expressly agrees not to pursue any right of contribution from or indemnity against Borrower, whether at law or in equity, arising from any payments made by any Guarantor pursuant to the terms of this Guaranty, and each Guarantor acknowledges that no Guarantor has any right whatsoever to proceed against Borrower or for reimbursement of any such payments except for any rights of each Guarantor for contribution; provided, however, each Guarantor agrees not to pursue or enforce any of its rights for contribution and each Guarantor agrees not to make or receive any payment on account of such rights of contribution so long as any of the Obligations (other than Obligations which survive termination of the Credit Agreement as to which no claim has been made) remain unpaid or undischarged.  In the event any Guarantor shall receive such payment under or on account of any such right of contribution, it shall hold such payment as trustee for Credit Parties and pay such amounts over to Agent for distribution to the applicable Credit Parties on account of the Obligations but without reducing or affecting in any manner the liability of Guarantors under the other provisions of this Guaranty except to the extent the principal amount or other portion of the Obligations shall have been reduced by such payment.  In connection with the foregoing and for so long as any Obligation (other than Obligations which survive termination of the Credit Agreement as to which no claim has been made) remains outstanding or subject to any bankruptcy preference, fraudulent conveyance, preference or transfer for undervalue period or any other possibility of disgorgement or any Letters of Credit remain outstanding or any Credit Party has any obligation to make any Loans or issue any Letters of Credit, each Guarantor expressly agrees not to pursue any and all rights of subrogation to the Credit Parties against Borrower, and each Guarantor hereby agrees not to pursue any rights to enforce any remedy which the Credit Parties may have against Borrower and any rights to participate in any collateral for Borrower’s obligations under the Loan Documents.
11.    Application of Payments.  Any amounts received by the Credit Parties from any source on account of the Loan may be utilized by the Credit Parties for the payment and performance of the Obligations and in such order and manner as the Credit Parties may from time to time elect in accordance with the terms of the Credit Agreement.
12.    Waiver of Jury Trial.  EACH OF THE GUARANTORS AND THE CREDIT PARTIES HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS.  EACH GUARANTOR HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, PUNITIVE OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES.  EACH GUARANTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY CREDIT PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH CREDIT PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B) ACKNOWLEDGES THAT THE CREDIT PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER LOAN DOCUMENTS TO WHICH THEY ARE PARTIES BY, AMONG OTHER THINGS, THE WAIVERS AND 

N-10

CERTIFICATIONS CONTAINED IN THIS §12.  EACH GUARANTOR ACKNOWLEDGES THAT IT HAS HAD AN OPPORTUNITY TO REVIEW THIS §12 WITH LEGAL COUNSEL AND THAT EACH GUARANTOR AGREES TO THE FOREGOING AS ITS FREE, KNOWING AND VOLUNTARY ACT.
13.    Notices.  All notices, demands or requests provided for or permitted to be given pursuant to this Guaranty (hereinafter in this paragraph referred to as “Notice”) must be in writing and shall be deemed to have been properly given or served by personal delivery or by sending same by overnight courier or by depositing the same in the United States mail, postpaid and registered or certified, return receipt requested, at the addresses set forth below.  Each Notice shall be effective upon being delivered personally or upon being sent by overnight courier or upon being deposited in the United States Mail as aforesaid.  The time period in which a response to any such Notice must be given or any action taken with respect thereto, however, shall commence to run from the date of receipt if personally delivered or sent by overnight courier or, if so deposited in the United States Mail, the earlier of three (3) Business Days following such deposit and the date of receipt as disclosed on the return receipt.  Rejection or other refusal to accept or the inability to deliver because of changed address of which no Notice was given shall be deemed to be receipt of the Notice sent.  By giving at least five (5) days prior Notice thereof, Guarantors or any Credit Party shall have the right from time to time and at any time during the term of this Guaranty to change their respective addresses and each shall have the right to specify as its address any other address within the United States of America.  For the purposes of this Guaranty:
The address of KeyBank and Agent is:
KeyBank National Association 
4910 Tiedeman Road, 3rd Floor 
Brooklyn, Ohio  44144 
Attn:  Real Estate Capital Services
With a copy to: 
 
KeyBank National Association 
127 Public Square 
Cleveland, Ohio  44114-1306 
Attn:  Mr. Jason Weaver 
Telecopy No.:  (216) 689-4997
and 
 
Dentons US LLP 
Suite 5300
303 Peachtree Street, N.E. 
Atlanta, Georgia  30308 
Attn:  William F. Timmons, Esq. 
Telecopy No.:  (404) 527-4198

and a copy to each other Lender which may now or hereafter become a party to the Credit Agreement at such address as may be designated by such Lender.

N-11

The address of Guarantors is:
c/o CyrusOne Inc.
1649 West Frankford Road
Carrollton, Texas  75007
Attn:  Chief Financial Officer
Telecopy No.:   (972) 820-8633

With a copy to:

Sullivan & Cromwell LLP
125 Broad Street
New York, New York  10004-2498
Attn:   Ari B. Blaut, Esq.
Telecopy No.:   (212) 558-1656

14.    Representations and Warranties.  In order to induce the Lenders to make the Loan, Guarantors acknowledge and affirm the truth and accuracy in all material respects of the representations and warranties set forth in the Credit Agreement that are applicable to such Guarantors and incorporate such representations and warranties as if set forth herein in their entirety (it being understood and agreed that any representation or warranty in the Credit Agreement which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date).  Each Guarantor acknowledges that but for the truth and accuracy in all material respects of the matters covered by such representations and warranties, the Lenders would not have agreed to make the Loan.  Guarantors acknowledge that the terms of this paragraph are subject to Section 1.2(m) of the Credit Agreement.
All of the foregoing representations and warranties shall be true in all material respects both as of the date as of which they were made and shall also be true in all material respects as of the time of the making of any Loan or the issuance of any Letter of Credit, with the same effect as if made at and as of that time, except to the extent of changes resulting from transactions permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date).
15.    [Intentionally Omitted]
16.    Successors and Assigns; Assignment by Guarantors; Joint and Several.  This Guaranty shall be binding upon the successors and assigns of Guarantors and shall not be discharged in whole or in part by the death or the dissolution of any principal in any Guarantor.  No Guarantor may assign or transfer any of its rights or obligations under this Guaranty without the prior written consent of the Credit Parties.  If more than one party executes this Guaranty, the liability of all such parties shall be joint and several.
17.    Governing Law.  GUARANTORS ACKNOWLEDGE AND AGREE THAT THIS GUARANTY AND THE OBLIGATIONS OF GUARANTORS HEREUNDER SHALL PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW BE GOVERNED BY AND INTERPRETED AND DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

N-12

18.    Request for Loans.  Credit Parties shall be entitled to honor any request for Loan proceeds made by Borrower and shall have no obligation to see to the proper disposition of such advances.  Each Guarantor agrees that their respective obligations hereunder shall not be released or affected by reason of any improper disposition by Borrower of such Loan proceeds.
19.    Business Failure, Bankruptcy or Insolvency.  In the event of the business failure of any Guarantor or if there shall be pending any bankruptcy, insolvency or other case or proceeding with respect to any Guarantor under any Insolvency Law or any other applicable law or in connection with the insolvency of any Guarantor, or if a liquidator, receiver, trustee or similar Person or official shall have been appointed for any Guarantor or any Guarantor’s properties or assets, the Credit Parties may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Credit Parties allowed in any proceedings relative to such Guarantor, or any of such Guarantor’s properties or assets, and, irrespective of whether the indebtedness or other obligations of Borrower guaranteed hereby shall then be due and payable, by declaration or otherwise, the Credit Parties shall be entitled and empowered to file and prove a claim for the whole amount of any sums or sums owing with respect to the indebtedness or other obligations of Borrower guaranteed hereby, and to collect and receive any moneys or other property payable or deliverable on any such claim.  Each Guarantor covenants and agrees that upon the commencement of a voluntary or involuntary bankruptcy proceeding by or against Borrower, Guarantors shall not seek a supplemental stay or otherwise pursuant to 11 U.S.C. §105 or any other provision of the United States Bankruptcy Code, as amended, or any other Insolvency Law or any other debtor relief law (whether statutory, common law, case law, or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable, to stay, interdict, condition, reduce or inhibit the ability of the Credit Parties to enforce any rights of the Credit Parties against Guarantors by virtue of this Guaranty or otherwise.
20.    Set-Off.  Regardless of the adequacy of any collateral, if any, during the continuance of any Event of Default, any deposits (general or specific, time or demand, provisional or final, regardless of currency, maturity, or the branch where such deposits are held) or other sums credited by or due from any Credit Party to any Guarantor and any securities or other property of any Guarantor in the possession of such Credit Party may, without notice to any Guarantor (any such notice being expressly waived by Guarantors) but with the prior written approval of Agent, be applied to or set off against the amounts payable under this Guaranty and any and all other liabilities, direct, or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, of such Person to such Credit Party.
21.    Disclosure of Information.  Each Guarantor agrees that in addition to disclosures made in accordance with standard banking practices, any Credit Party may disclose information obtained by such Credit Party pursuant to this Guaranty to assignees or participants and potential assignees or participants hereunder subject to the terms of the Credit Agreement, including but not limited to Section 18.7 thereof.
22.    Counterparts.  This Guaranty may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.  In proving this Guaranty it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought.

N-13

23.    Ratification.  Each Guarantor covenants and agrees that so long as any Obligation (other than Obligations which survive termination of the Credit Agreement as to which no claim has been made) remains outstanding or any Letters of Credit remain outstanding or any Credit Party has any obligation to make any Loans or issue any Letters of Credit each Guarantor shall comply with all of the covenants and agreements applicable to such Guarantor and its Subsidiaries contained in the Credit Agreement.
24.    No Unwritten Agreement.  THIS GUARANTY REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
25.    Time of the Essence.  Time is of the essence with respect to each and every covenant, agreement and obligation of Guarantors under this Guaranty.
26.    Fair Consideration.  The Guarantors represent that the Guarantors are engaged in common business enterprises related to those of the Borrower and each Guarantor will derive substantial direct or indirect economic benefit from the effectiveness and existence of the Credit Agreement.
27.    Continuance of Guaranty.  (a) This Guaranty and all covenants made by the Guarantors under the Loan Documents shall, subject to the terms of Section 5 hereof, continue in effect for so long as any Obligation remains outstanding (other than Obligations which survive termination of the Credit Agreement as to which no claim has been made) or any Letters of Credit remain outstanding or any Credit Party has any obligation to make any Loans or issue any Letters of Credit and until all of the Obligations (other than contingent indemnification obligations) of Guarantors to Credit Parties under this Guaranty are fully and finally performed and discharged in accordance with their terms (and without regard to any extension, reduction or other alteration thereof in any proceeding under the Bankruptcy Code, any other Insolvency Law or any other proceeding described in Section 12.1(h), (i) or (j) of the Credit Agreement).
(b)    Notwithstanding anything to the contrary herein, upon release of any Subsidiary Guarantor in accordance with Section 5.2(b) or 5.2(c) of the Credit Agreement, such Subsidiary Guarantor shall be released from its obligations hereunder.
(c)    Upon the occurrence of certain events and on the terms and conditions set forth and described in Section 5.2(a) of the Credit Agreement, certain other Subsidiaries of Borrower may become Subsidiary Guarantors for purposes hereof and become a party hereto by executing and delivering to Agent a Joinder Agreement.
28.    Avoidance Provisions.  It is the intent of each Guarantor, the Agent and the Lenders that in any case or proceeding under the Bankruptcy Code or any similar federal or state bankruptcy or insolvency law or any other Insolvency Law (a “Proceeding”), such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the Lenders) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including, without limitation, (a) Section 548 of the 

N-14

Bankruptcy Code and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise.  The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the Lenders) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”.  Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the Lenders), to be subject to avoidance under the Avoidance Provisions.  This Section is intended solely to preserve the rights of the Agent and the Lenders hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Agent and the Lenders that would not otherwise be available to such Person under the Avoidance Provisions.
29.    Effect of this Guaranty.  That certain First Amended and Restated Guaranty, dated as of March 17, 2016, by the Guarantors to and for the benefit of the Agent (as defined therein) and the Lenders (as defined therein) (the “Existing Guaranty”) shall be amended and restated in its entirety by this Guaranty, and the Existing Guaranty shall hereafter be of no further force and effect and shall be deemed replaced and superseded in all respects by this Guaranty.  The parties hereto acknowledge and agree that this Guaranty does not constitute a novation, termination, extinguishment or discharge of the “Obligations” under the Existing Guaranty, which shall continue under this Guaranty.
30.    Judgment Currency.  For the purposes of obtaining judgment in any court if it is necessary to convert a sum due from the Guarantor hereunder in the currency expressed to be payable herein (i.e. Dollars) (the “Specified Currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent could purchase the Specified Currency with such other currency at the Agent’s main Cleveland, Ohio office on the Business Day preceding that on which final, non-appealable judgment is given.  The obligations of the Guarantor in respect of any sum due hereunder shall, notwithstanding any judgment in a currency other than the Specified Currency, be discharged only to the extent that on the Business Day following receipt by any Lender (including the Agent), as the case may be, of any sum adjudged to be so due in such other currency such Lender (including the Agent), as the case may be, may in accordance with normal, reasonable banking procedures purchase the Specified Currency with such other currency.  If the amount of the Specified Currency so purchased is less than the sum originally due to such Lender (including the Agent), as the case may be, in the Specified Currency, the Guarantor agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender (including the Agent), as the case may be, against such loss, and to pay such additional amounts upon demand from Agent.
[SIGNATURES ON NEXT PAGE]

N-15

IN WITNESS WHEREOF, Guarantors have delivered this Guaranty as of the date first written above.
GUARANTORS:

CYRUSONE INC., a Maryland corporation

By:    
Name:    
Title:    

CYRUSONE GP, a Maryland statutory trust

		
	By:
	CYRUSONE INC., a Maryland corporation, its sole trustee 

By:    
Name:    
Title:    

CYRUSONE LLC, a Delaware limited liability company

By:    
Name:    
Title:    

CYRUSONE TRS INC., a Delaware corporation

By:    
Name:    
Title:    

CYRUSONE FOREIGN HOLDINGS LLC, a Delaware limited liability company

By:    
Name:    
Title:    

CYRUSONE FINANCE CORP., a Maryland corporation
By:    
Name:    
Title:    

[SIGNATURES CONTINUED ON NEXT PAGE]

N-16

CERVALIS HOLDINGS LLC, a Delaware limited liability company
By:    
Name:    
Title:    
CERVALIS LLC, a Delaware limited liability company
By:    
Name:    
Title:    
Agent on behalf of the Credit Parties joins in the execution of this Guaranty for the sole and limited purpose of evidencing its agreement to the waiver of the right to trial by jury contained in Section 12 hereof.

KEYBANK NATIONAL ASSOCIATION, 
as Agent for the Lenders

By:    
Name:    
Title:    

The undersigned hereby consents to the amendment and restatement of the Existing Guaranty pursuant to the terms of this Guaranty:

KEYBANK NATIONAL ASSOCIATION,
as Agent

By:     
Name:     
Title:    

N-17Exhibit 4.1

 

 

EXECUTION
VERSION

 

	 

CCRE
COMMERCIAL MORTGAGE SECURITIES, L.P.,

Depositor,

 

Wells
Fargo Bank, national association,

Master Servicer,

 

Rialto
capital advisors, llc,

Special Servicer,

 

AEGON
USA REALTY ADVISORS, LLC

Potomac Mills Special Servicer,

 

wilmington
trust, national association,

Trustee,

 

wells
fargo bank, national association,

Certificate Administrator, Paying Agent and Custodian,

 

PARK
BRIDGE LENDER SERVICES LLC,

Operating Advisor,

 

and

 

PARK
BRIDGE LENDER SERVICES LLC,

Asset Representations Reviewer

 

 

  

POOLING
AND SERVICING AGREEMENT

Dated as of November 1, 2016

 

 

 

CFCRE
2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates,

Series 2016-C6

 

	 

 

     

     

    

 

TABLE
OF CONTENTS

	 	 	 	 	 	 
	 	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE
    I
	 	 	 	 	 
	DEFINITIONS
	 	 	 
	Section 1.01	 	Defined
    Terms	 	5
	Section 1.02	 	Certain
    Calculations	 	116
	Section 1.03	 	Certain
    Constructions	 	121
	Section 1.04	 	Certain
    Matters Relating to the Non-Serviced Mortgage Loans	 	122
	 	 	 	 	 
	ARTICLE
    II
	 	 	 	 	 
	CONVEYANCE
    OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES
	 	 	 	 	 
	Section 2.01	 	Conveyance
    of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements	 	123
	Section 2.02	 	Acceptance
    by Custodian and the Trustee	 	131
	Section 2.03	 	Representations,
    Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans	 	134
	Section 2.04	 	Representations,
    Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
    Advisor and the Asset Representations Reviewer	 	150
	Section 2.05	 	Execution
    and Delivery of Certificates; Issuance of Lower-Tier Regular Interests	 	158
	Section 2.06	 	Miscellaneous
    REMIC and Grantor Trust Provisions	 	159
	 	 	 	 	 
	ARTICLE
    III
	 	 	 	 	 
	ADMINISTRATION
    AND SERVICING

OF THE TRUST FUND
	 	 	 	 	 
	Section 3.01	 	The
    Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans
    and the Serviced Companion Loans	 	159
	Section 3.02	 	Liability
    of the Master Servicer and the Special Servicer When Sub- Servicing	 	165
	Section 3.03	 	Collection
    of Mortgage Loan and Serviced Companion Loan Payments	 	166
	Section 3.04	 	Collection
    of Taxes, Assessments and Similar Items; Escrow Accounts	 	166
	Section 3.05	 	Collection
    Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection
    Accounts	 	169

 

    -i- 

     

    

 

	Section
    3.06	 	Permitted
    Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts; Trust
    Ledger	 	177
	Section 3.07	 	Investment
    of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, the Interest
    Reserve Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and
    the Reserve Accounts	 	198
	Section 3.08	 	Maintenance
    of Insurance Policies and Errors and Omissions and Fidelity Coverage	 	200
	Section 3.09	 	Enforcement
    of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	 	205
	Section 3.10	 	Appraisals;
    Realization upon Defaulted Mortgage Loans	 	212
	Section 3.11	 	Custodian
    to Cooperate; Release of Mortgage Files	 	218
	Section 3.12	 	Servicing
    Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation	 	219
	Section 3.13	 	Reports
    to the Certificate Administrator; Collection Account Statements	 	227
	Section 3.14	 	Access
    to Certain Documentation	 	233
	Section 3.15	 	Title
    and Management of REO Properties and REO Accounts	 	242
	Section 3.16	 	Sale
    of Specially Serviced Loans and REO Properties	 	247
	Section 3.17	 	Additional
    Obligations of the Master Servicer and the Special Servicer; Inspections	 	253
	Section 3.18	 	Authenticating
    Agent	 	256
	Section 3.19	 	Appointment
    of Custodians	 	256
	Section 3.20	 	Lock-Box
    Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	 	257
	Section 3.21	 	Servicing
    Advances	 	257
	Section 3.22	 	Appointment
    and Replacement of Special Servicer	 	261
	Section 3.23	 	Transfer
    of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report	 	267
	Section 3.24	 	Special
    Instructions for the Master Servicer and/or Special Servicer	 	273
	Section 3.25	 	Certain
    Rights and Obligations of the Master Servicer and/or the Special Servicer	 	274
	Section 3.26	 	Modification,
    Waiver, Amendment and Consents	 	276
	Section 3.27	 	Certain
    Intercreditor Matters Relating to the Serviced Whole Loans	 	281
	Section 3.28	 	Directing
    Holder Contact with the Master Servicer and the Special Servicer	 	286
	Section 3.29	 	Controlling
    Class Certificateholders and the Controlling Class Representative; Certain Rights and Powers of the Directing Holder	 	286
	Section 3.30	 	Rating
    Agency Confirmation	 	289
	Section 3.31	 	Appointment
    and Duties of the Operating Advisor	 	292
	Section 3.32	 	Delivery
    of Excluded Information to the Certificate Administrator	 	297

 

    -ii- 

     

    

 

	ARTICLE
    IV
	 	 	 	 	 
	DISTRIBUTIONS
    TO CERTIFICATEHOLDERS
	 
	Section 4.01	 	Distributions	 	298
	Section 4.02	 	Statements
    to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others	 	306
	Section 4.03	 	Compliance
    with Withholding Requirements	 	319
	Section 4.04	 	REMIC
    Compliance	 	319
	Section 4.05	 	Imposition
    of Tax on the Trust Fund	 	322
	Section 4.06	 	Remittances	 	323
	Section 4.07	 	P&I
    Advances	 	323
	Section 4.08	 	Appraisal
    Reductions; Collateral Deficiency Amounts	 	330
	Section 4.09	 	Grantor
    Trust Reporting	 	333
	Section 4.10	 	Secure
    Data Room	 	334
	 	 	 	 	 
	ARTICLE
    V
	 	 	 	 	 
	THE CERTIFICATES
	 
	Section 5.01	 	The
    Certificates	 	336
	Section 5.02	 	Registration,
    Transfer and Exchange of Certificates	 	340
	Section 5.03	 	Mutilated,
    Destroyed, Lost or Stolen Certificates	 	350
	Section 5.04	 	Appointment
    of Paying Agent	 	350
	Section 5.05	 	Access
    to Certificateholders’ Names and Addresses; Special Notices	 	351
	Section 5.06	 	Actions
    of Certificateholders	 	352
	Section 5.07	 	Rule
    144A Information	 	352
	Section 5.08	 	Voting
    Procedures	 	353
	 	 	 	 	 
	ARTICLE
    VI
	THE DEPOSITOR,
    THE MASTER SERVICER, THE SPECIAL SERVICER, THE

DIRECTING HOLDER, THE OPERATING ADVISOR AND THE ASSET

REPRESENTATIONS REVIEWER
	 	 	 	 	 
	Section 6.01	 	Liability
    of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer	 	354
	Section 6.02	 	Merger
    or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer or the Operating
    Advisor	 	354
	Section 6.03	 	Limitation
    on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
    Reviewer and Others	 	355
	Section 6.04	 	Limitation
    on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the Master Servicer,
    the Special Servicer and the Operating Advisor	 	358

 

    -iii- 

     

    

 

	Section 6.05	 	Rights
    of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	 	360
	Section 6.06	 	The
    Master Servicer or Special Servicer as Owners of a Certificate	 	361
	Section 6.07	 	The
    Directing Holder	 	362
	Section 6.08	 	Rights
    of Non-Directing Holders	 	365
	 	 	 	 	 
	ARTICLE
    VII
	 	 	 	 	 
	SERVICER
    AND OPERATING ADVISOR TERMINATION
	 
	Section 7.01	 	Servicer
    Termination Events	 	366
	Section 7.02	 	Trustee
    to Act; Appointment of Successor	 	375
	Section 7.03	 	Notification
    to Certificateholders and Other Persons	 	376
	Section 7.04	 	Other
    Remedies of Trustee	 	377
	Section 7.05	 	Waiver
    of Past Servicer Termination Events and Operating Advisor Termination Events; Termination	 	377
	Section 7.06	 	Trustee
    as Maker of Advances	 	377
	Section 7.07	 	Termination
    of the Operating Advisor	 	378
	 	 	 	 	 
	ARTICLE
    VIII
	 	 	 	 	 
	CONCERNING
    THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 	 	 	 	 
	Section 8.01	 	Duties
    of Trustee and Certificate Administrator	 	381
	Section 8.02	 	Certain
    Matters Affecting the Trustee and the Certificate Administrator	 	383
	Section 8.03	 	Trustee
    and Certificate Administrator Not Liable for Certificates or Mortgage Loans	 	386
	Section 8.04	 	Trustee
    and Certificate Administrator May Own Certificates	 	388
	Section 8.05	 	Payment
    of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification	 	388
	Section 8.06	 	Eligibility
    Requirements for Trustee and Certificate Administrator	 	391
	Section 8.07	 	Resignation
    and Removal of Trustee and Certificate Administrator	 	392
	Section 8.08	 	Successor
    Trustee and Certificate Administrator	 	394
	Section 8.09	 	Merger
    or Consolidation of Trustee or Certificate Administrator	 	395
	Section 8.10	 	Appointment
    of Co-Trustee or Separate Trustee	 	395
	 	 	 	 	 
	ARTICLE
    IX
	 
	TERMINATION
	 	 	 	 	 
	Section 9.01	 	Termination	 	397

 

    -iv- 

     

    

 

	ARTICLE
    X
	 	 	 	 	 
	EXCHANGE
    ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 	 	 
	Section 10.01	 	Intent
    of the Parties; Reasonableness	 	402
	Section 10.02	 	Notification
    Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan	 	403
	Section 10.03	 	Information
    to be Provided by the Master Servicer and the Special Servicer	 	405
	Section 10.04	 	Information
    to be Provided by the Trustee	 	406
	Section 10.05	 	Filing
    Obligations	 	406
	Section 10.06	 	Form
    10-D Filings	 	408
	Section 10.07	 	Form
    10-K Filings	 	411
	Section 10.08	 	Sarbanes-Oxley
    Certification	 	414
	Section 10.09	 	Form
    8-K Filings	 	415
	Section 10.10	 	Suspension
    of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports	 	417
	Section 10.11	 	Annual
    Compliance Statements	 	418
	Section 10.12	 	Annual
    Reports on Assessment of Compliance with Servicing Criteria	 	419
	Section 10.13	 	Annual
    Independent Public Accountants’ Servicing Report	 	421
	Section 10.14	 	Exchange
    Act Reporting Indemnification	 	422
	Section 10.15	 	Amendments	 	425
	Section 10.16	 	Exchange
    Act Report Signatures; Delivery of Notices; Interpretation of Grace Periods	 	426
	Section 10.17	 	Termination
    of the Certificate Administrator	 	427
	 	 	 	 	 
	ARTICLE
    XI
	 	 	 	 	 
	THE ASSET
    REPRESENTATIONS REVIEWER
	 
	Section 11.01	 	Asset
    Review	 	428
	Section 11.02	 	Payment
    of Asset Representations Reviewer Fees and Expenses; Limitation of Liability	 	434
	Section 11.03	 	Resignation
    of the Asset Representations Reviewer	 	435
	Section 11.04	 	Restrictions
    of the Asset Representations Reviewer	 	435
	Section 11.05	 	Termination
    of the Asset Representations Reviewer	 	436
	 	 	 	 	 
	ARTICLE
    XII
	 	 	 	 	 
	MISCELLANEOUS
    PROVISIONS
	 
	Section 12.01	 	Counterparts	 	439
	Section 12.02	 	Limitation
    on Rights of Certificateholders	 	439
	Section 12.03	 	Governing
    Law	 	440
	Section 12.04	 	Waiver
    of Jury Trial; Consent to Jurisdiction	 	440
	Section 12.05	 	Notices	 	441

 

    -v- 

     

    

 

	Section
    12.06	 	Severability
    of Provisions	 	446
	Section 12.07	 	Notice
    to the Depositor and Each Rating Agency	 	447
	Section 12.08	 	Amendment	 	449
	Section 12.09	 	Confirmation
    of Intent	 	453
	Section 12.10	 	No
    Intended Third-Party Beneficiaries	 	454
	Section 12.11	 	Entire
    Agreement	 	454
	Section 12.12	 	Third
    Party Beneficiaries	 	454

 

    -vi- 

     

    

 

TABLE
OF EXHIBITS

	Exhibit A-1	Form of Class A-1 Certificate
	Exhibit A-2	Form of Class A-2 Certificate
	Exhibit A-3	Form of Class A-SB Certificate
	Exhibit A-4	Form of Class A-3 Certificate
	Exhibit A-5	Form of Class A-M Certificate
	Exhibit A-6	Form of Class B Certificate
	Exhibit A-7	Form of Class C Certificate
	Exhibit A-8	Form of Class D Certificate
	Exhibit A-9	Form of Class E Certificate
	Exhibit A-10	Form of Class F Certificate
	Exhibit A-11	Form of Class G Certificate
	Exhibit A-12	Form of Class X-A Certificate
	Exhibit A-13	Form of Class X-B Certificate
	Exhibit A-14	Form of Class X-E Certificate
	Exhibit A-15	Form of Class X-F Certificate
	Exhibit A-16	Form of Class X-G Certificate
	Exhibit A-17	Form of Class R Certificate
	Exhibit A-18	Form of Class V Certificate
	Exhibit B	Mortgage Loan Schedule
	Exhibit C-1	Form of Transferee Affidavit
	Exhibit C-2	Form of Transferor Letter
	Exhibit D-1	Form of Investment Representation Letter
	Exhibit D-2	Form of ERISA Representation Letter
	Exhibit E	Form of Request for Release
	Exhibit F	Securities Legend
	Exhibit G	Form of Regulation S Transfer Certificate
	Exhibit H	Form of Transfer Certificate for Exchange or
    Transfer from Rule 144A Global Certificate to Regulation S Global Certificate during the Restricted Period
	Exhibit I	Form of Transfer Certificate for Exchange or
    Transfer from Rule 144A Global Certificate to Regulation S Global Certificate after the Restricted Period
	Exhibit J	Form of Transfer Certificate for Exchange or
    Transfer from Regulation S Global Certificate to Rule 144A Global Certificate during the Restricted Period
	Exhibit K	Form of Distribution Date Statement
	Exhibit L-1A	Form of Investor Certification for Non-Borrower
    Party (for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1B	Form of Investor Certification for Non-Borrower
    Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1C	Form of Investor Certification for Borrower
    Party (for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1D	Form of Investor Certification for Borrower
    Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1E	Form of Notice of Excluded Controlling Class
    Holder
	Exhibit L-1F	Form of Notice of Excluded Controlling Class
    Holder to Certificate Administrator
	Exhibit L-1G	Form of Certification of the Controlling Class
    Representative

 

    -vii- 

     

    

 

	Exhibit L-2	Form of Financial Market Publisher Certification
	Exhibit M	Form of Notification from Custodian
	Exhibit N-1	Form of Closing Date Custodian Certification
	Exhibit N-2	Form of Post-Closing Custodian Certification
	Exhibit O	Form of Trustee Backup Certification
	Exhibit P	Form of Custodian Backup Certification
	Exhibit Q	Form of Certificate Administrator Backup Certification
	Exhibit R	Form of Operating Advisor Backup Certification
	Exhibit S	Form of Asset Representations Reviewer Backup
    Certification
	Exhibit T	Form of Master Servicer Backup Certification
	Exhibit U	Form of Special Servicer Backup Certification
	Exhibit V	Form of Sub-Servicer Backup Certification
	Exhibit W	Form of Sarbanes Oxley Certification
	Exhibit X	Mortgage Loan Seller Sub-Servicers
	Exhibit Y	Mortgage Loans with Earnout/Holdback Provisions
	Exhibit Z	Form of NRSRO Certification
	Exhibit AA-1	Form of Transferor Certificate for Transfer
    of the Excess Servicing Fee Rights
	Exhibit AA-2	Form of Transferee Certificate for Transfer
    of the Excess Servicing Fee Rights
	Exhibit BB	Form of Operating Advisor Annual Report
	Exhibit CC	Additional Disclosure Notification
	Exhibit DD	Form of Power of Attorney to the Master Servicer
    and Special Servicer
	Exhibit EE	Form of Non-Serviced Mortgage Loan Notification
	Exhibit FF	Form of Companion Loan Noteholder Certification
	Exhibit GG	[Reserved]
	Exhibit HH	Asset Review Report
	Exhibit II	Asset Review Report Summary
	Exhibit JJ	Asset Review Procedures
	Exhibit KK	Form of Certification to Certificate Administrator
    Requesting Access to Secure Data Room
	Exhibit LL	[Form of Notice of [Additional Delinquent Loan]
    [Cessation of Delinquent Loan][Cessation of Asset Review Trigger]]
	 	 
	TABLE
    OF SCHEDULES
	 	 
	Schedule I	Directing Holders
	Schedule II	Servicing Criteria to be Addressed in Assessment
    of Compliance
	Schedule III	Class A-SB Planned Principal Balance Schedule
	Schedule IV	Additional Form 10-D Disclosure
	Schedule V	Additional Form 10-K Disclosure
	Schedule VI	Form 8-K Disclosure Information
	Schedule VII	Initial Serviced Companion Loan Noteholders
	Schedule VIII 	Contact Information for the Other 17g-5 Information
    Provider

 

    -viii- 

     

    

 

Pooling
and Servicing Agreement, dated as of November 1, 2016, between CCRE Commercial Mortgage Securities, L.P., as Depositor, Wells
Fargo Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, AEGON USA Realty Advisors,
LLC, as Potomac Mills Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank, National Association,
as Certificate Administrator, Paying Agent and Custodian, Park Bridge Lender Services LLC, as Operating Advisor, and Park Bridge
Lender Services LLC, as Asset Representations Reviewer.

 

PRELIMINARY
STATEMENT:

 

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

the meanings specified in Article I hereof)

 

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

 

The
Lower-Tier REMIC will hold the Mortgage Loans and certain other related assets subject to this Agreement, and will issue (i) the
Lower-Tier Regular Interests set forth in the table below (the “Lower-Tier Regular Interests”), as classes
of regular interests in the Lower-Tier REMIC and (ii) the Class LTR Interest as the sole class of residual interests in the Lower-Tier
REMIC, which will be represented by the Class R Certificates.

 

The
Upper-Tier REMIC will hold the Lower-Tier Regular Interests and certain other related assets subject to this Agreement and will
issue (i) the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class X-E, Class X-F, Class X-G, Class A-M, Class
B, Class C, Class D, Class E, Class F and Class G Certificates, which are designated as classes of regular interests in the Upper-Tier
REMIC and (ii) the Class UTR Interest as the sole class of residual interests in the Upper-Tier REMIC, which will be represented
by the Class R Certificates.

 

The
portion of the Trust Fund consisting of the Class V Specific Grantor Trust Assets shall be treated as a grantor trust under subpart
E, part I of subchapter J of the Code (the “Grantor Trust”) for federal income tax purposes. As provided herein,
the Certificate Administrator shall not take any actions that would cause the Grantor Trust to either (i) lose its status as a
“grantor trust” or (ii) be treated as part of either Trust REMIC.

 

The
Mortgaged Property that secure the Mortgage Loan identified as Loan No. 1 on the Mortgage Loan Schedule (the “Hill7 Mortgage
Loan”) also secures a companion loan to the same Borrower, which is pari passu in right of payment to the Hill7
Mortgage Loan (the “Hill7 Companion Loan”). The Hill7 Whole Loan is currently serviced pursuant to (i) this
Agreement and (ii) the related Intercreditor Agreement. The Hill7 Companion Loan and all amounts attributable thereto will not
be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the Companion Loan Noteholder.

 

The
Mortgaged Property that secure the Mortgage Loan identified as Loan No. 2 on the Mortgage Loan Schedule (the “Vertex
Pharmaceuticals HQ Mortgage Loan”) also secures

 

     

     

    

 

ten companion loans to the same Borrower, which are pari passu
in right of payment to the Vertex Pharmaceuticals HQ Mortgage Loan (the “Vertex Pharmaceuticals HQ Companion Loans”).
The Vertex Pharmaceuticals HQ Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related
to the Other Securitization designated as the Wells Fargo Commercial Mortgage Trust 2016-BNK1 and (ii) the related Intercreditor
Agreement. The Vertex Pharmaceuticals HQ Companion Loan and all amounts attributable thereto will not be assets of the Trust Fund
or the Trust REMICs and will be beneficially owned by the Companion Loan Noteholders.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 3 on the Mortgage Loan Schedule (the “Potomac
Mills Mortgage Loan”) also secures eight companion loans to the same Borrower, which are pari passu in right
of payment to the Potomac Mills Mortgage Loan (collectively, the “Potomac Mills Pari Passu Companion Loan”),
and ten companion loans to the same Borrower, which are subordinate in right of payment to the Potomac Mills Mortgage Loan and
the Potomac Mills Pari Passu Companion Loan (collectively, the “Potomac Mills Subordinate Companion Loan”
and, together with the Potomac Mills Pari Passu Companion Loan, the “Potomac Mills Companion Loans”).
The Potomac Mills Whole Loan is currently serviced pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement.
The Potomac Mills Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs
and will be beneficially owned by the Companion Loan Noteholders.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 5 on the Mortgage Loan Schedule (the “Fresno
Fashion Fair Mortgage Loan”) also secures six companion loans to the same Borrower, which are pari passu in right
of payment to the Fresno Fashion Fair Mortgage Loan (the “Fresno Fashion Fair Companion Loans”). The Fresno
Fashion Fair Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization
designated as the JPMDB Commercial Mortgage Securities Trust 2016-C4 and (ii) the related Intercreditor Agreement. The Fresno
Fashion Fair Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and
will be beneficially owned by the Companion Loan Noteholders.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 7 on the Mortgage Loan Schedule (the “Residence
Inn by Marriott LAX Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari passu
in right of payment to the Residence Inn by Marriott LAX Mortgage Loan (the “Residence Inn by Marriott LAX Companion
Loans”). The Residence Inn by Marriott LAX Whole Loan is currently serviced pursuant to (i) this Agreement and (ii)
the related Intercreditor Agreement. The Residence Inn by Marriott LAX Companion Loans and all amounts attributable thereto will
not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the Companion Loan Noteholders.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 11 on the Mortgage Loan Schedule (the “Holiday
Inn Express Nashville - Downtown Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari
passu in right of payment to the Holiday Inn Express Nashville - Downtown Mortgage Loan (the “Holiday Inn Express
Nashville - Downtown Companion Loans”). The Holiday Inn Express Nashville - Downtown Whole Loan is currently serviced
pursuant to (i) this Agreement and (ii) the related

 

     -2-

     

    

 

Intercreditor Agreement. The Holiday Inn Express Nashville - Downtown Companion
Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned
by the Companion Loan Noteholders.

 

The
Mortgaged Properties that secure the Mortgage Loan identified as Loan No. 14 on the Mortgage Loan Schedule (the “OZRE
Leased Fee Portfolio Mortgage Loan”) also secure eight companion loans to the same Borrower, which are pari passu
in right of payment to the OZRE Leased Fee Portfolio Mortgage Loan (the “OZRE Leased Fee Portfolio Companion Loans”).
The OZRE Leased Fee Portfolio Whole Loan is currently serviced pursuant to (i) this Agreement and (ii) the related Intercreditor
Agreement. The OZRE Leased Fee Portfolio Companion Loans and all amounts attributable thereto will not be assets of the Trust
Fund or the Trust REMICs and will be beneficially owned by the Companion Loan Noteholders.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 15 on the Mortgage Loan Schedule (the “TEK Park
Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari passu in right of payment
to the TEK Park Mortgage Loan (the “TEK Park Companion Loans”). The TEK Park Whole Loan is currently serviced
pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization designated as the SG Commercial
Mortgage Securities Trust 2016-C5 and (ii) the related Intercreditor Agreement. The TEK Park Companion Loans and all amounts attributable
thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the Companion Loan Noteholders.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 16 on the Mortgage Loan Schedule (the “Mills
Fleet Farm Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari passu in right
of payment to the Mills Fleet Farm Mortgage Loan (the “Mills Fleet Farm Companion Loans”). The Mills Fleet
Farm Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization
designated as the Citigroup Commercial Mortgage Trust 2016-C3 and (ii) the related Intercreditor Agreement. The Mills Fleet Farm
Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially
owned by the Companion Loan Noteholders.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 17 on the Mortgage Loan Schedule (the “Marriott
Savannah Riverfront Mortgage Loan”) also secures four companion loans to the same Borrower, which are pari passu
in right of payment to the Marriott Savannah Riverfront Mortgage Loan (the “Marriott Savannah Riverfront Companion
Loans”). The Marriott Savannah Riverfront Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing
Agreement related to the Other Securitization designated as the Citigroup Commercial Mortgage Trust 2016-C1 and (ii) the related
Intercreditor Agreement. The Marriott Savannah Riverfront Companion Loan and all amounts attributable thereto will not be assets
of the Trust Fund or the Trust REMICs and will be beneficially owned by the Companion Loan Noteholders.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 36 on the Mortgage Loan Schedule (the “Marriott
Saddle Brook Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari passu in right
of payment to the Marriott Saddle Brook Mortgage Loan (the “Marriott Saddle Brook Companion Loans”).

 

     -3-

     

    

 

The Marriott
Saddle Brook Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization
designated as the SG Commercial Mortgage Securities Trust 2016-C5 and (ii) the related Intercreditor Agreement. The Marriott Saddle
Brook Companion Loan and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be
beneficially owned by the Companion Loan Noteholders.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 38 on the Mortgage Loan Schedule (the “132 West
27th Street Mortgage Loan”) also secures three companion loans to the same Borrower, which are pari passu in
right of payment to the 132 West 27th Street Mortgage Loan (the “132 West 27th Street Companion Loans”). The
132 West 27th Street Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the
Other Securitization designated as the Morgan Stanley Capital I Trust 2016-UBS11 and (ii) the related Intercreditor Agreement.
The 132 West 27th Street Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust
REMICs and will be beneficially owned by the Companion Loan Noteholders.

 

The
following table sets forth the Class designation and initial Certificate Balance or initial Notional Amount of each Class of Regular
Certificates (collectively, the “Corresponding Certificates”), the corresponding Lower-Tier Regular Interest(s)
(the “Corresponding Lower-Tier Regular Interest”) and the Corresponding Components of the Class X Certificates
(the “Corresponding Components”) for each Class of Corresponding Certificates.

 

	Corresponding

        Certificates
	 	Initial
                    Certificate

                    Balance or Notional

                    Amount
	 	Corresponding

        Lower-Tier

        Regular Interests(1)
	 	Initial
                    Lower-Tier

                    Principal Balance
	 	Corresponding

        Class X

        Components(1)

	Class
    A-1	 	$	30,937,000	 	 	LA-1	 	$	30,937,000	 	 	XA-1
	Class A-SB	 	$	33,226,000	 	 	LA-2	 	$	33,226,000	 	 	XA-2
	Class A-2	 	$	220,000,000	 	 	LA-SB	 	$	220,000,000	 	 	XA-SB
	Class A-3	 	$	267,118,000	 	 	LA-3	 	$	267,118,000	 	 	XA-3
	Class X-A	 	$	551,281,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-B	 	$	98,443,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-E	 	$	19,689,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-F	 	$	7,875,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-G	 	$	30,517,880	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class A-M	 	$	59,066,000	 	 	LA-M	 	$	59,066,000	 	 	XA-M
	Class B	 	$	39,377,000	 	 	LB	 	$	39,377,000	 	 	XB
	Class C	 	$	37,408,000	 	 	LC	 	$	37,408,000	 	 	XC
	Class D	 	$	42,331,000	 	 	LD	 	$	42,331,000	 	 	XD
	Class E	 	$	19,689,000	 	 	LE	 	$	19,689,000	 	 	XE
	Class F	 	$	7,875,000	 	 	LF	 	$	7,875,000	 	 	XF
	Class G	 	$	30,517,880	 	 	LG	 	$	30,517,880	 	 	XG

 

 

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

 

	(2)	Notional
                                         Amount.

 

     -4-

     

    

 

The
Class X-A, Class X-B, Class X-E, Class X-F, Class X-G, Class V and the Class R Certificates do not have Certificate Balances.
Additionally, the Class V and Class R Certificates do not have Notional Amounts. The Certificate Balance of any Class of Sequential
Pay Certificates or Regular Interest outstanding at any time represents the maximum amount which holders thereof are entitled
to receive as distributions allocable to principal from the cash flow on the Mortgage Loans and the other assets in the Trust
Fund; provided that if amounts previously allocated as Realized Losses, to a Class of Certificates in reduction of the
Certificate Balance thereof are subsequently recovered (including without limitation after the reduction of the Certificate Balance
of such Class to zero), such Class may receive distributions in respect of such recoveries in accordance with the priorities set
forth in Section 4.01 of this Agreement.

 

As
of the Cut-off Date, the Mortgage Loans have an aggregate Stated Principal Balance equal to approximately $787,544,880.

 

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

 

Article
I

 

DEFINITIONS

 

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

 

“132
West 27th Street Companion Loans”: As defined in the Preliminary Statement.

 

“132
West 27th Street Mortgage Loan”: As defined in the Preliminary Statement.

 

“132
West 27th Street Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of August 1, 2016 among
Morgan Stanley Capital I Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer,
CWCapital Asset Management LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator and
trustee, and Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer, and entered into in connection
with the Morgan Stanley Capital I Trust 2016-UBS11.

 

“132
West 27th Street Service Providers”: With respect to each 132 West 27th Street Companion Loan, the related Other Trustee,
Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal
and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“132
West 27th Street Whole Loan”: The 132 West 27th Street Companion Loans, together with the 132 West 27th Street Mortgage
Loan. References herein to the 132

 

     -5-

     

    

 

West 27th Street Whole Loan shall be construed to refer to the aggregate indebtedness under
the related notes with respect to the 132 West 27th Street Pari Passu Mortgage Loan and the 132 West 27th Street Companion Loans.

 

“8-K
Filing Deadline”: As defined in Section 10.09 of this Agreement.

 

“10-K
Filing Deadline”: As defined in Section 10.07 of this Agreement.

 

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

 

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

 

“AB
Intercreditor Agreement”: With respect to any AB Whole Loan, the related intercreditor, co-lender or similar agreement
in effect from time to time by and between (a) the holder of the related Mortgage Loan(s), the holders of the related Pari Passu
Companion Loan(s) and the holder of the related Subordinate Companion Loan(s) relating to the relative rights of such holders.
The intercreditor or co-lender agreements related to the Potomac Mills Whole Loan shall be an AB Intercreditor Agreement.

 

“AB
Modified Loan”: Any Corrected Mortgage Loan (1) that became a Corrected Mortgage Loan (which includes for purposes of
this definition any Non-Serviced Mortgage Loan that became a “corrected loan” (or any term substantially similar thereto)
pursuant to the related Other Pooling and Servicing Agreement) due to a modification thereto that resulted in the creation of
an A/B note structure (or similar structure) and as to which the new junior note(s) did not previously exist or the principal
amount of the new junior note(s) was previously part of either an A note held by the Trust or the original unmodified Mortgage
Loan and (2) as to which an Appraisal Reduction Amount is not in effect.

 

“AB
Mortgage Loan”: A senior “A note” that is part of an AB Whole Loan and which is a Mortgage Loan that is
part of the Trust Fund. For the avoidance of doubt, the Potomac Mills Mortgage Loan is an AB Mortgage Loan.

 

“AB
Mortgaged Property”: The Mortgaged Property which secures the related AB Whole Loan.

 

“AB
Subordinate Companion Loan”: With respect to any AB Whole Loan, the related companion loan(s) evidenced by the related
promissory note made by the related Borrower and secured by the Mortgage on the related AB Mortgaged Property, which is not included
in the Trust Fund and which is subordinate in right of payment to the related AB Mortgage Loan to the extent set forth in the
related Mortgage Loan documents and as provided in the related Intercreditor Agreement. The Potomac Mills Subordinate Companion
Loan is an AB Subordinate Companion Loan.

 

     -6-

     

    

 

“AB
Whole Loan”: A Whole Loan that consists of such Mortgage Loan and a related AB Subordinate Companion Loan. For the avoidance
of doubt, the Potomac Mills Whole Loan is an AB Whole Loan.

 

“AB
Whole Loan Controlling Holder”: The “Directing Lender”, “Controlling Noteholder” or similarly
defined party identified in the related AB Intercreditor Agreement.

 

“Acceptable
Insurance Default”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan,
any Default arising when the related Loan Documents require that the related Borrower must maintain standard extended coverage
casualty insurance or other insurance that covers acts of terrorism and the Special Servicer has determined, in accordance with
the Servicing Standard and, unless a Control Termination Event has occurred and is continuing, with the consent of the Directing
Holder, that either (i) such insurance is not available at commercially reasonable rates and the subject hazards are not at the
time commonly insured against by properties similar to the Mortgaged Property and located in or around the geographic region in
which such Mortgaged Property is located (but only by reference to such insurance that has been obtained by such owners at current
market rates), or (ii) such insurance is not available at any rate; provided that the Directing Holder will not have more
than 30 days to respond to the Special Servicer’s request for such consent; provided, further, that upon the
Special Servicer’s determination, consistent with the Servicing Standard, that exigent circumstances do not allow the Special
Servicer to consult with the Directing Holder, the Special Servicer will not be required to do so. In making this determination,
the Special Servicer, to the extent consistent with the Servicing Standard, may rely on the opinion of an insurance consultant.

 

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

 

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

 

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

 

“Actual/360
Loans”: The Mortgage Loans indicated as such in the Mortgage Loan Schedule and any related Serviced Companion Loan.

 

“Additional
Form 10-D Disclosure”: As defined in Section 10.06 of this Agreement.

 

“Additional
Form 10-K Disclosure”: As defined in Section 10.07 of this Agreement.

 

“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Mortgage Loan Sellers or the Underwriters (other than an Affiliate of any such party acting in the capacity of a Mortgage
Loan Seller Sub-Servicer), that Services any of the Mortgage Loans, and each Person, other than the

 

     -7-

     

    

 

Special Servicer, who is not
an Affiliate of any of the Master Servicer, the Certificate Administrator, the Trustee, the Mortgage Loan Sellers or the Underwriters,
who Services 10% or more of the Mortgage Loans (based on their Stated Principal Balance).

 

“Additional
Trust Fund Expense”: Any expense incurred with respect to the Trust Fund and not otherwise included in the calculation
of a Realized Loss that would result in the Holders of Regular Certificates receiving less than the full amount of principal and/or
the Interest Accrual Amount to which they are entitled on any Distribution Date.

 

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

 

“Advance
Interest Amount”: Interest at the Reimbursement Rate on the aggregate amount of P&I Advances and Servicing Advances
for which the Master Servicer or the Trustee, as applicable, has not been reimbursed for the number of days from the date on which
such Advance was made to the date of payment or reimbursement of the related Advance or other such amount, less any amount of
interest previously paid on such Advance; provided that if, during any Collection Period in which an Advance was made,
the related Borrower makes payment of an amount in respect of which such Advance was made with interest at the Default Rate, the
Advance Interest Amount payable to the Master Servicer or the Trustee shall be paid first, from the amount of Default Interest
on the related Mortgage Loan (or Whole Loan, with respect to Servicing Advances) actually paid by such Borrower, second,
from late payment fees on the related Mortgage Loan (or Whole Loan, with respect to Servicing Advances) actually paid by the related
Borrower, and third, upon determining in accordance with the Servicing Standard that such Advance Interest Amount is not
recoverable from the amounts described in first or second, from other amounts on deposit in the Collection Account
or the Serviced Whole Loan Collection Account, as applicable.

 

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

 

“Affected
Reporting Party”: As defined in Section 10.14 of this Agreement.

 

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

 

     -8-

     

    

 

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

 

“Affirmative
Asset Review Vote”: As defined in Section 11.04(a).

 

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

 

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

 

“Allocated
Loan Amount”: With respect to each Mortgaged Property, the portion of the principal amount of the related Mortgage Loan
allocated to such Mortgaged Property in the applicable Mortgage, Loan Agreement or the Mortgage Loan Schedule.

 

“A.M.
Best”: A.M. Best Company, or its successor in interest.

 

“Anticipated
Repayment Date”: With respect to any Mortgage Loan that is indicated on the Mortgage Loan Schedule as having a Revised
Rate, the date upon which such Mortgage Loan commences accruing interest at such Revised Rate.

 

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

 

“Applicable
Law”: As defined in Section 8.02(g) of this Agreement.

 

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

 

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

 

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

 

“Appraisal”:
An appraisal prepared by an Independent MAI appraiser with at least five years’ experience in properties of like kind and
in the same area.

 

“Appraisal
Reduction Amount”: For any Distribution Date and for any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or
any Serviced Whole Loan as to which an Appraisal Reduction Event has occurred, an amount calculated by the Special Servicer (and,
if no Consultation Termination Event has occurred, in consultation with the Controlling Class Representative, and, if a Control
Termination Event has occurred and is continuing, in consultation with the Operating Advisor to the extent set forth in Section
3.31(f) of this Agreement) as of the first Determination Date that is at least 10 Business Days following the date the Master
Servicer receives the required Appraisal or the Special Servicer’s Small Loan Appraisal Estimate (and thereafter by the
first Determination Date following any material change in the amounts set forth in the following equation) equal to the excess,
if any, of (a) the Stated

 

     -9-

     

    

 

Principal Balance of such Mortgage Loan or Serviced Whole Loan over (b) the excess of (i) the sum of:
(A) 90% of the appraised value of the related Mortgaged Property as determined (1) by one or more Appraisals obtained by the Special
Servicer with respect to that Mortgage Loan or Serviced Whole Loan with an outstanding principal balance equal to or in excess
of $2,000,000 (the costs of which shall be paid by the Master Servicer as an Advance), minus such downward adjustments as the
Special Servicer may make (without implying any obligation to do so) based upon its review of the Appraisals and any other information
it deems relevant, or (2) by an internal valuation performed by the Special Servicer with respect to any Mortgage Loan or Serviced
Whole Loan with an outstanding principal balance less than $2,000,000, plus (B) all escrows and reserves (other than escrows and
reserves for taxes and insurance), plus (C) all insurance and casualty proceeds and condemnation awards that constitute collateral
for the related Mortgage Loan or Serviced Whole Loan (whether paid or then payable by any insurance company or government authority),
over (ii) the sum as of the Due Date occurring in the month of the date of determination of (without duplication) (A) to the extent
not previously advanced by the Master Servicer or the Trustee, all unpaid interest on such Mortgage Loan or Serviced Whole Loan
at a per annum rate equal to the Mortgage Rate (and any accrued and unpaid interest on any Subordinate Companion Loan)
(or with respect to the applicable Serviced Whole Loan, the weighted average of the Mortgage Rates for the related Mortgage Loan
and related Serviced Companion Loans), (B) all unreimbursed Servicing Advances and the principal portion of all unreimbursed P&I
Advances, and all unpaid interest on Advances at the Reimbursement Rate, in respect of such Mortgage Loan or Serviced Whole Loan,
(C) any other unpaid Additional Trust Fund Expenses in respect of such Mortgage Loan or Serviced Whole Loan (but subject to the
provisions of Section 1.02(e)), (D) all currently due and unpaid real estate taxes, ground rents and assessments and insurance
premiums (net of any escrows or reserves therefor) that have not been the subject of an Advance by the Master Servicer or the
Trustee, as applicable, and (E) all other amounts due and unpaid with respect to such Mortgage Loan or Serviced Whole Loan that,
if not paid by the related Borrower, would result in a shortfall in distributions to the Certificateholders, except for Prepayment
Premiums and Yield Maintenance Charges payable due to an acceleration of such Mortgage Loan or Serviced Whole Loan following a
default thereunder; provided, without limiting the Special Servicer’s obligation to order and obtain such Appraisal,
if the Special Servicer has not obtained an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate, as applicable, referred
to above within 60 days of the Appraisal Reduction Event (or in the case of an Appraisal Reduction Event occurring by reason of
clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction Event), the Appraisal Reduction Amount shall
be deemed to be an amount equal to 25% of the current Stated Principal Balance of the related Mortgage Loan or the applicable
Serviced Whole Loan until such time as such Updated Appraisal or Small Loan Appraisal Estimate referred to above is received and
the Appraisal Reduction Amount is recalculated.

 

Notwithstanding
anything herein to the contrary, the aggregate Appraisal Reduction Amount related to a Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or a Serviced Whole Loan or the related REO Property will be reduced to zero as of the date the related Mortgage
Loan or Serviced Whole Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust Fund. In addition, with
respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan as to which an Appraisal Reduction
Event has occurred, such Mortgage Loan or Serviced Whole Loan shall no longer be subject to the Appraisal Reduction Amount if
(a) such Mortgage Loan or Serviced Whole Loan

 

     -10-

     

    

 

has become a Corrected Mortgage Loan (if a Servicing Transfer Event had occurred
with respect to the related Mortgage Loan) and (b) no other Appraisal Reduction Event has occurred and is continuing.

 

Each
Serviced Whole Loan shall be treated as a single mortgage loan for purposes of calculating an Appraisal Reduction Amount with
respect to the mortgage loans that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount in respect of a Serviced
Whole Loan shall be allocated first, to the related Serviced Subordinate Companion Loan, if any, to notionally reduce the
related outstanding principal balance to zero, and then, pro rata, to the related Mortgage Loan and the related
Serviced Pari Passu Companion Loan that is pari passu in right of payment with such Mortgage Loan, if any. Any Appraisal
Reduction Amount in respect of a Serviced AB Whole Loan will be allocated, first, to the Subordinate Companion Loan (until
its principal balance is notionally reduced to zero by such related Appraisal Reduction Amounts) and second, to the related
Mortgage Loan.

 

For
any Distribution Date and for any Non-Serviced Mortgage Loan as to which an Appraisal Reduction Event has occurred, the Appraisal
Reduction Amount shall be an amount calculated by the applicable servicer in accordance with and pursuant to the terms of the
related Other Pooling and Servicing Agreement.

 

“Appraisal
Reduction Event”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan,
the earliest of (i) the date on which such Mortgage Loan or Serviced Whole Loan becomes a Modified Mortgage Loan, (ii) the 90th
day following the occurrence of any uncured Delinquency in Periodic Payments with respect to such Mortgage Loan or Serviced Whole
Loan, (iii) receipt of notice that the related Borrower has filed a bankruptcy petition or the date on which a receiver is appointed
and continues in such capacity in respect of a Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan or the 60th
day after the related Borrower becomes the subject of involuntary bankruptcy proceedings and such proceedings are not dismissed
in respect of a Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan, (iv) the date on which the Mortgaged Property
securing such Mortgage Loan or Serviced Whole Loan becomes a Serviced REO Property and (v) with respect to a Balloon Loan, a payment
default shall have occurred with respect to the related Balloon Payment; provided, if (a) the related Borrower is diligently
seeking a refinancing commitment (and delivers a statement to that effect to the Master Servicer within 30 days after the default,
who shall promptly deliver a copy to the Special Servicer, the Operating Advisor and the Directing Holder (but only if no Consultation
Termination Event has occurred and is continuing)), (b) the related Borrower continues to make its Assumed Scheduled Payment,
(c) no other Appraisal Reduction Event has occurred with respect to such Mortgage Loan or Serviced Whole Loan and (d) for so long
as no Control Termination Event has occurred and is continuing, the Directing Holder consents, an Appraisal Reduction Event will
not occur until 60 days beyond the related Maturity Date, unless extended by the Special Servicer in accordance with the Loan
Documents or this Agreement; and provided, further, if the related Borrower has delivered to the Master Servicer,
who shall promptly deliver a copy to the Special Servicer, the Operating Advisor and the Directing Holder (but only for so long
as no Consultation Termination Event has occurred), on or before the 60th day after the related Maturity Date, a refinancing commitment
reasonably acceptable to the Special Servicer, and the Borrower continues to make its Assumed Scheduled Payments (and no other
Appraisal Reduction Event has occurred with respect to such

 

     -11-

     

    

 

Mortgage Loan or Serviced Whole Loan), an Appraisal Reduction Event
will not occur until the earlier of (1) 120 days beyond the related Maturity Date (or extended maturity date) and (2) the termination
of the refinancing commitment. The Special Servicer shall notify the Master Servicer promptly upon the occurrence of any of the
foregoing events with respect to any Specially Serviced Loan.

 

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

 

“ARD
Loan”: Any Mortgage Loan the terms of which provide that if, after an Anticipated Repayment Date, the related Borrower
has not prepaid such Mortgage Loan in full, any principal outstanding on that date will accrue interest at the Revised Rate rather
than the Initial Rate.

 

“Asset
Representations Reviewer”: Park Bridge Lender Services LLC, or its successor in interest, or any successor Asset Representations
Reviewer appointed as herein provided.

 

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

 

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

 

“Asset
Representations Reviewer Monitor Fee”: With respect to each Mortgage Loan, a fee payable to the Asset Representations
Reviewer monthly from amounts received with respect to each Mortgage Loan and REO Loan (excluding the Non-Serviced Mortgage Loans)
and will accrue at a rate equal to the applicable Asset Representations Reviewer Monitor Fee Rate with respect to each such loan
on the Stated Principal Balance of the related loan and will be calculated on the same interest accrual basis as the related loan
and prorated for any partial periods.

 

“Asset
Representations Reviewer Monitor Fee Rate”: A per annum rate equal to, with respect to each Mortgage Loan and REO Loan
(excluding the Non-Serviced Mortgage Loans), 0.00032%.

 

“Asset
Representations Reviewer Surveillance Personnel”: The divisions and individuals of the Asset Representations Reviewer
who are involved in the performance of the duties of the Asset Representations Reviewer under this Agreement.

 

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

 

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

 

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

 

     -12-

     

    

 

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

 

“Asset
Review Report”: A report setting forth the results of an Asset Review substantially in the form attached hereto as Exhibit
HH.

 

“Asset
Review Report Summary”: As defined in Section 11.01(a)(ix), a summary reporting setting forth the conclusions
of an Asset Review Report substantially in the form attached hereto as Exhibit II.

 

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

 

“Asset
Review Trigger”: Any time that either (1) Mortgage Loans having an aggregate outstanding principal balance of 25% or
more of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans) (or a portion of any
REO Loan in the case of a Whole Loan) held by the Trust as of the end of the applicable Collection Period are Delinquent Loans
or (2) at least 15 Mortgage Loans are Delinquent Loans as of the end of the applicable Collection Period and the aggregate outstanding
principal balance of such Delinquent Loans in the aggregate constitutes at least 20% of the aggregate outstanding principal balance
of all of the Mortgage Loans (including any REO Loans) (or a portion of any REO Loan in the case of a Whole Loan) held by the
Trust as of the end of the applicable Collection Period.

 

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

 

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

 

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

 

“Assignment
of Mortgage”: An assignment of Mortgage without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the related Mortgaged Property is located to reflect of
record the sale of the Mortgage, which assignment, notice of transfer or equivalent instrument may be in the form of one or more
blanket assignments covering Mortgages encumbering Mortgaged Properties located in the same jurisdiction, if permitted by law
and acceptable for recording.

 

“Assumed
Scheduled Payment”: For any Collection Period with respect to any Mortgage Loan (including the Non-Serviced Mortgage
Loan) that is delinquent in respect of its

 

     -13-

     

    

 

Balloon Payment or any REO Loan (excluding, for purposes of any P&I Advances, the
portion allocable to any related Companion Loan), is an amount equal to the sum of (a) the principal portion of the Periodic Payment
that would have been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant Periodic Payment or the
original amortization schedule of the Mortgage Loan (as calculated with interest at the related Mortgage Rate) (if any), assuming
such Balloon Payment had not become due, after giving effect to any prior modification, a default or a bankruptcy modification
(or similar proceeding), and (b) interest on the Stated Principal Balance of the Mortgage Loan or REO Loan (excluding, for purposes
of any P&I Advances, the portion allocable to any related Companion Loan) at its Mortgage Rate (net of the applicable Servicing
Fee Rate and the Non-Serviced Mortgage Loan Primary Servicing Fee Rate.

 

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

 

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

 

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

 

(a)          the
aggregate amount of all cash received on the Mortgage Loans (in the case of any Non-Serviced Mortgage Loan, only to the extent
received by the Trust pursuant to the related Other Pooling and Servicing Agreement and/or the related Intercreditor Agreement)
(including the portion of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.05(g) of this
Agreement) and any REO Property (including Compensating Interest Payments with respect to the Mortgage Loans required to be deposited
by the Master Servicer pursuant to Section 3.17(a)) on deposit in the Collection Account (in each case, exclusive of any
amount on deposit in or credited to any portion of the Collection Account that is held for the benefit of the Companion Loan Noteholders),
as of the Master Servicer Remittance Date, exclusive of (without duplication):

 

(i)         all
Periodic Payments and Balloon Payments paid by the Borrowers that are due on a Due Date (without regard to grace periods) after
the end of the related Collection Period (without regard to grace periods);

 

(ii)        all
unscheduled payments of principal (including Principal Prepayments (together with any related payments of interest allocable to
the period following the Due Date for the related Mortgage Loan during the related Collection Period)), unscheduled interest,
Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds and other unscheduled recoveries received subsequent to the
related Determination Date (or, with respect to voluntary prepayments of principal of each Mortgage Loan with a Due Date occurring
after

 

     -14-

     

    

 

the related Determination Date, subsequent to the related Due Date) allocable to the Mortgage Loans;

 

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

 

(iv)        with
respect to each Actual/360 Loan and any Distribution Date in (1) each February and (2) any January occurring in a year that is
not a leap year (unless, in either case, such Distribution Date is the final Distribution Date), an amount equal to one day of
interest on the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in the month
preceding the month in which the subject Distribution Date occurs at the related Net Mortgage Rate, to the extent such amounts
are to be deposited in the Interest Reserve Account and held for future distribution pursuant to Section 3.05(e) of this
Agreement;

 

(v)        all
Yield Maintenance Charges and prepayment premiums;

 

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

 

(vii)      Excess
Interest, and

 

(viii)     all
Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of this Agreement; and

 

(b)          if
and to the extent not already included in clause (a) hereof, the aggregate amount transferred from the REO Account on or before
the applicable Determination Date allocable to the Mortgage Loans to the Collection Account for such Distribution Date pursuant
to Section 3.15(b);

 

(c)          P&I
Advances made by the Master Servicer or the Trustee, as applicable, for such Distribution Date (net of the related Certificate
Administrator/Trustee Fee with respect to the Mortgage Loans for which such P&I Advances are made); and

 

(d)          with
respect to each Actual/360 Loan and for the Distribution Date occurring in each March (or February if the final Distribution Date
occurs in such month), the Withheld Amounts remitted to the Lower-Tier Distribution Account pursuant to Section 3.05(e)
of this Agreement.

 

Notwithstanding
the investment of funds held in the Collection Account or the Lower-Tier Distribution Account pursuant to Section 3.07
of this Agreement, for purposes of calculating the Available Funds, the amounts so invested shall be deemed to remain on deposit
in such account.

 

“Balloon
Loan”: Any Mortgage Loan or Serviced Whole Loan that requires a payment of principal on the maturity date in excess
of its constant Periodic Payment.

 

     -15-

     

    

 

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

 

“Base
Interest Fraction”: With respect to any Principal Prepayment on any Mortgage Loan and any of the Class A-1, Class A-SB,
Class A-2, Class A-3, Class A-M, Class B, Class C and Class D Certificates, a fraction (not greater than one) (a) whose numerator
is the greater of zero and the amount, if any, by which (i) the Pass-Through Rate on such Class of Certificates exceeds (ii) the
yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield Maintenance Charge, as applicable,
with respect to such Principal Prepayment and (b) whose denominator is the amount, if any, by which (i) the Mortgage Rate on such
Mortgage Loan exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield
Maintenance Charge, as applicable, with respect to such Principal Prepayment; provided that if such yield rate is greater
than or equal to the Mortgage Rate on such Mortgage Loan, then the Base Interest Fraction shall be zero; provided, further,
that if such yield rate is greater than or equal to the Mortgage Rate on such Mortgage Loan, but less than the Pass-Through Rate
described in clause (a)(i) above, then the Base Interest Fraction shall be one.

 

To
the extent that the “yield rate” referred to in the immediately preceding paragraph to be provided by the Master Servicer
is not provided in the related Loan Documents, such “yield rate” shall be, when compounded monthly, equivalent to
the yield, on the U.S. Treasury primary issue with a maturity date closest to the Maturity Date or Anticipated Repayment Date,
as applicable, for the prepaid Mortgage Loan. In the event that there are: (a) two or more U.S. Treasury issues with the same
coupon the issue with the lower yield shall be selected and (b) two or more U.S. Treasury issues with maturity dates equally close
to the Maturity Date or Anticipated Repayment Date, as applicable, for such prepaid Mortgage Loan, the issue with the earlier
maturity date shall be selected.

 

“Bid
Allocation”: With respect to the Master Servicer and each Sub-Servicer therefor and the proceeds of any bid pursuant
to Section 7.01(a) of this Agreement, the amount of such proceeds (net of any expenses incurred in connection with such
bid and the transfer of servicing), multiplied by a fraction equal to (a) the Servicing Fee Amount for the Master Servicer or
such Sub-Servicer therefor, as the case may be, as of such date of determination, over (b) the aggregate of the Servicing Fee
Amounts for the Master Servicer and all Sub-Servicers therefor as of such date of determination.

 

“Book-Entry
Certificate”: Any Certificate registered in the name of the Depository or its nominee.

 

“Borrower”:
With respect to any Mortgage Loan, Companion Loan or Serviced Whole Loan, any obligor or obligors on any related Mortgage Note
or Mortgage Notes, including in connection with a Mortgage Loan, Companion Loan or Serviced Whole Loan that utilizes an indemnity
deed of trust (“IDOT”) structure, the borrower and the Mortgaged Property owner / payment guarantor / mortgagor,
individually and collectively, as the context may require.

 

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

 

     -16-

     

    

 

“Borrower
Party”: A borrower, a mortgagor, a manager of a Mortgaged Property, Restricted Mezzanine Holder or any Borrower Party
Affiliate.

 

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

 

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

 

“Business
Day”: Any day other than (i) a Saturday or a Sunday, (ii) a legal holiday in New York, New York or the principal cities
in which the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee or
the Certificate Administrator conduct servicing, trust administration or surveillance operations or (iii) a day on which the Federal
Reserve Bank of New York or banking institutions or savings associations in New York, New York, Charlotte, North Carolina, Dallas,
Texas, Kansas City, Missouri, Minneapolis, Minnesota, Wilmington, Delaware, Bethesda, Maryland, Columbia, Maryland or Oakland,
California, or the principal cities in which the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Trustee or the Certificate Administrator conduct servicing, trust administration or surveillance operations are
authorized or obligated by law or executive order to be closed.

 

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

 

“Cash
Collateral Account”: With respect to any Mortgage Loan or Serviced Whole Loan that has a Lock-Box Account, any account
or accounts created pursuant to the related Mortgage, Loan Agreement, Cash Collateral Account Agreement or other Loan Document
into which the Lock-Box Account monies are swept on a regular basis for the benefit of the Trustee, on behalf of the Certificateholders,
as successor to the related Mortgage Loan Seller. Any Cash Collateral Account shall be beneficially owned for federal income tax
purposes by the Person who is entitled to receive all reinvestment income or gain thereon in accordance with the terms and provisions
of the related Loan Documents and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income
or gain thereon in

 

     -17-

     

    

 

accordance with the terms of the related Mortgage Loan or Serviced Whole Loan. The Master Servicer shall be
permitted to make withdrawals therefrom for deposit into the Collection Account or the applicable Serviced Whole Loan Collection
Account, as applicable. To the extent not inconsistent with the terms of the related Loan Documents, each such Cash Collateral
Account shall be an Eligible Account.

 

“Cash
Collateral Account Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the cash collateral account
agreement, if any, between the related Originator and the related Borrower, pursuant to which the related Cash Collateral Account,
if any, may have been established.

 

“CCRE”:
Cantor Commercial Real Estate Lending, L.P., in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“CCRE
Indemnification Agreement”: The agreement dated as of the Pricing Date, among CCRE, the Depositor, the Underwriters
and the Initial Purchasers.

 

“CCRE
Mortgage Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the CCRE Purchase Agreement.

 

“CCRE
Purchase Agreement”: The Mortgage Loan Purchase Agreement dated and effective as of the Closing Date, between CCRE and
the Depositor.

 

“Certificate”:
Any Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class
C, Class D, Class E, Class F, Class G, Class V or Class R Certificate issued, authenticated and delivered hereunder.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, a national banking association, in its capacity as Certificate
Administrator, or its successor in interest, or any successor Certificate Administrator appointed as herein provided. Wells Fargo
Bank, National Association will perform its obligations as Certificate Administrator hereunder through its Corporate Trust Services
division.

 

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

 

“Certificate
Administrator/Trustee Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount per Interest
Accrual Period equal to the product of (i) the Certificate Administrator/Trustee Fee Rate (adjusted to a monthly rate) multiplied
by (ii) the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection Period (without
giving effect to payments of principal on such Mortgage Loan on such Due Date). The Certificate Administrator/Trustee Fee shall
be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt, the Certificate
Administrator/Trustee Fee with respect to each Mortgage Loan shall be payable from the Lower-Tier REMIC.

 

     -18-

     

    

 

“Certificate
Administrator/Trustee Fee Rate”: A rate equal to 0.00762% per annum.

 

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

 

“Certificate
Balance”: With respect to any Class of Sequential Pay Certificates (a) on or prior to the first Distribution Date, an
amount equal to the aggregate initial Certificate Balance of such Class, as specified in the Preliminary Statement to this Agreement
and (b) as of any date of determination after the first Distribution Date, the Certificate Balance of such Class on the Distribution
Date immediately prior to such date of determination less any distributions allocable to principal and any allocations of Realized
Losses made thereon on such prior Distribution Date.

 

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

 

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

 

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

 

“Certificateholder”:
The Person in whose name a Certificate is registered in the Certificate Register or any beneficial owner thereof; provided,
however, that solely for the purposes of giving any consent, approval, waiver or taking any action pursuant to this Agreement,
any Certificate registered in the name of or beneficially owned by (i) the Master Servicer, the Special Servicer, any Excluded
Special Servicer, the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any
of such Persons or (ii) any Borrower Party, in each case shall be deemed not to be outstanding (provided that notwithstanding
the foregoing, any Controlling Class Certificates owned by an Excluded Controlling Class Holder shall not be deemed to be outstanding
as to such Excluded Controlling Class Holder solely with respect to any related Excluded Controlling Class Loan; and provided,
further, that any Controlling Class Certificates owned by the Special Servicer or an Affiliate thereof shall not be deemed
to be outstanding as to the Special Servicer or such Affiliate solely with respect to any related Excluded Special Servicer Loan),
and the Voting Rights to which it is entitled shall not be taken into account in determining whether the requisite percentage
of Voting Rights necessary to effect any such consent, approval, waiver or take any such action has been obtained; provided,
however, that the foregoing restrictions shall not apply in the case of the Master Servicer, the Special Servicer, any
Excluded Special Servicer, the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate
of any of such Persons unless such consent, approval or waiver sought from such party would in any way increase its

 

     -19-

     

    

 

compensation
or limit its obligations in the named capacities hereunder or waive a Servicer Termination Event or trigger an Asset Review with
respect to a Mortgage Loan; provided, further that so long as there is no Servicer Termination Event with respect
to the Master Servicer or the Special Servicer, the Master Servicer and such Special Servicer or such Affiliate of either shall
be entitled to exercise such Voting Rights with respect to any issue which could reasonably be believed to adversely affect such
party’s compensation or increase its obligations or liabilities hereunder; and provided, further that such
restrictions shall not apply to (i) the exercise of the Special Servicer’s, the Master Servicer’s or any Mortgage
Loan Seller’s rights, if any, or any of their Affiliates as a member of the Controlling Class or (ii) any Affiliate of the
Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator that has provided an Investor
Certification in which it has certified as to the existence of certain policies and procedures restricting the flow of information
between it and the Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable,
and any Certificates beneficially owned by such Affiliate shall be deemed to be outstanding. The Trustee and the Certificate Administrator
shall each be entitled to request and rely upon a certificate of the Master Servicer, the Special Servicer or the Depositor in
determining whether a Certificate is registered in the name of an Affiliate of such Person. All references herein to “Holders”
or “Certificateholders” shall reflect the rights of Certificate Owners as they may indirectly exercise such rights
through the Depository and the Depository Participants, except as otherwise specified herein; provided, however,
that the parties hereto shall be required to recognize as a “Holder” or “Certificateholder” only the Person
in whose name a Certificate is registered in the Certificate Register.

 

“Certificateholder
Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant
to Section 3.22(d) of this Agreement or the Asset Representations Reviewer pursuant to Section 11.05(b) of this
Agreement, the holders of Sequential Pay Certificates evidencing at least 75% of the aggregate Voting Rights (other than with
respect to the termination of the Asset Representations Reviewer, taking into account the application of any Appraisal Reduction
Amounts to notionally reduce the Certificate Balances of the Certificates pursuant to Section 4.08 of this Agreement) of
all Sequential Pay Certificates on an aggregate basis.

 

“Certification
Parties”: As defined in Section 10.08 of this Agreement.

 

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

 

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

 

“Certifying
Servicer”: As defined in Section 10.11 of this Agreement.

 

“Class”:
All of the Certificates that collectively bear the same alphabetical or alphanumeric Class designation and each Lower-Tier Regular
Interest.

 

“Class
A-1 Certificate”: Any one of the Certificates with a “Class A-1” designation on the face thereof, executed
and authenticated by the Certificate Administrator or

 

     -20-

     

    

 

the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
A-1 Pass-Through Rate”: A per annum rate equal to 1.519%.

 

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

 

“Class
A-2 Pass-Through Rate”: A per annum rate equal to 2.950%.

 

“Class
A-3 Certificate”: Any one of the Certificates with a “Class A-3” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
A-3 Pass-Through Rate”: A per annum rate equal to the lesser of (i) the WAC Rate and (ii) 3.217%.

 

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

 

“Class
A-M Pass-Through Rate”: A per annum rate equal to the lesser of (i) the WAC Rate and (ii) 3.502%.

 

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

 

“Class
A-SB Pass-Through Rate”: A per annum rate equal to 3.060%.

 

“Class
A-SB Planned Principal Balance”: With respect to any Distribution Date, the planned principal amount for such Distribution
Date specified in Schedule III hereto relating to the Class A-SB Certificates.

 

“Class
B Certificate”: Any one of the Certificates with a “Class B” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
B Pass-Through Rate”: A per annum rate equal to the lesser of (i) the WAC Rate and (ii) 3.804%.

 

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

 

     -21-

     

    

 

Authenticating
Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table
of Exhibits of this Agreement.

 

“Class
C Pass-Through Rate”: A per annum rate equal to the WAC Rate.

 

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

 

“Class
D Pass-Through Rate”: A per annum rate equal to the WAC Rate.

 

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

 

“Class
E Pass-Through Rate”: A per annum rate equal to the lesser of (i) the WAC Rate and (ii) 2.856%.

 

“Class
F Certificate”: Any one of the Certificates with a “Class F” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
F Pass-Through Rate”: A per annum rate equal to the lesser of (i) the WAC Rate and (ii) 2.856%.

 

“Class
G Certificate”: Any one of the Certificates with a “Class G” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class
G Pass-Through Rate”: A per annum rate equal to the lesser of (i) the WAC Rate and (ii) 2.856%.

 

“Class
LA-1 Interest,” “Class LA-2 Interest,” “Class LA-SB Interest,” “Class
LA-3 Interest,” “Class LA-M Interest,” “Class LB Interest,” “Class LC
Interest,” “Class LD Interest,” “Class LE Interest,” “Class LF Interest”
and “Class LG Interest”: Each, a regular interest in the Lower-Tier REMIC entitled to monthly distributions
payable thereto pursuant to Section 4.01 of this Agreement.

 

“Class
LTR Interest”: The sole class of “residual interest” in the Lower-Tier REMIC, which will be represented
by the Class R Certificates.

 

“Class
R Certificate”: Any one of the Certificates with a “Class R” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth

 

     -22-

     

    

 

next to such Class in the Table of Exhibits of this Agreement. The Class R Certificates
have no Pass-Through Rate, Certificate Balance or Notional Amount.

 

“Class
UTR Interest”: The sole class of “residual interest” in the Upper-Tier REMIC, which will be represented
by the Class R Certificate.

 

“Class
V Certificate”: Any one of the Certificates with a “Class V” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-1 to this Agreement. The Class V Certificates represent undivided beneficial interests in the Class V Specific Grantor
Trust Assets.

 

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

 

“Class
V Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Excess Interest and (ii) the Excess
Interest Distribution Account.

 

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

 

“Class
X Component”: Each of the Class X-A Components, Class X-B Component, Class X-E Component, Class X-F Component and Class
X-G Component.

 

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

 

“Class
X Notional Amount”: The Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-E Notional Amount, the
Class X-F Notional Amount or the Class X-G Notional Amount, as applicable and as the context may require.

 

“Class
X-A Certificate”: Any one of the Certificates with a “Class X-A” designation on the face thereof, substantially
in the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement, and evidencing
a “regular interest” in Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-A Components”: Each of Component XA-1, Component XA-2, Component XA-SB and Component XA-3.

 

“Class
X-A Notional Amount”: As of any date of determination, the sum of the then Class X Component Notional Amounts of all
of the Class X-A Components.

 

“Class
X-A Pass-Through Rate”: With respect to any Distribution Date, the weighted average of the Class X-A Strip Rates for
the respective Class X-A Components for such Distribution Date, weighted on the basis of the respective Class X Component Notional
Amounts of such Components outstanding immediately prior to such Distribution Date. The Class X-A Pass-Through Rate for the initial
Distribution Date is approximately 1.223% per annum.

 

     -23-

     

    

 

“Class
X-A Strip Rate”: With respect to any Class of Class X-A Components for any Distribution Date, the (i) the WAC Rate for
such Distribution Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class
X-B Certificate”: Any one of the Certificates with a “Class X-B” designation on the face thereof, substantially
in the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement, and evidencing
a “regular interest” in Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-B Components”: Each of Component XA-M and Component XB.

 

“Class
X-B Notional Amount”: As of any date of determination, the then Class X Component Notional Amounts of the Class X-B
Component.

 

“Class
X-B Pass-Through Rate”: With respect to any Distribution Date, the weighted average of the Class X-B Strip Rates for
the respective Class X-B Components for such Distribution Date, weighted on the basis of the respective Class X Component Notional
Amounts of such Components outstanding immediately prior to such Distribution Date. The Class X-B Pass-Through Rate for the initial
Distribution Date is approximately 0.606% per annum.

 

“Class
X-B Strip Rate”: With respect to any Class of Class X-B Components for any Distribution Date, the (i) the WAC Rate for
such Distribution Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class
X-E Certificate”: Any one of the Certificates with a “Class X-E” designation on the face thereof, substantially
in the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement, and evidencing
a “regular interest” in Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-E Component”: The Component XE.

 

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

 

“Class
X-E Pass-Through Rate”: With respect to any Distribution Date, the Class X-E Strip Rate for the Class X-E Component
for such Distribution Date. The Class X-E Pass-Through Rate for the initial Distribution Date is approximately 1.373% per annum.

 

“Class
X-E Strip Rate”: With respect to the Class X-E Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class
X-F Certificate”: Any one of the Certificates with a “Class X-F” designation on the face thereof, substantially
in the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement, and evidencing
a “regular interest” in Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-F Component”: The Component XF.

 

     -24-

     

    

 

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

 

“Class
X-F Pass-Through Rate”: With respect to any Distribution Date, the Class X-F Strip Rate for the Class X-F Component
for such Distribution Date. The Class X-F Pass-Through Rate for the initial Distribution Date is approximately 1.373% per annum.

 

“Class
X-F Strip Rate”: With respect to the Class of Class X-F Component for any Distribution Date, the (i) the WAC Rate for
such Distribution Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class
X-G Certificate”: Any one of the Certificates with a “Class X-G” designation on the face thereof, substantially
in the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement, and evidencing
a “regular interest” in Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-G Component”: The Component XG.

 

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

 

“Class
X-G Pass-Through Rate”: With respect to any Distribution Date, the Class X-G Strip Rate for the Class X-G Component
for such Distribution Date. The Class X-G Pass-Through Rate for the initial Distribution Date is approximately 1.373% per annum.

 

“Class
X-G Strip Rate”: With respect to the Class of Class X-G Component for any Distribution Date, the (i) the WAC Rate for
such Distribution Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

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

 

“Closing
Date”: November 22, 2016.

 

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

 

“Collateral
Deficiency Amount” With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated
Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the sum
of (in the case of a Whole Loan, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent appraised value
for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account
in such appraised value and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such
determination, any capital or additional collateral contributed by the related Borrower at the time the Mortgage Loan became (and
as part of the modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties
(provided, that in the

 

     -25-

     

    

 

case of a Non-Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into
account solely to the extent relevant information is received by the Special Servicer), plus (z) any other escrows or reserves
(in addition to any amounts set forth in the immediately preceding clause (y)) held by the lender in respect of such AB Modified
Loan as of the date of such determination. The Certificate Administrator shall be entitled to conclusively rely on the Special
Servicer’s calculation or determination of any Collateral Deficiency Amount.

 

“Collection
Account”: The trust account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf of
Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CCRE Commercial Mortgage Securities, L.P.,
CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6 Collection Account” and which
must be an Eligible Account.

 

“Collection
Period”: With respect to any Distribution Date and each Mortgage Loan (including any Companion Loan), the period that
begins on the day immediately following the Due Date for such Mortgage Loan (including any Companion Loan) in the month preceding
the month in which that Distribution Date occurs or the date that would have been the Due Date if such Mortgage Loan (including
any Companion Loan) had a Due Date in such preceding month and ending on and including the Due Date for such Mortgage Loan (including
any related Companion Loan) occurring in the month in which that Distribution Date occurs. Notwithstanding the foregoing, in the
event that the last day of a Collection Period (or applicable grace period) is not a business day, any Periodic Payments received
with respect to Mortgage Loans (including any Companion Loan) relating to such Collection Period on the business day immediately
following such day shall be deemed to have been received during such Collection Period and not during any other Collection Period.

 

“Commission”:
The Securities and Exchange Commission.

 

“Communication
Request”: As defined in Section 5.05(a) of this Agreement.

 

“Companion
Loan”: A Serviced Companion Loan or Non-Serviced Companion Loan, as applicable and as the context may require.

 

“Companion
Loan Noteholder”: A holder of a Companion Loan.

 

“Compensating
Interest Payment”: As defined in Section 3.17(c) of this Agreement.

 

“Component
XA-1”: One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then
current Lower-Tier Principal Balance of the Class LA-1 Interest as of any date of determination.

 

“Component
XA-2”: One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then
current Lower-Tier Principal Balance of the Class LA-2 Interest as of any date of determination.

 

     -26-

     

    

 

“Component
XA-3”: One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then
current Lower-Tier Principal Balance of the Class LA-3 Interest as of any date of determination.

 

“Component
XA-SB”: One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the
then current Lower-Tier Principal Balance of the Class LA-SB Interest as of any date of determination.

 

“Component
XA-M”: One of the components of the Class X-B Certificates having a Class X Component Notional Amount equal to the then
current Lower-Tier Principal Balance of the Class LA-M Interest as of any date of determination.

 

“Component
XB”: The component of the Class X-B Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LB Interest as of any date of determination.

 

“Component
XE”: The component of the Class X-E Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LE Interest as of any date of determination.

 

“Component
XF”: The component of the Class X-F Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LF Interest as of any date of determination.

 

“Component
XG”: The component of the Class X-G Certificates having a Class X Component Notional Amount equal to the then current
Lower-Tier Principal Balance of the Class LG Interest as of any date of determination.

 

“Condemnation
Proceeds”: Any awards resulting from the full or partial condemnation or any eminent domain proceeding or any conveyance
in lieu or in anticipation thereof with respect to a Mortgaged Property by or to any governmental, quasi-governmental authority
or private entity with condemnation powers (other than amounts to be applied to the restoration, preservation or repair of such
Mortgaged Property or released to the related Borrower in accordance with the terms of the REMIC Provisions and the applicable
Loan Documents for the related Mortgage Loan or Serviced Whole Loan) or, if applicable, with respect to the Mortgaged Property
securing a Serviced Whole Loan, any portion of such amounts payable to the holders of the applicable Mortgage Loan. With respect
to the Mortgaged Property securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only the portion of such amounts
payable to the holder of the related Non-Serviced Mortgage Loan shall be included in Condemnation Proceeds).

 

“Consultation
Termination Event”: At any date at which:

 

(a)
with respect to any Mortgage Loan (other than the Potomac Mills Mortgage Loan) or Serviced Whole Loan (other than the Potomac
Mills Whole Loan), (i) no Class of Control Eligible Certificates exists where such Class’s aggregate Certificate Balance
is at least equal to 25% of the initial Certificate Balance of that Class, in each case, without regard to the application of
any Appraisal Reduction Amounts or (ii) a Holder of the Class F Certificates is the

 

     -27-

     

    

 

majority Controlling Class Certificateholder
and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder, and
such rights have not been reinstated to a successor Controlling Class Certificateholder pursuant to Section 3.29(h); provided
that no Consultation Termination Event resulting solely from the operation of clause (ii) shall be deemed to have existed
or be in continuance with respect to a successor Holder of Class F Certificates that has not irrevocably waived its right to exercise
any of the rights of the Controlling Class Certificateholder; and

 

(b)
with respect to the Potomac Mills Mortgage Loan, when a Potomac Mills Control Appraisal Period has occurred and is continuing
and (i) no Class of Control Eligible Certificates exists where such Class’s aggregate Certificate Balance is at least equal
to 25% of the initial Certificate Balance of that Class, in each case, without regard to the application of any Appraisal Reduction
Amounts or (ii) a Holder of the Class F Certificates is the majority Controlling Class Certificateholder and has irrevocably waived
its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder, and such rights have not been
reinstated to a successor Controlling Class Certificateholder pursuant to Section 3.29(h); provided that no Consultation
Termination Event resulting solely from the operation of clause (ii) shall be deemed to have existed or be in continuance with
respect to a successor Holder of Class F Certificates that has not irrevocably waived its right to exercise any of the rights
of the Controlling Class Certificateholder;

 

provided
that, prior to a Servicing Shift Securitization Date, no Consultation Termination Event may occur with respect to a Servicing
Shift Companion Loan Directing Holder related to a Servicing Shift Whole Loan and the term “Consultation Termination Event”
shall not be applicable to such Servicing Shift Companion Loan Directing Holder related to a Servicing Shift Whole Loan; provided,
further, that a Consultation Termination Event shall not be deemed to be continuing in the event the Certificate Balances
of all Classes of Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero. With
respect to Excluded Loans, a Consultation Termination Event shall be deemed to exist.

 

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

 

“Control
Termination Event”: The occurrence of:

 

(a)
with respect to any Mortgage Loan (other than the Potomac Mills Mortgage Loan) or Serviced Whole Loan (other than the Potomac
Mills Whole Loan), (i) the Certificate Balance of the Class F Certificates (taking into account the application of any Cumulative
Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section 4.08(a)
hereof) being reduced to less than 25% of the initial Certificate Balance of such Class or (ii) a Holder of the Class F Certificates
becoming the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of
the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor Controlling Class
Certificateholder pursuant to Section 3.29(h); and

 

(b)
with respect to the Potomac Mills Mortgage Loan, when a Potomac Mills Control Appraisal Period has occurred and is continuing
and (i) the Certificate Balance of the Class F Certificates (taking into account the application of any Cumulative Appraisal Reduction
Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section

 

     -28-

     

    

 

4.08(a) hereof) being reduced
to less than 25% of the initial Certificate Balance of such Class or (ii) a Holder of the Class F Certificates becoming the majority
Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling
Class Certificateholder and such rights have not been reinstated to a successor Controlling Class Certificateholder pursuant to
Section 3.29(h);

 

provided that, prior to a Servicing Shift Securitization Date, no Control Termination Event may occur with respect to a Servicing Shift
Companion Loan Directing Holder related to a Servicing Shift Whole Loan and the term “Control Termination Event” shall
not be applicable to such Servicing Shift Companion Loan Directing Holder related to a Servicing Shift Whole Loan; provided,
further, that a Control Termination Event shall not be deemed to be continuing in the event the Certificate Balances of
all Classes of Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero. With respect
to Excluded Loans, a Control Termination Event shall be deemed to exist.

 

“Controlling
Class”: As of any date of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has a then aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to
such Class in accordance with Section 4.08(a) of this Agreement) at least equal to 25% of the initial Certificate Balance
of that Class or if no Class of Control Eligible Certificates meets the preceding requirement, the most senior Class of Control
Eligible Certificates. The Controlling Class as of the Closing Date will be the Class G Certificates provided that if,
at any time, the Certificate Balance of all Control Eligible Certificates, as notionally reduced by any Appraisal Reduction Amounts
(but without regard to any Collateral Deficiency Amount) allocable to such classes, has been reduced to zero, the Controlling
Class shall be the most subordinate Class of Control Eligible Certificates that has a Principal Balance greater than zero.

 

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

 

“Controlling
Class Representative”: The Controlling Class Certificateholder (or a representative thereof) selected by more than 50%
of the Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate Registrar from time to time;
provided, that (i) absent such selection, or (ii) until a Controlling Class Representative is so selected or (iii) upon
receipt of a written notice from a majority of the Controlling Class Certificateholders, by Certificate Balance, that a Controlling
Class Representative is no longer designated, then the Controlling Class Certificateholder that owns the largest aggregate Certificate
Balance of the Controlling Class shall be the Controlling Class Representative; provided, however, that, in the
case of this clause (iii), in the event that no one Certificateholder owns the largest aggregate Certificate Balance of
the Controlling Class, then there will be no Controlling Class Representative until appointed in accordance with the terms of
this Agreement.

 

The
initial Controlling Class Representative on the Closing Date shall be RREF III Debt AIV, LP on behalf of one or more managed funds
or accounts and the Certificate Registrar and the other parties to this Agreement shall be entitled to assume RREF III Debt AIV,
LP, or any successor Controlling Class Representative selected thereby and notified to the Certificate Registrar thereof in writing,
is the Controlling Class Representative appointed by the

 

     -29-

     

    

 

Holder (or Certificate Owner) of each Class of Control Eligible Certificates,
until the Certificate Registrar receives (a) written notice of a replacement Controlling Class Representative from a majority
of the Controlling Class Certificateholders by Certificate Balance or (b) written notice that the Holder (or Certificate Owner)
of a majority of the applicable Class of Control Eligible Certificates is no longer the Holder (or Certificate Owner) of a majority
of the applicable Class of Control Eligible Certificates due to a transfer of those Certificates (or a beneficial ownership interest
in those Certificates). In the event of clause (b) above, if no successor Controlling Class Representative is then identified
to the Certificate Registrar and the other parties hereto, then there will be deemed to be no Controlling Class Representative
for purposes of this Agreement until such time as the Certificate Registrar and the other parties to this Agreement receive notice
of a successor Controlling Class Representative.

 

“Controlling
Companion Loan”: With respect to any Servicing Shift Whole Loan, the related Pari Passu Companion Loan which upon the
securitization of such Pari Passu Companion Loan, servicing is expected to shift to the pooling and servicing agreement entered
into in connection with such securitization. There are no Controlling Companion Loans related to the Trust.

 

“Corporate
Trust Office”: The offices of the Trustee located at 1100 North Market Street, Wilmington, Delaware 19890, Attention:
CMBS Trustee CFCRE 2016-C6 and of the Certificate Administrator, located at 9062 Old Annapolis Road, Columbia, Maryland 21045,
Attention: Corporate Trust Services – CFCRE 2016-C6, or, in the case of any surrender, transfer or exchange at Wells Fargo
Center, Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479-0113, Attention: CFCRE 2016-C6, or the principal trust
office of any successor certificate administrator qualified and appointed pursuant to this Agreement.

 

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

 

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

 

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

 

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

 

“CREFC®”:
Commercial Real Estate Finance Council®, formerly known as Commercial Mortgage Securities Association, or any association
or organization that is a successor thereto. If neither such association nor any successor remains in existence, “CREFC®”
shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers,
trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and
whose principal purpose is the establishment of industry standards for reporting

 

     -30-

     

    

 

transaction-specific
information relating to commercial mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial
mortgage loans and foreclosed properties underlying or backing them to investors holding or owning such certificates or bonds,
and any successor to such other association or organization. If an organization or association described in one of the preceding
sentences of this definition does not exist, “CREFC®” shall be deemed to refer to such other association
or organization as shall be selected by the Master Servicer and reasonably acceptable to the Certificate Administrator, the Trustee,
the Special Servicer and, if no Control Termination Event has occurred and is continuing, the Controlling Class Representative.

 

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

 

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

 

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

 

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

 

“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report”
format substantially in the form of and containing the information called for therein for the Mortgage Loans or Serviced Whole
Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC®
for commercial mortgage securities transactions generally. In connection with preparing the CREFC® Comparative
Financial Status Report, the Master Servicer shall process (a) interim financial statements beginning with interim financial statements
for the fiscal quarter ending March 31, 2017, and (b) annual financial statements beginning with annual financial statements for
the 2017 fiscal year.

 

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

 

     -31-

     

    

 

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

 

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

 

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

 

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

 

“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan (other than the portion of an REO
loan related to any Serviced Companion Loan) and for any related Interest Accrual Period, the amount of interest accrued during
such Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the same principal
balance, in the same manner, and for the same number of days as any related interest payment with regards to the Mortgage Loan
during which such Interest Accrual Period is computed. Any payments of the CREFC® Intellectual Property Royalty
License Fee shall be made to “CRE Finance Council” and delivered by wire transfer pursuant to the following instructions
(or such other instructions as may hereafter be furnished by CREFC® to the Master Servicer in writing at least
two Business Days prior to the Master Servicer Remittance Date):

 

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

Bank
Name: JPM Morgan Chase Bank, National Association 

Bank
Address: 80 Broadway, New York, NY 10005 

Routing
Number: 021000021 

Account
Number: 213597397

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: A rate equal to 0.0005% per annum.

 

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

 

     -32-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -33-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Cross-Over
Date”: The Distribution Date, if any, on which the Certificate Balance of each of the Class A-M, Class B, Class C, Class
D, Class E, Class F and Class G Certificates is (or will be) reduced to zero.

 

     -34-

     

    

 

“Cumulative
Appraisal Reduction Amount”: As of any date of determination, the sum of (i) all Appraisal Reduction Amounts then in
effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Certificate Administrator
shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Cumulative Appraisal
Reduction Amount.

 

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

 

“Custodian”:
Any Custodian appointed pursuant to Section 3.19 of this Agreement. If a Custodian is not so appointed, then the Custodian
shall be the Certificate Administrator. The Custodian may (but need not) be the Certificate Administrator, the Trustee or the
Master Servicer or any Affiliate of the Certificate Administrator, the Trustee or the Master Servicer. Wells Fargo Bank, National
Association will perform its obligations as Custodian hereunder through its Document Custody division.

 

“Cut-off
Date”: With respect to each Mortgage Loan, the Due Date in November 2016 for that Mortgage Loan (or, in the case of
any Mortgage Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under
the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

 

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

 

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

 

“Default”:
An event of default under the Loan Documents for any Mortgage Loan or Whole Loan, or an event which, with the passage of time
or the giving of notice, or both,

 

     -35-

     

    

 

would constitute an event of default under the Loan Documents for such Mortgage Loan or Whole
Loan.

 

“Default
Interest”: With respect to any Mortgage Loan or Serviced Companion Loan, interest accrued on such Mortgage Loan or Serviced
Companion Loan (other than Excess Interest) at the excess of (i) the related Default Rate over (ii) the related Mortgage Rate.

 

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

 

“Defaulted
Mortgage Loan”: A Mortgage Loan or Serviced Pari Passu Whole Loan (i) that is delinquent at least 60 days in respect
of its Periodic Payments or that is more than 60 days delinquent in respect of its Balloon Payment, if any, in either case such
Delinquency to be determined without giving effect to any grace period permitted by the related Loan Documents and without regard
to any acceleration of payments under the related Mortgage Loan or Serviced Pari Passu Companion Loan or (ii) as to which the
Master Servicer or Special Servicer has, by written notice to the related borrower, accelerated the maturity of the indebtedness
evidenced by the related Mortgage Note.

 

“Defeasance
Account”: As defined in Section 3.26(j) of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

“Depositor”:
CCRE Commercial Mortgage Securities, L.P., a Delaware limited partnership, and its successors and assigns.

 

     -36-

     

    

 

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

 

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

 

“Determination
Date”: With respect to any Distribution Date, the 6th day of the calendar month of the related Distribution Date or,
if such 6th day is not a Business Day, then the next Business Day, commencing in December 2016.

 

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

 

(a)          A
copy of each of the documents required to be in the related Mortgage File, and without duplication, a copy of each of the following
documents:

 

(i)     any
indemnity relating to a Mortgage Loan or a Serviced Whole Loan;

 

(ii)    any
related mezzanine intercreditor agreement;

 

(iii)
  all related environmental insurance policies;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -37-

     

    

 

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

 

(k)         a
copy of any zoning reports;

 

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

 

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

 

(n)         a
copy of all UCC searches;

 

(o)         a
copy of all litigation searches;

 

(p)         a
copy of all bankruptcy searches;

 

(q)         a
copy of origination settlement statement;

 

(r)          a
copy of insurance consultant report;

 

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

 

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

 

(u)         a
copy of any closure letter (environmental), if not covered by the environmental reports;

 

(v)         a
copy of any environmental remediation agreement for the related Mortgaged Property or Mortgaged Properties if not covered by the
environmental reports;

 

(w)    
   a copy of the payment history with respect to such Mortgage Loan prior to the Closing Date;

 

in
each case, to the extent that the originator received such documents in connection with the origination of such Mortgage Loan.
In the event any of the items identified above were not included in connection with the origination of such Mortgage Loan, the
Diligence File shall include a statement to that effect; provided that no information that is proprietary to the related
originator or Mortgage Loan Seller or any draft documents or privileged or internal communications shall constitute part of the
Diligence File. The Mortgage Loan Seller may, without any obligation to do so, include such other documents or information as
part of the Diligence File that such Mortgage Loan Seller believes should be included to enable the Asset Representations Reviewer
to perform the Asset Review on such Mortgage Loan; provided that such documents or information are clearly labeled and
identified.

 

“Diligence
File Certification”: As defined in Section 2.01(f).

 

     -38-

     

    

 

“Directing
Holder”: (a) with respect to any Mortgage Loan (other than the Potomac Mills Mortgage Loan, any Non-Serviced Mortgage
Loan and the Servicing Shift Mortgage Loan) or Serviced Whole Loan (other than the Potomac Mills Whole Loan), the Controlling
Class Representative; (b) with respect to a Servicing Shift Mortgage Loan, prior to the related Servicing Shift Securitization
Date, the related Servicing Shift Companion Loan Directing Holder; and (c) with respect to the Potomac Mills Whole Loan, (i) for
so long as no Potomac Mills Control Appraisal Period has occurred and is continuing, the Potomac Mills Directing Holder and (ii)
for so long as a Potomac Mills Control Appraisal Period has occurred and is continuing, the Controlling Class Representative.

 

At
such time as there is no Controlling Class in accordance with the definition thereof, the Directing Holder shall have no rights
under this Agreement.

 

The
identification and contact information of each initial Directing Holder as of the Closing Date is set forth on Schedule I
to this Agreement. The parties to this Agreement may rely on such Schedule in accordance with Section 3.29.

 

For
the avoidance of doubt, notwithstanding anything to the contrary contained in this Agreement, Control Termination Event and Consultation
Termination Event shall not affect the rights of a Non-Directing Holder. Whenever the term “Directing Holder” is used
in this Agreement without further clarification, the parties hereto intend for such reference to mean the applicable Directing
Holder under the circumstances.

 

In
the event that no Directing Holder has been appointed or identified to the Master Servicer or the Special Servicer, as applicable,
and the Master Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate
Administrator and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until
such time as the new Directing Holder is identified, the Master Servicer or the Special Servicer, as applicable, shall have no
duty to consult with, provide notice to, or seek the approval or consent of any such Directing Holder as the case may be.

 

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

 

“Disclosable
Special Servicer Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole
Loan or Serviced REO Property, any compensation and other remuneration (including, without limitation, in the form of commissions,

 

     -39-

     

    

 

brokerage fees, rebates, and as a result of any other fee-sharing arrangement) received or retained by the Special Servicer or
any of its Affiliates that is paid by any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor
or indemnitor in respect of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and any purchaser
of any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan or Serviced REO Property) in connection with
the disposition, workout or foreclosure of any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan, if
applicable, the management or disposition of any Serviced REO Property, and the performance by the Special Servicer or any such
Affiliate of any other special servicing duties under this Agreement other than (1) any Permitted Special Servicer/Affiliate Fees
and (2) any compensation to which the Special Servicer is entitled pursuant to Section 3.12 of this Agreement.

 

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

 

“Dispute
Resolution Consultation”: As defined in Section 2.03(l)(i).

 

“Dispute
Resolution Cut-off Date”: As defined in Section 2.03(l)(i).

 

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

 

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

 

     -40-

     

    

 

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

 

“Distribution
Date”: For each Determination Date, the 4th Business Day following such Determination Date in each calendar month, commencing
in December 2016. The first Distribution Date shall be December 12, 2016.

 

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

 

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

 

“Due
Date”: With respect to (i) any Mortgage Loan or Serviced Whole Loan on or prior to its Maturity Date, the day of the
month set forth in the related Mortgage Note on which each Periodic Payment thereon is scheduled to be first due and (ii) any
Mortgage Loan or Serviced Whole Loan after the Maturity Date therefor or any REO Loan, the day of the month set forth in the related
Mortgage Note on which each Periodic Payment on such Mortgage Loan or Serviced Whole Loan had been scheduled to be first due.

 

“Early
Termination Notice Date”: Any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining
in the Trust is less than 1.0% of the aggregate Stated Principal Balance of all of the Mortgage Loans as of the Cut-off Date.

 

“EDGAR
Compatible Format”: Any format compatible with EDGAR, including, without limitation, HTML, word, excel or clean and
searchable PDF.

 

“Eligible
Account”: Any of:

 

(i)         an
account or accounts maintained with a depository institution or trust company (A) the short-term unsecured debt obligations or
commercial paper of which are rated at least “P-1” by Moody’s and “F1” by Fitch, in the case of
accounts in which funds are held for 30 days or less or, (B) in the case of accounts in which funds are held for more than 30
days, the long-term unsecured debt obligations of which are rated at least “A2” by Moody’s and “A”
by Fitch,

 

(ii)        an
account or accounts maintained with Wells Fargo Bank, National Association so long as such depository’s long-term unsecured
debt rating shall be at least “A2” by Moody’s and “BBB+” by Fitch (if the deposits are to be held
in the account for more than 30 days) or Wells Fargo Bank, National Association’s short-term deposit accounts or short-term
unsecured debt rating is rated at least “P-1” by Moody’s and “F2” by Fitch (if the deposits are
to be held in the account for 30 days or less),

 

     -41-

     

    

 

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

 

(iv)       such
other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable
clause, would be listed in clauses (i)-(iii) above, with respect to which a Rating Agency Confirmation has been obtained from
each Rating Agency for which the minimum ratings set forth in the applicable clause is not satisfied with respect to such account,
or

 

(v)        any
other account as to which the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer, as applicable,
receives a Rating Agency Confirmation from each Rating Agency, which may be an account maintained by or with the Certificate Administrator,
the Trustee, the Master Servicer or the Special Servicer.

 

Eligible
Accounts may bear interest.

 

“Eligible
Investor”: Any of (i) a Qualified Institutional Buyer that is purchasing for its own account or for the account of a
Qualified Institutional Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A
or (ii) (except with respect to the Class R Certificates) an Institutional Accredited Investor.

 

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

 

     -42-

     

    

 

Companion Loan or any securities
backed by a Companion Loan or otherwise have any financial interest in the securitization transaction to which this Agreement
relates, other than in fees from its role as Asset Representations Reviewer (or as Operating Advisor, if applicable) and except
as otherwise set forth in Section 11.02.

 

“Eligible
Operating Advisor”: An institution (i) that is the special servicer or operating advisor on a commercial mortgage-backed
securities transaction rated by DBRS, Fitch, KBRA, Moody’s, Morningstar or S&P (including, in the case of Park Bridge
Lender Services LLC, this transaction) but has not been special servicer on a transaction for which DBRS, Fitch, KBRA, Moody’s,
Morningstar or S&P has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for
such transaction citing servicing concerns with the special servicer as the sole or material factor in such rating action, (ii)
that can and will make the representations and warranties set forth in Section 2.04(f) of this Agreement, (iii) that is
not (and is not affiliated with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer,
a Mortgage Loan Seller, the Controlling Class Representative, the Directing Holder, an Other Depositor, Other Trustee, Other Servicer
or Other Special Servicer, or an Affiliate of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer,
the Special Servicer, a Mortgage Loan Seller, the Controlling Class Representative, the Directing Holder or an Other Depositor,
Other Trustee, Other Servicer or Other Special Servicer, and (iv) that has not been paid by any Special Servicer or successor
Special Servicer any fees, compensation or other remuneration (x) in respect of its obligations hereunder or (y) for the appointment
or recommendation for replacement of a successor Special Servicer to become the Special Servicer.

 

“Enforcing
Party”: The person obligated to enforce the rights of the Trust against the related Mortgage Loan Seller with respect
to the Repurchase Request.

 

“Enforcing
Servicer”: As defined in Section 2.03(j)(i) of this Agreement.

 

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

 

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

 

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

 

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

 

“Escrow
Payment”: Any payment made by any Borrower to the Master Servicer pursuant to the related Mortgage, Cash Collateral
Account Agreement, Lock-Box Agreement, Loan Agreement or other Loan Document for the account of such Borrower for application

 

     -43-

     

    

 

toward the payment of taxes, insurance premiums, assessments, environmental remediation and similar items in respect of the related
Mortgaged Property or related to the satisfaction of closing conditions for the related Mortgage Loan.

 

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

 

“Excess
Interest”: With respect to each of the Mortgage Loans indicated on the Mortgage Loan Schedule as having a Revised Rate,
interest accrued on the related outstanding principal balance at the Revised Rate in respect of such Mortgage Loan in excess of
the interest accrued at the Initial Rate, plus any related interest accrued on such amounts, to the extent permitted by
applicable law and the related Mortgage Loan documents.

 

“Excess
Interest Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained
by the Certificate Administrator pursuant to Section 3.05(k), which shall be entitled “Wells Fargo Bank, National
Association, as Certificate Administrator, for the benefit of the holders of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2016-C6 – Excess Interest Distribution Account,” and which must be an Eligible Account
or a sub-account of an Eligible Account. The Excess Interest Distribution Account shall not be an asset of any Trust REMIC, but
rather shall be an asset of the Grantor Trust.

 

“Excess
Prepayment Interest Shortfall”: With respect to any Distribution Date, the aggregate amount, if any, by which the Prepayment
Interest Shortfalls with respect to all Principal Prepayments received with respect to the Mortgage Loans and Companion Loans
during the related prepayment period exceed the Compensating Interest Payment.

 

“Excess
Servicing Fees”: With respect to each Mortgage Loan and any Serviced Companion Loan (and any successor REO Loan with
respect thereto), that portion of the Servicing Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.

 

“Excess
Servicing Fee Rate”: With respect to each Mortgage Loan and any Serviced Companion Loan (and any successor REO Loan
with respect thereto), a rate per annum equal to the Servicing Fee Rate (subject to the rights of the Mortgage Loan Seller Sub-Servicers
identified on Exhibit X to this Agreement) minus 0.0025%; provided that such rate shall be subject to reduction
pursuant to Section 7.02 of this Agreement.

 

“Excess
Servicing Fee Right”: With respect to each Mortgage Loan and any Serviced Companion Loan (and any successor REO Loan
with respect thereto), the right to receive Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee
Right, the Master Servicer shall be the owner of such Excess Servicing Fee Right.

 

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

 

“Excluded
Controlling Class Holder”: With respect to any Excluded Controlling Class Mortgage Loan, the Directing Holder or any
Controlling Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling Class Mortgage

 

     -44-

     

    

 

Loan. Immediately upon obtaining actual knowledge of any such party becoming an “Excluded Controlling Class Holder”,
the Controlling Class Representative or Controlling Class Certificateholder, as applicable, shall provide notice in the form of
Exhibit L-1E hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate
Administrator, which such notice shall be physically delivered in accordance with Section 11.05 of this Agreement and shall specifically
identify the Excluded Controlling Class Holder and the subject Excluded Controlling Class Mortgage Loan. Additionally, any Excluded
Controlling Class Holder shall also send to the Certificate Administrator a notice substantially in the form of Exhibit L-1F
hereto, which such notice shall provide each of the user ID’s for the Certificate Administrator’s website associated
with such Excluded Controlling Class Holder, and which such notice shall direct the Certificate Administrator to restrict such
Excluded Controlling Class Holder’s access to the Certificate Administrator’s Website as provided in this Agreement.
As of the Closing Date, there are no Excluded Controlling Class Holders related to the Trust.

 

“Excluded
Controlling Class Mortgage Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination,
the Controlling Class Representative or any Controlling Class Certificateholder is a Borrower Party. As of the Closing Date, there
are no Excluded Controlling Class Mortgage Loans related to the Trust.

 

“Excluded
Information”: With respect to any Excluded Controlling Class Mortgage Loan, any information and reports solely relating
to such Excluded Controlling Class Mortgage Loan(s) and/or the related Mortgaged Properties that is segregated on the Certificate
Administrator’s Website, including, without limitation, any Asset Status Reports, Final Asset Status Reports or summaries
thereof, or any appraisals, inspection reports (related to Specially Serviced Loans conducted by the Special Servicer or the Excluded
Special Servicer), recoverability officer’s certificates, the Operating Advisor Annual Reports, any determination of a Special
Servicer’s net present value calculation, any appraisal reduction amount calculations, environmental assessments, seismic
reports and property condition reports and such other information and reports designated as Excluded Information (other than such
information with respect to such Excluded Controlling Class Mortgage Loan(s) that is aggregated with information of other Mortgage
Loans at a pool level) by the Master Servicer, the Special Servicer and the Operating Advisor, as the case may be. For the avoidance
of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other
than the CREFC® Special Servicer Loan File relating to any Excluded Controlling Class Mortgage Loan) shall not
be considered “Excluded Information”. Each of the Master Servicer, the Special Servicer and the Operating Advisor
shall deliver any Excluded Information to the Certificate Administrator in accordance with Section 3.32 hereof. For the
avoidance of doubt, the Certificate Administrator’s obligation to segregate any information delivered to it under the “Excluded
Information” tab on the Certificate Administrator’s Website shall be triggered solely by such information being delivered
in the manner provided in Section 3.32 hereof.

 

“Excluded
Mortgage Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Controlling
Class Representative or any Majority Controlling Class Certificateholder is a Borrower Party. As of the Closing Date, there are
no Excluded Mortgage Loans related to the Trust.

 

     -45-

     

    

 

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

 

“Excluded
Special Servicer Mortgage Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination,
the Special Servicer has obtained knowledge that it is a Borrower Party.

 

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

 

“Final
Asset Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such
other data or supporting information provided by the Special Servicer to the Directing Holder, which shall not include any communication
(other than the related Asset Status Report) between the Special Servicer and the Directing Holder with respect to such Specially
Serviced Loan; provided that no Asset Status Report shall be considered to be a Final Asset Status Report unless, if no
Control Termination Event has occurred and is continuing, the Directing Holder (other than with respect to any Servicing Shift
Whole Loan) or, with respect to any Servicing Shift Whole Loan, the related Servicing Shift Companion Loan Directing Holder, has
either finally approved of and consented to the actions proposed to be taken in connection therewith, or has exhausted all of
its rights of approval and consent pursuant to this Agreement in respect of such action, or has been deemed to have approved or
consented to such action or the Asset Status Report is otherwise implemented by the Special Servicer in accordance with this Agreement.

 

“Final
Dispute Resolution Election Notice”: As defined in Section 2.03(k)(iii).

 

“Final
Recovery Determination”: With respect to any Specially Serviced Loan, Serviced REO Loan or any Mortgage Loan subject
to repurchase by the related Mortgage Loan Seller pursuant to Section 2.03(e) of this Agreement, or in the case of a Whole
Loan, subject to a purchase pursuant to the applicable Intercreditor Agreement, or any Mortgage Loan or Whole Loan subject to
purchase pursuant to any related mezzanine intercreditor agreement, the recovery of all Insurance Proceeds, Liquidation Proceeds,
the related Purchase Price and other payments or recoveries (including proceeds of the final sale of any Serviced REO Property)
which the Master Servicer (or in the case of a Specially Serviced Loan or Serviced REO Loan, the Special Servicer), in its reasonable
judgment, and, if no Consultation Termination Event has occurred and is continuing, in consultation with the Directing Holder,
as evidenced by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Custodian (and the Master Servicer, if the certificate is from the Special Servicer),
expects to be finally recoverable. If no Control Termination Event has occurred and is continuing, the Directing Holder shall
have ten (10) Business Days to review and approve each such recovery determination; provided that if the Directing Holder
fails to approve or disapprove any recovery determination within ten (10) Business Days of receipt of the initial recovery determination,
such consent shall be deemed given. The Master Servicer shall maintain records, prepared by a Servicing Officer, of each Final
Recovery Determination until the earlier of (i) its termination as the Master Servicer hereunder and the transfer of such records
to a successor servicer and (ii) five years following the termination of the Trust Fund.

 

     -46-

     

    

 

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

 

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

 

“Form
8-K”: A current report on Form 8-K under the Exchange Act or such successor form as the Commission may specify from
time to time.

 

“Form
8-K Disclosure Information”: As defined in Section 10.09 of this Agreement.

 

“Fresno
Fashion Fair Companion Loan”: As defined in the Preliminary Statement.

 

“Fresno
Fashion Fair Mortgage Loan”: As defined in the Preliminary Statement.

 

“Fresno
Fashion Fair Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of November 1, 2016 among
J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Wells Fargo Bank, National Association, as master servicer,
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Wilmington Trust, National Association,
as trustee, Wells Fargo Bank, National Association, as certificate administrator, and Pentalpha Surveillance LLC, as operating
advisor and asset representations reviewer, and entered into in connection with the JPMDB Commercial Mortgage Securities Trust
2016-C4.

 

“Fresno
Fashion Fair Service Providers”: With respect to each Fresno Fashion Fair Companion Loan, the related Other Trustee,
Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal
and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Fresno
Fashion Fair Whole Loan”: The Fresno Fashion Fair Companion Loan, together with the Fresno Fashion Fair Mortgage Loan.
References herein to the Fresno Fashion Fair Whole Loan shall be construed to refer to the aggregate indebtedness under the related
notes with respect to the Fresno Fashion Fair Mortgage Loan and the Fresno Fashion Fair Companion Loans.

 

“Gain-on-Sale
Proceeds”: With respect to any Mortgage Loan (and with respect to any Non-Serviced Mortgage Loan only the pro rata
share of such proceeds allocated to the Trust pursuant to the terms of the related Intercreditor Agreement) or Serviced Companion
Loan, the excess of (i) Net Liquidation Proceeds of such Mortgage Loan, Serviced Companion Loan or related Serviced REO Property,
over (ii) the amount that would have been received if a principal

 

     -47-

     

    

 

payment and all other amounts due in full had been made with
respect to such Mortgage Loan or Serviced Companion Loan on the Due Date immediately following the date on which such proceeds
were received.

 

“Gain-on-Sale
Reserve Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(i) of this Agreement for the Certificateholders and, in the case of a Serviced Companion
Loan, the Serviced Companion Loan Noteholders, which shall be entitled “Wells Fargo Bank, National Association, as Certificate
Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CFCRE
2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6 and, if applicable, Serviced Companion Loan
Noteholders, Gain-on-Sale Reserve Account.” The Gain-on-Sale Reserve Account must be an Eligible Account or a sub-account
of an Eligible Account and will be an asset of the Lower-Tier REMIC.

 

“General
Special Servicer”: As defined in Section 3.22(h) of this Agreement.

 

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

 

“Grantor
Trust”: A segregated asset pool within the Trust Fund, which at all times shall be treated as a “grantor trust”
under the Grantor Trust Provisions, consisting of the Class V Specific Grantor Trust Assets, beneficial ownership of which is
represented by the Class V Certificates, in each case as further described in this Agreement.

 

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

 

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

 

“Hill7
Companion Loan”: As defined in the Preliminary Statement.

 

“Hill7
Mortgage Loan”: As defined in the Preliminary Statement.

 

“Hill7
Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of November 1, 2016 among Citigroup
Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer, Rialto Capital Advisors, LLC, as special servicer, Deutsche Bank Trust Company Americas, as Trustee, Citibank, N.A,
as certificate administrator, and Trimont Real Estate

 

     -48-

     

    

 

Advisors, LLC, as operating advisor and asset representations reviewer,
and entered into in connection with the Citigroup Commercial Mortgage Trust 2016-C3.

 

“Hill7
Whole Loan”: The Hill7 Companion Loan, together with the Hill7 Mortgage Loan. References herein to the Hill7 Whole Loan
shall be construed to refer to the aggregate indebtedness under the related notes with respect to the Hill7 Mortgage Loan and
the Hill7 Companion Loan.

 

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

 

“Holiday
Inn Express Nashville - Downtown Companion Loans”: As defined in the Preliminary Statement.

 

“Holiday
Inn Express Nashville - Downtown Mortgage Loan”: As defined in the Preliminary Statement.

 

“Holiday
Inn Express Nashville - Downtown Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of
July 1, 2016 among SG Commercial Mortgage Securities, LLC, as depositor, Wells Fargo Bank, National Association, as master servicer,
Rialto Capital Advisors, LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National
Association, as certificate administrator, Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services
LLC, as asset representations reviewer, and entered into in connection with the SG Commercial Mortgage Securities Trust 2016-C5.

 

“Holiday
Inn Express Nashville - Downtown Whole Loan”: The Holiday Inn Express Nashville - Downtown Companion Loans, together
with the Holiday Inn Express Nashville - Downtown Mortgage Loan. References herein to the Holiday Inn Express Nashville - Downtown
Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes with respect to the Holiday Inn Express
Nashville - Downtown Mortgage Loan and the Holiday Inn Express Nashville - Downtown Companion Loans.

 

“Indemnification
Agreements”: Each of the CCRE Indemnification Agreement and SG Indemnification Agreement.

 

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

 

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

 

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

 

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

 

     -49-

     

    

 

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

 

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

 

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

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC within the meaning of Section 856(d)(3) of the Code if such Trust REMIC were a real estate investment trust (except
that the ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly,
35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates), provided that such Trust
REMIC does not receive or derive any income from such Person and the relationship between such Person and such Trust REMIC is
at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer
nor the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless an
Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer
or the Special Servicer, as applicable, the Certificate Administrator and the Trustee has been delivered to the Certificate Administrator
to that effect) or (ii) any other Person (including the Master Servicer and the Special Servicer) if the Master Servicer or the
Special Servicer, as applicable, on behalf of itself, the Certificate Administrator and the Trustee has received an Opinion of
Counsel (at the expense of the party seeking to be deemed an Independent Contractor) to the effect that the taking of any action
in respect of any Serviced REO Property by such Person, subject to any conditions therein specified, that is otherwise herein
contemplated to be taken by an Independent Contractor will not cause such Serviced REO Property to cease to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for
purposes of Section 860D(a) of the Code) or cause any income realized in respect of such Serviced REO Property to fail to qualify
as Rents from Real Property (provided that such income would otherwise so qualify).

 

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

 

“Initial
Purchasers”: Cantor Fitzgerald & Co., SG Americas Securities LLC, CastleOak Securities, L.P. Citigroup Global Markets
Inc. and their respective successors in interest.

 

“Initial
Rate”: The stated Mortgage Rate with respect to an ARD Loan as of the Cut-off Date.

 

     -50-

     

    

 

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

 

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

 

“Institutional
Accredited Investor”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(l),
(2), (3) or (7) under the Act.

 

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

 

“Intercreditor
Agreement”: With respect to any Whole Loan, the related intercreditor, co-lender or similar agreement in effect from
time to time by and between (a) the holder of the related Mortgage Loan(s) and the holder of the related Subordinate Companion
Loan(s) relating to the relative rights of such holders or (b) the holders of the related Mortgage Loan and the related Serviced
Pari Passu Companion Loan(s) or Non-Serviced Companion Loan(s) relating to the relative rights of such holders. The intercreditor
or co-lender agreements related to each of the Hill7 Whole Loan, the Vertex Pharmaceuticals HQ Whole Loan, the Potomac Mills Whole
Loan, the Fresno Fashion Fair Whole Loan, the Residence Inn by Marriott LAX Whole Loan, the Holiday Inn Express Nashville - Downtown
Whole Loan, the OZRE Leased Fee Portfolio Whole Loan, the TEK Park Whole Loan, the Mills Fleet Farm Whole Loan, the Marriott Savannah
Riverfront Whole Loan, the Marriott Saddle Brook Whole Loan and the 132 West 27th Street Whole Loan, shall each be an Intercreditor
Agreement.

 

“Interest
Accrual Amount”: With respect to any Distribution Date and any Class of Regular Certificates, an amount equal to interest
for the related Interest Accrual Period accrued at the Pass-Through Rate for such Class on the related Certificate Balance or
Notional Amount, as applicable, outstanding immediately prior to such Distribution Date. Calculations of interest due in respect
of such Classes of Regular Certificates shall be made on the basis of a 360-day year consisting of twelve 30-day months.

 

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

 

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

 

“Interest
Reserve Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(e) of this Agreement, which shall be entitled “Wells Fargo Bank, National
Association, as

 

     -51-

     

    

 

Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, for the benefit
of the Holders of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6, Interest Reserve
Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Interest Reserve Account shall
be an asset of the Lower-Tier REMIC.

 

“Interest
Shortfall”: On any Distribution Date for any Class of Regular Certificates, the amount of interest required to be distributed
to the Holders of such Class pursuant to Section 4.01(b) of this Agreement on such Distribution Date minus the amount of
interest actually distributed to such Holders pursuant to such Section, if any.

 

“Interested
Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Excluded Special
Servicer, if any, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Directing
Holder, any Companion Loan Holder, any Certificateholder, any Borrower, any Mortgage Loan Seller, any holder of a related mezzanine
loan, any Manager, any Independent Contractor engaged by the Special Servicer pursuant to Section 3.15 of this Agreement,
or any Person known to a Servicing Officer of the Special Servicer to be an Affiliate of any of them.

 

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

 

“Intralinks
Site”: The internet website, which shall initially be “www.intralinks.com”, used by the Depositor and Mortgage
Loan Sellers to accept and upload the Diligence Files.

 

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

 

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

 

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

 

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

 

“Investor
Certification”: A certificate (which may be in electronic form) substantially in the form of Exhibit L-1A, Exhibit
L-1B, Exhibit L-1C or Exhibit L-1D to this

 

     -52-

     

    

 

Agreement or in the form of an electronic certification on the Certificate Administrator’s
Website (which may be a “click-through”), representing (i) that such Person executing the certificate is a Certificateholder,
the Directing Holder (to the extent such Person is not a Certificateholder), a beneficial owner of a Certificate, a prospective
purchaser of a Certificate or a Companion Loan Noteholder (or any investment advisor or manager or other representative of the
foregoing), (ii) that either (a) such Person is not a Borrower Party, in which case such Person shall have access to all the reports
and information made available to Certificateholders via the Certificate Administrator’s Website hereunder, or (b) such
Person is a Borrower Party in which case (1) if such Person is the Directing Holder or a Controlling Class Certificateholder,
such Person shall have access to all the reports and information made available to Certificateholders via the Certificate Administrator’s
Website hereunder other than any Excluded Information as set forth herein, or (2) if such Person is not the Directing Holder or
a Controlling Class Certificateholder, such Person shall only receive access to the Distribution Date Statements prepared by the
Certificate Administrator, (iii) that such Person has received a copy of the final Prospectus and (iv) such Person agrees to keep
any Privileged Information confidential and will not violate any securities laws; provided, however, that any Excluded
Controlling Class Holder (i) shall be permitted to obtain in accordance with Section 4.02(b) of this Agreement any Excluded
Information relating to any Excluded Controlling Class Loan with respect to which such Excluded Controlling Class Holder is not
a Borrower Party (if such Excluded Information is not otherwise available to such Excluded Controlling Class Holder via the Certificate
Administrator’s Website) and (ii) shall be considered a Privileged Person for all other purposes, except with respect to
its ability to obtain information with respect to any related Excluded Controlling Class Loan. The Master Servicer, the Trustee
and the Certificate Administrator may conclusively rely on the Investor Certification.

 

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

 

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

 

“IO
Group YM Distribution Amount”: As defined in Section 4.01(d) of this Agreement.

 

“IRS”:
The Internal Revenue Service.

 

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

 

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

 

     -53-

     

    

 

the related REO Property
during any Collection Period (including any grace period applicable under the original Mortgage Loan or Serviced Whole Loan),
whether as Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, REO Proceeds or otherwise, which represent late collections
of principal or interest due or deemed due in respect of such REO Loan or the predecessor Mortgage Loan or Serviced Whole Loan
(without regard to any acceleration of amounts due under the predecessor Mortgage Loan or Serviced Whole Loan by reason of default)
on a Due Date in a previous Collection Period and not previously recovered. The term “Late Collections” shall specifically
exclude Penalty Charges.

 

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

 

“Liquidation
Fee”: A fee payable to the Special Servicer (i) with respect to each Specially Serviced Loan or Serviced REO Loan, (ii)
with respect to each Mortgage Loan repurchased by a Mortgage Loan Seller (except as specified in the following paragraph), or
(iii) with respect to each Defaulted Loan that is a Non-Serviced Mortgage Loan sold by the Special Servicer in accordance with
Section 3.16(b) of this Agreement; provided, however, for clarification, should such Non-Serviced Mortgage
Loan be sold by the Other Special Servicer, then the Liquidation Fee shall be paid to such Other Special Servicer, in each case
as to which the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, a loan purchaser or Mortgage
Loan Seller, as applicable, or any Liquidation Proceeds with respect thereto (in any case, other than amounts for which a Workout
Fee has been paid, or will be payable), equal to:

 

(a)          the
lesser of:

 

(i)         the
product of 1.0% (or, with respect to the Potomac Mills Mortgage Loan, 0.5%) and the proceeds of such full, partial or discounted
payoff or the Net Liquidation Proceeds related to such liquidated or repurchased Mortgage Loan or Specially Serviced Loan, as
the case may be, in each case exclusive of any portion of such payoff or Net Liquidation Proceeds that represents Penalty Charges;

 

(ii)        $1,000,000
(or, with respect to the Potomac Mills Mortgage Loan, $2,000,000, so long as the Controlling Class Representative has not selected
the replacement Special Servicer for the Potomac Mills Mortgage Loan); and

 

(iii)       any
applicable cap pursuant to Section 3.12(c) of this Agreement.

 

(b)          with
respect to any particular liquidation (or partial liquidation), as reduced by the amount of any and all related Offsetting Modification
Fees received by the Special Servicer as additional servicing compensation relating to such Specially Serviced Loan, Serviced
REO Loan or Mortgage Loan.

 

     -54-

     

    

 

No
Liquidation Fee shall be payable:

 

(a)
with respect to clause (v) of the definition of Liquidation Proceeds;

 

(b)
with respect to the purchase of (A) any Specially Serviced Loan that is an AB Whole Loan or related REO Property by the holders
of the Subordinate Companion Loan or (B) any Mortgage Loan that is subject to any existing mezzanine indebtedness or any mezzanine
indebtedness that may exist on a future date, by a mezzanine lender, in each case if the purchase of the Mortgage Loan occurred
within 90 days after the first time that such holder’s option to purchase such Mortgage Loan becomes exercisable; provided,
that even if the purchase occurs before such expiration the Liquidation Fee shall be payable to the extent paid by, and collected
from, the related Borrower or the related mezzanine lender;

 

(c)
in the case of a repurchase or replacement of a Mortgage Loan (other than an REO Loan) by the applicable Mortgage Loan Seller
due to a breach of a representation or warranty or a document defect in the mortgage file if the applicable Mortgage Loan Seller
repurchases or replaces such Mortgage Loan within the Initial Resolution Period (and giving effect to any applicable Resolution
Extension Period);

 

(d)
with respect to any Serviced Pari Passu Companion Loan that is the subject of an Other Securitization, to the Special Servicer
under this Agreement in connection with (A) a repurchase or replacement of such Serviced Pari Passu Companion Loan by the applicable
Mortgage Loan Seller due to a breach of a representation or warranty or a document defect under the related mortgage loan purchase
agreement related to the Other Pooling and Servicing Agreement prior to the expiration of the cure period (including any applicable
extension thereof) set forth therein or (B) a purchase of the Serviced Pari Passu Companion Loan pursuant to a clean-up call or
similar liquidation under the related Other Pooling and Servicing Agreement;

 

(e)
in connection with the purchase of any Defaulted Mortgage Loan by the Special Servicer, the Directing Holder or any Companion
Loan Holder or any of their respective Affiliates if such purchase occurred within 90 days after the transfer of the Defaulted
Mortgage Loan to special servicing;

 

(f)
in connection with a Loss of Value Payment by a Mortgage Loan Seller, if the applicable Mortgage Loan Seller makes such Loss of
Value Payment within the Initial Resolution Period (and giving effect to any applicable extension period beyond the end of the
Initial Resolution Period set forth in Section 2.03(e) of this Agreement); and

 

(g)
if a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan only because of an event described in clause (a)
of the definition of “Specially Serviced Loan” as a result of a payment default at maturity and the related Liquidation
Proceeds are received within 3 months following the related maturity date as a result of the related Mortgage Loan or Serviced
Whole Loan being refinanced or otherwise repaid in full (provided that the Special Servicer may collect from the related
Borrower and retain (x) a liquidation fee, (y) such other fees as are provided for in the related Loan Documents and (z) other
appropriate fees in connection with such liquidation).

 

     -55-

     

    

 

“Liquidation
Proceeds”: Cash amounts (other than Insurance Proceeds and Condemnation Proceeds and REO Proceeds) received by or paid
to the Master Servicer or the Special Servicer in connection with: (i) the liquidation of a Mortgaged Property or other collateral
constituting security for a Defaulted Mortgage Loan, through trustee’s sale, foreclosure sale, disposition of REO Property
or otherwise, exclusive of any portion thereof required to be released to the related Borrower in accordance with applicable law
and the terms and conditions of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained
against a Borrower; (iii) the sale of a Defaulted Mortgage Loan; (iv) the repurchase of a Mortgage Loan (or related REO Loan)
by the applicable Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement; (v) the purchase of all the Mortgage
Loans and all property acquired in respect of any Mortgage Loan by the Sole Certificateholder, the Certificateholder owning a
majority of the Percentage Interests in the Controlling Class, the Special Servicer or the Master Servicer pursuant to Section
9.01 of this Agreement; (vi) with respect to any existing mezzanine indebtedness or any mezzanine indebtedness that may exist
on a future date, the purchase of the related Mortgage Loan by a mezzanine lender; (vii) in the case of a Mortgage Loan that is
part of a Whole Loan, the purchase of such Mortgage Loan by a related Companion Loan Noteholder, or the applicable designee, as
applicable, pursuant to the related Intercreditor Agreement; or (viii) the transfer of any Loss of Value Payments from the Loss
of Value Reserve Fund to the Collection Account in accordance with Section 3.06(e) of this Agreement (provided that,
for the purpose of determining the amount of the Liquidation Fee (if any) payable to the Special Servicer in connection with such
Loss of Value Payment, the full amount of such Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds”
from which the Liquidation Fee (if any) is payable as of such time such Loss of Value Payment is made by the applicable Mortgage
Loan Seller). With respect to the Mortgaged Property or Mortgaged Properties securing any Non-Serviced Mortgage Loan or Non-Serviced
Companion Loan, only the portion of such amounts payable to the holder of the related Non-Serviced Mortgage Loan will be included
in Liquidation Proceeds.

 

“Loan
Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the loan agreement, if any, between the related
Originator and the Borrower, pursuant to which such Mortgage Loan was made.

 

“Loan
Documents”: With respect to any Mortgage Loan or Serviced Whole Loan, the documents executed or delivered in connection
with the origination or any subsequent modification of such Mortgage Loan or Serviced Whole Loan or subsequently added to the
related Mortgage File.

 

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

 

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

 

     -56-

     

    

 

Collateral Accounts in accordance with the terms of the related Mortgage Loan or Serviced Whole Loan.

 

“Lock-Box
Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the lock-box agreement, if any, between the related
Originator and the Borrower, pursuant to which the related Lock-Box Account, if any, may have been established.

 

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

 

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

 

“Lower-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo Bank,
National Association, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, for
the benefit of the Holders of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6, Lower-Tier
Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Lower-Tier Distribution
Account shall be an asset of the Lower-Tier REMIC.

 

“Lower-Tier
Distribution Amount”: As defined in Section 4.01(a).

 

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

 

“Lower-Tier
Regular Interests”: The Class LA-1 Interest, the Class LA-2 Interest, the Class LA-SB Interest, the Class LA-3 Interest,
the Class LA-M Interest, the Class LB Interest, the Class LC Interest, the Class LD Interest, the Class LE Interest, the Class
LF Interest and the Class LG Interest issued by the Lower-Tier REMIC and held by the Trustee as assets of the Upper-Tier REMIC.
Each Lower-Tier Regular Interest (i) is designated as a “regular interest” in the Lower-Tier REMIC, (ii) relates to
its Corresponding Certificates and Corresponding Class X Component, (iii) is uncertificated, (iv) has an initial Lower-Tier Principal
Balance as set forth in the Preliminary Statement herein, (v) has a Pass-Through Rate equal to the WAC Rate, (vi) has a “latest
possible maturity date,” within the meaning of Treasury Regulations Section 1.860G-1(a), that is the Rated Final Distribution
Date and (vii) is entitled to the distributions in the amounts and at the times specified in Section 4.01(d) of this Agreement.

 

“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Mortgage Loans, collections thereon, the Trust’s
interest in any REO Property acquired in respect thereof, amounts related thereto held from time to time in the Collection Account
and the

 

     -57-

     

    

 

Lower-Tier Distribution Account, the REO Account (to the extent of the Trust Fund’s interest therein), related amounts
in the Interest Reserve Account, amounts held from time to time and the Gain-on-Sale Reserve Account (to the extent of the Trust
Fund’s interest therein) in respect thereof and all other property included in the Trust Fund (other than the Loss-of-Value
Reserve Fund) that is not in the Upper-Tier REMIC or the Grantor Trust.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major
Decision”: (1) With respect to any Mortgage Loan (other than the Potomac Mills Mortgage Loan for so long as no Potomac
Mills Control Appraisal Period is continuing), any of the following:

 

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

 

(b)          any
modification, consent to a modification or waiver of any monetary term (other than late payment charges or Default Interest) or
material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs but excluding
late payment charges or Default Interest) of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan
or any extension of the Maturity Date of any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan;

 

(c)          any
sale of a Defaulted Mortgage Loan (that is not a Non-Serviced Mortgage Loan), an REO Property (in each case, other than in connection
with the termination of the Trust Fund) or a Defaulted Mortgage Loan that is a Non-Serviced Mortgage Loan that the Special Servicer
is permitted to sell in accordance with the proviso in Section 3.16(b) of this Agreement, in each case for less than the
applicable Repurchase Price;

 

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

 

(e)          any
release of collateral or any acceptance of substitute or additional collateral for a Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loan, or any consent to either of the foregoing, other than as required pursuant to the specific
terms of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and for which there is no
material lender discretion;

 

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

 

     -58-

     

    

 

(g)         any
property management company changes for which the lender is required to consent or approve under the Loan Documents (with respect
to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan (i) with a Stated Principal Balance greater
than $2,500,000 or (ii) where the successor property manager is affiliated with the borrower) or franchise changes for which the
lender is required to consent or approve under the Loan Documents (with respect to any Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loan);

 

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

 

(i)          any
acceptance of an assumption agreement releasing a Borrower from liability under a Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan other than pursuant to the specific terms of such Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan and for which there is no lender discretion;

 

(j)           any
determination of an Acceptable Insurance Default;

 

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

 

(l)           any
acceleration of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan following a default or an event
of default or any initiation of judicial, bankruptcy or similar proceedings under the related Loan Documents or with respect to
the related mortgagor or Mortgaged Property; and

 

(m)         any
modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or similar agreement
with any mezzanine lender, holder of a Companion Loan or other subordinate debt holder related to a Mortgage Loan (including a
Non-Serviced Mortgage Loan, to the extent consent rights with respect to such modification, waiver or amendment are granted to
the holder of the Companion Loan or other subordinate debt under the related agreement) or Serviced Whole Loan, or an action to
enforce rights with respect thereto, in each case, in a manner that materially and adversely affects the holders of the Control
Eligible Certificates.

 

(2)
With respect to the Potomac Mills Mortgage Loan, for so long as no Potomac Mills Control Appraisal Period is continuing, as described
in the Potomac Mills Intercreditor Agreement under “Major Decisions”.

 

For
the avoidance of doubt, the Master Servicer and the Special Servicer (each in such capacity) shall not make or be obligated to
make any Major Decisions with respect to any Non-Serviced Mortgage Loans and the Controlling Class Representative shall have no
consent and/or consultation rights regarding Major Decisions with respect to any Non-Serviced Mortgage Loans, Servicing Shift
Mortgage Loans and Excluded Mortgage Loans under this Agreement.

 

     -59-

     

    

 

With
respect to any Serviced Whole Loan, for so long as the holder of the related Serviced Companion Loan is the “Controlling
Holder”, the “Directing Holder”, “Directing Lender” or any analogous concept under the related Intercreditor
Agreement, then with respect to such Serviced Whole Loan, the term “Major Decision” shall mean “Major Decision”,
“Major Action” or any analogous concept under the related Intercreditor Agreement.

 

“Management
Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the Management Agreement, if any, by and between
the Manager and the related Borrower, or any successor Management Agreement between such parties.

 

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

 

“Marriott
Saddle Brook Companion Loans”: As defined in the Preliminary Statement.

 

“Marriott
Saddle Brook Mortgage Loan”: As defined in the Preliminary Statement.

 

“Marriott
Saddle Brook Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of July 1, 2016 among SG
Commercial Mortgage Securities, LLC, as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital
Advisors, LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator, Wilmington Trust, National
Association, as trustee, Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset
representations reviewer, and entered into in connection with the SG Commercial Mortgage Securities Trust 2016-C5.

 

“Marriott
Saddle Brook Service Providers”: With respect to each Marriott Saddle Brook Companion Loan, the related Other Trustee,
Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal
and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Marriott
Saddle Brook Whole Loan”: The Marriott Saddle Brook Companion Loans, together with the Marriott Saddle Brook Mortgage
Loan. References herein to the Marriott Saddle Brook Whole Loan shall be construed to refer to the aggregate indebtedness under
the related notes with respect to the Marriott Saddle Brook Pari Passu Mortgage Loan and the Marriott Saddle Brook Pari Passu
Companion Loans.

 

“Marriott
Savannah Riverfront Companion Loans”: As defined in the Preliminary Statement.

 

“Marriott
Savannah Riverfront Mortgage Loan”: As defined in the Preliminary Statement.

 

“Marriott
Savannah Riverfront Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of May 1, 2016 among
Citigroup Commercial Mortgage

 

     -60-

     

    

 

Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners
LLC, as special servicer, Citibank, N.A., as certificate administrator, Deutsche Bank Trust Company Americas, as trustee, Park
Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset representations reviewer, and
entered into in connection with the Citigroup Commercial Mortgage Trust 2016-C1.

 

“Marriott
Savannah Riverfront Service Providers”: With respect to each Marriott Savannah Riverfront Companion Loan, the related
Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes
principal and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Marriott
Savannah Riverfront Whole Loan”: The Marriott Savannah Riverfront Companion Loans, together with the Marriott Savannah
Riverfront Mortgage Loan. References herein to the Marriott Savannah Riverfront Whole Loan shall be construed to refer to the
aggregate indebtedness under the related notes with respect to the Marriott Savannah Riverfront Mortgage Loan and the Marriott
Savannah Riverfront Companion Loans.

 

“Master
Servicer”: Wells Fargo Bank, National Association, or its successor in interest, or any successor master servicer appointed
as provided herein.

 

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

 

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

 

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

 

“Master
Servicer Website”: The internet website maintained by the Master Servicer; initially located at “www.wellsfargo.com/com/comintro”.

 

“Master
Servicing Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount per interest accrual period
related to such Mortgage Loan equal to the product of (i) the respective Master Servicing Fee Rate (adjusted to a monthly rate)
and (ii) the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection Period
(without giving effect to payments of principal on such Mortgage Loan on such Due Date).

 

“Master
Servicing Fee Rate”: With respect to each Mortgage Loan, the rate per annum set forth on Exhibit B to
this Agreement under the column labeled “Master Servicing Fee Rate”.

 

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

 

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

 

     -61-

     

    

 

“Maturity
Date”: With respect to any Mortgage Loan or Serviced Companion Loan as of any date of determination, the date on which
the last payment of principal is due and payable under the related Mortgage Note, after taking into account all Principal Prepayments
received prior to such date of determination, but without giving effect to (i) any acceleration of the principal of such Mortgage
Loan or Serviced Companion Loan by reason of default thereunder or (ii) any grace period permitted by the related Mortgage Note.

 

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

 

“Mills
Fleet Farm Companion Loans”: As defined in the Preliminary Statement.

 

“Mills
Fleet Farm Mortgage Loan”: As defined in the Preliminary Statement.

 

“Mills
Fleet Farm Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of November 1, 2016 among
Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, Rialto Capital Advisors, LLC, as special servicer, Deutsche Bank Trust Company Americas, as Trustee, Citibank,
N.A, as certificate administrator, and Trimont Real Estate Advisors, LLC, as operating advisor and asset representations reviewer,
and entered into in connection with the Citigroup Commercial Mortgage Trust 2016-C3.

 

“Mills
Fleet Farm Service Providers”: With respect to each Mills Fleet Farm Companion Loan, the related Other Trustee, Other
Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or
interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Mills
Fleet Farm Whole Loan”: The Mills Fleet Farm Companion Loans, together with the Mills Fleet Farm Mortgage Loan. References
herein to the Mills Fleet Farm Whole Loan shall be construed to refer to the aggregate indebtedness under the Mills Fleet Farm
Mortgage Loan and the Mills Fleet Farm Companion Loans.

 

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

 

     -62-

     

    

 

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

 

(a)          reduces
or delays the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing current
Periodic Payments with respect to such Mortgage Loan or Serviced Companion Loan), including any reduction in the Periodic Payment;

 

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

 

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

 

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

 

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

 

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

 

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

 

“Mortgage
Loan”: Each of the mortgage loans transferred and assigned to the Trustee pursuant to Section 2.01 of this Agreement
and from time to time held in the Trust Fund. The Mortgage Loans originally so transferred, assigned and held are identified on
the Mortgage

 

     -63-

     

    

 

Loan Schedule as of the Closing Date. Such term shall include any REO Loan, Specially Serviced Loan or any Mortgage
Loan that has been defeased in whole or in part. Such term shall not include Serviced Companion Loans or Non-Serviced Companion
Loans but shall include Non-Serviced Mortgage Loans.

 

“Mortgage
Loan Purchase Agreements”: Each of the CCRE Purchase Agreement and the SG Purchase Agreement.

 

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

 

(a)          the
Loan Number;

 

(b)          the
Mortgage Loan name;

 

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

 

(d)          the
Mortgage Rate in effect as of the Cut-off Date;

 

(e)          the
original principal balance;

 

(f)          the
Stated Principal Balance as of the Cut-off Date;

 

(g)          the
Maturity Date or Anticipated Repayment Date for each Mortgage Loan;

 

(h)          the
Due Date;

 

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

 

(j)           the
Servicing Fee Rate;

 

(k)          whether
the Mortgage Loan is an Actual/360 Loan;

 

(l)           whether
any letter of credit is held by the lender as a beneficiary or is assigned as security for such Mortgage Loan;

 

(m)         the
Revised Rate of such Mortgage Loan, if any;

 

(n)          whether
the Mortgage Loan is part of a Whole Loan;

 

(o)          whether
the Mortgage Loan is secured in any part by a leasehold interest; and

 

(p)          whether
the Mortgage Loan has any related mezzanine debt or other subordinate debt.

 

     -64-

     

    

 

Such
list may be in the form of more than one list, collectively setting forth all of the information required. A comparable list shall
be prepared with respect to each Serviced Companion Loan.

 

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

 

“Mortgage
Loan Sellers”: Each of CCRE and SG.

 

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

 

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

 

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

 

“Mortgage
Rate”: With respect to each Mortgage Loan or any related Companion Loan, as applicable, and any Interest Accrual Period,
the per annum rate at which interest accrues on such Mortgage Loan or Serviced Companion Loan, as applicable, during such
period (in the absence of a default), as set forth in the related Mortgage Note from time to time, without giving effect to any
Default Rate or any Revised Rate.

 

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

 

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

 

     -65-

     

    

 

“Net
Insurance Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the
related Mortgaged Property or released to the Borrower in accordance with the express requirements of the Loan Documents or other
documents included in the Mortgage File or in accordance with prudent and customary servicing practices.

 

“Net
Liquidation Proceeds”: The Liquidation Proceeds received with respect to any Mortgage Loan or Serviced Whole Loan net
of the amount of (i) Liquidation Expenses incurred with respect thereto and (ii) with respect to proceeds received in connection
with the taking of a Mortgaged Property (or portion thereof) by the power of eminent domain in condemnation, amounts required
to be applied to the restoration or repair of the related Mortgaged Property.

 

“Net
Mortgage Rate”: With respect to any Mortgage Loan and any Distribution Date, the per annum rate equal to the
Mortgage Rate for such Mortgage Loan for the related Interest Accrual Period (without regard to any increase in the interest of
any ARD Loan after the related Anticipated Repayment Date), minus, for any such Mortgage Loan, the aggregate of the applicable
Servicing Fee Rate, Certificate Administrator/Trustee Fee Rate, Operating Advisor Fee Rate, CREFC® Intellectual
Property Royalty License Fee Rate, and with respect to any Non-Serviced Mortgage Loan, the related Non-Serviced Mortgage Loan
Primary Servicing Fee Rate. The “Net Mortgage Rate” for purposes of calculating Pass-Through Rates and Withheld Amounts
shall be the Net Mortgage Rate of such Mortgage Loan without taking into account any modification, waiver or amendment of the
terms of the related Mortgage Loan, whether agreed to by the Master Servicer or the Special Servicer or resulting from a bankruptcy,
insolvency or similar proceeding involving the related Borrower. The Net Mortgage Rate shall not be reduced by any Operating Advisor
Fee Rate following the Operating Advisor’s resignation pursuant to Section 6.04(e) or the termination of the Operating
Advisor pursuant to Section 7.07(e).

 

Notwithstanding
the foregoing, if any such Mortgage Loan does not accrue interest on the basis of a 360-day year consisting of twelve 30-day months,
then, solely for purposes of calculating the Pass-Through Rate on the Regular Certificates, the Net Mortgage Rate of such Mortgage
Loan for any Interest Accrual Period will be the annualized rate at which interest would have to accrue in respect of such Mortgage
Loan or Serviced Companion Loan on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate
amount of interest actually accrued in respect of such Mortgage Loan at the related Net Mortgage Rate during such Interest Accrual
Period; provided, however, that with respect to each such Mortgage Loan, the Net Mortgage Rate for the one-month
period (i) prior to the Due Dates in (a) January and February in each year that is not a leap year or (b) February only in each
year that is a leap year (in either case, unless the related Distribution Date is the final Distribution Date) shall be determined
net of any Withheld Amounts from that month and (ii) preceding the Due Date in March (or February if the related Distribution
Date is the final Distribution Date) (commencing in 2016), shall be determined inclusive of the Withheld Amounts, if applicable,
from the immediately preceding February, and, if applicable, January.

 

“Net
Prepayment Interest Excess”: The excess amount, if any, that the aggregate of all Prepayment Interest Excess for all
Mortgage Loans (other than the Non-Serviced Mortgage Loans) or Serviced Companion Loans that the Master Servicer is servicing
exceeds the aggregate of all Compensating Interest Payments for such Mortgage Loans (other than the Non-Serviced Mortgage Loans)
or Serviced Companion Loans as of any related Distribution Date.

 

     -66-

     

    

 

“Net
Prepayment Interest Shortfall”: With respect to the Mortgage Loans or Serviced Companion Loans that the Master Servicer
is servicing, the aggregate Prepayment Interest Shortfalls in excess of the Compensating Interest Payments on such Mortgage Loan
or Serviced Companion Loan.

 

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

 

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

 

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

 

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

 

“Non-Serviced
Companion Loan”: With respect to any Non-Serviced Whole Loan, any related mortgage loan not included in the Trust that
is serviced under another agreement and that is generally (a) payable on a pari passu basis with the related Mortgage Loan
included in the Trust to the extent set forth in the related Intercreditor Agreement or (b) subordinated in right of payment to
the related Mortgage Loan included in the Trust to the extent set forth in the related Intercreditor Agreement. The Vertex Pharmaceuticals
HQ Companion Loans, the Fresno Fashion Fair Companion Loans, the TEK Park Companion Loans, the Mills Fleet Farm Companion Loans,
the Marriott Savannah Riverfront Companion Loans, the Marriott Saddle Brook Companion Loans and the 132 West 27th Street Companion
Loans are the only Non-Serviced Companion Loans related to the Trust.

 

“Non-Serviced
Mortgage Loans”: With respect to any Non-Serviced Whole Loan, a Mortgage Loan included in the Trust but serviced under
another agreement. The Vertex Pharmaceuticals HQ Mortgage Loan, the Fresno Fashion Fair Mortgage Loan, the TEK Park Mortgage Loan,
the Mills Fleet Farm Mortgage Loan, the Marriott Savannah Riverfront Mortgage Loan, the Marriott Saddle Brook Mortgage Loan and
the 132 West 27th Street Mortgage Loan are the only Non-Serviced Mortgage Loans related to the Trust.

 

     -67-

     

    

 

“Non-Serviced
Mortgage Loan Service Providers”: With respect to each of the Vertex Pharmaceuticals HQ Whole Loan, the Fresno Fashion
Fair Whole Loan, the TEK Park Whole Loan, the Mills Fleet Farm Whole Loan, the Marriott Savannah Riverfront Whole Loan, the Marriott
Saddle Brook Whole Loan and the 132 West 27th Street Whole Loan, Vertex Pharmaceuticals HQ Service Providers, the Fresno Fashion
Fair Service Providers, the TEK Park Service Providers, the Mills Fleet Farm Service Providers, the Marriott Savannah Riverfront
Service Providers, the Marriott Saddle Brook Service Providers and the 132 West 27th Street Service Providers.

 

“Non-Serviced
Mortgage Loan Primary Servicing Fee Rate”: The “primary servicing fee rate” or “pari passu primary
servicing rate” (each as defined or set forth in the applicable Other Pooling and Servicing Agreement) and any other servicing
fee rate (other than those payable to the applicable Other Special Servicer) applicable to any Non-Serviced Mortgage Loan. The
Non-Serviced Mortgage Loan Primary Servicing Fee Rate for (A) the Vertex Pharmaceuticals HQ Mortgage Loan will be 0.0025%, (B)
the Fresno Fashion Fair Mortgage Loan will be 0.0025%, (C) the TEK Park Mortgage Loan will be 0.0225%, (D) the Mills Fleet Farm
Mortgage Loan will be 0.0225%, (E) the Marriott Savannah Riverfront Mortgage Loan will be 0.0025%, (F) the Marriott Saddle Brook
Mortgage Loan will be 0.0225% and (G) the 132 West 27th Street Mortgage Loan will be 0.0025%.

 

“Non-Serviced
Whole Loans”: Any mortgage loan that is not serviced under this Agreement that is divided into two or more notes, which
includes a Mortgage Loan included in the Trust but serviced under another agreement and one or more mortgage notes not included
in the Trust and serviced under another agreement. References herein to a Non-Serviced Whole Loan shall be construed to refer
to the aggregate indebtedness under the related notes. The Vertex Pharmaceuticals HQ Whole Loan, the Fresno Fashion Fair Whole
Loan, the TEK Park Whole Loan, the Mills Fleet Farm Whole Loan, the Marriott Savannah Riverfront Whole Loan, the Marriott Saddle
Brook Whole Loan and the 132 West 27th Street Whole Loan are the only Non-Serviced Whole Loans related to the Trust.

 

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

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance, Nonrecoverable Servicing Advance or Nonrecoverable Workout-Delayed Reimbursement
Amounts.

 

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

 

“Nonrecoverable
Servicing Advance”: Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan or any Serviced REO Property that the Master Servicer, the Special
Servicer, in each case in accordance with the Servicing Standard and Section 3.21(d) of

 

     -68-

     

    

 

this Agreement, or the Trustee,
in its good faith business judgment, as applicable, determines would not be ultimately recoverable, together with any accrued
and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and other collections
on or in respect of the related Mortgage Loan, Serviced Whole Loan or Serviced REO Loan, which shall be evidenced by an officer
certificate as provided by Section 3.21(d) of this Agreement. The determination as to the recoverability of any Servicing
Advance previously made or proposed to be made in respect of any Non-Serviced Whole Loan (or related REO Property) shall be made
by the applicable servicer under, and in accordance with the terms of, the related Other Pooling and Servicing Agreement. Any
such determination made by any such party shall be conclusive and binding on the Certificateholders and may, in all cases, be
conclusively relied upon by the Master Servicer, the Special Servicer and the Trustee, as applicable.

 

“Nonrecoverable
Workout-Delayed Reimbursement Amounts”: Any Workout-Delayed Reimbursement Amounts when the Person making such determination
in accordance with the procedures specified for Nonrecoverable Servicing Advances or Nonrecoverable P&I Advances, as applicable,
and taking into account factors such as all other outstanding Advances, either (a) has determined that such Workout-Delayed Reimbursement
Amounts, would not ultimately be recoverable from late payments or any other recovery on or in respect of the related Mortgage
Loan, Serviced Whole Loan or REO Loans or (b) has determined that such Workout-Delayed Reimbursement Amounts would not ultimately
be recoverable, along with any other Workout-Delayed Reimbursement Amounts and Nonrecoverable Advances, out of the principal portion
of future collections on all of the Mortgage Loans and REO Properties and from general principal collections in the Collection
Account.

 

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

 

“Notional
Amount”: As of any date of determination: (i) with respect to each of the Class X-A, Class X-B, Class X-E, Class X-F
and Class X-G Certificates as a Class, the related Class X Notional Amount as of such date of determination and (ii) with respect
to any Class X Certificate, the product of the Percentage Interest evidenced by such Certificate and the related Class X Notional
Amount as of such date of determination.

 

“NRSRO”:
Any nationally recognized statistical ratings organization.

 

“NRSRO
Certification”: A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in
the form attached hereto as Exhibit Z or (b) provided electronically and executed by such NRSRO by means of a “click-through”
confirmation on the 17g-5 Information Provider’s Website, in either case in favor of the 17g-5 Information Provider that
states that such NRSRO is a Rating Agency under this Agreement, or that such NRSRO has been engaged to rate any securities backed,
in whole or in part, by a Serviced Pari Passu Companion Loan, or that such NRSRO has provided the Depositor with the appropriate
certifications pursuant to paragraph (e) of Rule 17g-5 of the Exchange Act, such NRSRO has access to the Depositor’s 17g-5
website and such NRSRO will keep such information confidential, except to the extent such information has been made available
to the general public.

 

     -69-

     

    

 

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

 

“Offsetting
Modification Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan
or Serviced REO Loan and with respect to any Workout Fee or Liquidation Fee payable by the Trust, any and all Modification Fees
collected by the Special Servicer as additional servicing compensation, but only to the extent that (1) such Modification Fees
were earned and collected by the Special Servicer (A) in connection with the workout or liquidation (including partial liquidation)
of a Specially Serviced Loan or Serviced REO Loan as to which the subject Workout Fee or Liquidation Fee became payable or (B)
in connection with any workout of a Specially Serviced Loan that closed within the prior 18 months (determined as of the closing
day of the workout or liquidation as to which the subject Workout Fee or Liquidation Fee became payable) and (2) such Modification
Fees were earned in connection with a modification, restructure, extension, waiver or amendment of such Mortgage Loan, Serviced
Whole Loan or Serviced REO Loan at a time when such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan was a Specially Serviced
Loan.

 

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

 

“Operating
Advisor Annual Report”: As defined in Section 3.31(d)(iv) of this Agreement.

 

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

 

“Operating
Advisor Fee”: With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan and any Servicing Shift
Mortgage Loan) and any Distribution Date, an amount per Interest Accrual Period equal to the product of (i) the applicable Operating

 

     -70-

     

    

 

Advisor Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection
Period (without giving effect to payments of principal on such Mortgage Loan on such Due Date). Such fee shall be in addition
to, and not in lieu of, any other fee or other sum payable to the Operating Advisor under this Agreement. The Operating Advisor
Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt,
the Operating Advisor Fee shall be payable from the Lower-Tier REMIC. For the avoidance of doubt, no Operating Advisor Fee shall
accrue on the principal balance of, or be payable with respect to, any Subordinate Companion Loan, Serviced Pari Passu Companion
Loan, any Non-Serviced Whole Loan or any Servicing Shift Mortgage Loan. No Operating Advisor Fee shall accrue following the Operating
Advisor’s resignation pursuant to Section 6.04(e) or the termination of the Operating Advisor pursuant to Section
7.07(e).

 

“Operating
Advisor Fee Rate”: For each Interest Accrual Period, a per annum rate equal to (i) 0.00272% with respect to each
Mortgage Loan (except the Non-Serviced Mortgage Loans, any Servicing Shift Mortgage Loan, the Potomac Mills Mortgage Loan, the
Hill7 Mortgage Loan, the Residence Inn by Marriott LAX Mortgage Loan, the Holiday Inn Express Nashville – Downtown Mortgage
Loan and the OZRE Leased Fee Portfolio Mortgage Loan), (ii) 0.00486% with respect to the Potomac Mills Mortgage Loan, (iii) 0.004830%
with respect to the Hill7 Office Mortgage Loan, (iv) 0.008760% with respect to the Residence Inn by Marriott LAX Mortgage Loan,
(v) 0.00934% with respect to the Holiday Inn Express Nashville – Downtown Mortgage Loan and (vi) 0.010220% with respect
to the OZRE Leased Fee Portfolio Mortgage Loan. At any time there is no Operating Advisor hereunder, the applicable per annum
rate shall be 0.0%.

 

“Operating
Advisor Standard”: As defined in Section 3.31(b) of this Agreement.

 

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

 

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

 

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

 

“Originator”:
Any of (i) the Mortgage Loan Sellers and (ii) with respect to any Mortgage Loan acquired by a Mortgage Loan Seller, the originator
of such Mortgage Loan.

 

     -71-

     

    

 

“Other
17g-5 Information Provider”: The applicable other “17g-5 information provider” under an Other Pooling and
Servicing Agreement relating to a Serviced Companion Loan. The Depositor shall inform the other parties hereto of the name and
contact information for any Other 17g-5 Information Provider existing as of the Closing Date. The name and contact information
of any such Other 17g-5 Information Provider as of the Closing Date is set forth on Schedule VIII hereto. Each party hereto shall
be entitled to conclusively rely upon the information set forth on Schedule VIII until such party receives notice of any change
thereto.

 

“Other
Asset Representations Reviewer”: The applicable other “asset representations reviewer” under an Other Pooling
and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other
Depositor”: The applicable other “depositor” under an Other Pooling and Servicing Agreement relating to
a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other
Indemnified Parties”: As defined in Section 1.04 of this Agreement.

 

“Other
Operating Advisor”: The applicable other “operating advisor” or “trust advisor” under an Other
Pooling and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other
Pooling and Servicing Agreement”: A pooling and servicing agreement or other applicable servicing agreement relating
to a Serviced Companion Loan or a Non-Serviced Whole Loan, as applicable. The Other Pooling and Servicing Agreements related to
the Trust as of the Closing Date are (i) with respect to the Hill7 Whole Loan, the Hill7 Pooling and Servicing Agreement, (ii)
with respect to the Vertex Pharmaceuticals HQ Whole Loan, the Vertex Pharmaceuticals HQ Pooling and Servicing Agreement, (iii)
with respect to the Potomac Mills Whole Loan, the Potomac Mills Pooling and Servicing Agreement, (iv) with respect to the Fresno
Fashion Fair Whole Loan, the Fresno Fashion Fair Pooling and Servicing Agreement, (v) with respect to the Residence Inn by Marriott
LAX Whole Loan, the Residence Inn by Marriott LAX Pooling and Servicing Agreement, (vi) with respect to the Holiday Inn Express
Nashville – Downtown Whole Loan, the Holiday Inn Express Nashville – Downtown Pooling and Servicing Agreement, (vii)
with respect to the OZRE Leased Fee Portfolio Whole Loan, the OZRE Leased Fee Portfolio Pooling and Servicing Agreement, (viii)
with respect to the TEK Park Whole Loan, the TEK Park Pooling and Servicing Agreement, (ix) with respect to the Mills Fleet Farm
Whole Loan, the Mills Fleet Farm Pooling and Servicing Agreement, (x) with respect to the 132 West 27th Street Whole Loan, the
132 West 27th Street Pooling and Servicing Agreement, (xi) with respect to the Marriott Saddle Brook Whole Loan, the Marriott
Saddle Brook Pooling and Servicing Agreement and (xii) with respect to the Marriott Savannah Riverfront Whole Loan, the Marriott
Savannah Riverfront Pooling and Servicing Agreement. The Potomac Mills Companion Loans, the Residence Inn by Marriott LAX Companion
Loans and the Holiday Inn Express Nashville – Downtown Companion Loans are each expected to be included in future securitizations,
for which each related pooling and servicing agreement shall also be an Other Pooling and Servicing Agreement.

 

“Other
Securitization”: Any commercial mortgage securitization trust that holds a Serviced Companion Loan or Non-Serviced Companion
Loan or any successor REO Loan with

 

     -72-

     

    

 

respect thereto. The initial Other Securitizations related to the Trust as of the Closing
Date are (i) with respect to the Hill7 Companion Loan, the Citigroup Commercial Mortgage Trust 2016-C3 securitization; (ii) with
respect to the Vertex Pharmaceuticals HQ Companion Loans, the Wells Fargo Commercial Mortgage Trust 2016-BNK1 securitization;
(iii) with respect to the Potomac Mills Companion Loans, the Citigroup Commercial Mortgage Trust 2016-C3 securitization, (iv)
with respect to the Fresno Fashion Fair Companion Loans, the JPMDB Commercial Mortgage Securities Trust 2016-C4 securitization,
(v) with respect to the Residence Inn by Marriott LAX Companion Loans, the SG Commercial Mortgage Securities Trust 2016-C5 securitization;
(vi) with respect to the Holiday Inn Express Nashville - Downtown Companion Loans, the SG Commercial Mortgage Securities Trust
2016-C5 securitization; (vii) with respect to the OZRE Leased Fee Portfolio Companion Loans, the CFCRE 2016-C4 Mortgage Trust
securitization, the Citigroup Commercial Mortgage Trust 2016-C1 securitization and the SG Commercial Mortgage Securities Trust
2016-C5 securitization; (viii) with respect to the TEK Park Companion Loans, the SG Commercial Mortgage Securities Trust 2016-C5
securitization; (ix) with respect to the Mills Fleet Farm Companion Loans, the Citigroup Commercial Mortgage Trust 2016-C3 securitization;
(x) with respect to the 132 West 27th Street Companion Loans, the Morgan Stanley Capital I Trust 2016-UBS11 securitization; (xi)
with respect to the Marriott Saddle Brook Companion Loans, the SG Commercial Mortgage Securities Trust 2016-C5 securitization
and (xii) with respect to the Marriott Savannah Riverfront Companion Loans, the Citigroup Commercial Mortgage Trust 2016-C1 securitization.
The Potomac Mills Companion Loans, the Residence Inn by Marriott LAX Companion Loans and the Holiday Inn Express Nashville –
Downtown Companion Loans are each expected to be included in future securitizations, each of which shall also be an Other Securitization.

 

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

 

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

 

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

 

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

 

“OZRE
Leased Fee Portfolio Companion Loans”: As defined in the Preliminary Statement.

 

“OZRE
Leased Fee Portfolio Mortgage Loan”: As defined in the Preliminary Statement.

 

“OZRE
Leased Fee Portfolio Pooling and Servicing Agreement”: (a) the pooling and servicing agreement, dated as of May 1, 2016
among CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto

 

     -73-

     

    

 

Capital Advisors, LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association,
as certificate administrator, Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset
representations reviewer, and entered into in connection with the CFCRE 2016-C4 Mortgage Trust; (b) the pooling and servicing
agreement, dated as of May 1, 2016 among Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National
Association, as master servicer, LNR Partners, LLC, as special servicer, Deutsche Bank Trust Company Americas, as trustee, Citibank,
N.A., as certificate administrator, and Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer,
and entered into in connection with the Citigroup Commercial Mortgage Trust 2016-C1; and (c) the pooling and servicing agreement,
dated as of July 1, 2016 among SG Commercial Mortgage Securities, LLC, as depositor, Wells Fargo Bank, National Association, as
master servicer, Rialto Capital Advisors, LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells
Fargo Bank, National Association, as certificate administrator, Park Bridge Lender Services LLC, as operating advisor, and Park
Bridge Lender Services LLC, as asset representations reviewer, and entered into in connection with the SG Commercial Mortgage
Securities Trust 2016-C5.

 

“OZRE
Leased Fee Portfolio Whole Loan”: The OZRE Leased Fee Portfolio Companion Loans, together with the OZRE Leased Fee Portfolio
Mortgage Loan. References herein to the OZRE Leased Fee Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness
under the related notes with respect to the OZRE Leased Fee Portfolio Mortgage Loan and the OZRE Leased Fee Portfolio Companion
Loans.

 

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

 

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

 

“Pari
Passu Companion Loan”: Each of the Hill7 Companion Loan, the Vertex Pharmaceuticals HQ Companion Loans, the Potomac
Mills Pari Passu Companion Loans, the Fresno Fashion Fair Companion Loans, the Residence Inn by Marriott Companion Loans, the
Holiday Inn Express Nashville – Downtown Companion Loans, the OZRE Leased Fee Portfolio Companion Loans, the TEK Park Companion
Loans, the Mills Fleet Farm Companion Loans, the Marriott Savannah Riverfront Companion Loans, the Marriott Saddle Brook Companion
Loans and the 132 West 27th Street Companion Loans.

 

“Pass-Through
Rate”: With respect to each Class of Regular Certificates set forth below, the following rates:

 

	Class
	 	Pass-Through
Rate

	Class
    A-1	 	Class
    A-1 Pass-Through Rate
	Class
    A-SB	 	Class
    A-SB Pass-Through Rate

 

     -74-

     

    

 

	Class
	 	Pass-Through
Rate

	Class
    A-2	 	Class
    A-2 Pass-Through Rate
	Class
    A-3	 	Class
    A-3 Pass-Through Rate
	Class
    X-A	 	Class
    X-A Pass-Through Rate
	Class
    X-B	 	Class
    X-B Pass-Through Rate
	Class
    X-E	 	Class
    X-E Pass-Through Rate
	Class
    X-F	 	Class
    X-F Pass-Through Rate
	Class
    X-G	 	Class
    X-G Pass-Through Rate
	Class
    A-M	 	Class
    A-M Pass-Through Rate
	Class
    B	 	Class
    B Pass-Through Rate
	Class
    C	 	Class
    C Pass-Through Rate
	Class
    D	 	Class
    D Pass-Through Rate
	Class
    E	 	Class
    E Pass-Through Rate
	Class
    F	 	Class
    F Pass-Through Rate
	Class
    G	 	Class
    G Pass-Through Rate

 

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

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

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

 

“Percentage
Interest”: As to any Certificate (except the Class R Certificates), the percentage interest evidenced thereby in distributions
required to be made with respect to the related Class. With respect to any Certificate (except the Class R Certificates), the
percentage interest is equal to the initial denomination of such Certificate divided by the initial Certificate Balance or Notional
Amount, as applicable, of such Class of Certificates. With respect to the Class R Certificate, the percentage interest is set
forth on the face thereof.

 

“Performance
Certification”: As defined in Section 10.08 of this Agreement.

 

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

 

“Performing
Party”: As defined in Section 10.14 of this Agreement.

 

“Periodic
Payment”: With respect to any Mortgage Loan or Serviced Companion Loan (other than any REO Loan) and any Due Date, the
scheduled monthly payment of principal, if any, and interest at the Mortgage Rate, excluding any Balloon Payment (but not excluding
any constant Periodic Payment due on a Balloon Loan), which is payable by the related Borrower on such Due Date under the related
Mortgage Note. The Periodic Payment with respect to an REO Loan is the monthly payment that would otherwise have been payable
on the related Due Date had the related Mortgage Note not been discharged, determined as set forth

 

     -75-

     

    

 

in the preceding sentence and
on the assumption that all other amounts, if any, due thereunder are paid when due.

 

“Permitted
Investments”: Any one or more of the following obligations or securities payable on demand or having a scheduled maturity
on or before the Business Day preceding the date upon which such funds are required to be drawn, regardless of whether issued
by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee or any of their respective
Affiliates and having at all times the required ratings, if any, provided for in this definition, unless each Rating Agency shall
have provided a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities:

 

(A)   direct
obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, the United States or any agency
or instrumentality thereof, provided that each such obligation is backed by the full faith and credit of the United States;

 

(B)    repurchase
agreements on obligations specified in clause (A) of this definition, with a party agreeing to repurchase such obligations (a)(1)
in the case of such investments with maturities of 30 days or less, the short term obligations of which are rated at least “F1”
by Fitch and in the highest short term rating category by Moody’s, and the long term obligations of which are rated at least
“A” by Fitch and “A2” by Moody’s, (2) in the case of such investments with maturities of three months
or less, but more than 30 days, the short term obligations of which are rated at least “F1+” by Fitch and in the highest
short term rating category by Moody’s, or the long term obligations of which are rated at least “AA-” by Fitch
and “A2” by Moody’s, (3) in the case of such investments with maturities of six months or less, but more than
three months, the short term obligations of which are rated at least “F1+” by Fitch and in the highest short term
rating category by Moody’s and the long term obligations of which are rated at least “AA-” by Fitch and “Aa3”
by Moody’s, and (4) in the case of such investments with maturities of more than six months, the short term obligations
of which are rated at least “F1+” by Fitch and in the highest short term rating category by Moody’s and the
long term obligations of which are rated “AA-” by Fitch and “Aaa” by Moody’s (or, in the case of
any such Rating Agency as set forth in subclause (a) above, such lower rating as is the subject of a Rating Agency Confirmation
by such Rating Agency relating to the Certificates and any Companion Loan Securities and Morningstar);

 

(C)   federal
funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances of any
bank or trust company organized under the laws of the United States or any state thereof, (a)(1) in the case of such investments
with maturities of 30 days or less, the short term obligations of which are rated at least “F1” by Fitch and in the
highest short term rating category by Moody’s or the long term obligations of which are rated at least A” by Fitch
and “A2” by Moody’s, (2) in the case of such investments with maturities of three months or less, but more than
30 days, the short term obligations of which are rated at least “F1+” by Fitch and in the highest short term rating
category by Moody’s or the long term obligations of which are rated

 

     -76-

     

    

 

at least “AA-”
by Fitch and “A2” by Moody’s, (3) in the case of such investments with maturities of six months or less, but
more than three months, the short term obligations of which are rated at least “F1+” by Fitch and in the highest short
term rating category by Moody’s and the long term obligations of which are rated at least “AA-” by Fitch and
“Aa3” by Moody’s, and (4) in the case of such investments with maturities of more than six months, the short
term obligations of which are rated “F1+” by Fitch and in the highest short term rating category by Moody’s
and the long term obligations of which are rated “AA-” by Fitch and “Aaa” by Moody’s (which may
include Moody’s and Fitch)) (or, in the case of any such Rating Agency as set forth in subclause (a) above, such
lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency relating to the Certificates and any Serviced
Companion Loan Securities and Morningstar);

 

(D)   commercial
paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation not so incorporated,
provided that the commercial paper is United States Dollar denominated and amounts payable thereunder are not subject to
any withholding imposed by any non United States jurisdiction) (a)(1) in the case of such investments with maturities of 30 days
or less, the short term obligations of which corporation are rated at least in the highest short-term debt rating category of
Moody’s and “F1” by Fitch, or the long term obligations of which corporation are rated at least “A2”
by Moody’s and “A” by Fitch, (2) in the case of such investments with maturities of three months or less, but
more than 30 days, the short term obligations of which are rated at least in the highest short-term debt rating category of Moody’s
and “F1+” by Fitch, or the long term obligations of which are rated at least “AA-” by Fitch and “A2”
by Moody’s, (3) (A) in the case of such investments with maturities of six months or less, but more than three months, the
short term obligations of which are rated at least “P-1” by Moody’s, and the long term obligations of which
corporation are rated at least “Aa3” by Moody’s, and (B) in the case of such investments with maturities of
six months or less, but more than three months, the short term obligations of which are rated at least “F1+” by Fitch,
or the long term obligations of which corporation are rated at least “AA-” by Fitch (with a short-term rating of “F1”
by Fitch), (4) (a) (A) in the case of such investments with maturities of more than six months, the short term obligations of
which are rated at least “P-1” by Moody’s, and the long term obligations of which are rated at least “Aaa”
by Moody’s, and (B) in the case of such investments with maturities of more than six months, the short term obligations
of which are rated at least “F1+” by Fitch, or the long term obligations of which are rated at least “AA-”
by Fitch (with a short-term rating of “F1” by Fitch) (or, in the case of any such Rating Agency as set forth in subclause
(a) above, such lower rating as is the subject of a Rating Agency Confirmation by such the Rating Agency relating to the Certificates
and any Serviced Companion Loan Securities and Morningstar);

 

(E)   (1)
units of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net asset
value per share (including the Federated Prime Obligation Money Market Fund, U.S.

 

     -77-

     

    

 

Bank Long Term Eurodollar Sweep or the Wells
Fargo Advantage Heritage Money Market Fund) so long as any such fund is rated “Aaa-mf” by Moody’s and in the
highest short term unsecured debt ratings category by Fitch or otherwise acceptable to such Rating Agency and Morningstar, in
any such case, as confirmed in a Rating Agency Confirmation) relating to the Certificates and any Serviced Companion Loan Securities,
or (2) units of money market funds that (a) have substantially all of its assets invested continuously in the types of investments
referred to in clause (A) above, (b) has net assets of not less than $5,000,000,000, and (c) has a rating of “Aaa-mf”
by Moody’s and has the highest rating obtainable for money market funds from Fitch;

 

(F)   an
obligation or security that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause,
would be listed in clauses (B) – (E) above, and is the subject of a Rating Agency Confirmation relating to the Certificates
and any Serviced Companion Loan Securities from each Rating Agency for which the minimum rating(s) set forth in the applicable
clause is not satisfied with respect to such obligation or security; or

 

(G)     any
other obligation or security other than one listed in clauses (A) – (E) above, that is the subject of a Rating Agency
Confirmation relating to the Certificates and any Serviced Companion Loan Securities from each and every Rating Agency;

 

provided that each investment described hereunder shall not (A) evidence either the right to receive (1) only interest with respect
to such investment or (2) a yield to maturity greater than 120% of the yield to maturity at par of the underlying obligations,
(B) be purchased at a price greater than par, (C) be sold prior to stated maturity if such sale would result in a loss of principal
on the instrument or a tax on “prohibited transactions” under Section 860F of the Code or (D) have an “r”
highlighter or other comparable qualifier attached to its rating; and provided, further, that each investment described
hereunder must have (X) a predetermined fixed amount of principal due at maturity (that cannot vary or change), (Y) an original
maturity of not more than 365 days and a remaining maturity of not more than thirty (30) days and (Z) except in the case of a
Permitted Investment described in clause (E) of this definition, a fixed interest rate or an interest rate that is tied
to a single interest rate index plus a single fixed spread and moves proportionately with that index; and provided,
further, that each investment described hereunder must be a “cash flow investment” (within the meaning of the
REMIC Provisions).

 

“Permitted
Special Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, customary title
agent fees and insurance commissions or fees and appraisal fees received or retained by the Special Servicer or any of its Affiliates
in connection with any services performed by such party with respect to any Mortgage Loan, Serviced Whole Loan or REO Property,
in each case, in accordance with Article III of this Agreement.

 

“Permitted
Transferee”: With respect to a Class R Certificate, any Person or agent thereof that is a Qualified Institutional Buyer,
other than (a) a Disqualified Organization, (b) any other Person so designated by the Certificate Registrar who is unable to provide
an Opinion of Counsel (provided at the expense of such Person or the Person requesting the

 

     -78-

     

    

 

Transfer) to the effect that
the Transfer of an Ownership Interest in any Class R Certificate to such Person will not cause either Trust REMIC to fail to qualify
as a REMIC at any time that the Certificates are outstanding, (c) a Person that is a Disqualified Non-U.S. Person, (d) a Plan
or any Person investing the assets of a Plan, (e) an entity treated as a domestic partnership for U.S. federal income tax purposes,
one or more of the direct or indirect beneficial owners (other than through a U.S. corporation) of which is (or is permitted under
the applicable partnership agreement to be) a Disqualified Non-U.S. Person or (f) a U.S. Person with respect to whom income on
the Class R Certificate is attributable to a fixed base or foreign permanent establishment, within the meaning of an applicable
income tax treaty, of such transferee or any other U.S. Person.

 

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

 

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

 

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

 

“Potomac
Mills Companion Loans”: As defined in the Preliminary Statement.

 

“Potomac
Mills Control Appraisal Period”: With respect to the Potomac Mills Whole Loan, the period during which (1) (a)(i) the
sum of the initial unpaid principal balance of the Potomac Mills Subordinate Companion Loan minus (ii) the sum (without duplication)
of (x) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received on, the Potomac Mills
Subordinate Companion Loan, (y) any Appraisal Reduction Amount for the Potomac Mills Whole Loan that is allocated to the Potomac
Mills Subordinate Companion Loan and (z) any losses realized with respect to the Potomac Mills Mortgaged Property or the Potomac
Mills Whole Loan that are allocated to the Potomac Mills Subordinate Companion Loan, plus (iii) Threshold Event Collateral is
less than (b) 25% of the of the remainder of the (i) initial unpaid principal balance of the Potomac Mills Subordinate Companion
Loan less (ii) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the Potomac
Mills Subordinate Companion Noteholder; or (2) any interest in the Potomac Mills Subordinate Companion Loan is held by the related
Borrower or an Affiliate of the related Borrower or any such party would otherwise be entitled to exercise the rights of the holder
of the Potomac Mills Subordinate Companion Loan as the Potomac Mills Whole Loan Directing Holder.

 

     -79-

     

    

 

“Potomac
Mills Mortgage Loan”: As defined in the Preliminary Statement.

 

“Potomac
Mills Mortgaged Property”: The Mortgaged Property that secures the Potomac Mills Whole Loan.

 

“Potomac
Mills Pari Passu Companion Loans”: As defined in the Preliminary Statement.

 

“Potomac
Mills Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of November 1, 2016 among Citigroup
Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer, Rialto Capital Advisors, LLC, as special servicer, Deutsche Bank Trust Company Americas, as Trustee, Citibank, N.A,
as certificate administrator, and Trimont Real Estate Advisors, LLC, as operating advisor and asset representations reviewer,
and entered into in connection with the Citigroup Commercial Mortgage Trust 2016-C3.

 

“Potomac
Mills Special Servicer”: AEGON USA Realty Advisors, LLC, or its successor-in-interest, or any successor special servicer
appointed as provided herein (including with respect to any Excluded Special Servicer Mortgage Loan, if any, the related Excluded
Special Servicer appointed pursuant to Section 3.22(j) of this Agreement, as applicable and as the context may require).

 

“Potomac
Mills Subordinate Companion Loan”: As defined in the Preliminary Statement.

 

“Potomac
Mills Subordinate Companion Noteholder”: The holder of the notes evidencing the Potomac Mills Subordinate Companion
Loan.

 

“Potomac
Mills Whole Loan”: The Potomac Mills Companion Loans, together with the Potomac Mills Mortgage Loan. References herein
to the Potomac Mills Whole Loan shall be construed to refer to the aggregate indebtedness under the Potomac Mills Mortgage Loan
and the Potomac Mills Companion Loans.

 

“Potomac
Mills Whole Loan Directing Holder”: As of any Determination Date and so long as a Potomac Mills Control Appraisal Period
has not occurred and is not continuing, will be the holder of the Potomac Mills Subordinate Companion Loan.

 

“Preliminary
Dispute Resolution Election Notice”: As defined in Section 2.03(k)(i).

 

“Prepayment
Assumption”: The assumption that (i) each Mortgage Loan (other than an ARD Loan) does not prepay prior to its respective
Maturity Date and (ii) each ARD Loan prepays on its Anticipated Repayment Date.

 

“Prepayment
Interest Excess”: With respect to any Distribution Date, the aggregate amount, with respect to all Mortgage Loans or
Serviced Companion Loans serviced by the Master Servicer that were subject to Principal Prepayment in full or in part, or as to
which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were

 

     -80-

     

    

 

received by the Master Servicer or
Special Servicer for application to such Mortgage Loans or Serviced Companion Loans, in each case after the Due Date in the month
of such Distribution Date and on or prior to the related Determination Date, the amount of interest accrued at the Mortgage Rate
for such Mortgage Loans or Serviced Companion Loans on the amount of such Principal Prepayments, Insurance Proceeds, Liquidation
Proceeds and Condemnation Proceeds after the Due Date relating to such Collection Period and accruing in the manner set forth
in the related Loan Documents, to the extent such interest is collected by the Master Servicer or the Special Servicer (without
regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest actually collected).

 

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Companion Loan serviced
by the Master Servicer that was subject to a Principal Prepayment in full or in part and which did not include a full month’s
interest, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the
Master Servicer or Special Servicer for application to such Mortgage Loan or Serviced Companion Loan, in each case after the Determination
Date in the calendar month preceding such Distribution Date but prior to the Due Date in the related Collection Period, the amount
of interest that would have accrued at the Net Mortgage Rate for such Mortgage Loan or Serviced Companion Loan on the amount of
such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds during the period commencing on the
date as of which such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable,
were applied to the unpaid principal balance of the Mortgage Loan or Serviced Companion Loan and ending on (and including) the
day immediately preceding such Due Date (without regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest
actually collected). With respect to the Serviced AB Whole Loan, any Prepayment Interest Shortfall for any Distribution Date shall
be allocated first to the related AB Subordinate Companion Loan, and then, pro rata, to the related AB Mortgage
Loan and any related Pari Passu Companion Loan.

 

“Prepayment
Premium”: Any premium, fee or other additional amount (other than a Yield Maintenance Charge) paid or payable on a Mortgage
Loan or Serviced Companion Loan by a Borrower as the result of a Principal Prepayment thereon, not otherwise due thereon, in respect
of principal or interest, which is intended to compensate the holder of the related Mortgage Note for prepayment.

 

“Pricing
Date”: November 1, 2016.

 

“Primary
Servicing Fee Rate”: (A) With respect to each Mortgage Loan (other than Non-Serviced Mortgage Loans and Servicing Shift
Mortgage Loans), the sum of the per annum rates set forth on Exhibit B to this Agreement under the columns labeled
“Primary Servicing Fee Rate” and “Sub Servicer Fee Rate” and (B) with respect to a Servicing Shift Whole
Loan, prior to such Servicing Shift Securitization Date, the applicable rate per annum set forth on Exhibit B to
this Agreement under the columns labeled “Primary Servicing Fee Rate” and “Sub Servicer Fee Rate”. With
respect to Non-Serviced Mortgage Loans, except as provided for on Exhibit B to this Agreement, no Primary Servicing Fee
Rate will be charged by the Master Servicer, but the Non-Serviced Mortgage Loan Primary Servicing Fee Rate is charged by the applicable
Other Servicer pursuant to the related Other Pooling and Servicing Agreement. For

 

     -81-

     

    

 

the avoidance of doubt, the Primary Servicing
Fee Rate includes any fee rate payable to a Mortgage Loan Seller Sub-Servicer.

 

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

 

“Principal
Distribution Amount”: For any Distribution Date, an amount equal to the sum of the following amounts (without duplication):

 

(a)          the
Principal Shortfall for such Distribution Date;

 

(b)          the
Scheduled Principal Distribution Amount for that Distribution Date;

 

(c)          the
Unscheduled Principal Distribution Amount for that Distribution Date;

 

provided,
that the Principal Distribution Amount for any Distribution Date will be reduced, to not less than zero, by the amount of any
reimbursements of:

 

(A)          Nonrecoverable
Advances (including any servicing advance with respect to the Non-Serviced Mortgage Loan under the related Other Pooling and Servicing
Agreement reimbursed out of general collections on the Mortgage Loans), with interest on such Nonrecoverable Advances at the Reimbursement
Rate that are paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal collections
would have otherwise been included in the Principal Distribution Amount for such Distribution Date; and

 

(B)          Workout-Delayed
Reimbursement Amounts paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal
collections would have otherwise been included in the Principal Distribution Amount for such Distribution Date;

 

provided
that, in the case of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal collections
on the Mortgage Loans are subsequently recovered on the related Mortgage Loan, such recovery will increase the Principal Distribution
Amount for the Distribution Date related to the period in which such recovery occurs.

 

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

 

“Principal
Prepayment”: Any payment of principal made by a Borrower on a Mortgage Loan or Serviced Companion Loan which is received
in advance of its scheduled due date and which is not accompanied by an amount of interest representing the full amount of

 

     -82-

     

    

 

scheduled
interest due on any date or dates in any month or months subsequent to the month of prepayment.

 

“Principal
Shortfall”: For any Distribution Date, the amount, if any, by which (i) the Principal Distribution Amount for the preceding
Distribution Date exceeds (ii) the aggregate amount actually distributed with respect to principal on the Certificates on such
preceding Distribution Date in respect of such Principal Distribution Amount.

 

“Private
Certificate”: Each of the Class X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates.

 

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

 

“Private
Placement Memorandum”: The Private Placement Memorandum, dated November 3, 2016, pursuant to which the Private Certificates
will be offered for sale.

 

“Privileged
Information”: Any (i) correspondence or other communications between a Directing Holder and the Special Servicer related
to any Specially Serviced Loan or the exercise of the consent or consultation rights of a Directing Holder under this Agreement
or any related Intercreditor Agreement, (ii) strategically sensitive information that the Special Servicer has reasonably determined
could compromise the Trust Fund’s position in any ongoing or future negotiations with the related Borrower or other interested
party, (iii) information subject to attorney-client privilege and (iv) any Asset Status Report or Final Asset Status Report.

 

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

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate
Administrator, any Additional Servicer designated by the Master Servicer or the Special Servicer, the Directing Holder (but only
prior to the occurrence of a Consultation Termination Event), the Operating Advisor, any Affiliate of the Operating Advisor designated
by the

 

     -83-

     

    

 

Operating Advisor, the Asset Representations Reviewer, any Companion Loan Noteholder who provides an Investor Certification,
any Person who provides the Certificate Administrator with an Investor Certification and any NRSRO (including any Rating Agency)
that provides the Certificate Administrator with a NRSRO Certification, which Investor Certification and NRSRO Certification may
be submitted electronically via the Certificate Administrator’s Website; provided, however, that in no event
may a Borrower Party (other than a Borrower Party that is the Special Servicer) be entitled to receive (i) if such party is the
Directing Holder or any Controlling Class Certificateholder, any Excluded Information via the Certificate Administrator’s
Website (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall
only be prohibited with respect to the related Excluded Controlling Class Loan(s)), and (ii) if such party is not the Directing
Holder or any Controlling Class Certificateholder, any information other than the Distribution Date Statement.

 

Notwithstanding
anything to the contrary in this Agreement, if the Special Servicer becomes a Borrower Party, the Special Servicer shall nevertheless
be a Privileged Person; provided that the Special Servicer (i) shall not directly or indirectly provide any information
solely related to the related Excluded Special Servicer Mortgage Loan to (A) the related Borrower Party, (B) any of the Special
Servicer’s employees or personnel or any of its Affiliate involved in the management of any investment in the related Borrower
Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership
interest in the related Borrower Party, and (ii) shall maintain sufficient internal controls and appropriate policies and procedures
in place in order to comply with the obligations described in clause (i) above; provided, further, that nothing
in this Agreement shall be construed as an obligation of the Master Servicer or the Certificate Administrator to restrict the
Special Servicer’s access to any information on the Master Servicer’s website or the Certificate Administrator’s
Website and in no case shall the Master Servicer or the Certificate Administrator be held liable if the Special Servicer accesses
any of the items listed in the definition of Excluded Information relating to the Excluded Special Servicer Mortgage Loans.

 

“Prohibited
Party”: Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.

 

“Property
Protection Expenses”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole
Loan, any costs and expenses incurred by the Master Servicer or the Special Servicer pursuant to Section 3.04, Section
3.08(a), Section 3.10, Section 3.11, Section 3.15(a), Section 3.15(b), Section 3.15(c),
Section 3.16(c) or Section 3.24(a) of this Agreement or indicated herein as being payable as a Servicing Advance
or as a cost or expense of the Trust Fund (and, in the case of the Serviced Whole Loans, the Serviced Companion Loan Noteholders
but subject to the provisions of Section 1.02(e)) or the Lower-Tier REMIC or Upper-Tier REMIC to be paid out of the Collection
Account.

 

“Proposed
Course of Action Notice”: As defined in Section 2.03(k)(i).

 

“Prospectus”:
The Depositor’s Prospectus dated November 3, 2016, relating to the offering of the Publicly Offered Certificates.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

     -84-

     

    

 

“Publicly
Offered Certificates”: Each of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class
B and Class C Certificates.

 

“Publicly
Offered Global Certificates”: Each of the Publicly Offered Certificates, if and so long as the applicable Class of Publicly
Offered Certificates is registered in the name of the Depository.

 

“Purchase
Price”: With respect to (i) any Mortgage Loan to be repurchased or purchased pursuant to Section 2.03(e) or Section
9.01 of this Agreement, (ii) any Specially Serviced Loan or any Serviced REO Loan to be sold pursuant to Section 3.16
of this Agreement or (iii) any Defaulted Mortgage Loan that is a Non-Serviced Mortgage Loan to be sold by the Special Servicer
in accordance with the proviso in Section 3.16(b) of this Agreement, an amount, calculated by the Master Servicer (with
respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Mortgage Loans), as applicable, equal
to:

 

(a)          the
outstanding principal balance of such Mortgage Loan (or related REO Loan) as of the date of purchase; plus

 

(b)          all
accrued and unpaid interest on such Mortgage Loan (or related REO Loan) at the related Mortgage Rate in effect from time to time
to but not including the Due Date immediately preceding or coinciding with the Determination Date for the Collection Period of
purchase, but excluding any Default Interest or Excess Interest; plus

 

(c)          all
related unreimbursed Servicing Advances plus accrued and unpaid interest on related Advances at the Reimbursement Rate, and all
Special Servicing Fees and Workout Fees allocable to such Mortgage Loan (and, in the case of a Non-Serviced Mortgage Loan, unpaid
fees payable to the applicable servicer, Other Servicer, the Other Special Servicer or the Other Trustee allocable to such Mortgage
Loan); plus

 

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

 

(e)          all
Additional Trust Fund Expenses allocable to such Mortgage Loan; plus

 

(f)          if
such Mortgage Loan (or related REO Loan) is being purchased or substituted by a Mortgage Loan Seller pursuant to the related Mortgage
Loan Purchase Agreement, to the extent not otherwise included in the amount described in clause (c) of this definition, any unpaid
Asset Representations Reviewer Asset Review Fee related to such Mortgage Loan and all reasonable out-of-pocket expenses reasonably
incurred or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the
Trustee in respect of the Breach or Defect giving rise to the repurchase obligation, including any such expenses arising out of
the enforcement of the repurchase obligation, including, without duplication, any such expenses previously reimbursed from the
Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, plus accrued and unpaid interest thereon
at the Reimbursement Rate, to the extent payable to the Master Servicer, the Special Servicer, the Certificate Administrator,
the Asset Representations Reviewer or the Trustee; provided, however, that such out-of-pocket expenses shall not
include expenses incurred

 

     -85-

     

    

 

by Certificateholders or Certificate Owners in instituting an Asset Review Vote Election, in taking
part in an Asset Review vote or in exercising such Certificateholder’s or Certificate Owner’s, as applicable, rights
under the dispute resolution mechanics pursuant to Section 2.03(k) hereof.

 

For
purposes of this Agreement, (i) the “Purchase Price” in respect of a Serviced Companion Loan that is purchased by
the related Mortgage Loan Seller shall be the purchase price paid by the related Mortgage Loan Seller under the related Other
Pooling and Servicing Agreement or the applicable servicing agreement and (ii) with respect to a sale of an REO Property securing
a Serviced Whole Loan, the term Mortgage Loan or REO Loan shall be construed to include any related Companion 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 (or, in the case
of the Operating Advisor, that is in the business of performing the duties of an operating advisor), and (c) as to which 50% or
greater of its outstanding voting stock or equity ownership interest are directly or indirectly owned by the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, or by any Person or Persons who directly or indirectly own equity
ownership interests in the Master Servicer, the Special Servicer or the Operating Advisor, as applicable.

 

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

 

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

 

(i)  in the case of each Mortgage Loan or Serviced Pari Passu Whole Loan, an insurance company or security or bonding company qualified
to write the related insurance policy in the relevant jurisdiction and whose claims paying ability is rated (a) at least “A3”
by Moody’s (or, if not rated by Moody’s, an equivalent rating by (x) at least two NRSROs (which may include S&P,
Morningstar and/or Fitch) or (y) one NRSRO (which may include S&P, Morningstar and/or Fitch) and A.M. Best), and (b) at least
“A-” by Fitch (or, if not rated by Fitch, an equivalent (or higher) rating by (x) at least two NRSROs (which may include
S&P, Morningstar and/or Moody’s) or (y) one NRSRO (which may include S&P, Morningstar and/or Moody’s) and
AM Best) and

 

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

 

or,
in the case of clauses (i) and (ii), such other rating as to which the related Rating Agency (and, if applicable, the related
Serviced Companion Rating Agency) has provided a Rating Agency Confirmation relating to the Certificates and any Serviced Companion
Loan Securities (subject to the foregoing exceptions).

 

     -86-

     

    

 

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

 

“Qualified
Substitute Mortgage Loan”: A substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution
shall be permitted) replacing a Mortgage Loan with respect to which a Material Defect exists that must, on the date of substitution:
(i) have an outstanding Stated Principal Balance, after application of all scheduled payments of principal and/or interest due
during or prior to the month of substitution, whether or not received, not in excess of the Stated Principal Balance of the Removed
Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs; (ii) have a fixed Mortgage Rate not
less than the Mortgage Rate of the Removed Mortgage Loan (determined without regard to any prior modification, waiver or amendment
of the terms of the removed Mortgage Loan); (iii) have the same Due Date and a grace period no longer than that of the Removed
Mortgage Loan; (iv) accrue interest on the same basis as the Removed Mortgage Loan (for example, on the basis of a 360-day year
and the actual number of days elapsed); (v) have a remaining term to stated maturity not greater than, and not more than five
years less than, the remaining term to stated maturity of the Removed Mortgage Loan; (vi) have a then-current loan to value ratio
equal to or less than the lesser of (i) the loan to value ratio for the Removed Mortgage Loan as of the Closing Date and (ii)
75%, in each case using the “value for the Mortgaged Property as determined using an Appraisal prepared in accordance with
the requirements of the FIRREA; (vii) comply as of the date of substitution in all material respects with all of the representations
and warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an Environmental Report that indicates
no material adverse environmental conditions with respect to the related Mortgaged Property and that will be delivered as a part
of the related Servicing File; (ix) have a then-current Debt Service Coverage Ratio at least equal to the greater of (i) the original
Debt Service Coverage Ratio of the Removed Mortgage Loan as of the Closing Date and (ii) 1.25x; (x) be determined by an Opinion
of Counsel (at the applicable Mortgage Loan Seller’s expense) to be a “qualified replacement mortgage” within
the meaning of Section 860G(a)(4) of the Code; (xi) not have a maturity date or an amortization period that extends to a date
that is after the date that is two years prior to the Rated Final Distribution Date; (xii) have comparable prepayment restrictions
to those of the Replaced Mortgage Loan; (xiii) not be substituted for a Removed Mortgage Loan unless the Certificate Administrator
and the Trustee have received a Rating Agency Confirmation from each of the Rating Agencies (the cost, if any, of obtaining such
Rating Agency Confirmation to be paid by the applicable Mortgage Loan Seller; (xiv) have been approved, so long as no Control
Termination Event has occurred and is not continuing, by the Controlling Class Representative; (xv) prohibit defeasance within
two years after the Closing Date; (xvi) not be substituted for a Removed Mortgage Loan if it would result in the termination of
the REMIC status of either Trust REMIC or the imposition of tax on either Trust REMIC other than a tax on income expressly permitted
or contemplated to be received by the terms of this Agreement, as determined by an Opinion of Counsel; (xvii) have an engineering
report that indicates no material adverse property condition or deferred maintenance with respect to the related Mortgaged Property
that will be delivered as a part of the related Servicing File; and (xviii) be current in the payment of all scheduled payments
of principal and interest then due. In the event that one or more mortgage loans are substituted for one or more Removed Mortgage
Loans, then the amounts described in

 

     -87-

     

    

 

clause (i) shall be determined on the basis of aggregate Stated Principal Balances and each
such proposed Qualified Substitute Mortgage Loan must individually satisfy each of the requirements specified in clauses (ii)
through (xviii) above, except the rates referred to in clause (ii) above and the remaining term to stated maturity referred to
in clause (v) above shall be determined on a weighted average basis; provided that no individual Mortgage Rate shall be
lower than the highest Pass-Through Rate (that is a fixed rate not subject to a cap equal to the WAC Rate) of any Class of Sequential
Pay Certificates having an outstanding Certificate Balance. When a Qualified Substitute Mortgage Loan is substituted for a Removed
Mortgage Loan, the applicable Mortgage Loan Seller shall certify that the Mortgage Loan meets all of the requirements of the above
definition and shall send such certification to the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Trustee and, for so long as no Consultation Termination Event has occurred, the Controlling Class Representative.

 

“RAC
No-Response Scenario”: As defined in Section 3.30(a).

 

“Rated
Final Distribution Date”: The Distribution Date in November 2049. The Class R Certificates will not have a Rated Final
Distribution Date.

 

“Rating
Agency”: Any of Fitch, Moody’s or Morningstar; provided, that with respect to any matter affecting a Non-Serviced
Mortgage Loan or any Serviced Whole Loan, “Rating Agency” shall also refer to any rating agency engaged to rate the
Serviced Companion Loan Securities related to such Serviced Whole Loan or securities related to such Non-Serviced Mortgage Loan,
as applicable.

 

“Rating
Agency Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by each
applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result
in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates if then rated by
the Rating Agency; provided that a written waiver or other acknowledgment from any Rating Agency indicating its decision
not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the
Rating Agency Confirmation from such Rating Agency with respect to such matter. At any time during which no Certificates are rated
by a Rating Agency, no Rating Agency Confirmation shall be required from that Rating Agency. With respect to any matter affecting
any Serviced Pari Passu Companion Loan, any Rating Agency Confirmation shall also refer to the nationally recognized statistical
rating organizations then rating the securities representing an interest in such loan and such rating organizations’ respective
ratings of such securities.

 

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

 

“Real
Property”: Land or improvements thereon such as buildings or other inherently permanent structures thereon (including
items that are structural components of the buildings or structures), in each such case as such terms are used in the REMIC Provisions.

 

“Realized
Loss”: With respect to any Distribution Date, the amount, if any, by which the aggregate Certificate Balance of the
Sequential Pay Certificates, after giving effect to distributions of principal on such Distribution Date, exceeds the aggregate
Stated Principal

 

     -88-

     

    

 

Balance of the Mortgage Loans in the Mortgage Pool (for purposes of this calculation only, not giving effect
to any reductions of the Stated Principal Balance for principal payments received on the Mortgage Loans in the Mortgage Pool that
were used to reimburse the Master Servicer or the Trustee from general collections of principal on the Mortgage Loans for Workout-Delayed
Reimbursement Amounts, to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable
Advances) immediately following the Determination Date preceding such Distribution Date.

 

“Reassignment
of Assignment of Leases, Rents and Profits”: As defined in Section 2.01(a)(viii) of this Agreement.

 

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

 

“Regular
Certificates”: The Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class X-E, Class X-F, Class X-G,
Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates.

 

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

 

“Regulation
D”: Regulation D under the Act.

 

“Regulation
S”: Regulation S under the Act.

 

“Regulation
S Global Certificate”: Each of the Class X-E, Class X-F, Class X-G, Class D, Class E, Class F and Class G Certificates
issued as such on the Closing Date.

 

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

 

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

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section
3.21(e) and P&I Advances in accordance with Section 4.07(h), which rate per annum shall equal the Prime
Rate. Interest at the Reimbursement Rate will accrue from (and including) the date on which the related Advance is made or the
related expense incurred to (but excluding) the date on which such amounts are recovered out of amounts received on the Mortgage
Loan as to which such Advances were made or servicing expenses incurred or the first Master Servicer Remittance Date after a determination
of non-recoverability, as the case may be, is made, provided that such interest at the Reimbursement Rate will continue
to accrue to the extent funds are not available in the Collection Accounts for such reimbursement of such Advance; and provided,
further, that no

 

     -89-

     

    

 

interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan until after the related
Due Date has passed and any applicable Grace Period has expired or (ii) if the related Periodic Payment is received after the
Determination Date but on or prior to the Business Day immediately prior to the related Distribution Date.

 

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

 

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

 

“REMIC
Provisions”: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear
at Section 860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and regulations (including any
applicable proposed regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.

 

“Removed
Mortgage Loan”: A Mortgage Loan which is repurchased from the Trust Fund pursuant to the terms hereof or as to which
one or more Qualified Substitute Mortgage Loans are substituted.

 

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

 

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

 

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

 

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

 

     -90-

     

    

 

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

 

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

 

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

 

“REO
Loan”: Any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) or Serviced Whole Loan as to which the related Mortgaged
Property has become an REO Property.

 

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

 

“REO
Property”: A Mortgaged Property title to which has been acquired by the Special Servicer on behalf of the Trust Fund
through foreclosure, deed in lieu of foreclosure or otherwise, or in the case of a Non-Serviced Mortgage Loan, the Trust Fund’s
beneficial interest in the Mortgaged Property acquired by the Other Trustee pursuant to the Other Pooling and Servicing Agreement.

 

“Replacement
Mortgage Loan”: Any Qualified Substitute Mortgage Loan that is substituted for one or more Removed Mortgage Loans.

 

“Reporting
Servicer”: As defined in Section 10.12 of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

     -91-

     

    

 

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

 

“Requesting
Certificateholder”: As defined in Section 2.03(l)(iii).

 

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

 

“Requesting
Investor”: As defined in Section 5.05(a) of this Agreement.

 

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

 

“Residence
Inn by Marriott LAX Companion Loans”: As defined in the Preliminary Statement.

 

“Residence
Inn by Marriott LAX Mortgage Loan”: As defined in the Preliminary Statement.

 

“Residence
Inn by Marriott LAX Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of July 1, 2016
among SG Commercial Mortgage Securities, LLC, as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto
Capital Advisors, LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association,
as certificate administrator, Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset
representations reviewer, and entered into in connection with the SG Commercial Mortgage Securities Trust 2016-C5.

 

“Residence
Inn by Marriott LAX Whole Loan”: The Residence Inn by Marriott LAX Companion Loans, together with the Residence Inn
by Marriott LAX Mortgage Loan. References herein to the Residence Inn by Marriott LAX Whole Loan shall be construed to refer to
the aggregate indebtedness under the Residence Inn by Marriott LAX Mortgage Loan and the Residence Inn by Marriott LAX Companion
Loans.

 

“Resolution
Extension Period”:

 

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

 

     -92-

     

    

 

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

 

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

 

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

 

“Resolution
Failure”: As defined in Section 2.03(j).

 

“Resolved”:
With respect to a Repurchase Request, (i) that the related Defect or Breach has been cured, (ii) the related Mortgage Loan has
been repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been substituted for
the related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable Mortgage Loan Seller
has made the Loss of Value Payment, (v) a contractually binding agreement entered into between the Special Servicer, on behalf
of the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations under the
related Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of the Trust as a result of
a sale or other disposition in accordance with this Agreement.

 

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

 

     -93-

     

    

 

corporate trust officers furnished to the Master Servicer by the Trustee and the Certificate Administrator, as such
list may from time to time be amended.

 

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

 

“Restricted
Mezzanine Holder”: A holder of a related mezzanine loan that has been accelerated or as to which the mezzanine lender
has initiated foreclosure or enforcement proceedings against the equity collateral pledged to secure such mezzanine loan.

 

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

 

“Revised
Rate”: With respect to those Mortgage Loans on the Mortgage Loan Schedule indicated as having a revised rate, the increased
interest rate after the Anticipated Repayment Date (in the absence of a default) for each applicable Mortgage Loan, as calculated
and as set forth in the related Mortgage Loan.

 

“Rule
144A”: Rule 144A under the Act.

 

“Rule
144A Global Certificate”: Each of the Class X-E, Class X-F, Class X-G, Class D, Class E, Class F and Class G Certificates
issued as such on the Closing Date.

 

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

 

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

 

“S&P”:
Standard and Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or its successor in
interest. If neither such rating agency nor any successor remains in existence, “S&P” shall be deemed to refer
to such other nationally recognized statistical rating agency or other comparable Person reasonably designated by the Depositor,
notice of which designation shall be given to the other parties hereto, and specific ratings of S&P herein referenced shall
be deemed to refer to the equivalent ratings of the party so designated.

 

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

 

“Sarbanes
Oxley Certification”: As defined in Section 10.08 of this Agreement.

 

“Scheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal
portions of the following: (a) all Periodic Payments (excluding Balloon Payments) with respect to the Mortgage Loans due during
or, if and to the extent not previously received or advanced pursuant to Section 4.07 in respect of a preceding Distribution
Date (and not previously distributed to Certificateholders), prior to, the related Collection Period, and all Assumed Scheduled
Payments with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid by the
Borrower

 

     -94-

     

    

 

as of the Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a grace period ending
after the related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received
by the Master Servicer as of the Business Day preceding the Master Servicer Remittance Date) or (ii) advanced by the Master Servicer
or the Trustee, as applicable, pursuant to Section 4.07 in respect of such Distribution Date, and (b) all Balloon Payments
with respect to the Mortgage Loans to the extent received on or prior to the related Determination Date (or, with respect to each
Mortgage Loan with a Due Date occurring or a grace period ending after the related Determination Date, the related Due Date or
last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the
Master Servicer Remittance Date), and to the extent not included in clause (a) above.

 

“Secure
Data Room”: The internet website, which shall initially be located within the Certificate Administrator’s Website
(initially “www.ctslink.com”), under the “Diligence Files” tab on the page relating to this transaction.

 

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

 

“Sequential
Pay Certificate”: The Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class B, Class C, Class D, Class E, Class
F and Class G Certificates.

 

“Serviced
AB Whole Loan”: The Potomac Mills Whole Loan.

 

“Serviced
Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage loan not included in the Trust that is
serviced under this Agreement and that is generally (a) payable on a pari passu basis with the related Mortgage Loan included
in the Trust to the extent set forth in the related Intercreditor Agreement or (b) subordinated in right of payment to the related
Mortgage Loan included in the Trust to the extent set forth in the related Intercreditor Agreement. The Hill7 Companion Loan,
the Potomac Mills Companion Loans, the Residence Inn by Marriott LAX Companion Loans, the Holiday Inn Express Nashville –
Downtown Companion Loans, and the OZRE Leased Fee Portfolio Companion Loans are the Serviced Companion Loans.

 

“Serviced
Companion Loan Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of
a Serviced Companion Loan or Serviced REO Loan as to which any Serviced Companion Loan Securities exist, confirmation in writing
(which may be in electronic form) by each applicable Serviced Companion Loan Rating Agency that a proposed action, failure to
act or other event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current
rating assigned to any class of such Serviced Companion Loan Securities (if then rated by such Serviced Companion Loan Rating
Agency); provided that upon receipt of a written waiver or other acknowledgment from a Serviced Companion Loan Rating Agency
indicating its decision not to review or declining to review the matter for which the Serviced Companion Loan Rating Agency Confirmation
is sought (such written notice, a “Serviced Companion Loan Rating Agency Declination”), or as otherwise provided
in Section 3.30 of this Agreement, the requirement for the Serviced Companion Loan Rating Agency Confirmation from the
applicable Serviced Companion Loan Rating Agency with respect to such matter shall not apply.

 

     -95-

     

    

 

“Serviced
Companion Loan Noteholder”: Any holder of a Serviced Companion Loan; provided that for so long as a Serviced
Companion Loan is included in an Other Securitization, for purposes of providing or distributing any reports, statements, notices
or other information required or permitted to be provided to a Serviced Companion Loan Noteholder hereunder, “Serviced Companion
Loan Noteholder” shall also include the related Other Servicer.

 

“Serviced
Companion Loan Noteholder Register”: As defined in Section 3.27(b) of this Agreement.

 

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

 

“Serviced
Companion Loan Securities”: With respect to any Serviced Companion Loan so long as the related Mortgage Loan or any
successor Serviced REO Loan is part of the Mortgage Pool, any class of securities backed by such Serviced Companion Loan. Any
reference herein to a “series” of Serviced Companion Loan Securities shall refer to separate securitizations of one
or more of the Serviced Companion Loans.

 

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

 

“Serviced
Pari Passu Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust
that is serviced under this Agreement and that is generally payable on a pari passu basis with the related Mortgage Loan
included in the Trust to the extent set forth in the related Intercreditor Agreement. The Hill7 Companion Loan, the Potomac Mills
Companion Loans, the Residence Inn by Marriott LAX Companion Loans, the Holiday Inn Express Nashville – Downtown Companion
Loans and the OZRE Leased Fee Portfolio Companion Loans are the Serviced Pari Passu Companion Loans.

 

“Serviced
Pari Passu Companion Loan Noteholder”: Any holder of a Serviced Pari Passu Companion Loan.

 

“Serviced
Pari Passu Whole Loan”: Any Whole Loan serviced under this Agreement that is divided into one or more notes, which includes
a mortgage note that is included in the Trust and one or more pari passu mortgage notes not included in the Trust. References
herein to a Serviced Pari Passu Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes.
The Hill7 Whole Loan, the Potomac Mills Whole Loan, the Residence Inn by Marriott LAX Whole Loan, the Holiday Inn Express Nashville
– Downtown Whole Loan and the OZRE Leased Fee Portfolio Whole Loan are the only Serviced Pari Passu Whole Loans.

 

“Serviced
REO Loan”: Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.

 

     -96-

     

    

 

 

“Serviced REO
Property”: Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced Subordinate
Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust that is
serviced under this Agreement and that is generally subordinated in right of payment to the related Mortgage Loan included in the
Trust to the extent set forth in the related Intercreditor Agreement. The Potomac Mills Subordinate Companion Loan will be a Serviced
Subordinate Companion Loan related to the Trust.

 

“Serviced Whole
Loan”: Any Whole Loan serviced under this Agreement that is divided into one or more notes, which includes a mortgage
note that is included in the Trust and (a) one or more Subordinate Companion Loans not included in the Trust and/or (b) one
or more pari passu mortgage notes not included in the Trust. References herein to a Serviced Whole Loan shall be construed
to refer to the aggregate indebtedness under the related notes. The Hill7 Whole Loan, the Potomac Mills Whole Loan, the Residence
Inn by Marriott LAX Whole Loan, the Holiday Inn Express Nashville – Downtown Whole Loan and the OZRE Leased Fee Portfolio
Whole Loan are the only Serviced Whole Loans.

 

“Serviced Whole
Loan Collection Account”: With respect to each Serviced Whole Loan, the separate account or sub-account created and maintained
by the Master Servicer pursuant to Section 3.05(g) on behalf of the Certificateholders and the related Serviced
Companion Loan Noteholders, which shall be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf
of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CCRE Commercial Mortgage Securities, L.P.,
CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6, Serviced Whole Loan Collection Account.”
Amounts in any Serviced Whole Loan Collection Account applicable to the related Serviced Companion Loans shall not be assets of
the Trust Fund, but instead shall be held by the Master Servicer on behalf of the Trust Fund (in respect of amounts reimbursable
therefrom) and, the related Serviced Companion Loan Noteholders. Any such account or sub-account shall be an Eligible Account or
a sub-account of an Eligible Account (including a sub-account of the Collection Account).

 

“Serviced Whole
Loan Remittance Amount”: For each distribution date that a Master Servicer is required to make a distribution to a Serviced
Companion Loan Noteholder pursuant to Section 3.05(h) and with respect to each Serviced Whole Loan and related Mortgaged
Property (if it becomes a Serviced REO Property), any amount received by the Master Servicer (or, with respect to a Serviced REO
Property, the Special Servicer) during the related Collection Period that is payable to the Serviced Companion Loan Noteholder(s)
pursuant to the related Intercreditor Agreement or to be remitted to the Collection Account.

 

“Serviced Whole
Loan Remittance Date”: With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced Companion
Loan to an Other Securitization, a date as set forth in the related Intercreditor Agreement (or if no such date is specified, the
Master Servicer Remittance Date) and (y) following contribution of such Serviced Companion Loan to an Other Securitization, the
earliest of (A) Master Servicer Remittance Date, (B) the Business Day immediately succeeding the “determination date”
set forth in the related Other Pooling and Servicing Agreement or (C) the date required under the related Intercreditor

 

     -97-

     

    

 

Agreement;
provided, however, that in no event may any such “determination date” occur prior to (and any such otherwise
earlier “determination date” shall, for purposes of this definition, be deemed to occur on) the sixth day of each month
or, if such sixth day is not a Business Day, the next succeeding Business Day.

 

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

 

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

 

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

 

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

 

“Servicing Advance”:
All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and expenses
and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator, or the Trustee,
as applicable, in connection with the servicing and administering of (a) a Mortgage Loan (and in the case of a Serviced Mortgage
Loan, the related Serviced Companion Loan), other than a Non-Serviced Mortgage Loan, in respect of which a default, delinquency
or other unanticipated event has occurred or as to which a default is reasonably foreseeable or (b) a Mortgaged Property securing
a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or an REO Property, including, in the case of each of such clause (a)
and clause (b), but not limited to, (x) the cost of (i) compliance with the Master Servicer’s obligations
set forth in Section 3.04, (ii) the preservation, restoration and protection of a Mortgaged Property, (iii) obtaining
any Insurance and Condemnation Proceeds or any Liquidation Proceeds of the nature described in clauses (i) –
(vi) of the definition of “Liquidation Proceeds,” (iv) any enforcement or judicial proceedings with respect
to a Mortgaged Property, including foreclosures and (v) the operation, leasing, management, maintenance and liquidation of
any REO Property and (y) any amount specifically designated herein to be paid as a “Servicing Advance”. Notwithstanding
anything to the contrary, “Servicing Advances” shall not include allocable overhead of the Master Servicer or the Special
Servicer, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses
and similar internal costs and expenses or costs and expenses incurred by any such party in connection with its purchase of a Mortgage
Loan or REO Property. None of the Master Servicer, the Special Servicer or the Trustee shall make any Servicing Advance in connection
with the exercise of any cure rights or purchase rights granted to the holder of a Companion Loan under the related Intercreditor
Agreement or this Agreement.

 

     -98-

     

    

 

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

 

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

 

“Servicing Fee”:
With respect to each Mortgage Loan or Serviced Pari Passu Companion Loan and for any Distribution Date, an amount per Interest
Accrual Period equal to the product of (i) the respective Servicing Fee Rate (adjusted to a monthly rate) and (ii) the
Stated Principal Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the Due Date in the immediately preceding
Collection Period (without giving effect to payments of principal on such Mortgage Loan or Serviced Pari Passu Companion Loan on
such Due Date). The Servicing Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this
Agreement. For the avoidance of doubt, with respect to any Subordinate Companion Loan, unless otherwise agreed upon with the holder
of the related Subordinate Companion Loan, no Servicing Fee shall accrue or be payable on the principal balance thereof, and with
respect to each Mortgage Loan, the Servicing Fee shall be deemed payable from the Lower-Tier REMIC.

 

“Servicing Fee
Amount”: With respect to the Master Servicer and any date of determination, the aggregate of the products obtained by
multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan, (a) the Stated Principal Balance of such Mortgage
Loan or Serviced Pari Passu Companion Loan as of the end of the immediately preceding Collection Period and (b) the difference
between the Servicing Fee Rate for such Mortgage Loan or Serviced Pari Passu Companion Loan over the servicing fee rate (if any)
applicable to such Mortgage Loan or Serviced Pari Passu Companion Loan as specified in any Sub-Servicing Agreement related to such
Mortgage Loan or Serviced Pari Passu Companion Loan. With respect to each Sub-Servicer and any date of determination, the aggregate
of the products obtained by multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan serviced by such Sub-Servicer,
(a) the Stated Principal Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the end of the immediately
preceding Collection Period and (b) the servicing fee rate specified in the related Sub-Servicing Agreement for such Mortgage
Loan or the Serviced Pari Passu Whole Loan.

 

“Servicing Fee
Rate”: (A) With respect to each Mortgage Loan, the sum of the Master Servicing Fee Rate and the related Primary Servicing
Fee Rate, if any, which rates per annum are set forth on Exhibit B to this Agreement and (B) with respect to
each Serviced Companion Loan, the primary servicing fee rate, which is 0.0025% with respect to the Hill7 Companion Loan, 0.0025%
with respect to the Potomac Mills Companion Loans, 0.0025% with respect to the Residence Inn by Marriott LAX Companion Loan, 0.0025%
with respect to the Holiday Inn Express Nashville - Downtown Companion Loans and 0.0025% with respect to the OZRE Leased Fee Portfolio
Companion Loans.

 

“Servicing File”:
As defined in the related Mortgage Loan Purchase Agreement and including any original or copy of any replacement comfort letter
related to any hospitality property following receipt thereof by the Master Servicer.

 

     -99-

     

    

 

“Servicing Function
Participant”: Any Person, other than the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Operating Advisor or the Asset Representations Reviewer, that, within the meaning of Item 1122 of Regulation AB, is performing
activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage
Loans (based on their Stated Principal Balance) or the Master Servicer has assumed responsibility for the servicing activity, as
provided for under Regulation AB. No Non-Serviced Mortgage Loan Service Provider shall be a Servicing Function Participant retained
by any Servicing Function Participant that is a party to this Agreement, unless such party is a Servicing Function Participant
in connection with its servicing obligations under this Agreement.

 

“Servicing Officer”:
Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible for, the administration
and servicing of the Mortgage Loans and/or Serviced Companion Loans, or this Agreement and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s or employee’s knowledge of and familiarity
with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer, such an officer
or employee whose name and specimen signature appears on a list of servicing officers furnished to the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee by the Master Servicer or the Special Servicer, as applicable,
as such list may from time to time be amended.

 

“Servicing Shift
Companion Loan Directing Holder”: With respect to a Servicing Shift Whole Loan, the “Controlling Holder”,
the “Directing Holder”, “Directing Lender” or any analogous concept set forth under the related Intercreditor
Agreement. Prior to the applicable Servicing Shift Securitization Date, the “Directing Holder” with respect to the
related Servicing Shift Whole Loan will be the holder of the related Controlling Companion Loan. On and after the applicable Servicing
Shift Securitization Date, there will be no Servicing Shift Companion Loan Directing Holder under the Pooling and Servicing Agreement
with respect to the related Servicing Shift Whole Loan. There are no Servicing Shift Companion Loan Directing Holders related to
the Trust.

 

“Servicing Shift
Lead Note”: With respect to any Servicing Shift Whole Loan, as of any date of determination, the note or other evidence
of indebtedness and/or agreements evidencing the indebtedness of a Borrower under such Servicing Shift Whole Loan including any
amendments or modifications, or any renewal or substitution notes, as of such date, the sale of which to the related Other Securitization
will cause servicing to shift from this Agreement to the related Other Pooling and Servicing Agreement pursuant to the terms of
the related Intercreditor Agreement for such Servicing Shift Whole Loan. There are no Servicing Shift Lead Notes related to the
Trust.

 

“Servicing Shift
Securitization Date”: With respect to any Servicing Shift Whole Loan, the date on which the related Servicing Shift Lead
Note is included in a related Other Securitization, provided that such holder of a Servicing Shift Lead Note provides each of the
parties to this Agreement (in each case only to the extent such party will not also be a party to the related Other Securitization)
with notice in accordance with the terms of the related Intercreditor Agreement that such Servicing Shift Lead Note is to be included
in such Other Securitization, which notice shall include contact information for the related Other Servicer, the Other Special

 

     -100-

     

    

 

Servicer and the Other Trustee. There are no Servicing Shift Securitization Dates related to the Trust.

 

“Servicing Shift
Mortgage Loan” With respect to any Servicing Shift Whole Loan, a Mortgage Loan included in the Issuing Entity that will
be serviced under this Agreement as of the Closing Date, but the servicing of which is expected to shift to the pooling and servicing
agreement entered into in connection with the securitization of the related Controlling Companion Loan on and after the date of
such securitization. There are no Servicing Shift Mortgage Loans related to the Trust.

 

“Servicing Shift
Whole Loan”: Any Whole Loan serviced under this Agreement as of the Closing Date, which includes the related Servicing
Shift Mortgage Loan included in the Issuing Entity and one or more Pari Passu Companion Loans not included in the Issuing Entity,
but the servicing of which is expected to shift to the pooling and servicing agreement entered into in connection with the securitization
of the related Controlling Companion Loan on and after the date of such securitization. There are no Servicing Shift Whole Loans
related to the Trust.

 

“Servicing Standard”:
With respect to the Master Servicer and the Special Servicer, to diligently service and administer the applicable Mortgage Loans
(other than any Non-Serviced Mortgage Loans) or Serviced Whole Loans, Specially Serviced Loans (other than any Non-Serviced Mortgage
Loans) and Serviced REO Loans for which each is responsible in the best interests of and for the benefit of all of the Certificateholders
and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such
Certificateholders and Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole
Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan),
as determined by the Master Servicer or the Special Servicer, as the case may be, in the exercise of its reasonable judgment) in
accordance with applicable law, the terms of this Agreement, the applicable Loan Documents and any related Intercreditor Agreement,
and to the extent consistent with the foregoing, in accordance with the higher of the following standards of care:

 

(a)          the same manner in which, and with the same care, skill, prudence and diligence with which the Master Servicer or the Special
Servicer, as the case may be, services and administers similar mortgage loans for other third-party portfolios, and

 

(b)         
the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be,
services and administers similar mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the case may
be.

 

In either case, with
a view to the timely recovery of all payments of principal and interest under the applicable Mortgage Loans or Serviced Whole Loans
or, in the case of Defaulted Mortgage Loans, the maximization of timely recovery of principal and interest on a net present value
basis (determined in accordance with the Loan Documents or, if the Loan Documents are silent, at the Calculation Rate) on the applicable
Mortgage Loans or Serviced Whole Loans, and the best interests of the Trust and the Certificateholders and, in the case of any
Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective whole as if such Certificateholders and
Serviced Companion Loan Noteholders, as applicable,

 

     -101-

     

    

 

constituted a single lender (and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the pari passu or subordinate nature of such Subordinate Companion Loan),
as determined by the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment in either case, giving
due consideration to the customary and usual standards of practice of prudent institutional commercial, multifamily and manufactured
housing community mortgage loan servicers, but without regard to any potential conflict of interest arising from (a) any relationship
that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate of the Master Servicer or the Special Servicer,
may have with the related Borrower, any Mortgage Loan Seller, any other party to this Agreement or any Affiliate of the foregoing;
(b) the ownership of any Certificate or any interest in any Non-Serviced Companion Loan, Serviced Companion Loan or any mezzanine
loan related to a Mortgage Loan by the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof; (c) the
Master Servicer’s obligation to make Advances; (d) the Master Servicer’s or the Special Servicer’s, as the
case may be, right to receive compensation for its services hereunder or with respect to any particular transaction; (e) the
ownership, servicing or management for others of any other mortgage loans or mortgaged properties by the Master Servicer or the
Special Servicer or any Affiliate of the Master Servicer or the Special Servicer, as applicable; (f) any debt that the Master
Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer, as applicable, has extended to
any Borrower or an Affiliate of any Borrower (including, without limitation, any mezzanine financing); (g) any option to purchase
any Mortgage Loan or the related Companion Loan the Master Servicer or Special Servicer, as the case may be, or any of its affiliates
may have; (h)  any obligation of the Master Servicer, the Special Servicer or one of their respective Affiliates, to repurchase
or substitute for a Mortgage Loan as Mortgage Loan Seller (if the Master Servicer or the Special Servicer or one of their respective
affiliates is a Mortgage Loan Seller).

 

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

 

“SG”:
Société Générale, in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“SG Indemnification
Agreement”: The agreement dated as of the Pricing Date, among SG, the Depositor, the Underwriters and the Initial Purchasers.

 

“SG Mortgage
Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the SG Purchase Agreement.

 

“SG Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective as of the Closing Date, among SG and the Depositor.

 

“Significant
Obligor”: (a) Any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any Mortgage
Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by principal balance
as of the Cut-off Date); or (b) any single Mortgaged Property or group of Mortgaged Properties securing any Mortgage Loan or group
of cross collateralized and/or cross defaulted Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage
Pool (by principal 

 

     -102-

     

    

 

balance as of the Cut-off Date). As of the Closing Date, no Mortgaged Property constitutes a Significant Obligor
related to the Trust.

 

“Significant
Obligor NOI Quarterly Filing Deadline”:  With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is 15 days after the Distribution Date (or, in the case of a Serviced Companion Loan, the
“distribution date” under the related Other Pooling and Servicing Agreement) occurring on or immediately following
the date on which financial statements for such calendar quarter are required to be delivered to the related lender under the related
Loan Documents. The parties to this Agreement acknowledge that in the event the Mortgaged Property securing the related Serviced
Companion Loan is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an
Other Securitization that includes such Serviced Companion Loan, the date on which quarterly financial statements are required
to be delivered to the related lender under the related Mortgage Loan documents is, with respect to net operating income information,
for (A) the Hill7 Companion Loan, 45 days following the end of each fiscal quarter, (B) the Potomac Mills Companion Loans, 45 days
following the end of each fiscal quarter, in each case, subject to the terms of the related loan agreement, (C) the Residence Inn
by Marriott LAX Companion Loans, 30 days following the end of each fiscal quarter, (D) the Holiday Inn Express Nashville - Downtown
Companion Loans, 30 days following the end of each fiscal quarter and (E) the OZRE Leased Fee Portfolio Companion Loan, 30 days
following the end of each fiscal quarter.

 

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

 

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

 

“Small Loan
Appraisal Estimate”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole
Loan having a Stated Principal Balance of less than $2,000,000, the Special Servicer’s good faith estimate of the value of
the Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan, as certified to the Master Servicer by the Special Servicer.

 

“Sole Certificateholder”:
Any Holder (or Holders, provided they act in unanimity) holding 100% of the then outstanding Certificates (including Certificates
with Certificate Balances that have been actually or notionally reduced by any Realized Losses or Appraisal Reduction Amounts,
but excluding the Class R and Class V Certificates) or an assignment of the Voting Rights thereof; provided, that the Notional
Balances of the Class X-A and Class X-B Certificates and the Certificate Balances of the Class A-1, Class A-SB, Class A-2, Class
A-3, Class X-A, Class A-M, Class B, Class C and Class D Certificates have been reduced to zero; provided, further,
that if the Holders of the Class X-E, Class X-F and Class X-G Certificates have assigned all of the Voting Rights of the Class
X-E, Class X-F and Class X-G Certificates to the Holder of 100% of the then outstanding Class E, Class F and Class G Certificates,
then “Sole Certificateholder” shall mean the Holder of 100% of the Class E, Class F and Class G Certificates.

 

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

 

     -103-

     

    

 

Agreement, (c) notice of any request by at least 15% of the Voting Rights of the Certificates
to terminate and replace the Operating Advisor pursuant to Section 7.07(b) of this Agreement and (d) notice transmitted
to Certificateholders pursuant to Section 3.22(c) of this Agreement.

 

“Special Servicer”:
With respect to (i) each of the Mortgage Loans (other than the Potomac Mills Mortgage Loan, any Non-Serviced Mortgage Loan and
any Excluded Special Servicer Mortgage Loan) and any Serviced Companion Loans, Rialto Capital Advisors, LLC, or its successor in
interest, or any successor special servicer appointed as provided herein, (ii) the Potomac Mills Mortgage Loan and any matters
relating to the foregoing, the Potomac Mills Special Servicer and (iii) with respect to any Excluded Special Servicer Mortgage
Loan, if any, the related Excluded Special Servicer appointed pursuant to Section 3.22(j) of this Agreement, as applicable
and as the context may require.

 

“Special Servicer
Decision”: Any of the following:

 

(a)        
approving leases, lease modifications or amendments or any requests for subordination, non-disturbance and attornment agreements,
for leases in excess of the lesser of (A) 30,000 square feet and (B) 30% of the net rentable area at the related Mortgaged Property;

 

(b)        
approving any waiver regarding the receipt of financial statements (other than any waiver affecting the timing of receipt
thereof; provided that such waiver does not involve permitting delivery of financial statements less than quarterly and more than
60 days after the end of the calendar quarter);

 

(c)         
approving annual budgets for the related Mortgaged Property that provide for (i) increases in operating expenses in an amount
equal to more than 110% of the amounts budgeted therefor for the prior year or (ii), payments to affiliates of the related borrower
(excluding affiliated managers paid at fee rates agreed to at the origination of the related Mortgage Loan);

 

(d)        
approving material rights-of-way and material easements, and consent to subordination of the related Mortgage Loan or Whole
Loan to such material rights-of-way or easements;

 

(e)        
agreeing to any modification, waiver, consent or amendment of the related Mortgage Loan or Whole Loan in connection with
a defeasance if such proposed modification, waiver, consent or amendment is with respect to a (i) a waiver of a mortgage loan event
of default (but excluding non-monetary events of default other than defaults relating to transfers of interest in the Borrower
or the existing collateral or material modifications of the existing collateral), (ii) a modification of the type of defeasance
collateral required under the Mortgage Loan or Whole Loan documents other than direct, non-callable obligations of the United States
would be permitted or (iii) a modification that would permit a principal prepayment instead of defeasance if the applicable Loan
Documents do not otherwise permit such principal prepayment; provided that the foregoing is not otherwise a Major Decision;

 

     -104-

     

    

 

(f)         
in circumstances where no lender discretion is permitted other than confirming that the conditions in the applicable Loan
Documents have been satisfied, any requests to incur additional debt in accordance with the terms of the Loan Documents;

 

(g)        
any requests for the disbursement of earnouts or holdback amounts with respect to (i) any Specially Serviced Loan that is
not otherwise a Major Decision and (ii) the Mortgage Loans set forth on Exhibit Y of this Agreement;

 

(h)       
 approving any proposed modification or waiver of any material provision in the related loan documents governing the type,
nature or amount of insurance coverage required to be obtained and maintained by the related borrower;

 

(i)          
approving any casualty insurance settlements or condemnation settlements, and determining whether to apply casualty proceeds
or condemnation awards to the reduction of the debt rather than to the restoration of the Mortgaged Property; and

 

(j)         
agreeing to any modification or amendment to any ground lease or any subordination, non-disturbance and attornment agreement
relating to any ground lease or any entry into a new ground lease with respect to a Mortgaged Property or determining whether to
cure any default by a Borrower under a ground lease.

 

provided, however,
with respect to clause (e) of this definition (1) the Master Servicer shall evaluate and process requests for any modifications
described in sub-clauses (i) and (ii) of such clause (e) and obtain the consent or deemed consent of the Special Servicer as provided
in the this Agreement and (2) the Special Servicer shall evaluate and process and/or consent to requests for any modifications
described in sub-clause (iii) of such clause (e).

 

Notwithstanding the foregoing,
the Master Servicer and Special Servicer may mutually agree as provided in this Agreement that the Master Servicer shall process
any of the foregoing matters (as well as any Major Decision) with respect to any non-Specially Serviced Loan (other than a Non-Serviced
Mortgage Loan). If the Master Servicer and Special Servicer mutually agree that the Master Servicer shall process a Special Servicer
Decision, the Master Servicer shall obtain the Special Servicer’s prior consent to such Special Servicer Decision.

 

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

 

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

 

“Special Servicing
Compensation”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan,
any of the Special Servicing Fee, Workout Fee, Liquidation Fee and any other fees, charges or other amounts which shall be due
to the Special Servicer that are expressly provided for in Section 3.12 of this Agreement.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Loan (or Serviced REO Loan) for each calendar month (or portion thereof),
the fraction of the Special

 

     -105-

     

    

 

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

 

“Special Servicing
Fee Rate”: With respect to any Specially Serviced Loan or REO Property, a rate equal to (a) 0.25% per annum (or,
with respect to the Potomac Mills Mortgage Loan, 0.125% per annum, so long as the Controlling Class Representative has not
selected the replacement Special Servicer for the Potomac Mills Mortgage Loan) or (b) if such rate in clause (a) would
result in a Special Servicing Fee with respect to a Specially Serviced Loan or REO Property (other than an REO Property acquired
with respect to any Non-Serviced Whole Loan) that would be less than $3,500 in any given month, then the Special Servicing Fee
Rate for such month for such Specially Serviced Loan or REO Property shall be the higher per annum rate as would result
in a Special Servicing Fee equal to $3,500 for such month with respect to such Specially Serviced Loan or REO Property.

 

“Specially Serviced
Loan”: Subject to Section 3.23 of this Agreement, any Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or Serviced Companion Loan with respect to which:

 

(a)         
either (i) with respect to such Mortgage Loan or Serviced Companion Loan, other than a Balloon Loan, a payment default
shall have occurred on such Mortgage Loan or Serviced Companion Loan at its Maturity Date or, if the Maturity Date of such Mortgage
Loan or Serviced Companion Loan has been extended in accordance herewith, a payment default occurs on such Mortgage Loan or Serviced
Companion Loan at its extended Maturity Date or (ii) with respect to a Balloon Loan, a payment default shall have occurred
with respect to the related Balloon Payment; provided, that if (A) the related Borrower is diligently seeking a refinancing
commitment (and delivers a statement to that effect to the Master Servicer, who shall promptly deliver a copy to the Special Servicer,
the Operating Advisor and the Controlling Class Representative (but only if no Consultation Termination Event has occurred and
is continuing) within 30 days after such default), (B) the related Borrower continues to make its Assumed Scheduled Payment,
(C) no other Servicing Transfer Event shall have occurred with respect to such Mortgage Loan or Serviced Companion Loan and
(D) for so long as no Control Termination Event has occurred and is continuing, the Controlling Class Representative consents,
a Servicing Transfer Event will not occur until 60 days beyond the related Maturity Date, unless extended by the Special Servicer
in accordance with the Loan Documents, this Agreement and any related Intercreditor Agreement; and provided, further,
if the related Borrower delivers to the Master Servicer, who shall have promptly

 

     -106-

     

    

 

delivered a copy to the Special Servicer, the
Operating Advisor and the Controlling Class Representative (but only if no Consultation Termination Event has occurred and is continuing),
on or before the 60th day after the related Maturity Date, a refinancing commitment reasonably acceptable to the Special Servicer,
and such Borrower continues to make its Assumed Scheduled Payments (and no other Servicing Transfer Event shall have occurred with
respect to that Mortgage Loan or Serviced Companion Loan), a Servicing Transfer Event will not occur until the earlier of (1) 120 days
beyond the related Maturity Date or extended Maturity Date and (2) the termination of the refinancing commitment;

 

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

 

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

 

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

 

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

 

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

 

     -107-

     

    

 

(g)         
a default, of which the Master Servicer or Special Servicer has notice (other than a failure by such related Borrower to
pay principal or interest) and which in the opinion of the Master Servicer or Special Servicer (in the case of the Special Servicer,
for so long as no Control Termination Event has occurred and is continuing, with the consent of the Directing Holder (and other
than with respect to the Servicing Shift Whole Loans), with respect to any Servicing Shift Whole Loan, the related Servicing Shift
Companion Loan Directing Holder, and with respect to any Serviced Whole Loan, in consultation with the related Serviced Companion
Loan Noteholders to the extent provided for in the related Intercreditor Agreement) materially and adversely affects the interests
of the Certificateholders or any holder of a Serviced Companion Loan, if applicable, occurs and remains unremedied for the applicable
grace period specified in the Loan Documents for such Mortgage Loan or Serviced Companion Loan (or if no grace period is specified
for those defaults which are capable of cure, 60 days); or

 

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

 

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

 

If a Servicing
Transfer Event exists with respect to any Mortgage Loan included in a Serviced Whole Loan, then it will also be deemed to exist
with respect to the related Serviced Companion Loans, and vice versa.

 

The right
of the holder of any related Subordinate Companion Loan to cure an event of default under the related Intercreditor Agreement is
subject to the limitations set forth in such Intercreditor Agreement. Any such cure deposit by the holder of a Subordinate Companion
Loan shall be treated as an “outside reserve fund” for purposes of the REMIC Provisions, and the holder of such Subordinate
Companion Loan shall be treated as the beneficial owner thereof or of any reimbursement from the Trust Fund, and shall be taxable
on any reinvestment income thereon.

 

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

 

“Stated Principal
Balance”: With respect to any Mortgage Loan, the Serviced Companion Loan or Serviced Whole Loan, as applicable, on any
date of determination, the

 

     -108-

     

    

 

principal balance as of the Cut-off Date of such Mortgage Loan, Serviced Companion Loan or Serviced
Whole Loan (or in the case of a Replacement Mortgage Loan, the outstanding principal balance as of the related date of substitution
and after application of all scheduled payments of principal and interest due on or before the related Due Date in the month of
substitution, whether or not received), as reduced (to not less than zero) on each Distribution Date by (i) all payments (or
P&I Advances in lieu thereof) of, and all other collections allocated as provided in Section 1.02 of this Agreement
to, principal of or with respect to such Mortgage Loan, the Serviced Companion Loan or Serviced Whole Loan, as applicable, that
are distributed to the Certificateholders on such Distribution Date or Serviced Companion Loan Noteholders on the related remittance
date in the same calendar month as such Distribution Date or applied to any other payments required under this Agreement or related
Intercreditor Agreement on or prior to such Distribution Date, and (ii) any principal forgiven by the Special Servicer (or
with respect to a Non-Serviced Mortgage Loan, by the related Other Special Servicer or other applicable servicer) and other principal
losses realized in respect of such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan during the related Collection
Period (or with respect to a Non-Serviced Mortgage Loan, other principal losses realized in respect of such Non-Serviced Mortgage
Loan during the related Collection Period as determined in accordance with the terms of the Other Pooling and Servicing Agreement).

 

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

 

“Sub-Servicer”:
Any Person engaged by the Master Servicer or the Special Servicer (including, for the avoidance of doubt, each Mortgage Loan Seller
Sub-Servicer and any primary servicer) to perform servicing activities with respect to one or more Mortgage Loans or REO Loans.

 

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

 

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

 

“Subject Loans”:
As defined in Section 11.02(b).

 

“Subordinate
Companion Loan”: With respect to any Whole Loan, any related subordinated loan not included in the Trust, which is subordinated
in right of payment to the related Mortgage Loan to the extent set forth in the related Intercreditor Agreement. The

 

     -109-

     

    

 

Potomac Mills
Subordinate Companion Loan is a Subordinate Companion Loans related to the Trust.

 

“Substitution
Shortfall Amount”: In connection with the substitution of one or more Replacement Mortgage Loans for one or more Removed
Mortgage Loans, the amount, if any, by which the Purchase Price or aggregate Purchase Price, as the case may be, for such Removed
Mortgage Loan(s) exceeds the initial Stated Principal Balance or aggregate initial Stated Principal Balance, as the case may be,
of such Replacement Mortgage Loan(s).

 

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

 

“TEK Park Companion
Loans”: As defined in the Preliminary Statement.

 

“TEK Park Mortgage
Loan”: As defined in the Preliminary Statement.

 

“TEK Park Pooling
and Servicing Agreement”: The pooling and servicing agreement, dated as of July 1, 2016 among SG Commercial Mortgage
Securities, LLC, as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special
servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator,
Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset representations reviewer,
and entered into in connection with the SG Commercial Mortgage Securities Trust 2016-C5.

 

“TEK Park Service
Providers”: With respect to the TEK Park Companion Loans, the related Other Trustee, Other Servicer, Other Special Servicer
and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances in respect of such
mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“TEK Park Whole
Loan”: The TEK Park Companion Loans, together with the TEK Park Mortgage Loan. References herein to the TEK Park Whole
Loan shall be construed to refer to the aggregate indebtedness under the related notes with respect to the TEK Park Mortgage Loan
and the TEK Park Companion Loans.

 

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

 

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

 

     -110-

     

    

 

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

 

“Test”:
As defined in Section 11.01(b)(iii).

 

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

 

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

 

“Threshold Event
Collateral”: (x) Cash collateral acceptable to the Master Servicer or the Potomac Mills Special Servicer or (y) an unconditional
and irrevocable standby letter of credit issued by a bank or other financial institution that meets the rating requirements as
described in the Potomac Mills Intercreditor Agreement.

 

“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

 

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

 

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

 

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

 

     -111-

     

    

 

“Trust Ledger”:
Amounts deposited in the Collection Account or a Serviced Whole Loan Collection Account and attributable to the Mortgage Loans
or related Serviced Whole Loan, respectively, which are maintained pursuant to Section 3.06(a) and Section 3.06(b) of
this Agreement, as applicable, and held on behalf of the Trustee on behalf of the Certificateholders or held on behalf of the Trustee
on behalf of the Certificateholders and related Companion Loan Noteholders, as applicable.

 

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

 

“Trustee”:
Wilmington Trust, National Association, in its capacity as Trustee, or its successor in interest, or any successor Trustee appointed
as herein provided.

 

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

 

“Underwriters”:
Cantor Fitzgerald & Co., SG Americas Securities LLC, CastleOak Securities, L.P. and Citigroup Global Markets Inc. and their
respective successors in interest.

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to Section 3.06(a) of this Agreement, as applicable, but that has not been recovered from the related Borrower
or otherwise from collections on or the proceeds of the Mortgage Loan or the applicable Serviced Whole Loan or Serviced REO Property
in respect of which the Advance was made.

 

“Unscheduled
Payments”: With respect to a Mortgage Loan and a Collection Period, all Net Liquidation Proceeds, Net Condemnation Proceeds
and Net Insurance Proceeds payable under such Mortgage Loan, the Purchase Price of any Mortgage Loan that is repurchased or purchased
pursuant to Section 2.03(e), Section 3.16 or Section 9.01 of this Agreement, the Substitution
Shortfall Amount with respect to any substitution pursuant to Section 2.03(g) of this Agreement and any other payments
under or with respect to such Mortgage Loan not scheduled to be made, including Principal Prepayments received by the Master Servicer
(but excluding Prepayment Premiums or Yield Maintenance Charges, if any) during such Collection Period.

 

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

 

“Updated Valuation”:
With respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan having a Stated Principal Balance
of $2,000,000 or higher, an Updated Appraisal. With respect to a Mortgage Loan having a Stated Principal Balance of less than $2,000,000,
an updated Small Loan Appraisal Estimate or an Updated Appraisal.

 

     -112-

     

    

 

“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:
(a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal
portion of any other collections (exclusive of payments by Borrowers) received on the Mortgage Loans and any REO Properties on
or prior to the related Determination Date whether in the form of Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds,
net income, rents, and profits from REO Property or otherwise, that were identified and applied by the master servicer as recoveries
of previously unadvanced principal of the related Mortgage Loan; provided, that all such Liquidation Proceeds and Insurance
Proceeds and Condemnation Proceeds will be reduced by any unpaid Special Servicing Fees, Liquidation Fees, any amount related to
the Loss of Value Payments to the extent that such amount was transferred into the Collection Account during the related Collection
Period, accrued interest on Advances and other additional trust fund expenses incurred in connection with the related Mortgage
Loan, thus reducing the Unscheduled Principal Distribution Amount.

 

“Upper-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(f) of this Agreement, which shall be entitled “Wells Fargo
Bank, National Association, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee,
for the benefit of the Holders of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6, Upper-Tier
Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Upper-Tier Distribution
Account shall be an asset of the Upper-Tier REMIC.

 

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

 

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

 

“Vertex Pharmaceuticals
HQ Companion Loans”: As defined in the Preliminary Statement.

 

“Vertex Pharmaceuticals
HQ Mortgage Loan”: As defined in the Preliminary Statement.

 

“Vertex Pharmaceuticals
HQ Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of August 1, 2016 among Wells Fargo
Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto

 

     -113-

     

    

 

Capital
Advisors, LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association,
as certificate administrator, Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset
representations reviewer, and entered into in connection with the Wells Fargo Commercial Mortgage Trust 2016-BNK1.

 

“Vertex Pharmaceuticals
HQ Service Providers”: With respect to each Vertex Pharmaceuticals HQ Companion Loan, the related Other Trustee, Other
Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or
interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Vertex Pharmaceuticals
HQ Whole Loan”: The Vertex Pharmaceuticals HQ Companion Loans, together with the Vertex Pharmaceuticals HQ Mortgage Loan.
References herein to the Vertex Pharmaceuticals HQ Whole Loan shall be construed to refer to the aggregate indebtedness under the
related notes with respect to the Vertex Pharmaceuticals HQ Mortgage Loan and the Vertex Pharmaceuticals HQ Companion Loans.

 

“Voting Rights”:
The portion of the voting rights of all of the Certificates that is allocated to any Certificateholder or Class of Certificateholders.
At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class shall be: (a) 98% to
be allocated among the Certificateholders of the respective Classes of Sequential Pay Certificates in proportion to the Certificate
Balances (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to
Section 7.01(a), the Operating Advisor pursuant to Section 7.07(a) and the Asset Representations Reviewer pursuant to
Section 11.05(a), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated
to the Certificates pursuant to Section 4.08(a) hereof) of their Certificates, (b) 2% to be allocated among the Certificateholders
of the Class X-A, Class X-B, Class X-E, Class X-F and Class X-G Certificates (allocated to the Class X-A, Class X-B, Class X-E,
Class X-F and Class X-G Certificates on a pro rata basis based on their respective outstanding Notional Amounts at the time
of determination) and (c) 0%, in the case of the Class V and Class R Certificates.

 

“WAC Rate”:
With respect to any Distribution Date, a per annum rate equal to the fraction (expressed as a percentage) the numerator
of which is the sum for all Mortgage Loans of the product of (i) the Net Mortgage Rate for each such Mortgage Loan as of the
first day of the related Collection Period and (ii) the Stated Principal Balance of each such Mortgage Loan as of the first
day of the related Collection Period, and the denominator of which is the sum of the Stated Principal Balances of all Mortgage
Loans as of the first day of the related Collection Period (after giving effect to any payments received during any applicable
grace period).

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(22)
or successor provisions.

 

“WHFIT Regulations”:
Treasury Regulations section 1.671-5, as amended.

 

     -114-

     

    

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(23) or successor
provisions.

 

“Whole Loan”:
Each of the Hill7 Whole Loan, the Vertex Pharmaceuticals HQ Whole Loan, the Potomac Mills Whole Loan, the Fresno Fashion Fair Whole
Loan, the Residence Inn by Marriott LAX Whole Loan, the Holiday Inn Express Nashville - Downtown Whole Loan, the TEK Park Whole
Loan, the OZRE Leased Fee Portfolio Whole Loan, the Mills Fleet Farm Whole Loan, the Marriott Savannah Riverfront Whole Loan, the
Marriott Saddle Brook Whole Loan and the 132 West 27th Street Whole Loan.

 

“Withheld Amount”:
With respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, and with respect to each Distribution Date occurring
in January of each calendar year that is not a leap year and February of each calendar year, unless in either case
such Distribution Date is the final Distribution Date, an amount equal to one day’s interest at the Net Mortgage Rate on
the respective Stated Principal Balance as of the Due Date in the month preceding the month in which such Distribution Date occurs,
to the extent that a Periodic Payment or a P&I Advance is made in respect thereof.

 

The Withheld Amount for
each applicable Distribution Date for each Mortgage Loan that does not accrue interest on a 30/360 basis will be equal to 1/31
of the interest accrued in respect of the immediately preceding Due Date, to the extent a Periodic Payment or P&I Advance is
made in respect thereof.

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan or, with respect to Servicing Advances, any Serviced Whole
Loan, the amount of any Advance made with respect to such Mortgage Loan or Serviced Whole Loan on or before the date such Mortgage
Loan or Serviced Whole Loan becomes (or, but for the making of three monthly payments under its modified terms, would then constitute)
a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that
(i) such Advance is not reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage
Loan or Serviced Whole Loan becomes a Corrected Mortgage Loan and (ii) the amount of such Advance becomes an obligation of
the related Borrower to pay such amount under the terms of the modified Loan Documents.

 

“Workout Fee”:
An amount equal to the lesser of (1) 1.0% (or, with respect to the Potomac Mills Mortgage Loan, 0.5%) of each collection of interest
and principal (including scheduled payments, prepayments (provided that a repurchase or substitution by a Mortgage Loan
Seller of a Mortgage Loan due to a Material Defect or a Material Breach shall not be considered a prepayment for purposes of this
definition), Balloon Payments and payments at maturity, but excluding late payment charges, Excess Interest and Default Interest)
received on a Specially Serviced Loan that becomes a Corrected Mortgage Loan for so long as it remains a Corrected Mortgage Loan,
pursuant to Section 3.12(b) of this Agreement and (2) $1,000,000 (or, with respect to the Potomac Mills Mortgage
Loan, $2,000,000, so long as the Controlling Class Representative has not selected the replacement Special Servicer for the Potomac
Mills Mortgage Loan), in the aggregate with respect to any particular workout of a Specially Serviced Loan; provided that
the Workout Fee with respect to any Corrected Mortgage Loan shall be capped in accordance with Section 3.12(b) of this
Agreement; provided, further that no Workout Fee shall be payable by the Trust with respect to any Corrected Mortgage
Loan if and to the

 

     -115-

     

    

 

extent that the Corrected Mortgage Loan became a Specially Serviced Loan under clause (c) of the definition
of “Specially Serviced Loan” (and no other clause of such definition) and no event of default actually occurs,
unless the Mortgage Loan or Serviced Companion Loan is modified by the Special Servicer in accordance with the terms of this Agreement;
provided, further that if a Mortgage Loan or Serviced Companion Loan becomes a Specially Serviced Loan only because
of an event described in clause (a) of the definition of “Specially Serviced Loan” and the related collection
of principal and interest is received within 3 months following the related maturity date as a result of the related Mortgage Loan
or Serviced Companion Loan being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled to collect
a Workout Fee out of the proceeds received in connection with such workout if such fee would reduce the amount available for distributions
to Certificateholders, but the Special Servicer may collect from the related Borrower and retain (x) a workout fee, (y) such
other fees as are provided for in the related Loan Documents and (z) other appropriate fees in connection with such workout. The
total amount of Workout Fees payable by the Trust with respect to any Corrected Mortgage Loan and with respect to any particular
workout (assuming, for the purposes of this calculation, that such Corrected Mortgage Loan continues to perform throughout its
term in accordance with the terms of the related workout) shall be reduced by the amount of any and all related Offsetting Modification
Fees received by the Special Servicer as additional servicing compensation relating to such Corrected Mortgage Loan; provided
that the Special Servicer shall be entitled to collect such Workout Fees from the Trust until such time it has been fully paid
such reduced amount. For the avoidance of doubt, the Mortgage Loan Seller will be required to pay a Workout Fee in connection with
a repurchase or substitution to the extent the Special Servicer was entitled to such a fee and such fee was unpaid immediately
prior to such repurchase or substitution or was previously paid by the Trust and was not reimbursed by the related Borrower immediately
prior to such repurchase or substitution. In furtherance of the foregoing, upon a Specially Serviced Loan becoming a Corrected
Mortgage Loan, the Special Servicer shall provide the Master Servicer with a calculation of the total amount of Workout Fees expected
to be payable by the Trust with respect to such Corrected Mortgage Loan throughout its term (which calculation shall be reasonably
acceptable to the Master Servicer) and the total amount of related Offsetting Modification Fees received by the Special Servicer.

 

“Yield Maintenance
Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge set forth in the
related Loan Documents; provided that, amounts shall be considered Yield Maintenance Charges pursuant to the allocation
set forth under Section 1.02(f) or Section 1.02(g), as applicable.

 

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

 

(a)         
All calculations of interest with respect to the Mortgage Loans and Serviced Companion Loans (other than the Actual/360
Loans) and of Advances in respect thereof provided for herein shall be made on the basis of a 360-day year consisting of twelve
30-day months. All calculations of interest with respect to the Actual/360 Loans and of Advances provided in respect thereof provided
for herein shall be made as set forth in the Loan Documents for such Mortgage Loans and, if applicable, Serviced Companion Loans,
with respect to the calculation of the related Mortgage Rate. The Servicing Fee, the Certificate Administrator/Trustee Fee, the
CREFC® Intellectual Property Royalty License Fee and the

 

     -116-

     

    

 

Operating Advisor Fee for each Mortgage Loan or
Serviced Whole Loan, as applicable, shall accrue on the same basis as interest accrues on such Mortgage Loan or Serviced Whole
Loan, as applicable.

 

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

 

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

 

(d)        
Allocations of payments between a Mortgage Loan and the related Serviced Companion Loans in a Whole Loan shall be made in
accordance with the related Intercreditor Agreement.

 

(e)         
If an expense under this Agreement relates in the reasonable judgment of the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee or the Paying Agent, as applicable, primarily to the administration of the Trust Fund, either
Trust REMIC or the Grantor Trust or to any determination respecting the amount, payment or avoidance of any tax under the REMIC
Provisions or the actual payment of any REMIC tax or expense, or Grantor Trust tax or expense or this Agreement states that any
expense is solely “an expense of the Trust Fund” or words of similar import, then such expense shall not be allocated
to, deducted or reimbursed from, or otherwise charged against any Serviced Companion Loan Noteholder and such Serviced Companion
Loan Noteholder shall not suffer any adverse consequences as a result of the payment of such expense.

 

     -117-

     

    

 

(f)          
All amounts collected by or on behalf of the Trust in respect of any Mortgage Loan (other than an REO Loan) in the form
of payments from the related Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive, if applicable,
in the case of a Mortgage Loan that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced
Companion Loan, pursuant to the related Intercreditor Agreement) shall be allocated to amounts due and owing under the related
Loan Documents (including for principal and accrued and unpaid interest) in accordance with the express provisions of the related
Loan Documents and, with respect to any Mortgage Loan that is part of a Serviced Whole Loan, the related Intercreditor Agreement;
provided, absent such express provisions, all such amounts collected (exclusive, if applicable, in the case of a Mortgage
Loan that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion Loan pursuant
to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage
Loan in the following order of priority:

 

(i)          
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage
Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust
Fund Expenses with respect to such Mortgage Loan;

 

(ii)         
as a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously paid
or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Principal
Distribution Amount);

 

(iii)         
to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest
on such Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and
unpaid interest on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable
Mortgage Loan Interest Accrual Period, over (B) the sum of (x) the cumulative amount of the reductions (if any) in the amount
of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement
in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest
pursuant to clause (v) below on earlier dates) and (y) Accrued AB Loan Interest;

 

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

 

(v)         
as a recovery of (i) accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d)
of this Agreement in connection with related Appraisal Reduction Amounts and (ii) Accrued AB Loan Interest (in each clause
(i) and (ii), to the extent that collections have not been

 

     -118-

     

    

  

allocated
as recovery of accrued and unpaid interest pursuant to this clause (v) on earlier dates);

 

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

 

(vii)       
as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

(viii)      
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

(ix)         
as a recovery of any late payment charges, Default Interest and Excess Interest then due and owing under such Mortgage
Loan;

 

(x)          
as a recovery of any Assumption Fees and Modification Fees then due and owing under such Mortgage Loan;

 

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

 

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

 

(xiii)       
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that,
to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the Loan Seller’s
rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including in connection with
a condemnation) at a time when the loan-to-value ratio of the related Mortgage Loan (or Serviced Whole Loan) exceeds 125% or would
exceed 125% following any partial release (based solely on the value of real property and excluding personal property and going
concern value, if any) must be collected and allocated to reduce the Stated Principal Balance of the Mortgage Loan (or Serviced
Whole Loan) in the manner permitted by the REMIC Provisions.

 

     -119-

     

    

 

(g)         
Collections by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment
of the costs of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of
an REO Property related to a Serviced Whole Loan, exclusive of any amounts payable to the holder of the related Serviced Companion
Loan pursuant to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under
the Mortgage Loan in the following order of priority:

 

(i)          
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage
Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust
Fund Expenses with respect to such Mortgage Loan;

 

(ii)          
as a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously allocated
to principal collections on the Mortgage Loans (as described in the first proviso in the definition of Principal Distribution
Amount);

 

(iii)        
to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest
on the related Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued
and unpaid interest on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable
Mortgage Loan Interest Accrual Period, over (B) the sum of (x) the cumulative amount of the reductions (if any) in the amount
of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement
in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued
and unpaid interest pursuant to clause (v) below or Section 1.02(f)(v) on earlier dates) and (y) Accrued AB Loan Interest;

 

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

 

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

 

(vi)        
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the related Mortgage Loan;

 

(vii)       
as a recovery of any late payment charges, Default Interest and Excess Interest then due and owing under the related Mortgage
Loan;

 

     -120-

     

    

 

(viii)       as a recovery of any Assumption Fees and Modification Fees then due and owing under the related Mortgage Loan;

 

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

 

(x)          
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest.

 

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

 

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

 

(j)           
For purposes of calculations required herein, Excess Interest shall not be added to the outstanding principal balance of
the Mortgage Loans notwithstanding that the related loan documents may provide otherwise.

 

Section 1.03     Certain
Constructions. For purposes of this Agreement, references to the most or next most subordinate Class of Certificates outstanding
at any time shall mean the most or next most subordinate Class of Certificates then outstanding as among the Class A-1, Class
A-SB, Class A-2, Class A-3, Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates.
For purposes of this Agreement, each Class of Certificates (other than the Class X-A, Class X-B, Class X-E, Class X-F, Class X-G,
Class V and Class R Certificates) shall be deemed to be outstanding only to the extent its respective Certificate Balance has
not been reduced to zero. For purposes of this Agreement, the Class V Certificates shall be outstanding so long as any of the
ARD Loans are outstanding. For purposes of this Agreement, the Class R Certificates shall be outstanding so long as the Trust
Fund has not been terminated pursuant to Section 9.01 of this Agreement or any other Class of Certificates remains
outstanding. For purposes of this Agreement, each of the Class X-A, Class X-B, Class X-E, Class X-F and Class X-G Certificates
shall be deemed to be outstanding until their respective Notional Amounts have been reduced to zero.

 

Notwithstanding anything
to the contrary contained herein, for purposes of this Agreement, each reference to any action by the Master Servicer or Special
Servicer that is subject to the consent or approval of the Directing Holder shall in each case be further subject to the determination
by the Master Servicer or Special Servicer that taking or refraining from taking the action as proposed by the Directing Holder,
or not taking such action as proposed by the Master Servicer or Special Servicer if the Directing Holder fails to grant its consent
or approval to any action proposed to be taken by the Master Servicer or Special Servicer, in each case, is

 

     -121-

     

    

 

consistent with the
Servicing Standard. In each case, (a) if the response by the Directing Holder hereunder is inconsistent with the Servicing
Standard, the Master Servicer or the Special Servicer shall take such action as is consistent with the Servicing Standard, and
(b) if the Master Servicer or Special Servicer determines that immediate action is necessary to protect the interests of the
Certificateholder and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective
whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with
respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such
Subordinate Companion Loan)) and has made a reasonable effort to contact the Directing Holder, it may take such action without
waiting for a response from the Directing Holder; provided that the Special Servicer or Master Servicer, as applicable,
shall provide the Directing Holder (or the Operating Advisor, if applicable) with prompt written notice following such action including
a reasonably detailed explanation of the basis for such action.

 

Section 1.04     Certain Matters Relating to the Non-Serviced Mortgage Loans. Each Other Servicer, Other Special Servicer, Other Depositor,
Other Operating Advisor, Other Asset Representations Reviewer and Other Trustee, and any of their respective directors, officers,
employees or agents (collectively, the “Other Indemnified Parties”), shall be indemnified by the Trust and held
harmless against the Trust’s pro rata share (subject to the related Intercreditor Agreement) of any and all claims,
losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and any other costs, liabilities,
fees and expenses incurred in connection with servicing and administration of or any actual or threatened legal action or claim
relating to the related Non-Serviced Mortgage Loan under the related Other Pooling and Servicing Agreement, this Agreement or the
related Intercreditor Agreement (but excluding any such losses allocable to the related Companion Loans); provided that
such indemnification will not extend to any losses, liabilities, costs or expenses: (i) specifically required to be borne by such
party, without right of reimbursement, pursuant to the terms of the related Other Pooling and Servicing Agreement; (ii) incurred
in connection with any legal action or claim against such party resulting from any breach of a representation or warranty made
by such person under any related Other Pooling and Servicing Agreement or (iii) incurred in connection with any legal action or
claim against such party resulting from any willful misfeasance, bad faith or negligence in the performance of such Person’s
obligations and duties under any related Other Pooling and Servicing Agreement or the related Intercreditor Agreement or resulting
from negligent disregard of such obligations and duties.

 

In connection with the
securitization of any Serviced Companion Loan while it is a Serviced Companion Loan, upon the request of (and at the expense of)
the related Companion Loan Noteholders, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the
Trustee, as applicable, shall use reasonable efforts to cooperate with such Companion Loan Noteholders in attempting to cause the
related Borrower to provide information relating to the related Serviced Whole Loan and the related notes, and that such holders
reasonably determine to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such Other Securitization.

 

     -122-

     

    

 

Article II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01       
Conveyance of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements. (a)  The Depositor, concurrently
with the execution and delivery hereof on the Closing Date, does hereby establish a trust designated as “CFCRE 2016-C6 Mortgage
Trust,” appoint the Trustee as trustee of the Trust Fund and sell, transfer, assign, set over and otherwise convey to the
Trustee without recourse (except to the extent herein provided) all the right, title and interest of the Depositor in and to the
Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder
(whether in real or personal property and whether tangible or intangible) in favor of the Depositor, and a security interest in
all Reserve Accounts, Lock-Box Accounts, Cash Collateral Accounts and all other assets to the extent included or to be included
in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due
on or with respect to the Mortgage Loans after the Cut-off Date and, in the case of a Mortgage Loan included in a Whole Loan, is
subject to the related Intercreditor Agreement. Transfer and assignment of a Non-Serviced Mortgage Loan and the right to service
a Non-Serviced Mortgage Loan is further subject to the terms and conditions of the Other Pooling and Servicing Agreement and the
related Intercreditor Agreement. The Depositor, concurrently with the execution and delivery hereof, does also hereby transfer,
assign, set over and otherwise convey to the Trustee without recourse (except to the extent provided herein), for the benefit of
the Certificateholders and the Serviced Companion Loan Noteholders, all the right, title and interest of the Depositor in, to and
under the Mortgage Loan Purchase Agreements as provided therein (excluding Sections 6(e)-(g) of each Mortgage Loan Purchase
Agreement, the representations, warranties and covenants in favor of the Depositor set forth in clause (viii) of Section 4(b) of
each Mortgage Loan Purchase Agreement and the Depositor’s rights and remedies with respect to a breach thereof, and excluding
the Depositor’s rights and remedies under the Indemnification Agreements) to the extent related to any Mortgage Loan. The
Depositor shall cause the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the Mortgage Loans to be
transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the Mortgage Loan Sellers.

 

With respect to any Mortgage
Loan that is subject to an Intercreditor Agreement, the parties hereto intend that the provisions of this Section 2.01(a) serve
as an assignment and assumption agreement between the Depositor, as the assignor, and the Trustee on behalf of the Trust, as the
assignee. Accordingly, the Depositor hereby (and in accordance with and subject to all other applicable provisions of this Agreement)
assigns, grants, sells, transfers, delivers, sets over, and conveys to the Trustee all right, title and interest of the Depositor
in, to and arising out of the related Intercreditor Agreement and the Trustee on behalf of the Trust hereby accepts (subject to
applicable provisions of this Agreement) the foregoing assignment and assumes all of the rights and obligations of the Depositor
with respect to related Intercreditor Agreement from and after the Closing Date. In addition, the Trustee acknowledges that any
such Mortgage Loan that is a Serviced Mortgage Loan shall be serviced pursuant to the terms of this Agreement.

 

     -123-

     

    

 

In connection with such
transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies to the Master Servicer
and the Special Servicer, the following documents or instruments with respect to each Mortgage Loan and each Serviced Companion
Loan (which, except for the Mortgage Note referred to in clause (i) below, relate to the Serviced Whole Loan) so assigned
(provided, the original of documents specified in items (xix) and (xx) shall be delivered to the Master Servicer):

 

(i)           
(A) the original Mortgage Note, bearing, or accompanied by, all prior or intervening endorsements, endorsed by the
most recent endorsee prior to the Trustee or, if none, by the Originator, without recourse, either in blank, and further showing
a complete, unbroken chain of endorsement from the originator or to the order of the Trustee in the following form: “Pay
to the order of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C6 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2016-C6, without recourse”; and (B) in the case of each related
Serviced Companion Loan, a copy of the executed Mortgage Note for such Serviced Companion Loan;

 

(ii)          
the original (or a copy thereof certified from the applicable recording office) of the Mortgage and, if applicable, the
originals (or copies thereof certified from the applicable recording office) of any intervening assignments thereof showing a
complete chain of assignment from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record
thereof prior to the Trustee, if any, in each case with evidence of recording indicated thereon;

 

(iii)         
 (A) an original or copy of any related security agreement (if such item is a document separate from the Mortgage)
and, if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from
the Originator of the related Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if
any; and (B) an original assignment of any related security agreement (if such item is a document separate from the related
Mortgage) executed by the most recent assignee thereof prior to the Trustee or, if none, by the Originator, either in blank or
in favor of the Trustee in the following form: “Wilmington Trust, National Association, as Trustee, for the benefit of the
Holders of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6” (in such capacity
and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders), which assignment
may be included as part of the corresponding Assignment of Mortgage referred to in clause (v) above;

 

(iv)         
(A) stamped or certified copies of any UCC financing statements and continuation statements which were filed in order
to perfect (and maintain the perfection of) any security interest held by the Originator of the Mortgage Loan or Serviced Whole
Loan (and each assignee of record prior to the Trustee) in and to the personalty of the Borrower at the Mortgaged Property (in
each case with evidence of filing or recording thereon) and which were in the possession of the related Mortgage Loan Seller (or
its agent) at the time the Mortgage Files were delivered to the Custodian, together with original UCC-3 assignments of financing
statements showing a complete chain of assignment from the secured party named in such UCC-1 financing statement to the most recent
assignee of record thereof prior to the Trustee, if any, and (B) if any such security

 

     -124-

     

    

 

interest
is perfected and the earlier UCC financing statements and continuation statements were in the possession of the related Mortgage
Loan Seller, an assignment of UCC financing statement by the most recent assignee of record prior to the Trustee or, if none,
by the Originator, evidencing the transfer of such security interest, either in blank or in favor of the Trustee in the following
form: “Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C6 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2016-C6” (in such capacity and, with respect to any Serviced Whole
Loan, on behalf of any related Serviced Companion Loan Noteholders); provided that other evidence of filing or recording
reasonably acceptable to the Trustee may be delivered in lieu of delivering such UCC financing statements including, without limitation,
evidence of such filed or recorded UCC Financing Statement as shown on a written UCC search report from a reputable search firm,
such as CSC/LexisNexis Document Solutions, Corporation Service Company, CT Corporation System and the like or printouts of on-line
confirmations from such UCC filing or recording offices or authorized agents thereof;

 

(v)         
an original or copy (if the related Mortgage Loan Seller or its designee, rather than the Custodian and its designee, is
responsible for the recording thereof) of an assignment of the Mortgage, in recordable form (except for missing recording information
and, if delivered in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior
to the Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wilmington
Trust, National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-C6” (and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion
Loan Noteholders);

 

(vi)        
the original or a copy of the Loan Agreement relating to such Mortgage Loan, if any;

 

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

 

(viii)      
(A) the original or a copy of the related Assignment of Leases, Rents and Profits (if such item is a document separate
from the Mortgage) and, if applicable, the originals or copies of any intervening assignments thereof showing a complete chain
of assignment from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior
to the Trustee, if any, in each case with evidence of recording thereon; and (B) an original or copy (if the related Mortgage
Loan Seller or its

 

     -125-

     

    

 

designee,
rather than the Custodian and its designee, is responsible for the recording thereof) of an assignment of any related Assignment
of Leases, Rents and Profits (a “Reassignment of Assignment of Leases, Rents and Profits”) (if such item is
a document separate from the Mortgage), in recordable form (except for missing recording information and, if delivered in blank,
except for the name of the assignee), executed by the most recent assignee of record thereof prior to the Trustee or, if none,
by the Originator, either in blank or in favor of the Trustee in the following form: “Wilmington Trust, National Association,
as Trustee, for the benefit of the Holders of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C6” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan
Noteholders), which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause (v)
above;

 

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

 

(x)          
copies of the currently effective Management Agreements, if any, for the Mortgaged Properties;

 

(xi)         
if the Borrower has a leasehold interest in the related Mortgaged Property, the original or copy of the ground lease (or,
with respect to a leasehold interest that is a space lease or an air rights lease, the original of such space lease or air rights
lease), and any related lessor estoppel or similar agreement or a copy thereof; if any;

 

(xii)        
if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment
of contracts and the assignment thereof, if any, to the Trustee;

 

(xiii)       
if any related Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement,
a copy thereof; with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, a stamped or certified
copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related mortgagee’s security interest
in the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts and all funds contained therein (and UCC-3 assignments
of financing statements assigning such UCC-1 financing statements to the Trustee in the following form: “Wilmington Trust,
National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-C6” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced
Companion Loan Noteholders));

 

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

 

     -126-

     

    

 

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

 

(xvi)        the original or a copy of the power of attorney (with evidence of recording thereon, if appropriate) granted by the related
Borrower if the Mortgage, Mortgage Note or other document or instrument referred to above was signed on behalf of the Borrower
pursuant to such power of attorney;

 

(xvii)       with respect to each Whole Loan, a copy of the related Intercreditor Agreement and, if applicable, a copy of the related
Other Pooling and Servicing Agreement;

 

(xviii)      with respect to hospitality properties, a copy of the franchise agreement, if any, an original or copy of the comfort letter,
if any, and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to
transfer or assign the benefits of such comfort letter to the Trust, a copy of the notice to the franchisor of the transfer of
such Mortgage Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Trust (in each case,
as and to the extent required pursuant to the terms of such comfort letter), with the original of any replacement comfort letter
to be included in the Mortgage File following receipt thereof by the Master Servicer;

 

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

 

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

 

(xxi)        with respect to any Mortgage Loan with related mezzanine debt or other subordinate debt (other than a Companion Loan),
a copy of the related co-lender agreement, subordination agreement or other intercreditor agreement.

 

The original assignments
referred to in clauses (iii), (iv)(B), (viii)(B) and (xv)(B), may be in the form of one or more instruments in recordable form
in any applicable filing or recording offices.

 

With respect to Serviced
Whole Loans, except for the Mortgage Note referred to in clause (i)(B) of the preceding paragraph, only a single original
set of the Loan Documents specified above is required to be delivered. With respect to a Non-Serviced Mortgage Loan, the preceding
document delivery requirements will be met by the delivery by the applicable

 

     -127-

     

    

 

Mortgage Loan Seller to the Custodian of copies of
the documents specified above (other than the Mortgage Note and intervening endorsements evidencing a Non-Serviced Mortgage Loan,
with respect to which the originals shall be required), including a copy of the Mortgage securing the applicable Non-Serviced Mortgage
Loan and copies of the companion notes and any assignments or other transfer documents referred to in clause (i)(B) of the
second preceding paragraph as being in favor of the Trustee shall instead be in favor of the applicable Other Trustee; unless Wells
Fargo Bank, National Association is also the Custodian on the Other Securitization, in which case only the original note, allonge
and intercreditor agreement shall be delivered; provided that with respect to such Non-Serviced Mortgage Loan, if Wells
Fargo Bank, National Association ceases to be Custodian with respect to such Non-Serviced Mortgage Loan, it shall, upon receipt
of a request for release, provide the original note, allonge and intercreditor agreement and copies of all other Loan Documents
specified above to the successor Custodian.

 

With respect to the Mortgage
Loans, within 45 days after the Closing Date, or without limiting the requirement of the second paragraph of Section 2.01(b),
after such later date on which the Mortgage Loan Seller has received all missing filing/recording information, each Mortgage Loan
Seller will, or will at the expense of such Mortgage Loan Seller retain a third party vendor to, except in the case of any Mortgage
Loan that is a Non-Serviced Mortgage Loan, (1) complete (to the extent necessary) and submit for recording in favor of the
Trustee in the following form: “Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CFCRE
2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6” (and with respect to a Serviced Whole
Loan, the related Serviced Companion Loan Noteholders) in the appropriate public recording office (a) each Assignment of Mortgage
referred to in Section 2.01(a)(v) which has not yet been submitted for recording and (b) each Reassignment of
Assignment of Leases, Rents and Profits referred to in Section 2.01(a)(viii)(B) (if not otherwise included in
the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) complete (to the extent necessary)
and file in the appropriate public filing office each UCC assignment of financing statement referred to in Section 2.01(a)(iv)(B)
and (xiii) which has not yet been submitted for filing or recording. Each such document shall reflect that the recorded original
should be returned by the public recording office to the Custodian or its designee (or to the Mortgage Loan Seller or its designee
as an alternative) following recording, and each such document shall reflect that the file copy thereof should be returned to the
Custodian or its designee (or to the Mortgage Loan Seller or its designee as an alternative) following filing; provided
that in those instances where the public recording office retains the original Assignment of Mortgage or Reassignment of Assignment
of Leases, Rents and Profits, the Custodian shall use commercially reasonable efforts to obtain therefrom a certified copy of the
recorded original, at the expense of the Depositor. In the event that any such document or instrument in respect of any Mortgage
Loan is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the related Mortgage Loan Seller
shall promptly prepare or cause the preparation of a substitute thereof or cure or cause the curing of such defect, as the case
may be, and shall thereafter deliver the substitute or corrected document to or at the direction of the Custodian or such other
third party vendor as retained by the Mortgage Loan Seller for recording or filing, as appropriate, at such Mortgage Loan Seller’s
expense (as set forth in the related Mortgage Loan Purchase Agreement). In the event that any Mortgage Loan Seller receives the
original recorded or filed copy, each Mortgage Loan Seller will, promptly upon receipt of the original recorded or filed copy (and
in no event later than five Business Days following such receipt) deliver such original to the Custodian, with evidence of

 

     -128-

     

    

 

filing
or recording thereon. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where
the public recording office retains the original Mortgage, Assignment of Mortgage, Assignment of Leases, Rents and Profits or Reassignment
of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations of the related Mortgage
Loan Seller under the applicable Mortgage Loan Purchase Agreement shall be deemed to have been satisfied upon delivery to the Custodian
of a copy of the recorded original of such Mortgage, Assignment of Mortgage, Assignment of Leases, Rents and Profits or Reassignment
of Assignment of Leases, Rents and Profits, if applicable.

 

If a Mortgage Loan Seller
cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of the related lender’s title insurance
policy referred to in Section 2.01(a)(vii) solely because such policy has not yet been issued, the delivery requirements
of this Section 2.01 will be deemed to be satisfied as to such missing item, and such missing item will be deemed to
have been included in the related Mortgage File by delivery to the Custodian of a binder marked as binding and countersigned by
the title insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted
or approved as binding in writing by the related title insurance company) or an acknowledged closing instruction or escrow letter,
and the Mortgage Loan Seller will be required to deliver to the Custodian, promptly following the receipt thereof, the original
related lender’s title insurance policy (or a copy thereof). Copies of recorded or filed Assignments of Mortgage, Reassignments
of Assignment of Leases, Rents and Profits and UCC assignments of financing statements shall be held by the Custodian.

 

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

 

(b)         
In connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and
hereby represents and warrants that it has directed, each of the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan
Purchase Agreement to deliver to and deposit with or cause to be delivered to and deposited with, (i) the Custodian, on or
before the Closing Date, for each Mortgage Loan so assigned the Mortgage Note (or a copy of the Mortgage Note evidencing each related
Serviced Companion Loan), the original or a copy of the related Mortgage, the original or a copy of the title policy for each Mortgage
Loan (subject to the second-to-last paragraph under Section 2.01(a)), a copy of the related ground lease (or, with
respect to a leasehold interest with respect to a space lease or air rights, a copy of the related space lease or air rights lease),
if applicable, for each Mortgage Loan and an original (or copy, if the original is held by the Master Servicer pursuant to Section 2.01(c))
of any letters of credit held by the lender as beneficiary or assigned as security for the Mortgage Loan, and, except as otherwise
provided in the following paragraph, within 30 days following the Closing Date, the remaining applicable documents referred
to in Section 2.01(a) for each such Mortgage Loan or

 

     -129-

     

    

 

Serviced Companion Loan, in each case, with copies to the
Master Servicer and (ii) the Master Servicer, on or before the Closing Date, all documents and records that are part of each
applicable Servicing File. If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage
Loan, the original Mortgage Note, such Mortgage Loan Seller shall deliver a copy or duplicate original of such Mortgage Note, together
with an affidavit certifying that the original thereof has been lost or destroyed and an indemnification in favor of the Certificate
Administrator, the Trustee and the Custodian.

 

If the applicable Mortgage
Loan Seller or the Depositor cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of any of
the documents and/or instruments referred to in Section 2.01(a)(ii), Section 2.01(a)(iv), Section 2.01(a)(v),
Section 2.01(a)(viii), Section 2.01(a)(xiv) and Section 2.01(a)(xvi) and the UCC financing
statements and UCC assignments of financing statements referred to in Section 2.01(a)(xiii), with evidence of recording
or filing thereon, solely because of a delay caused by the public recording or filing office where such document or instrument
has been delivered for recordation or filing, or because such original recorded or filed document has been lost or returned from
the recording or filing office and subsequently lost, as the case may be, the delivery requirements of Section 2.01
shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included in
the related Mortgage File, provided that a copy of such document or instrument (without evidence of recording or filing
thereon, but certified (which certificate may relate to multiple documents and/or instruments) by the applicable public recording
or filing office, the applicable title insurance company or the related Mortgage Loan Seller to be a true and complete copy of
the original thereof submitted for recording or filing, as the case may be) has been delivered to the Custodian within 60 days
after the Closing Date, and either the original of such missing document or instrument, or a copy thereof, with evidence of recording
or filing, as the case may be, thereon, is delivered to the Custodian within 180 days after the Closing Date (or within such
longer period after the Closing Date so long as the related Mortgage Loan Seller has provided the Custodian with evidence of such
recording or filing, as the case may be, or has certified to the Custodian as to the occurrence of such recording or filing, as
the case may be, and is, as certified to the Custodian no less often than quarterly, in good faith attempting to obtain from the
appropriate county recorder’s or filing office such original or copy, provided such extensions do not exceed 24 months in
the aggregate).

 

(c)          
Notwithstanding anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xix)
and Section 2.01(a)(xx) of this Agreement, the Master Servicer shall hold (or the applicable Other Servicer with respect
to any Non-Serviced Mortgage Loan will hold) the original of each such document in trust on behalf of the Trust (or the applicable
Other Trust with respect to any Non-Serviced Mortgage Loan) in order to draw on such letter of credit on behalf of the Trust (or
the applicable Other Trust with respect to any Non-Serviced Mortgage Loan) and the applicable Mortgage Loan Seller shall be deemed
to have satisfied the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01 of
this Agreement by delivering the original of each such document to the Master Servicer (or the applicable Other Servicer with respect
to any Non-Serviced Mortgage Loan) who shall forward a copy of the applicable document to the Custodian (or the custodian in the
applicable Other Securitization with respect to any Non-Serviced Mortgage Loan). The applicable Mortgage Loan Seller shall pay
any costs of assignment or amendment of such letter of credit (which amendment shall change the beneficiary of the letter of credit
to the Trust (or the

 

     -130-

     

    

 

applicable Other Trust with respect to any Non-Serviced Mortgage Loan) in care of the Master Servicer (or
the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan)) required in order for the Master Servicer (or the
applicable Other Servicer with respect to any Non-Serviced Mortgage Loan) to draw on such letter of credit on behalf of the Trust
(or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan). In the event that the documents specified in Section 2.01(a)(xx) of
this Agreement are missing with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loans) because the related assignment
or amendment documents have not been completed, the applicable Mortgage Loan Seller shall take all necessary steps to enable the
Master Servicer to draw on the related letter of credit on behalf of the Trust including, if necessary, drawing on the letter of
credit in its own name pursuant to written instructions from the Master Servicer and immediately remitting such funds (or causing
such funds to be remitted) to the Master Servicer.

 

(d)         
With respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) secured by the Mortgaged Properties identified
as Loan Nos. 7, 10, 11, 18, 30 and 37 on the Mortgage Loan Schedule, which are each subject to a franchise agreement with a related
comfort letter in favor of the respective Mortgage Loan Seller that requires notice to or request of the related franchisor to
transfer or assign any related comfort letter to the Trust or otherwise deliver a new comfort letter issued in the name of the
Trust, the related Mortgage Loan Seller or its designee will be required to provide any such required notice or make any such required
request to the related franchisor, with a copy of such notice or request to the Master Servicer, or take any such required action
within 45 days of the Closing Date (or any shorter period if required by the applicable comfort letter), notify the related franchisor
that such Mortgage Loan has been transferred to the Trust and request a replacement comfort letter (or any such new document or
acknowledgement as may be contemplated under the existing comfort letter), and the Master Servicer shall use reasonable efforts
in accordance with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new
document or acknowledgement as may be contemplated under the existing comfort letter).

 

(e)         
Each Mortgage Loan Purchase Agreement shall provide that within 60 days of the Closing Date, each Mortgage Loan Seller shall
deliver or cause to be delivered the Diligence Files for each of its Mortgage Loans to the Depositor by uploading such Diligence
Files to the Intralinks Site. Promptly upon completion of such delivery of the Diligence Files (but in no event later than 60 days
after the Closing Date), the applicable Mortgage Loan Seller shall provide to the Depositor (with a copy to the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Directing Holder, the Asset Representations
Reviewer and the Operating Advisor) an officer’s certificate signed by the applicable Mortgage Loan Seller certifying that
the electronic copies of the documents and information uploaded to the Intralinks Site constitute all documents and information
required under the definition of “Diligence File” (the “Diligence File Certification”).

 

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

 

     -131-

     

    

 

forth, for the use and benefit of all present and future Certificateholders and Serviced Companion Loan
Noteholders.

 

The Custodian hereby
certifies to each of the Directing Holder, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the
Special Servicer, the Operating Advisor and each Mortgage Loan Seller that except as identified in the Custodian’s closing
date certification, which shall be delivered no later than two Business Days after the Closing Date substantially in the form attached
as Exhibit N-1 to this Agreement, (i) each Mortgage Note (or copy thereof, with respect to any Serviced Companion
Loan) is in its possession and has been reviewed by the Custodian and (A) appears regular on its face (handwritten additions,
changes or corrections shall not constitute irregularities if initialed by the Borrower), (B) appears to have been executed
(where appropriate) and (C) purports to relate to such Mortgage Loan and (ii) each of the documents specified in Section 2.01(a)(ii),
Section 2.01(a)(vii), Section 2.01(a)(xi) and Section 2.01(a)(xix) of this Agreement have been
received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not
been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans
identified in the Mortgage Loan Schedule. If the Custodian does not send a closing date certification on the Closing Date, it shall
send an email confirmation to the Trustee that it has received all of the Mortgage Notes (or copies or lost note affidavits as
permitted), subject to any exceptions noted therein, on the Closing Date.

 

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

 

     -132-

     

    

 

Administrator, the Trustee,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and each Mortgage Loan Seller
that the document set forth in Section 2.01(a)(i)(A) has been received.

 

If at the conclusion
of such review any document or documents constituting a part of a Mortgage File have not been executed or received, have not been
recorded or filed (if required), are unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, appear not to be
what they purport to be or have been torn in any materially adverse manner or mutilated or otherwise defaced, the Custodian shall
promptly so notify (in the form attached as Exhibit M to this Agreement) the Trustee, the Directing Holder (but only
if no Consultation Termination Event has occurred and is continuing), the Depositor, the Certificate Administrator, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the related Mortgage Loan Seller
by providing a written report, setting forth for each affected Mortgage Loan, with particularity, the nature of the defective or
missing document. The Depositor shall or shall cause the related Mortgage Loan Seller to deliver to the Custodian an executed,
recorded or undamaged document, as applicable, or, if the failure to deliver such document in such form constitutes a Material
Defect, the Depositor shall cause the related Mortgage Loan Seller to cure, repurchase or substitute for the related Mortgage Loan
in the manner provided in Section 2.03(e) of this Agreement. None of the Master Servicer, the Special Servicer, the
Certificate Administrator, the Custodian or the Trustee shall be responsible for any loss, cost, damage or expense to the Trust
Fund resulting from any failure to receive any document constituting a portion of a Mortgage File noted on such a report or for
any failure by the Depositor to use its best efforts to deliver any such document.

 

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

 

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

 

The Custodian shall hold
that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such term is defined in Section 9-102
of the Uniform Commercial

 

     -133-

     

    

 

Code as in effect in Minnesota on the date hereof) in Minnesota and, except as otherwise specifically
provided in this Agreement, shall not remove such instruments from Minnesota unless it receives an Opinion of Counsel (obtained
and delivered at the expense of the Person requesting the removal of such instruments from Minnesota) that if the transfer of the
Mortgage Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess a first priority perfected
security interest in such instruments.

 

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

 

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

 

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

 

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

 

(iv)        
The execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not
conflict with any provision of its partnership agreement or Certificate of Limited Partnership, or any law or regulation to which
the Depositor is subject, or conflict with, result in a breach of or constitute a default under (or an event which with notice
or lapse of time or both would constitute a default under) any of the terms, conditions or provisions of any agreement or instrument
to which the Depositor is a party or by which it is bound, or any law, order or decree applicable to the Depositor, or result
in the creation or imposition of any lien on any of the Depositor’s assets or property, which would materially and adversely
affect the ability of the Depositor to carry out the transactions contemplated by this Agreement;

 

(v)         
The limited partnership agreement of the Depositor provides that the Depositor is permitted to engage in only the following
activities:

 

(A)          to
acquire, own, hold, sell, originate, transfer, convey, safekeep, dispose of, assign, issue, pledge, borrow money against, finance,
refinance, administer and otherwise deal with the Mortgage Assets.(a) commercial real estate loans and other related assets, (b)
mortgage-backed securities, mortgage

 

     -134-

     

    

 

participation certificates, or any other certificate or security, and the beneficial ownership
interest evidenced by such certificate or security, backed by or evidencing an interest in a pool of single family or multifamily
commercial or residential mortgage loans; (c) mortgage loans secured by mortgages, deeds of trust or similar first or junior liens
on single family or multifamily residential properties, commercial properties or real estate projects under construction, whether
or not guaranteed or insured, in whole or in part, by any governmental agency; and (d) related insurance policies, cash, marketable
securities and any other assets designed to assure the servicing or timely distribution of proceeds of such mortgage loans and
any proceeds or further rights associated with any of the foregoing (collectively, the “Mortgage Assets”);

 

(B)           to
establish one or more trusts (each, a “Trust”) to engage in any one or more of the activities described in this
Subsection, each of which Trusts will deliver to the Depositor (or its designee) (“Trust Certificates”) representing
the ownership interest in the assets of such Trust, and to acquire, own, hold, sell, transfer, assign, pledge, finance, and otherwise
deal with any or all of the Trust Certificates in any Trust that it establishes;

 

(C)           to
issue, acquire, own, and hold one or more series of debt obligations (“Bonds”), each issued pursuant to an indenture
(“Indenture”) and collateralized by Mortgage Assets (provided that, unless such Bonds are non-recourse obligations
payable solely from the Mortgage Assets pledged to secure such Bonds, the Bonds of any series other than the initial series issued
by the Depositor or any Trust established by the Depositor have been rated in the same or a higher rating category by the nationally
recognized statistical rating agency or agencies that rated the initial series of Bonds issued by the Depositor or such Trust)

 

(D)          to
issue, acquire, assume, own, hold, sell, transfer, assign, pledge and finance indebtedness that (i) is subordinated to the Bonds;
(ii) is nonrecourse to the Depositor other than to cash flow on the Mortgage Assets securing a series of Bonds issued by the Depositor
in excess of amounts necessary to pay bondholders of such series; and (iii) does not constitute a claim against the Depositor to
the extent that funds are insufficient to pay such indebtedness; and

 

(E)           to
engage in any other lawful act or activity and to exercise any other powers permitted to limited partnerships organized under the
laws of the State of Delaware that are related or incidental to the foregoing and necessary, convenient or advisable to accomplish
the foregoing.

 

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

 

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

 

     -135-

     

    

 

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

 

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

 

(b)         
The Depositor hereby represents and warrants with respect to each Mortgage Loan that:

 

(i)           
Immediately prior to the transfer and assignment to the Trustee by the Depositor, the Mortgage Note and the Mortgage were
not subject to an assignment or pledge, and the Depositor had good title to, and was the sole owner of, the Mortgage Loan and
had full right to transfer and sell the Mortgage Loan to the Trustee free and clear of any encumbrance, equity, lien, pledge,
charge, claim or security interest; provided, that, in the case of a Non-Serviced Mortgage Loan, the related Mortgage has
been (or will be) assigned to the Other Trustee under the Other Pooling and Servicing Agreement for the benefit of the holders
of securities issued in connection with the related Other Securitization, as applicable;

 

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

 

(iii)        
The related Assignment of Mortgage constitutes the legal, valid and binding assignment of such Mortgage from the Depositor
to the Trustee, and any related Reassignment of Assignment of Leases, Rents and Profits constitutes the legal, valid and binding
assignment from the Depositor to the Trustee; and

 

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

 

(c)          
It is understood and agreed that the representations and warranties set forth in this Section 2.03(b) shall
survive delivery of the respective Mortgage Files to the Custodian until the termination of this Agreement, and shall inure to
the benefit of the Certificateholders, any Serviced Companion Loan Noteholders, Certificate Administrator, the Trustee, the Custodian,
the Master Servicer and the Special Servicer. Upon discovery by the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer or a Responsible Officer of the Trustee or Certificate Administrator obtaining actual
knowledge (or upon written notice thereof from any Certificateholder) of a breach of any of the representations and warranties
set forth in this Section which materially and adversely affects the interests of the Certificateholders, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Serviced
Companion Loan Noteholders or the Trustee in any Mortgage Loan, the party

 

     -136-

     

    

 

discovering such breach shall give prompt written notice
to the other parties hereto, the Serviced Companion Loan Noteholders and the Mortgage Loan Sellers.

 

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

 

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

 

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

 

In the event that the
Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian
receives a Repurchase

 

     -137-

     

    

 

Communication of a Repurchase Request or a Repurchase Request Withdrawal, then such party shall promptly
forward such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal to the Master Servicer, if relating
to a Performing Loan, or to the Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following
statement in the related correspondence: “This is a “Repurchase Request [Withdrawal]” under Section 2.03(d)
of the Pooling and Servicing Agreement relating to the CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-C6 requiring action by you as the recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”.
Upon receipt of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal by the Master Servicer
or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication
of such Repurchase Request or Repurchase Request Withdrawal, and such party shall comply with the procedures set forth in this
Section 2.03(d) with respect to such Repurchase Request or Repurchase Request Withdrawal. In no event shall the Custodian,
by virtue of this provision, be required to provide any notice other than as set forth in Section 2.02 of this Agreement
in connection with its review of the Mortgage File.

 

(e)          
A “Defect” shall exist with respect to a Mortgage Loan if any document constituting a part of the related Mortgage
File has not been delivered within the time periods provided for in the related Mortgage Loan Purchase Agreement, has not been
properly executed, is missing, does not appear to be regular on its face or contains information that does not conform in any material
respect with the corresponding information set forth in the Mortgage Loan Schedule. A “Breach” shall mean a breach
of any representation or warranty of any Mortgage Loan Seller made pursuant to the related Mortgage Loan Purchase Agreement with
respect to any Mortgage Loan. If any party hereto discovers or receives notice of a Defect or a Breach, and if such Defect is a
Material Defect or such Breach is a Material Breach, as applicable, then such party, on behalf of the Trust Fund, shall give prompt
written notice thereof to the related Mortgage Loan Seller, the other parties hereto, the 17g-5 Information Provider (who shall
promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement),
the related Serviced Companion Loan Noteholder (if any) and, for so long as no Consultation Termination Event has occurred and
is continuing, the Directing Holder. If any such Defect or Breach materially and adversely affects the value of any Mortgage Loan,
the value of the related Mortgaged Property or the interests of the Trustee in any Mortgage Loan or Mortgaged Property, or causes
the related Mortgage Loan to be other than a Qualified Mortgage, then such Defect shall constitute a “Material Defect”
or such Breach shall constitute a “Material Breach,” as the case may be; provided, that if any of the documents
specified in Section 2.01(a)(i), Section 2.01(a)(ii), Section 2.01(a)(vii), Section 2.01(a)(xi)
and Section 2.01(a)(xix) of this Agreement are not delivered as required in the related Mortgage Loan Purchase Agreement,
it shall be deemed a Material Defect. The Custodian, the Certificate Administrator and the Trustee shall not be required to make
any such determination. Promptly upon receiving written notice of any such Material Defect or Material Breach with respect to a
Mortgage Loan, accompanied by a written demand to take the actions contemplated by this sentence from the Depositor, the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Custodian, on behalf of the Trust Fund, the applicable Mortgage Loan Seller shall, not later than 90 days from the
applicable Mortgage Loan Seller’s receipt of such notice of such Material Defect or Material Breach, as the case may be (or,
in the case of a Material Defect or Material

 

     -138-

     

    

 

Breach relating to a Mortgage Loan not being a Qualified Mortgage, not later than
90 days after the Mortgage Loan Seller or any party hereto discovering such Material Defect or Material Breach, provided that
the related Mortgage Loan Seller has received notice in accordance with the terms of the related Mortgage Loan Purchase Agreement)
(any such 90-day period, the “Initial Resolution Period”), (i) cure the same in all material respects,
(ii) repurchase the affected Mortgage Loan at the applicable Purchase Price in conformity with the applicable Mortgage Loan
Purchase Agreement or (iii) substitute a Qualified Substitute Mortgage Loan (other than with respect to the Whole Loans, as
applicable, for which no substitution will be permitted) for such affected Mortgage Loan (provided that, in no event shall
such substitution occur later than the second anniversary of the Closing Date) and pay to the Master Servicer for deposit into
the Collection Account (or, with respect to any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account) any
Substitution Shortfall Amount in connection therewith; provided that if (i) such Material Defect or Material Breach
is capable of being cured but not within the Initial Resolution Period or, with respect to the immediately preceding proviso, the
time period set forth therein, (ii) such Material Defect or Material Breach is not related to any Mortgage Loan’s not
being a Qualified Mortgage, (iii) the Mortgage Loan Seller has commenced and is diligently proceeding with the cure of such
Material Defect or Material Breach within the Initial Resolution Period and (iv) the Mortgage Loan Seller has delivered to the
Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Certificate Administrator (who will promptly deliver
a copy of such officer’s certificate to the 17g-5 Information Provider), the Trustee, the Operating Advisor, and, prior to
the occurrence of a Consultation Termination Event, the Controlling Class Representative, an officer’s certificate that describes
the reason the cure was not effected within the initial 90-day period, then the Mortgage Loan Seller shall have an additional period
equal to the applicable Resolution Extension Period to complete such cure or, failing such cure, to repurchase the Mortgage Loan
or substitute a Qualified Substitute Mortgage Loan. Notwithstanding the foregoing, if a Mortgage Loan is not secured by a Mortgaged
Property that is, in whole or in part, a hotel, restaurant (operated by a Borrower), healthcare facility, nursing home, assisted
living facility, self-storage facility, theatre or fitness center (operated by a Borrower), then the failure to deliver to the
Custodian copies of the UCC financing statements with respect to such Mortgage Loan shall not be a Material Defect. With respect
to the Non-Serviced Mortgage Loans, the related Mortgage Loan Seller agrees that any Defect as such term is defined in the related
Other Pooling and Servicing Agreement (other than a Defect related to the promissory note for the related Companion Loan) will
constitute a Defect under this Agreement.

 

Notwithstanding the foregoing,
if there is a Material Breach or Material Defect with respect to one or more Mortgaged Properties with respect to a Mortgage Loan,
the applicable Mortgage Loan Seller will not be obligated to repurchase the Mortgage Loan if (i) the affected Mortgaged Property
may be released pursuant to the terms of any partial release provisions in the related Loan Documents (and such Mortgaged Property
is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set forth in the Loan
Documents and the Mortgage Loan Seller provides an Opinion of Counsel to the effect that such release would not cause an Adverse
REMIC Event to occur and (iii) each applicable Rating Agency has provided a Rating Agency Confirmation.

 

If a Mortgage Loan Seller,
in connection with a Material Defect or a Material Breach (or an allegation of a Material Defect or a Material Breach) pertaining
to a Mortgage

 

     -139-

     

    

 

Loan, makes a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and
the Special Servicer on behalf of the Trust (and with the consent of the Controlling Class Representative if no Control Termination
Event has occurred and is continuing) (each such payment, a “Loss of Value Payment”) with respect to such Mortgage
Loan, the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied in accordance
with Section 3.06(e) of this Agreement. In connection with any such determination with respect to any Non-Specially
Serviced Loan, the Master Servicer shall promptly provide the Special Servicer, but in any event within the time frame and in the
manner set forth in Section 3.23, with the Servicing File and such other information, documents and records reasonably requested
by the Special Servicer pursuant to Section 3.23(a) in order to permit the Special Servicer to calculate the Loss of Value
Payment. If such Loss of Value Payment is made, the Loss of Value Payment shall serve as the sole remedy available to the Certificateholders
and the Trustee on their behalf regarding any such Material Breach or Material Defect in lieu of any obligation of the Mortgage
Loan Seller to otherwise cure such Material Breach or Material Defect or repurchase or substitute for the affected Mortgage Loan
based on such Material Breach or Material Defect under any circumstances. This paragraph is intended to apply only to a mutual
agreement or settlement between the applicable Mortgage Loan Seller and the Trust, provided, that (i) prior to any
such agreement or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller or the Trustee from exercising any
of its rights related to a Material Defect or a Material Breach in the manner and timing set forth in the related Mortgage Loan
Purchase Agreement or this Section 2.03 (excluding this paragraph) (including any right to cure, repurchase or substitute
for such Mortgage Loan), (ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected Mortgage
Loan; and (iii) a Material Defect or a Material Breach as a result of a Mortgage Loan not constituting a Qualified Mortgage
may not be cured by a Loss of Value Payment.

 

If any Breach pertains
to a representation or warranty that the related Mortgage Loan documents or any particular Mortgage Loan document requires the
related Borrower to bear the costs and expenses associated with any particular action or matter under such Mortgage Loan document(s),
then the related Mortgage Loan Seller may cure such Breach within the applicable cure period (as the same may be extended) by reimbursing
the Trust Fund (by wire transfer of immediately available funds) the reasonable amount of any such costs and expenses incurred
by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Trust Fund that are incurred as
a result of such Breach and have not been reimbursed by the related Borrower; provided, however, that in the event
any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the option to either repurchase or substitute
for the related Mortgage Loan as provided above or pay such costs and expenses. Except as provided in the proviso to the immediately
preceding sentence, the related Mortgage Loan Seller shall remit the amount of such costs and expenses and upon its making such
remittance, the related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects. To the extent any fees
or expenses that are the subject of a cure by the related Mortgage Loan Seller are subsequently obtained from the related Borrower,
the portion of the cure payment made by the related Mortgage Loan Seller equal to such fees or expenses obtained from the related
Borrower shall promptly be returned to the related Mortgage Loan Seller.

 

(f)          
In connection with any repurchase of or substitution for a Mortgage Loan contemplated by this Section 2.03,
(A) the Custodian, the Master Servicer (with respect to any

 

     -140-

     

    

 

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

 

(g)         
The Master Servicer (with respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans)
shall, for the benefit of the Certificateholders and the Trustee, use reasonable efforts to enforce the obligations of the applicable
Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement. Such enforcement, including, without
limitation, the legal prosecution of claims, shall be carried out in accordance with the Servicing Standard. The Trustee, the Certificate
Administrator, the Master Servicer and the Special Servicer, as the case may be, shall be reimbursed for the reasonable costs of
such enforcement: first, pursuant to Section 3.06 of this Agreement (with respect to the related Mortgage Loan),
out of the related Purchase Price or Substitution Shortfall Amount, as applicable, to the extent that such expenses are a specific
component thereof; and second, if at the conclusion of such enforcement action it is determined that the amounts described
in clause first are insufficient, then pursuant to Section 3.06 of this Agreement, out of general collections
on the Mortgage Loans on deposit in the Collection Account in each case with interest thereon at the Reimbursement Rate from the
time such expense was incurred to, but excluding, the date such expense was reimbursed. To the extent the applicable Mortgage Loan
Seller prevails in such proceeding, such Mortgage Loan Seller shall be entitled to reimbursement from the Trust for all necessary
and reasonable costs and expenses incurred in connection with such proceeding, including reasonable attorneys’ fees. For
the avoidance of doubt, neither the Trustee nor the Certificate Administrator shall be obligated to enforce the obligations of
the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement.

 

So long as document exceptions
are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward to the Depositor, the Trustee,
the

 

     -141-

     

    

 

Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Controlling Class Representative (as identified to the Custodian by the Certificate Administrator) and the applicable Mortgage
Loan Seller, a document exception report setting forth the then current status of any Defects related to the Mortgage Files pertaining
to the Mortgage Loans sold by such Mortgage Loan Seller.

 

As to any Qualified Substitute
Mortgage Loan, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced
Loans and REO Properties) shall direct the related Mortgage Loan Seller to deliver to the Custodian for such Qualified Substitute
Mortgage Loan (with a copy to the Master Servicer), the related Mortgage File with the related Mortgage Note endorsed as required
by Section 2.01(a)(i) hereof. Periodic Payments due with respect to Qualified Substitute Mortgage Loans in or prior
to the month of substitution shall not be part of the Trust Fund and, if received by the Master Servicer, shall be remitted by
the Master Servicer to the related Mortgage Loan Seller on the next succeeding Distribution Date. For the month of repurchase or
substitution, distributions to Certificateholders will include the Periodic Payment(s) due on the related Removed Mortgage Loan,
if and to the extent received by the Master Servicer or the Special Servicer on behalf of the Trust on or prior to the related
date of repurchase or substitution, as applicable, and such Mortgage Loan Seller shall be entitled to retain all amounts received
thereafter in respect of such Removed Mortgage Loan.

 

In any month in which
a Mortgage Loan Seller substitutes one or more Qualified Substitute Mortgage Loans for one or more Removed Mortgage Loans, the
Master Servicer will determine the applicable Substitution Shortfall Amount and promptly notify the Certificate Administrator thereof.
Promptly upon receipt of such notice, the Certificate Administrator shall direct such Mortgage Loan Seller to deposit into the
Collection Account and/or the applicable Serviced Whole Loan Collection Account, as applicable, cash equal to such amount concurrently
with the delivery of the Mortgage Files for such Qualified Substitute Mortgage Loans, without any reimbursement thereof. The Certificate
Administrator shall also direct such Mortgage Loan Seller to give written notice to the Depositor, the Trustee and the Master Servicer
of such deposit. The Certificate Administrator shall cause its Distribution Date Statement to reflect the removal of each Removed
Mortgage Loan and, if applicable, the substitution of the Qualified Substitute Mortgage Loan. Upon any such substitution, the Qualified
Substitute Mortgage Loans shall be subject to the terms of this Agreement in all respects.

 

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

 

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

 

     -142-

     

    

 

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

 

(j)           
(i) In the event an Initial Requesting Certificateholder delivers a written request to the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor (solely in its capacity as Operating
Advisor) that a Mortgage Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Breach
or a Material Defect with respect to such Mortgage Loan and setting forth the basis for such allegation (a “Certificateholder
Repurchase Request”), such party shall promptly forward that Certificateholder Repurchase Request to the Special Servicer,
and the Special Servicer shall promptly forward that Repurchase Request to the related Mortgage Loan Seller and each other party
to this Agreement and take the actions required under Section 2.03(e). Subject to Section 2.03(k), the Special Servicer
(the “Enforcing Servicer”) shall be the Enforcing Party with respect to the Certificateholder Repurchase Request.

 

(ii)          
In the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor (solely in its capacity as operating advisor) or the Controlling Class Representative has actual knowledge
of a Material Breach or a Material Defect with respect to a Mortgage Loan (without implying any duty of such person to make, or
to attempt to make, such a discovery), that party shall deliver prompt written notice of such Material Breach or Material Defect
to each other party to this Agreement and the related Mortgage Loan Seller, identifying the applicable Mortgage Loan and setting
forth the basis for such allegation (a “PSA Party Repurchase Request” and, each of a Certificateholder Repurchase
Request or a PSA Party Repurchase Request, a “Repurchase Request”). The Enforcing Servicer shall act as the
Enforcing Party and enforce the rights of the Trust against the related Mortgage Loan Seller with respect to a PSA Party Repurchase
Request.

 

(iii)         
In the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase
Request (a “Resolution Failure”), then the provisions described below shall apply. Receipt of the Repurchase
Request shall be deemed to occur two (2) Business Days after the Repurchase Request is sent to the related Mortgage Loan Seller.
A Resolved Repurchase Request shall not preclude the Special Servicer from exercising any of its rights related to a Material
Breach or a Material Defect in the manner and timing otherwise set forth in this Agreement, in the related Mortgage Loan Purchase
Agreement or as provided by law.

 

(k)         
(i) After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase
Request was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer will
be required to send a notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder,
if any, to the address specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate
Administrator, who shall make such notice available

 

     -143-

     

    

 

to all other Certificateholders and Certificate Owners (by posting such notice
on the Certificate Administrator’s Website) indicating the Enforcing Servicer’s intended course of action with respect
to the Repurchase Request (the “Proposed Course of Action”). Such notice shall include (a) a request to Certificateholders
to indicate to the Enforcing Servicer their agreement with or dissent from such Proposed Course of Action by clearly marking “agree”
or “disagree” to the Proposed Course of Action on such notice within 30 days of the date of such notice and a disclaimer
that responses received after such 30-day period will not be taken into consideration, (b) a statement that in the event any Certificateholder
disagrees with the Proposed Course of Action, the Enforcing Servicer shall be compelled to follow (either as the Enforcing Party
or as the Enforcing Servicer in circumstances where a Certificateholder is acting as the Enforcing Party) the course of action
agreed to and/or proposed by the majority of the responding Certificateholders that involves referring the matter to mediation
or arbitration, as the case may be, (c) a statement that responding Certificateholders will be required to certify their holdings
in connection with such response, (d) a statement that only responses clearly marked “agree” or “disagree”
with such Proposed Course of Action will be taken into consideration and (e) instructions for responding Certificateholders to
send their responses to the applicable Enforcing Servicer and the Certificate Administrator. The Certificate Administrator shall
within fifteen (15) Business Days after the expiration of the 30-day response period, tabulate the responses received from the
Certificateholders and share the results with the Enforcing Servicer. The Certificate Administrator shall only count responses
timely received and clearly indicating agreement or dissent with the related Proposed Course of Action and additional verbiage
or qualifying language shall not be taken into consideration for purposes of determining whether the related Certificateholder
agrees or disagrees with the Proposed Course of Action. The Certificate Administrator shall be under no obligation to answer any
questions from Certificateholders regarding such Proposed Course of Action. For the avoidance of doubt, the Certificate Administrator’s
obligations in connection with this Section 2.03(k) shall be limited solely to tabulating Certificateholder responses of “agree”
or “disagree” to the Proposed Course of Action, and such obligation shall not be construed to impose any enforcement
obligation on the Certificate Administrator. The Enforcing Servicer may conclusively rely (without investigation) on the Certificate
Administrator’s tabulation of the majority of the responding Certificateholders. If (a) the Enforcing Servicer’s intended
course of action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the
related Mortgage Loan Seller with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any
other Certificateholder or Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding
arbitration) or arbitration, or (b) the Enforcing Servicer’s intended course of action is to pursue further action to exercise
rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request but the Initial Requesting Certificateholder,
if any, or any other Certificateholder or Certificate Owner does not agree with the dispute resolution method selected by the Enforcing
Servicer, then the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver
to the Enforcing Servicer a written notice (a “Preliminary Dispute Resolution Election Notice”) within 30 days
from the date the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website (the “Dispute
Resolution Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation or arbitration.
In the event any Certificateholder or Certificate Owner delivers a Preliminary Dispute Resolution Election Notice, and the Enforcing
Servicer has also received responses from other Certificateholders or Certificate Owners supporting the Enforcing Servicer’s
initial Proposed Course of Action, such

 

     -144-

     

    

 

responses shall be considered Preliminary Dispute Resolution Election Notices supporting
the Proposed Course of Action for purposes of determining the Proposed Course of Action proposed by a majority of Certificateholders.

 

(ii)          
If neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner delivers
a Preliminary Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder or Certificate
Owner shall have the right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer shall be the
sole party entitled to determine a course of action, including, but not limited to, enforcing the Trust’s rights against
the related Mortgage Loan Seller, subject only to the consent or consultation rights of the Controlling Class Representative pursuant
to Section 6.08.

 

(iii)        
Promptly and in any event within 10 Business Days following receipt of a Preliminary Dispute Resolution Election Notice
from (a) the Initial Requesting Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner (each of clauses
(a) and (b), a “Requesting Certificateholder”), the Enforcing Servicer will be required to consult with each
Requesting Certificateholder regarding such Requesting Certificateholder’s intention to elect either mediation (including
nonbinding arbitration) or arbitration as the dispute resolution method with respect to the Repurchase Request (the “Dispute
Resolution Consultation”) so that such Requesting Certificateholder may consider the views of the Enforcing Servicer
as to the claims underlying the Repurchase Request and possible dispute resolution methods, such discussions to occur and be completed
no later than 10 Business Days following the Dispute Resolution Cut-off Date. The Enforcing Servicer shall be entitled to establish
procedures the Enforcing Servicer deems to be in good faith to be appropriate relating to the timing and extent of such consultations.
No later than 5 Business Days after completion of the Dispute Resolution Consultation, a Requesting Certificateholder may provide
a final notice to the Enforcing Servicer indicating its decision to exercise its right to refer the matter to either mediation
or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)        
If, following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution
Election Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain
obligated under this Agreement to determine a course of action, including but not limited to, enforcing the rights of the Trust
with respect to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to
refer the matter to mediation or arbitration.

 

(v)         
If a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer,
then such Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including
nonbinding arbitration) or arbitration. If there is more than one Requesting Certificateholder that timely delivers a Final Dispute
Resolution Election Notice, then such Requesting Certificateholders will collectively become the Enforcing Party, and the holder
or holders of a majority of the Voting Rights among such Requesting Certificateholders shall be entitled to make all decisions
relating to such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or

 

     -145-

     

    

 

mediation
pursuant to the terms of this Agreement within 30 days after delivery of its Final Dispute Resolution Election Notice to the Enforcing
Servicer, then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder
or Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed
Course of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request,
then the related Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase
Agreement; provided, however, that such Material Defect shall not be deemed waived with respect a Requesting Certificateholder,
any other Certificateholder or Certificate Owner or the Enforcing Servicer to the extent there is a material change in the facts
and circumstances known to such party at the time when the Proposed Course of Action Notice is delivered to the Enforcing Servicer,
and (iii) if the Proposed Course of Action Notice had indicated a course of action other than the course of action under clause
(ii), then the Special Servicer shall again become the Enforcing Party and, as such, shall be the sole party entitled to enforce
the Trust’s rights against the related Mortgage Loan Seller.

 

(vi)        
Notwithstanding the foregoing, the dispute resolution provisions described above under this Section 2.03(l) shall
not apply, and the Enforcing Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with
respect to the Repurchase Request, or determines in accordance with the Servicing Standard that it is in the best interest of
Certificateholders to commence litigation with respect to the Repurchase Request to avoid the running of any applicable statute
of limitations.

 

(vii)        
In the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust,
shall remain a party to any proceedings against the related Mortgage Loan Seller as further described herein

 

(viii)       For
the avoidance of doubt, the Depositor, the Mortgage Loan Sellers and any of their respective Affiliates shall not be entitled
to be an Initial Requesting Certificateholder or a Requesting Certificateholder.

 

(ix)          The Requesting Certificateholder is entitled to elect either mediation or arbitration in its sole discretion; however,
the Requesting Certificateholder may not elect to then utilize the alternative method in the event that the initial method is
unsuccessful.

 

(x)          
If (i) a Repurchase Request is made with respect to any Mortgage Loan based on any particular alleged Material Defect,
(ii) a Resolution Failure is deemed to occur with respect to such Repurchase Request, and (iii) if either (A) a mediation or arbitration
is undertaken with respect to such Repurchase Request or (B) the Certificateholders and Certificate Owners cease to have a right
to refer such Repurchase Request to mediation or arbitration, in either case in accordance with the provisions of this Agreement,
then no Certificateholder or Certificate Owner may make any subsequent Repurchase Request with respect to such Mortgage Loan based
on the same alleged Material Defect unless there is a material change in the facts and circumstances known to such party and that
could not have been known to such party with the exercise of reasonable diligence at the time when the Proposed Course of Action
Notice is posted on the Certificate Administrator’s Website.

 

     -146-

     

    

 

(l)           
If the Enforcing Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)          
The mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage
Loan Seller (such provider, the “Mediation Services Provider”) in accordance with published mediation procedures
(the “Mediation Rules”) promulgated by the Mediation Services Provider.

 

(ii)          
The mediator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of
experience in commercial litigation, and, if possible, commercial real estate finance or commercial mortgage-backed securitization
matters or other complex commercial transactions, and who will be appointed from a list of neutrals maintained by the Mediation
Services Provider. Upon being supplied a list of at least ten potential qualified mediators by the Mediation Services Provider
each party will have the right to exercise two peremptory challenges within 14 days and to rank the remaining potential mediators
in order of preference. The Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting
the preference choices of the parties to the extent possible.

 

(iii)         
Prior to accepting an appointment, the mediator must promptly disclose any circumstances likely to create a reasonable
inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)         
The parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within
10 Business Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

(v)         
The expenses of any mediation shall be allocated among the parties to the mediation, including, if applicable, between
the Enforcing Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(vi)         
Out of pocket costs and expenses of the Special Servicer for mediation or arbitration, to the extent not agreed to be paid
by the Enforcing Party or another party (in the case of mediation) or allocated to the Enforcing Party or another party (in the
case of arbitration) shall be reimbursable as a Servicing Advance.

 

(m)         
If the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

(i)          
The arbitration shall be administered by a nationally recognized arbitration services provider selected by the related
Mortgage Loan Seller (such provider, the “Arbitration Services Provider”) in accordance with published arbitration
procedures (the “Arbitration Rules”) promulgated by the Arbitration Services Provider.

 

(ii)          
The arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years
of experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Arbitration

 

     -147-

     

    

 

Services Provider. Upon being supplied
a list of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two
peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The Arbitration Services
Provider will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the parties to
the extent possible.

 

(iii)         
Prior to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable
inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)        
After consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment,
the arbitrator shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties,
with the goal of expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority
to schedule, hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal
Rules of Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing
and post hearing motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)         
Notwithstanding whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each
party to the arbitration will be presumptively limited to the following discovery in the arbitration: (A) the parties shall
reasonably and in good faith voluntarily produce to all other parties all documents upon which they intend to rely and all documents
they reasonably and in good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness
depositions (excluding Rule 30b-6 witnesses), and (C) expert witness depositions, provided, that the arbitrator shall
have the ability to grant the parties, or either of them, additional discovery to the extent that the arbitrator determines good
cause is shown that such additional discovery is reasonable and necessary.

 

(vi)        
The arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission
of any post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage
Loan Purchase Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent
with those agreements. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration
conducted by them. Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice
at the Prime Rate. In its final determination, the arbitrator shall determine and award the costs of the arbitration (including
the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable
attorneys’ fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion. The determination
of the arbitrator shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties.
The final determination of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination
permitted under federal or state law, and may be enforced in any court of competent jurisdiction.

 

     -148-

     

    

 

(vii)         By selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by
jury.

 

(viii)        No person may bring a putative or certificated class action to arbitration.

 

(n)          
The following provisions will apply to both mediation and third-party arbitration:

 

(i)           
Any mediation or arbitration will be held in New York, New York unless another location is agreed by all parties;

 

(ii)           If the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute
relating to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider,
then any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending
the final decision of the arbitration panel, solely by application in the Southern District of New York if such court shall have
subject matter jurisdiction, or if the Southern District of New York has no jurisdiction, then it the Supreme Court of the State
of New York for the County of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)          The details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted
under this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in
the course of the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible
for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.03). Such information will be kept strictly confidential and shall not be disclosed or shared with
any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably
required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law, regulatory
requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information from a
third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly notify
the other party to the resolution procedure and shall provide the other party with a reasonable opportunity to object to the production
of its confidential information.

 

(iv)          In the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the
case may be, shall be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be
a party to any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the
Enforcing Party; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates
in such proceeding shall be determined by such Enforcing Servicer in consultation with the Controlling Class Representative, provided
that a Consultation Termination Event has not occurred and is continuing, and in accordance with the Servicing Standard. All
amounts recovered by the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on

 

     -149-

     

    

 

its behalf, and deposited in the Collection
Account. The agreement with the arbitrator or mediator, as the case may be, shall provide that in the event a Requesting Certificateholder
is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision or the agreement reached in
mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible for any such costs and expenses
allocated to the Requesting Certificateholder.

 

(v)          In the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder shall be required
to pay any expenses allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees
to bear in the mediation proceedings.

 

(vi)         The Trust (or the Trustee or the Enforcing Party acting on its behalf), the Depositor or any Mortgage Loan Seller shall
be permitted to redact any personally identifiable customer information included in any information provided for purposes of any
mediation or arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to
the Repurchase Request and the dispute resolution identified in connection with such procedures; provided, however,
that the Certificateholders shall be permitted to communicate prior to the commencement of any such proceedings to the extent
provided in Section 5.06.

 

(vii)        For the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase
Request to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the
Enforcing Servicer to perform its obligations with respect to a Mortgage Loan or the exercise of any rights of a Controlling Class
Representative (including without limitation, a liquidation, foreclosure, negotiation of a loan modification or workout, acceptance
of a discounted pay off or deed in lieu of foreclosure, or bankruptcy or other litigation).

 

(viii)       In the event that the method of dispute resolution selected is unsuccessful, the Requesting Certificateholder may not elect
to then utilize the alternative method.

 

(ix)          For the avoidance of doubt, any out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in
a mediation or arbitration shall be reimbursable as Additional Trust Fund Expenses.

 

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

 

(i)           
The Master Servicer is a national banking association, duly organized, validly existing and in good standing under the
laws of the United States of America, and the Master Servicer is in compliance with the laws of each state (within the United
States

 

     -150-

     

    

 

of
America) in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

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

 

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

 

(iv)        
This Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Special Servicer and the Depositor, constitutes a valid, legal
and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity
or at law;

 

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

 

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

 

(vii)       
No consent, approval, authorization or order of any court or governmental agency or body is required for the execution,
delivery and performance by the Master Servicer of, or compliance by the Master Servicer with, this Agreement or the consummation
of the transactions of the Master Servicer contemplated by this Agreement, except for any consent, approval, authorization or
order which has been obtained, or

 

     -151-

     

    

 

which,
if not obtained would not have a materially adverse effect on the ability of the Master Servicer to perform its obligations hereunder;

 

(viii)       Each officer and employee of the Master Servicer that has responsibilities concerning the servicing and administration
of Mortgage Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and
with the coverage required by this Agreement or the Master Servicer self-insures for such risks in compliance with the requirements
of Section 3.08(d) of this Agreement.

 

(b)         
Each of the Special Servicers, as Special Servicer, for itself only, hereby represents and warrants to and covenants with
the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor, the Certificate Administrator,
the Master Servicer, the Operating Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as
of the Closing Date, that:

 

(i)          
The Special Servicer (A) in the case of Rialto Capital Advisors, LLC, is a limited liability company, duly organized, validly
existing and in good standing under the laws of Delaware and (B) in the case of the Potomac Mills Special Servicer, is a limited
liability company, duly organized, validly existing and in good standing under the laws of Iowa, and in each case, the applicable
Special Servicer is in compliance with the laws of each state (within the United States of America) in which any related
Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

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

 

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

 

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

 

     -152-

     

    

 

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

 

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

 

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

 

(viii)      
Each officer and employee of the applicable Special Servicer that has responsibilities concerning the servicing and administration
of Mortgage Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and
with the coverage required by this Agreement or the applicable Special Servicer self-insures for such risks in compliance with
the requirements of Section 3.08(d) of this Agreement.

 

(c)          
[Reserved].

 

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

 

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

 

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

 

     -153-

     

    

 

(iii)        
Neither the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions
herein contemplated to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with
or result in a breach of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment
in accordance with such applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental
rule, regulation, judgment, decree or order binding on the Trustee or its properties or the organizational documents of the Trustee
or the terms of any material agreement, instrument or indenture to which the Trustee is a party or by which it is bound which,
in the Trustee’s good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee
to perform its obligations under this Agreement.

 

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

 

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

 

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

 

(e)          
The Certificate Administrator hereby represents and warrants to the Depositor, the Trustee, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing
Date, that:

 

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

 

(ii)          
This Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization,
execution and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against

 

     -154-

     

    

 

the
Certificate Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law).

 

(iii)         
Neither the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate
Administrator of the transactions herein contemplated to be performed by the Certificate Administrator, nor compliance by the
Certificate Administrator with the provisions hereof, will conflict with or result in a breach of, or constitute a default under,
any of the provisions of any applicable law, governmental rule, regulation, judgment, decree or order binding on the Certificate
Administrator or its properties or the organizational documents of the Certificate Administrator or the terms of any material
agreement, instrument or indenture to which the Certificate Administrator is a party or by which it is bound which, in the Certificate
Administrator’s good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Certificate
Administrator to perform its obligations under this Agreement.

 

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

 

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

 

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

 

     -155-

     

    

 

(f)          
The Operating Advisor hereby represents and warrants to the Trustee, the Depositor, the Certificate Administrator, the Master
Servicer, the Special Servicer, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing
Date, that:

 

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

 

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

 

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

 

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

 

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

 

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

 

     -156-

     

    

 

Operating
Advisor to perform its obligations under this Agreement or the financial condition of the Operating Advisor; and

 

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

 

(g)         
The Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of
the Certificateholders, and to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate
Administrator, as of the Closing Date, that:

 

(i)            The Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing
under the laws of the State of New York, and the Asset Representations Reviewer is in compliance with the laws of each State in
which any Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

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

 

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

 

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

 

     -157-

     

    

 

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

 

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

 

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

 

(viii)        The Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

Section 2.05     Execution
and Delivery of Certificates; Issuance of Lower-Tier Regular Interests. The Trustee acknowledges the assignment to it of the
Mortgage Loans and the delivery of the Mortgage Files to the Custodian (to the extent the documents constituting the Mortgage
Files are actually delivered to the Custodian), subject to the provisions of Section 2.01 and Section 2.02
of this Agreement and, concurrently with such delivery, (i) acknowledges and hereby declares that it holds the Mortgage
Loans for the benefit of (y) the Holders of the Class R Interest (in respect of the Class LTR Interest) and (z) the Holders
of the Lower-Tier Regular Interests; (ii) in exchange for the Mortgage Loans, acknowledges the issuance of the Lower-Tier Regular
Interests and the Class LTR Interest represented by the Class R Certificates; (iii) acknowledges the contribution by the
Depositor of the Lower-Tier Regular Interests to the Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular
Interests on behalf of the Upper-Tier REMIC and the Holders of the Certificates; and (iv) in exchange for the Lower-Tier
Regular Interests, has caused to be executed and caused to be authenticated and delivered to or upon the order of the Depositor,
or as directed by the terms of this Agreement, the Regular Certificates and the Class R Certificates, in authorized denominations;
and the Depositor hereby acknowledges the receipt by it or its designees of the Regular Certificates, the Class V Certificates
and the Class R Certificates, which Certificates evidence ownership of the entire Trust Fund.

 

     -158-

     

    

 

The Depositor, as of
the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the
right, title and interest of the Depositor in and to the Excess Interest to the Trustee for the benefit of the holders of the Class
V Certificates. The Trustee (i) acknowledges the assignment to it of the Excess Interest, (ii) declares that it holds and will
hold such Excess Interest in trust for the exclusive use and benefit of all present and future Holders of the Class V Certificates
and (iii) has caused the Certificate Administrator to execute, and has caused the Authenticating Agent to authenticate and to deliver
to or upon the order of the Depositor, in exchange for the Excess Interest, and the Depositor hereby acknowledges the receipt by
it or its designees of the Class V Certificates in authorized Denominations.

 

Section 2.06     Miscellaneous
REMIC and Grantor Trust Provisions. (a)  The Lower-Tier Regular Interests issued hereunder are hereby designated as the
“regular interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class
LTR Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests”
in the Lower-Tier REMIC within the meaning of Section 860G(a)(2) of the Code. The Regular Certificates are hereby designated
as “regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the
Class UTR Interest, represented by the Class R Certificates is hereby designated as the sole Class of “residual interests”
in the Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code. The Closing Date is hereby designated as the
“Startup Day” of each Trust REMIC within the meaning of Section 860G(a)(9) of the Code. The “latest possible
maturity date” of the Lower-Tier Regular Interests and the Regular Certificates for purposes of Section 860G(a)(l)
of the Code is the Rated Final Distribution Date.

 

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

 

(c)          
The Class V Certificates shall represent undivided beneficial interests in its corresponding portion of the Trust Fund consisting
of the Class V Specific Grantor Trust Assets. The Grantor Trust shall be treated as a “grantor trust” within the meaning
of subpart E, part I of subchapter J of the Code.

 

Article III

ADMINISTRATION AND SERVICING

OF THE TRUST FUND

 

Section 3.01     The
Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans and
the Serviced Companion Loans. (a) The Master Servicer (generally with respect to Mortgage Loans (other than a Non-Serviced
Mortgage Loan) and Serviced Companion Loans that are not Specially Serviced Loans) and the applicable Special Servicer (generally
with respect to Specially Serviced Loans and Serviced REO Loans), each as an independent contractor servicer, shall service and
administer the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and the Serviced Companion

 

     -159-

     

    

 

Loans on behalf of the Trust
Fund and the Trustee (as Trustee for the Certificateholders) and, in the case of any Serviced Whole Loan, the related Serviced
Companion Loan Noteholders, (as a collective whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable,
constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking
into account the subordinate nature of such Serviced Subordinate Companion Loan)), in each case, in accordance with the Servicing
Standard.

 

The Master Servicer’s
or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or Special Servicer, as the
case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.03 hereof).
To the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement, the Master Servicer
and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on the Mortgage Notes; provided,
that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer or Special Servicer
of the collectability of the Mortgage Loans or the Serviced Companion Loans. Subject only to the Servicing Standard, the Master
Servicer and Special Servicer shall have full power and authority, acting alone or through sub-servicers (subject to paragraph (c)
of this Section 3.01, to the related sub-servicing agreement with each sub-servicer and to Section 3.02
of this Agreement), to do or cause to be done any and all things in connection with such servicing and administration that it may
deem consistent with the Servicing Standard and, in its reasonable judgment, in the best interests of the Certificateholders, including,
without limitation, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan, and in the case of the Serviced
Whole Loans, in the best interests of the Certificateholders and the Serviced Companion Loan Noteholders, as a collective whole
as if such Certificateholders and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholders constituted a single
lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the
subordinate nature of such Serviced Subordinate Companion Loan)) to prepare, execute and deliver, on behalf of the Certificateholders
and Serviced Companion Loan Noteholders and the Trustee or any of them: (i) any and all financing statements, continuation
statements and other documents or instruments necessary to maintain the lien on each Mortgaged Property and related collateral;
(ii) any modifications, waivers, consents or amendments to or with respect to any documents contained in the related Mortgage
File; and (iii) any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all
other comparable instruments, with respect to such Mortgage Loans and the Mortgaged Properties. Notwithstanding the foregoing,
neither the Master Servicer nor the Special Servicer shall modify, amend, waive or otherwise consent to any change of the terms
of any Mortgage Loan except under the circumstances described in Section 3.03, Section 3.09, Section 3.10,
Section 3.24, Section 3.25, Section 3.26 and Section 3.27 hereof. The Master Servicer
(with respect to Mortgage Loans (other than a Non-Serviced Mortgage Loan) and Serviced Companion Loans that are not Specially Serviced
Loans) and the Special Servicer (with respect to Specially Serviced Loans and Serviced REO Loans) shall provide to the Borrowers
related to such Mortgage Loans that it is servicing any reports required to be provided to them pursuant to the related Loan Documents.
Subject to Section 3.11 of this Agreement, the Trustee shall, upon the receipt of a written request of a Servicing
Officer, execute and deliver to the Master Servicer and Special Servicer, as applicable, any powers of attorney (substantially
in the form attached hereto as Exhibit DD, or such other form as mutually agreed to by the Trustee and

 

     -160-

     

    

 

the Master Servicer
or the Special Servicer, as applicable) and other documents (including but not limited to other powers of attorney) prepared by
the Master Servicer and Special Servicer, as applicable, and necessary or appropriate (as certified in such written request) to
enable the Master Servicer and Special Servicer, as applicable, to carry out their servicing and administrative duties hereunder.
The Trustee shall not be held liable for any misuse of any such power of attorney or such other documents by the Master Servicer
and Special Servicer, as applicable. Notwithstanding anything contained herein to the contrary, none of the Master Servicer or
the Special Servicer shall, without the Trustee’s written consent: (i) initiate any action, suit or proceeding solely
under the Trustee’s name without indicating the Master Servicer’s or the Special Servicer’s, as the case may
be, representative capacity (unless prohibited by any requirement of the applicable jurisdiction in which any such action, suit
or proceeding is brought and if so prohibited, in the manner required by such jurisdiction (provided that the Master Servicer or
the Special Servicer, as applicable, shall then provide five (5) Business Days’ written notice to the Trustee of the initiation
of such action, suit or proceeding (or such shorter time period as is reasonably required in the judgment of the Master Servicer
or the Special Servicer, as applicable, made in accordance with the Servicing Standard) prior to filing such action, suit or proceeding),
and shall not be required to obtain the Trustee’s consent or indicate the Master Servicer’s or the Special Servicer’s,
as applicable, representative capacity); or (ii) take any action with the intent to cause, and that actually causes, the Trustee
to be registered to do business in any state.

 

(b)         
Unless otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall apply
any partial Principal Prepayment received on a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan,
as applicable, on a date other than a Due Date to the Stated Principal Balance of such Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Companion Loan, as applicable, as of the Due Date immediately following the date of receipt of such
partial Principal Prepayment. Unless otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master
Servicer shall apply any amounts received on U.S. Treasury obligations in respect of a Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Companion Loan, as applicable, being defeased pursuant to its terms to the Stated Principal Balance
of and interest on such Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date immediately following the receipt
of such amounts.

 

(c)          
The Master Servicer and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to
any of its respective obligations hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply
in all material respects with all of the applicable terms and conditions of this Agreement and shall be consistent with the provisions
of this Agreement, the terms of the respective Loan Documents and, in the case of a Serviced Companion Loan, the related Intercreditor
Agreement, (ii) if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, any such agreement provides
that (x) the failure of such Sub-Servicer to comply with any of the requirements under Article X of this Agreement
applicable to such Sub-Servicer, including the failure to deliver any reports or certificates at the time such report or certification
is required under Article X and (y) the failure of such Sub-Servicer to comply with any requirements to deliver
any items required by Items 1122 and 1123 of Regulation AB under any other pooling and servicing agreement relating to any other
series of certificates offered by the Depositor or backed by a

 

     -161-

     

    

 

Serviced Companion Loan shall constitute an event of default by
such Sub-Servicer upon the occurrence of which the Master Servicer shall (and the Depositor may) immediately terminate the related
Sub-Servicer under the related Sub-Servicing Agreement, which termination shall be deemed for cause, (iii) no Sub-Servicer
retained by the Master Servicer or the Special Servicer, as applicable, shall be permitted to make Major Decisions or otherwise
grant any modification, waiver, extension, forbearance or amendment to any Mortgage Loan or Serviced Companion Loan, as applicable,
or foreclose any Mortgage without the approval of the Master Servicer or the Special Servicer, as applicable, which approval shall
be given or withheld in accordance with the procedures set forth in Section 3.09, Section 3.10, Section 3.24,
Section 3.25, Section 3.26, Section 3.27, (as applicable), (iv) such agreement shall be
consistent with the Servicing Standard and (v) with respect to any Sub-Servicing Agreement entered into after the Closing
Date, if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, such Sub-Servicer, at the time the related
Sub-Servicing Agreement is entered into, is not a Prohibited Party. Any such Sub-Servicing Agreement may permit the Sub-Servicer
to delegate its duties to agents or Subcontractors so long as the related agreements or arrangements with such agents or Subcontractors
are consistent with the provisions of this Section 3.01(c) (including, for the avoidance of doubt, that no such agent
or Subcontractor is a Prohibited Party, if such agent or Subcontractor would be a Servicing Function Participant, at the time the
related sub-servicing agreement is entered into). Any monies received by a Sub-Servicer pursuant to a Sub-Servicing agreement (other
than sub-servicing fees) shall be deemed to be received by the Master Servicer on the date received by such Sub-Servicer.

 

Any Sub-Servicing Agreement
entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that it may be assumed or terminated
by the Trustee (in its sole discretion, but must be assumed with respect to any Mortgage Loan Seller Sub-Servicer so long as such
Mortgage Loan Seller Sub-Servicer is not in default under the applicable Sub-Servicing Agreement) if the Trustee has assumed the
duties of the Master Servicer or the Special Servicer, respectively, or any successor Master Servicer or Special Servicer, as applicable,
without cost or obligation to the assuming party or the Trust Fund, upon the assumption by such party of the obligations, except
to the extent they arose prior to the date of assumption, of the Master Servicer or the Special Servicer, as applicable, pursuant
to Section 7.02 (it being understood that any such obligations shall be the obligations of the terminated Master Servicer
or Special Servicer, as applicable, only).

 

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

 

Any Sub-Servicing Agreement
as to which a Mortgage Loan Seller required the Master Servicer to enter into shall provide that the Master Servicer (and any successor
Master Servicer) or Trustee may only terminate the related Mortgage Loan Seller Sub-Servicer for cause

 

     -162-

     

    

 

pursuant to such Sub-Servicing
Agreement and as otherwise specified in such Sub-Servicing Agreement.

 

Notwithstanding the provisions
of any Sub-Servicing Agreement and this Section 3.01, in no event shall the Trust Fund, the Trustee, the Certificate
Administrator, the Depositor or any Serviced Companion Loan Noteholder bear any termination fee required to be paid to any Sub-Servicer
as a result of the termination of any Sub-Servicing Agreement. In the case of the Limited Sub-Servicing Agreement, dated November
1, 2016, between the Master Servicer and Berkeley Point Capital LLC (“Berkeley Point”), in the event such agreement
is terminated, the Master Servicer shall continue to pay to Berkeley Point the servicing fees that would have been due to Berkeley
Point under such agreement as though such agreement remained in full force and effect; provided that such servicing fees
shall be paid solely out of the Servicing Fee and only for so long as the Master Servicer receives a Servicing Fee pursuant to
this Agreement.

 

Notwithstanding any other
provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for the performance
by third parties of any or all of its obligations herein, without the consent of the Directing Holder for so long as no Control
Termination Event has occurred and is continuing, except to the extent necessary for the Special Servicer to comply with applicable
regulatory requirements.

 

(d)         
If the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer, or if the Trustee or any
successor Special Servicer assumes the obligations of the Special Servicer, in each case in accordance with Section 7.02,
the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable, to the extent necessary to permit
the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable, to carry out the provisions of Section 7.02,
shall, without act or deed on the part of the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable,
succeed to all of the rights and obligations of the Master Servicer or the Special Servicer, as applicable, under any Sub-Servicing
Agreement entered into by the Master Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c).
In such event, such successor shall be deemed to have assumed all of the Master Servicer’s or the Special Servicer’s
interest, as applicable, therein (but not any liabilities or obligations in respect of acts or omissions of the Master Servicer
or the Special Servicer, as applicable, prior to such deemed assumption) and to have replaced the Master Servicer or the Special
Servicer, as applicable, as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been
assigned to such successor, except that the Master Servicer or the Special Servicer, as applicable, shall not thereby be relieved
of any liability or obligations under such Sub-Servicing Agreement that accrued prior to the succession of such successor.

 

If the Trustee or any
successor Master Servicer or Special Servicer, as applicable, assumes the servicing obligations of the Master Servicer or the Special
Servicer, as applicable, then upon request of such successor, the Master Servicer or Special Servicer, as applicable, shall at
its own expense (except (i) in the event that the Special Servicer is terminated pursuant to Section 3.22(b),
at the expense of the Certificateholders effecting such termination, as applicable; or (ii) in the event that the Master Servicer
or the Special Servicer is terminated pursuant to Section 6.04(c), at the expense of the Trust) deliver to such successor
all documents and records relating to any Sub-Servicing Agreement and the Mortgage Loans and/or the

 

     -163-

     

    

 

Serviced Companion Loans, as
applicable, then being serviced hereunder or thereunder and an accounting of amounts collected and held by it, if any, and shall
otherwise use commercially reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement to such
successor. The Master Servicer shall not be required to assume the obligations of the Special Servicer and nothing in this paragraph
shall imply otherwise.

 

(e)          
The parties hereto acknowledge that each Whole Loan is subject to the terms and conditions of the related Intercreditor
Agreement and, with respect to a Non-Serviced Mortgage Loan, further subject to the servicing under and all other terms and conditions
of the Other Pooling and Servicing Agreement. The parties hereto further recognize the respective rights and obligations of each
Companion Loan Noteholder under the related Intercreditor Agreement, including, without limitation with respect to (A) the
allocation of collections (and all other amounts received in connection with the related Whole Loan) on or in respect of the related
Mortgage Loan and (B) the allocation of Default Interest on or in respect of the related Mortgage Loan.

 

Notwithstanding anything
herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to the Serviced Whole Loans are limited by and subject to the terms of the related Intercreditor Agreement and, with respect to
any Non-Serviced Mortgage Loan, the rights of the Other Servicer and the Other Special Servicer under the Other Pooling and Servicing
Agreement. The Master Servicer shall, consistent with the applicable Servicing Standard, enforce the rights of the Trustee (as
holder of a Non-Serviced Mortgage Loan) under the related Intercreditor Agreement and the Other Pooling and Servicing Agreement.
The parties hereto acknowledge that each Non-Serviced Whole Loan and any related REO Property are being serviced and administered
under the related Other Pooling and Servicing Agreement and the Other Servicer will make any Servicing Advances required thereunder
in respect of such Non-Serviced Whole Loan and remit collections on the Non-Serviced Mortgage Loan to or on behalf of the Trust.
None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any obligation or authority
to supervise the related Other Servicer, the related Other Special Servicer or the related Other Trustee or to make Servicing Advances
with respect to any such Non-Serviced Whole Loan. Although each Non-Serviced Whole Loan is being serviced under the related Other
Pooling and Servicing Agreement, the Controlling Class Representative may have certain information and consultation rights relating
to the servicing of the Non-Serviced Whole Loan pursuant to the terms of the related Intercreditor Agreement and the related Other
Pooling and Servicing Agreement. Any obligation of the Master Servicer or Special Servicer, as applicable, to provide information
and collections to the Trustee, the Certificate Administrator and the Certificateholders with respect to any Non-Serviced Whole
Loan shall be dependent on its receipt of the corresponding information and collections from the related Other Servicer or the
related Other Special Servicer. Nothing herein shall be deemed to override the provisions of an Intercreditor Agreement with respect
to the rights of the related noteholders thereunder and with respect to the servicing and administrative duties and obligations
with respect to such Non-Serviced Whole Loans. In the event of any inconsistency or discrepancy between the provisions, terms or
conditions of an Intercreditor Agreement related to a Non-Serviced Whole Loan and the provisions, terms or conditions of this Agreement,
the related Intercreditor Agreement shall govern.

 

     -164-

     

    

 

If any Mortgage Loan
included in any Serviced Whole Loan is no longer part of the Trust Fund and the servicing and administration of such Serviced Whole
Loan is to be governed by a separate servicing agreement and not by this Agreement, the Master Servicer and, if such Serviced Whole
Loan is then being specially serviced hereunder, the Special Servicer, shall continue to act in such capacities under such separate
servicing agreement, which agreement shall be reasonably acceptable to the Master Servicer and/or the Special Servicer, as the
case may be, and shall contain servicing and administration, limitation of liability, indemnification and servicing compensation
provisions substantially similar to the corresponding provisions of this Agreement, except that such Serviced Whole Loan and the
related Mortgaged Property shall be serviced as if they were the sole assets serviced and administered thereunder and the sole
source of funds thereunder and except that there shall be no further obligation of any Person to make P&I Advances. All amounts
due the Master Servicer, the Trustee and the Special Servicer (including Advances and interest thereon) pursuant to this Agreement
and the applicable Intercreditor Agreement shall be paid to the Master Servicer, the Trustee and the Special Servicer by the successor
Master Servicer or Special Servicer, as applicable, or as an Additional Trust Fund Expense on the first Master Servicer Remittance
Date following termination. In addition, until such time as a separate servicing agreement with respect to such Serviced Whole
Loan and any related Serviced REO Property has been entered into and, notwithstanding that neither such Mortgage Loan nor any related
Serviced REO Property is part of the Trust Fund, the Custodian shall continue to hold the Mortgage File and the Master Servicer
and, if applicable, the Special Servicer shall (subject to the preceding sentence) continue to service such Serviced Whole Loan
or any related Serviced REO Property, as the case may be, under this Agreement as if it were a separate servicing agreement. Nothing
herein shall be deemed to override the provisions of an Intercreditor Agreement with respect to the rights of the related noteholders
thereunder and with respect to the servicing and administrative duties and obligations with respect to such Serviced Whole Loans.
In the event of any inconsistency or discrepancy between the provisions, terms or conditions of an Intercreditor Agreement related
to a Serviced Whole Loan and the provisions, terms or conditions of this Agreement, the related Intercreditor Agreement shall govern,
and as to any matter on which such Intercreditor Agreement is silent or makes reference to this Agreement, this Agreement shall
govern.

 

Section 3.02     Liability
of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement, any of the
provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer, as applicable,
and any Person acting as sub-servicer (or its agents or Subcontractors) or any reference to actions taken through any Person acting
as sub-servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated and primarily
liable to the Trustee (on behalf of the Certificateholders), the Certificateholders the Certificateholders and, with respect to
the Serviced Whole Loans, the Serviced Companion Loan Noteholders, for the servicing and administering of the Mortgage Loans and
Serviced Companion Loans in accordance with the provisions of this Agreement without diminution of such obligation or liability
by virtue of such sub-servicing agreements or arrangements or by virtue of indemnification from the Depositor or any other Person
acting as sub-servicer (or its agents or Subcontractors) to the same extent and under the same terms and conditions as if the
Master Servicer or the Special Servicer, as applicable, alone were servicing and administering the Mortgage Loans and Serviced
Companion Loans. Each of the Master Servicer and the Special Servicer shall be entitled to enter into an agreement with any sub-servicer
providing for

 

     -165-

     

    

 

indemnification of the Master Servicer or the Special Servicer, as applicable, by such sub-servicer,
and nothing contained in this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification
shall be deemed to limit or modify this Agreement.

 

Section 3.03     Collection
of Mortgage Loan and Serviced Companion Loan Payments. The Master Servicer (with respect to all the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) and the Serviced Companion Loans (other than Specially Serviced Loans) that the Master Servicer
is servicing) and the Special Servicer (with respect to Specially Serviced Loans) shall use reasonable efforts to collect all
payments called for under the terms and provisions of the Mortgage Loans (other than the Non-Serviced Mortgage Loans) and the
Serviced Companion Loans each is obligated to service hereunder, and shall follow the Servicing Standard with respect to such
collection procedures; provided, that nothing herein contained shall be construed as an express or implied guarantee by
the Master Servicer or the Special Servicer of the collectability of the Mortgage Loans or the Serviced Companion Loans; provided,
further, that with respect to such Mortgage Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loans, as
applicable, that have Anticipated Repayment Dates, so long as the related Borrower is in compliance with each provision of the
related Loan Documents, the Master Servicer and Special Servicer (including the Special Servicer in its capacity as a Certificateholder,
if applicable) shall not take any enforcement action with respect to the failure of the related Borrower to make any payment of
Excess Interest, other than requests for collection, until the final maturity date of such Mortgage Loan or Serviced Whole Loan,
as applicable, or the outstanding principal balance of such Mortgage Loan or Serviced Whole Loan, as applicable, has been paid
in full, however, consistent with the applicable Servicing Standard, the Master Servicer, or the Special Servicer each may in
its discretion waive the Excess Interest (even at the final maturity date) in connection with any Mortgage Loan it is obligated
to service hereunder if taking such action is in the best interest of the Certificateholders as a collective whole. With respect
to each Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall use its reasonable efforts, consistent
with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan Documents and the
terms hereof. The Master Servicer shall provide at least 90 days’ notice (with a copy to the Special Servicer) to the
Borrowers of Balloon Payments coming due on Performing Loans (other than a Non-Serviced Mortgage Loan). Consistent with the foregoing,
the Master Servicer (with respect to each Performing Loan) or the Special Servicer (with respect to Specially Serviced Loans) may
in their discretion waive any late payment charge or Default Interest in connection with any delinquent Periodic Payment or Balloon
Payment with respect to any Mortgage Loan or Serviced Companion Loan that it is servicing. In addition, the Special Servicer shall
be entitled to take such actions with respect to the collection of payments on the Mortgage Loans and the Serviced Companion Loans
as are permitted or required under this Agreement.

 

Section 3.04       
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a)  The Master Servicer, in the case
of all Mortgage Loans (other than a Non-Serviced Mortgage Loan) that it is servicing, shall maintain accurate records with respect
to each related 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. With respect to each Specially Serviced Loan, the
Special Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent

 

     -166-

     

    

  

rolls from Borrowers
as required by the Loan Documents. The Special Servicer, in the case of Serviced REO Loans, and the Master Servicer, in the case
of all Mortgage Loans (other than a Non-Serviced Mortgage Loan) that it is servicing, shall use reasonable efforts consistent
with the Servicing Standard to, from time to time, (i) obtain all bills for the payment of such items (including renewal
premiums), and (ii) effect, or, if the Special Servicer, to use reasonable efforts to cause the Master Servicer to effect,
payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each
case employing for such purpose Escrow Payments as allowed under the terms of the related Loan Documents for the related Mortgage
Loan or Serviced Companion Loan. If a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) fails to make any
such payment on a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable penalty
or termination date, the Master Servicer shall advance the amount of any shortfall as a Servicing Advance unless the Master Servicer
determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance (provided that
with respect to advancing insurance premiums or delinquent tax assessments the Master Servicer shall comply with the provisions
of the second to last paragraph in Section 3.21(d) of this Agreement). The Master Servicer and the Trustee, as applicable,
shall be entitled to reimbursement of Servicing Advances, with interest thereon at the Reimbursement Rate, that it makes pursuant
to this Section 3.04 of this Agreement from amounts received on or in respect of the related Mortgage Loan or Serviced
Whole Loan respecting which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted
by Section 3.06 of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and
assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders or Serviced
Companion Loan Noteholders, be added to the amount owing under the related Mortgage Loans or Serviced Companion Loans, notwithstanding
that the terms of such Mortgage Loans or Serviced Companion Loans so permit.

 

The parties acknowledge
that with respect to Non-Serviced Mortgage Loans, the Other Servicer is obligated to make (or any other service provider provided
for in the related Other Pooling and Servicing Agreement may make) Servicing Advances with respect to such Non-Serviced Mortgage
Loans pursuant to the related Other Pooling and Servicing Agreement. The Other Servicer (or other service provider) shall be entitled
to reimbursement for nonrecoverable Servicing Advances (as such term or similar term may be defined in the related Other Pooling
and Servicing Agreement) with, in each case, any accrued and unpaid interest thereon provided for under the related Other Pooling
and Servicing Agreement in the manner set forth in such Other Pooling and Servicing Agreement, the related Intercreditor Agreement
and Section 3.06(a)(v) of this Agreement.

 

(b)         
The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan (other than
any Non-Serviced Mortgage Loans) or any Serviced Companion Loan that it is servicing constituting Escrow Payments separate and
apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each,
an “Escrow Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after
receipt of properly identified funds and maintained in accordance with the requirements of the related Mortgage Loan or Serviced
Whole Loan, as applicable, and in accordance with the Servicing Standard. The Master Servicer shall also deposit into each Escrow
Account any amounts representing losses on Permitted

 

     -167-

     

    

 

Investments to the extent required pursuant to Section 3.07(b)
of this Agreement and any Insurance Proceeds or Liquidation Proceeds which are required to be applied to the restoration or repair
of any Mortgaged Property pursuant to the related Mortgage Loan or Serviced Whole Loan. Escrow Accounts shall be Eligible Accounts
(except to the extent the related Loan Documents require it to be held in an account that is not an Eligible Account); provided,
if the ratings of the financial institution holding such account are downgraded to a ratings level below that of an Eligible Account
(except to the extent the related Loan Documents require it to be held in an account that is not an Eligible Account), the Master
Servicer shall have 30 days (or such longer time as confirmed by a Rating Agency Confirmation, obtained at the expense of the Master
Servicer relating to the Certificates and any related Serviced Companion Loan Securities) to transfer such account to an Eligible
Account. Escrow Accounts shall be entitled, “Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington
Trust, National Association, as Trustee, for the benefit of the Holders of CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C6
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6 and Various Borrowers and, if applicable, Serviced
Companion Loan Noteholders”. Withdrawals from an Escrow Account may be made by the Master Servicer only:

 

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

 

(ii)         
to transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Collection Account (or any sub-account
thereof) to reimburse the Master Servicer or the Trustee for any Servicing Advance (with interest thereon at the Reimbursement
Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan and/or Serviced Whole
Loan, as applicable, which represent late collections of Escrow Payments thereunder;

 

(iii)        
for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage
Loan and/or Serviced Whole Loan, as applicable, and the Servicing Standard;

 

(iv)        
to clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the related Mortgage Loan
and/or Serviced Whole Loan, as applicable;

 

(v)         
to pay from time to time to the related Borrower any interest or investment income earned on funds deposited in the Escrow
Account if such income is required to be paid to the related Borrower under law or by the terms of the Loan Documents for such
Mortgage Loan or Serviced Whole Loan, or otherwise to the Master Servicer; or

 

(vi)        
to remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts
to Borrowers determined to be overages.

 

(c)          
The Master Servicer shall, as to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and each Serviced Companion
Loan that it is servicing, (i) maintain accurate records with respect to the related Mortgaged Property reflecting the status
of real estate

 

     -168-

     

    

 

taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums
and any ground rents payable in respect thereof and (ii) use reasonable efforts to obtain, from time to time, all bills for
(or otherwise confirm) the payment of such items (including renewal premiums) and, for such Mortgage Loans and Serviced Companion
Loans that require the related Borrower to escrow for such items, shall effect payment thereof prior to the applicable penalty
or termination date. For purposes of effecting any such payment for which it is responsible, the Master Servicer shall apply Escrow
Payments as allowed under the terms of the related Loan Documents for such Mortgage Loan and Serviced Companion Loan (or, if such
Mortgage Loan or Serviced Companion Loan does not require the related Borrower to escrow for the payment of real estate taxes,
assessments, insurance premiums, ground rents (if applicable) and similar items, the Master Servicer shall use reasonable efforts
consistent with the Servicing Standard to cause the related Borrower to comply with the requirement of the related Loan Documents
that the Borrower make payments in respect of such items at the time they first become due and, in any event, prior to the institution
of foreclosure or similar proceedings with respect to the related Mortgaged Property for nonpayment of such items). Subject to
Section 3.21 of this Agreement, the Master Servicer shall timely make a Servicing Advance with respect to the Mortgage
Loans (other than Non-Serviced Mortgage Loans) and Serviced Whole Loans that it is servicing, if any, to cover any such item which
is not so paid, including any penalties or other charges arising from the Borrower’s failure to timely pay such items.

 

Section 3.05     Collection Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole
Loan Collection Accounts. (a)  The Master Servicer shall establish and maintain a Collection Account, for the benefit
of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests with respect to the Mortgage Loans
that it is servicing. The Collection Account shall be established and maintained as an Eligible Account. Amounts attributable to
Excess Interest will be assets of the Grantor Trust. Amounts attributable to the Companion Loans will not be assets of the Trust
Fund.

 

The Master Servicer shall
deposit or cause to be deposited in the Collection Account within two Business Days following receipt of properly identified funds
of the following payments and collections received or made by or on behalf of it on or with respect to the Mortgage Loans subsequent
to the Cut-off Date:

 

(i)          
all payments on account of principal on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan),
including the principal component of all Unscheduled Payments;

 

(ii)         
all payments on account of interest on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan)
(net of the related Servicing Fees), including Prepayment Premiums, Default Interest, Yield Maintenance Charges, Excess Interest
and the interest component of all Unscheduled Payments;

 

(iii)        
any amounts required to be deposited pursuant to Section 3.07(b) of this Agreement, in connection with net
losses realized on Permitted Investments with respect to funds held in the Collection Account;

 

     -169-

     

    

 

(iv)        
all Net REO Proceeds withdrawn from the related REO Account (other than the Serviced Whole Loan REO Account) pursuant to
Section 3.15(b) of this Agreement;

 

(v)         
any amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to the
Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan), to the extent not permitted to be retained by
the Master Servicer as provided herein;

 

(vi)        
all Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of any Mortgage Loan (other
than any Mortgage Loan related to a Serviced Whole Loan) or any REO Property (other than a Serviced REO Property related to a
Serviced Whole Loan), other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase
of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution
Account pursuant to Section 9.01 of this Agreement, together with any amounts representing recoveries of Nonrecoverable
Advances, including any recovery of Unliquidated Advances, in respect of the related Mortgage Loans (other than any Mortgage Loan
related to a Serviced Whole Loan); provided, that any Liquidation Proceeds related to a sale, pursuant to Section 3.16
hereof or pursuant to the related Intercreditor Agreement, of a Mortgage Loan included in a Serviced Whole Loan shall be deposited
directly into the Collection Account and applied solely to pay expenses relating to that Mortgage Loan and to Available Funds;

 

(vii)       
Penalty Charges on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) to the extent required
to offset interest on Advances and Additional Trust Fund Expenses pursuant to Section 3.12(c) of this Agreement;

 

(viii)      
any amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b)
of this Agreement in connection with losses resulting from a deductible clause in a blanket or master force-placed policy
in respect of the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan);

 

(ix)        
any other amounts required by the provisions of this Agreement (including without limitation any amounts to be transferred
from the Serviced Whole Loan Collection Account pursuant to Section 3.06(b)(i)(B) and, with respect to the Companion
Loans or any mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights
or reimbursement obligations set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable,
other than in respect of a Serviced Whole Loan) to be deposited into the Collection Account by the Master Servicer or Special
Servicer;

 

(x)         
any Compensating Interest Payments in respect of the Mortgage Loans that the Master Servicer is servicing (other than any
Non-Serviced Mortgage Loan or any Mortgage Loan related to a Serviced Whole Loan) pursuant to Section 3.17(c) of this
Agreement;

 

     -170-

     

    

 

(xi)         
any Loss of Value Payments, as set forth in Section 3.06(e) of this Agreement; and

 

(xii)        
in the case of any Mortgage Loan that is part of a Serviced Whole Loan, the amounts to be withdrawn from the related Serviced
Whole Loan Collection Account and deposited into the Collection Account pursuant to Section 3.06(b)(i).

 

In the case of Gain-on-Sale
Proceeds, the Master Servicer shall make appropriate ledger entries received with respect thereto, which the Master Servicer shall
hold for (i) the Trustee for the benefit of the Lower-Tier Regular Interests, (ii) for the benefit of the Certificateholders
(other than the Holders of the Class V Certificates) and the Trustee as the Holder of the Lower-Tier Regular Interests and (iii) for
the benefit of any Serviced Companion Loan Noteholder entitled thereto. Any Gain-on-Sale Proceeds shall be identified separately
from any other amounts held in the Collection Account (with amounts attributable to each Class or Classes and any Serviced Companion
Loan also identified separately).

 

The foregoing requirements
for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 and the related Intercreditor
Agreement), Assumption Fees, assumption application fees, Modification Fees and consent fees, loan service transaction fees, extension
fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Master
Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special
Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled to retain any such charges and fees
received with respect to the Mortgage Loans that it is servicing as additional compensation.

 

If the Master Servicer
deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from
the Collection Account, any provision herein to the contrary notwithstanding.

 

Upon receipt of any of
the amounts described in clauses (i), (ii), (v) and (vi) of this Agreement above with respect to any Specially Serviced Loan which
is not a Serviced REO Loan, the Special Servicer shall remit such amounts within one Business Day after receipt thereof (except,
if such amounts are not properly identified, the Special Servicer shall promptly identify such amounts and shall remit such amounts
within one Business Day after such identification) to the Master Servicer for deposit into the Collection Account in accordance
with the second paragraph of this Section 3.05 of this Agreement, unless the Special Servicer determines, consistent
with the Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate
reason. Any such amounts received by the Special Servicer with respect to a Serviced REO Property (other than any Serviced REO
Property related to the Serviced Whole Loans) shall be deposited by the Special Servicer into the REO Account and remitted to the
Master Servicer for deposit into the Collection Account pursuant to Section 3.15(b) of this Agreement. With respect
to any related Serviced Whole Loan, the Special Servicer shall comply with Section 3.05(g) of this Agreement. With
respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse
or warranty such check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by
overnight courier.

 

     -171-

     

    

 

(b)         
The Certificate Administrator shall establish and maintain the Lower-Tier Distribution Account in its own name for the benefit
of the Trustee, for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests. The
Lower-Tier Distribution Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

(c)          
With respect to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator on or before
the Master Servicer Remittance Date the funds then on deposit in the Collection Account after giving effect to withdrawals of funds
pursuant to Section 3.06(a) of this Agreement and deposits from the Serviced Whole Loan Collection Account pursuant
to Section 3.06 of this Agreement. Upon receipt from the Master Servicer of such amounts held in the Collection Account,
the Certificate Administrator shall deposit in (A) the Lower-Tier Distribution Account (i) the amount of Available Funds to
be distributed pursuant to Section 4.01 of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale
Proceeds allocable to any Mortgage Loan to be deposited into the Lower-Tier Distribution Account (which the Certificate Administrator
shall then deposit in the Gain-on-Sale Reserve Account) pursuant to Section 3.06 of this Agreement, (B) the Interest
Reserve Account as part of the Lower-Tier REMIC, the amount of any Withheld Amounts to be deposited pursuant to Section 3.05(e)
of this Agreement and (C) in the Excess Interest Distribution Account, the Excess Interest to be distributed to the Holders of
the Class V Certificates.

 

(d)         
If any Loss of Value Payments are received in connection with a Material Defect or Material Breach, as the case may be,
pursuant to or as contemplated by Section 2.03(e) of this Agreement, the Special Servicer shall establish and maintain
one or more non-interest bearing accounts (collectively, the “Loss of Value Reserve Fund”) to be held for the
benefit of the Certificateholders, for purposes of holding such Loss of Value Payments. Each account that constitutes the Loss
of Value Reserve Fund shall be an Eligible Account or a sub-account of an Eligible Account. The Special Servicer shall, upon receipt,
deposit in the Loss of Value Reserve Fund all Loss of Value Payments received by it. The Certificate Administrator shall account
for the Loss of Value Reserve Fund as an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h)
and not an asset of either Trust REMIC or the Grantor Trust. Furthermore, for all federal tax purposes, the Certificate Administrator
shall (i) treat amounts paid out of the Loss of Value Reserve Fund through the Collection Account to the Certificateholders
as contributed to and distributed by the Trust REMICs and (ii) treat any amounts paid out of the Loss of Value Reserve Fund
through the Collection Account to a Mortgage Loan Seller as distributions by the Trust Fund to such Mortgage Loan Seller as beneficial
owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be the beneficial owner of the Loss of Value
Reserve Fund for all federal income tax purposes, and shall be taxable on all income earned thereon.

 

(e)          
The Certificate Administrator shall establish and maintain the Interest Reserve Account in its own name for the benefit
of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class V Certificates) and the Trustee
as the Holder of the Lower-Tier Regular Interests. The Interest Reserve Account shall be established and maintained as an Eligible
Account or as a sub-account of an Eligible Account.

 

On each Master Servicer
Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of
each calendar year, unless in either case

 

     -172-

     

    

 

such Master Servicer Remittance Date is the final Master Servicer Remittance Date, the
Certificate Administrator shall calculate the Withheld Amounts. On each such Master Servicer Remittance Date, the Certificate Administrator
shall, with respect to each Mortgage Loan that does not accrue interest on the basis of a 360-day year of twelve 30-day months,
withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Interest
Reserve Account an amount equal to the aggregate of the Withheld Amounts calculated in accordance with the previous sentence. If
the Certificate Administrator shall deposit in the Interest Reserve Account any amount not required to be deposited therein, it
may at any time withdraw such amount from the Interest Reserve Account any provision herein to the contrary notwithstanding. On
or prior to the Master Servicer Remittance Date in March of each calendar year (or in February if the final Distribution
Date will occur in such month), the Certificate Administrator shall transfer to the Lower-Tier Distribution Account the aggregate
of all Withheld Amounts on deposit in the Interest Reserve Account.

 

(f)          
The Certificate Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit
of the Trustee and for the benefit of the Certificateholders. The Upper-Tier Distribution Account shall be established and maintained
as an Eligible Account or a sub-account of an Eligible Account. Promptly on each Distribution Date, the Certificate Administrator
shall withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Upper-Tier
Distribution Account on or before such date the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and Yield
Maintenance Charges for such Distribution Date to be distributed in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a)
and Section 4.01(c) of this Agreement on such date.

 

(g)         
With respect to each Serviced Whole Loan or any related Serviced REO Property, the Master Servicer shall maintain, or cause
to be maintained, a Serviced Whole Loan Collection Account in which the Master Servicer shall deposit or cause to be deposited
within two Business Days following receipt of properly identified funds the following payments and collections received or made
by or on behalf of it on such Serviced Whole Loan or Serviced REO Property subsequent to the Cut-off Date:

 

(i)          
all payments on account of principal on such Serviced Whole Loan, including the principal component of Unscheduled Payments;

 

(ii)   
       all payments on account of interest on such Serviced Whole Loan (net of the related Servicing Fees), including Prepayment
Premiums, Default Interest, Yield Maintenance Charges and the interest component of all Unscheduled Payments;

 

(iii)        
any amounts required to be deposited pursuant to Section 3.07(b), in connection with net losses realized on
Permitted Investments with respect to funds held in such Serviced Whole Loan Collection Account;

 

(iv)          all Net REO Proceeds withdrawn from the related REO Account in respect of such Serviced Whole Loan pursuant to Section 3.15(b);

 

     -173-

     

    

 

(v)         
any amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to such
Serviced Whole Loan, to the extent not permitted to be retained by the Master Servicer as provided herein;

 

(vi)       
all Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of such Serviced Whole Loan
or any related Serviced REO Property (other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection
with a purchase of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier
Distribution Account pursuant to Section 9.01), together with any amounts representing recoveries of Nonrecoverable
Advances, including any recovery of Unliquidated Advances, in respect of such Serviced Whole Loan; provided, that any Liquidation
Proceeds related to a sale pursuant to Section 3.16 hereof or pursuant to the related Intercreditor Agreement of a
Mortgage Loan included in a Serviced Whole Loan shall be deposited directly into the Collection Account and applied solely to
pay expenses relating to that Mortgage Loan and to Available Funds and any Liquidation Proceeds related to a sale of a related
Serviced Companion Loan included in a Serviced Whole Loan shall be deposited into the Serviced Whole Loan Collection Account and
applied solely to pay expenses relating to that Serviced Companion Loan and to pay amounts due to the related Serviced Companion
Loan Noteholder;

 

(vii)       
Penalty Charges on such Serviced Whole Loan to the extent required to offset interest on Advances and debt service advances
made by a Serviced Companion Loan Service Provider and Additional Trust Fund Expenses pursuant to Section 3.12(d);

 

(viii)       any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) in
connection with losses resulting from a deductible clause in a blanket or master force placed policy in respect of such Serviced
Whole Loan;

 

(ix)          any other amounts required by the provisions of this Agreement (including with respect to the Companion Loans or any mezzanine
indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement obligations
set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable) to be deposited into the
applicable Serviced Whole Loan Collection Account by the Master Servicer or the Special Servicer;

 

(x)          
any cure payments remitted by any Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement; and

 

(xi)         
any Compensating Interest Payments in respect of such Serviced Whole Loan pursuant to Section 3.17(c).

 

The foregoing
requirements for deposits into the applicable Serviced Whole Loan Collection Account shall be exclusive, it being understood and
agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges (subject to Section 3.12
hereof), Assumption Fees, assumption application fees, Modification Fees, consent fees, loan service transaction fees, extension
fees, demand fees, beneficiary statement charges and similar fees need not be deposited into the

 

     -174-

     

    

 

applicable Serviced Whole Loan
Collection Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law,
the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled
to retain any such charges and fees received with respect to the Serviced Whole Loans as additional compensation. If the Master
Servicer deposits in the applicable Serviced Whole Loan Collection Account any amount not required to be deposited therein, it
may at any time withdraw such amount from such Serviced Whole Loan Collection Account, any provision herein to the contrary notwithstanding.

 

Each Serviced
Whole Loan Collection Account shall be maintained as a segregated account, separate and apart from any trust fund created for mortgage
backed securities of other series and the other accounts of the Master Servicer; provided, that such Serviced Whole Loan
Collection Account may be a sub-account of the Master Servicer’s Collection Account or may be maintained on a ledger basis
but shall, for purposes of this Agreement, be treated as a separate account. Each Serviced Whole Loan Collection Account shall
be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

Upon receipt
of any of the foregoing amounts described in clauses (i), (ii), (v) and (vi) above with respect to each Serviced Whole Loan for
so long as it is a Specially Serviced Loan but is not a Serviced REO Loan, the Special Servicer shall remit within one Business
Day such amounts to the Master Servicer for deposit into the applicable Serviced Whole Loan Collection Account in accordance with
the first paragraph of this Section 3.05(g), unless the Special Servicer determines, consistent with the applicable
Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason.
Any such amounts received by the Special Servicer with respect to a Serviced REO Property related to any Serviced Whole Loan shall
initially be deposited by the Special Servicer into the related Serviced Whole Loan REO Account and remitted to the Master Servicer
for deposit into the applicable Serviced Whole Loan Collection Account pursuant to Section 3.15(b). With respect to
any such amounts paid by check to the order of the Special Servicer, the Special Servicer (A) with respect to any Specially
Serviced Loan shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver
any such check to the Master Servicer by overnight courier and (B) with respect to any REO Loan shall deposit such check into
the applicable Whole Loan REO Account.

 

(h)         
Notwithstanding anything to the contrary contained herein, with respect to each Due Date and any related Serviced Companion
Loan, on each Serviced Whole Loan Remittance Date, the Master Servicer shall remit, from amounts on deposit in the applicable Serviced
Whole Loan Collection Account in accordance with Section 3.06(b)(i)(A), to the applicable Serviced Companion Loan Noteholder
by wire transfer in immediately available funds to the account of such Serviced Companion Loan Noteholder or an agent therefor
appearing on the Serviced Companion Loan Noteholder Register on the related date such amounts as are required to be remitted (or,
if no such account so appears or information relating thereto is not provided at least five (5) Business Days prior to the date
such amounts are required to be remitted, by check sent by first class mail to the address of such Serviced Companion Loan Noteholder
or its agent appearing on the Serviced Companion Loan Noteholder Register) the

 

     -175-

     

    

 

portion of the applicable Serviced Whole Loan Remittance
Amount allocable to such Serviced Companion Loan Noteholder.

 

(i)           
Prior to the Master Servicer Remittance Date relating to any Collection Period in which Gain-on-Sale Proceeds are received,
the Certificate Administrator shall establish and maintain the Gain-on-Sale Reserve Account, which may have one or more sub-accounts,
to be held in its own name for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of
the Class V Certificates), and with respect to each Serviced Whole Loan, the related Serviced Companion Loan Noteholders, and the
Trustee as holder of the Lower-Tier Regular Interests. Each account that constitutes an Gain-on-Sale Reserve Account shall be an
Eligible Account or a sub-account of an Eligible Account. On each Master Servicer Remittance Date, the Master Servicer shall withdraw
from the Collection Account or, if allocable to any Serviced Whole Loan, the Master Servicer shall withdraw from the applicable
Serviced Whole Loan Collection Account, and remit to the Certificate Administrator (i) in the case of the Mortgage Loans (other
than the Serviced Whole Loans), for deposit in the Lower-Tier Distribution Account, as applicable (which the Certificate Administrator
shall then deposit in the Gain-on-Sale Reserve Account), and (ii) in the case of the Serviced Whole Loans, for deposit in
the Gain-on-Sale Reserve Account, all Gain-on-Sale Proceeds received during the Collection Period ending on the Determination Date
immediately prior to such Master Servicer Remittance Date which are allocable to a Mortgage Loan or Serviced Whole Loan; provided
that on the Business Day prior to the final Distribution Date, the Certificate Administrator shall withdraw from the Gain-on-Sale
Reserve Account and deposit in the Lower-Tier Distribution Account (after allocation to any related Serviced Companion Loan as
provided in Section 4.01(e)), for distribution on such Distribution Date, any and all amounts then on deposit in the
Gain-on-Sale Reserve Account attributable to the Mortgage Loans.

 

(j)           
Funds in the Collection Account, the Serviced Whole Loan Collection Account, the Distribution Accounts, the Interest Reserve
Account, the Gain-on-Sale Reserve Account and the REO Account may be invested in Permitted Investments in accordance with the provisions
of Section 3.07 of this Agreement; provided, however, that for so long as Wells Fargo Bank, National
Association is the Certificate Administrator, funds on deposit in the Distribution Accounts, the Interest Reserve Account and the
Gain-on-Sale Reserve Account shall not be invested.

 

The Master Servicer shall
give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer of the location and account
number of the Collection Account and, if applicable, the Serviced Whole Loan Collection Accounts as of the Closing Date and shall
notify the Depositor, the Special Servicer, the Certificate Administrator and the Trustee, as applicable, in writing on or prior
to the Closing Date and prior to any subsequent change thereof. In addition, the Master Servicer shall provide notice to each affected
holder of a Serviced Companion Loan of the location and account number of the relevant Serviced Whole Loan Collection Account as
well as notice in writing on or prior to the Closing Date and prior to any subsequent change thereof. The Certificate Administrator
shall give written notice to the Depositor, the Trustee, the Special Servicer and the Master Servicer of the location and account
number of the Interest Reserve Account and the Distribution Accounts as of the Closing Date and shall notify the Depositor, the
Trustee, the Special Servicer and the Master Servicer, as applicable, in writing prior to any subsequent change thereof.

 

     -176-

     

    

 

(k)         
The Certificate Administrator shall establish and maintain the Excess Interest Distribution Account, in its own name, for
the benefit of the Holders of the Class V Certificates, with respect to the Excess Interest, which shall be an asset of the Grantor
Trust and beneficially owned by the Holders of the Class V Certificates and shall not be an asset of either Trust REMIC. The Excess
Interest Distribution Account shall be established and maintained as an Eligible Account or as a subaccount of an Eligible Account.
Following the distribution of Excess Interest to the Class V Certificateholders on the first Distribution Date after which there
are no longer any Mortgage Loans outstanding which pursuant to their terms could pay Excess Interest, the Certificate Administrator
shall terminate the Excess Interest Distribution Account.

 

Section 3.06     Permitted
Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts; Trust Ledger.
(a)  The Master Servicer shall maintain a separate Trust Ledger with respect to the Mortgage Loans that it is servicing
on which it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On
each Master Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose
as specified below), with respect to each Mortgage Loan (other than any Mortgage Loan related to a Serviced Whole Loan unless
otherwise specified in clauses (i), (ii), (v), (vi), (x), (xi), (xii), (xiii),
(xv), (xvi) and (xvii) of this Section 3.06(a)), the Master Servicer shall make withdrawals from
amounts allocated thereto in the Collection Account (and may debit the Trust Ledger) for the purposes listed below (the order
set forth below not constituting an order of priority for such withdrawals):

 

(i)          
on or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, (A) to remit to the Certificate
Administrator the amounts to be deposited into the Lower-Tier Distribution Account (including any amount transferred from the
Serviced Whole Loan Collection Account in respect of each Mortgage Loan that is part of a Serviced Whole Loan) (including without
limitation the aggregate of the Available Funds, Prepayment Premiums, Yield Maintenance Charges and Gain-on-Sale Proceeds) which
the Certificate Administrator shall then deposit into the Upper-Tier Distribution Account, the Interest Reserve Account and the
Gain-on-Sale Reserve Account, pursuant to Section 3.05(f), Section 3.05(e) and Section 3.05(i)
of this Agreement, respectively and (B) to remit to the Certificate Administrator an amount equal to the Excess Interest received
in the Collection Period to be deposited into the Excess Interest Distribution Account;

 

(ii)          to
pay (A) itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess
Servicing Fees to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement);
the Operating Advisor, unpaid Operating Advisor Fees; and the Special Servicer, unpaid Special Servicing Fees, Liquidation
Fees and Workout Fees in respect of each Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (exclusive of each
Mortgage Loan or Serviced
REO Loan included in a Serviced Whole Loan), as applicable, the Master Servicer’s, the Operating Advisor’s or Special
Servicer’s, as applicable, rights to payment of Servicing Fees, Operating Advisor Fees and Special Servicing Fees, Liquidation
Fees and Workout Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, Specially Serviced Loan or
Serviced REO Loan (exclusive of each Mortgage Loan or 

 

     -177-

     

    

 

Serviced REO Loan included in a Serviced Whole Loan), as applicable, being
limited to amounts received on or in respect of such Mortgage Loan, Specially Serviced Loan or REO Loan, as applicable (whether
in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of
interest thereon, (B) the Special Servicer, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect
of each Specially Serviced Loan or Serviced REO Loan, as applicable, remaining unpaid out of general collections on the Mortgage
Loans, Specially Serviced Loans and REO Properties, but in the case of each Serviced Whole Loan, only to the extent that amounts
on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor (provided that the Master
Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the
related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights
under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related
Serviced Companion Loans from the related Companion Loan Noteholders) and (i) with respect to a Serviced Pari Passu Whole
Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion
Loan, in accordance with their respective Stated Principal Balances, or (ii) with respect to a Serviced AB Whole Loan, first,
from the related AB Subordinate Companion Loan, and then, from the AB Mortgage Loan (and any related Pari Passu Companion
Loans on a pro rata basis) and then out of general collections on the Mortgage Loans and REO Properties, (C) each
month to the Other Servicer or Other Special Servicer, as applicable, the Trust’s pro rata portion (based on the
related Mortgage Loan’s Stated Principal Balance) of any unpaid special servicing fees, liquidation fees, workout fees and
additional trust expenses in respect of a Non-Serviced Mortgage Loan remaining unpaid (including amounts payable to such parties
under Section 1.04 of this Agreement), out of general collections on the Mortgage Loans, Specially Serviced Loans
and REO Properties, (D) the Operating Advisor, any unpaid Operating Advisor Consulting Fees (but only to the extent such
Operating Advisor Consulting Fees were received from the related Borrower) and (E) the Asset Representations Reviewer, any (i)
unpaid Asset Representations Reviewer Monitor Fee or (ii) any Asset Representation Reviewer Asset Review Fee payable in connection
with any Asset Review that was performed as a result of an Affirmative Asset Review Vote;

 

(iii)         
to reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances (other than Nonrecoverable Advances,
which are reimbursable pursuant to clause (v) below, and exclusive of the Mortgage Loans or Serviced REO Loans included in
the Serviced Whole Loans) the Master Servicer’s or the Trustee’s right to reimbursement pursuant to this clause (iii)
being limited to amounts received which represent Late Collections for the applicable Mortgage Loan (exclusive of the Mortgage
Loan or Serviced REO Loan included in the Serviced Whole Loan; provided that to the extent such amounts are insufficient
to repay such P&I Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I
Advances may be reimbursed on a pro rata basis with any reimbursement to the related Serviced Companion Loan Service Provider
for unreimbursed principal and/or interest advances with respect to the applicable Serviced Companion Loan, from collections on
the related Serviced Whole Loan allocable to such Serviced Subordinate Companion Loan) during

 

     -178-

     

    

 

the applicable period; provided,
further, that if such P&I Advance becomes a Workout-Delayed Reimbursement Amount, then such P&I Advance shall thereafter
be reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse
such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of all
of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries
of principal to the extent provided in clause (v) below;

 

(iv)        
to reimburse the Trustee or itself, in that order, (with respect to any Mortgage Loan or Serviced REO Property) (exclusive
of the Mortgage Loans or Serviced REO Loans included in the Serviced Whole Loans or any Serviced REO Property securing any Serviced
Whole Loan), for unreimbursed Servicing Advances, the Master Servicer’s or the Trustee’s respective rights to receive
payment pursuant to this clause (iv) with respect to any Mortgage Loan or Serviced REO Property being limited to, as
applicable, payments received from the related Borrower which represent reimbursements of such Servicing Advances, Liquidation
Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds with respect to the applicable Mortgage Loan or Serviced
REO Property; provided, that if such Servicing Advance becomes a Workout-Delayed Reimbursement Amount, then such Servicing
Advance shall thereafter be reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents
to be applied to reimburse such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries
on or in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent
collections or recoveries of principal to the extent provided in clause (v) below;

 

(v)         
(A) to reimburse the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property),
(1) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation
Proceeds and REO Proceeds, if any, received on the related Mortgage Loan and related REO Properties, second, out of the
principal portion of general collections on the Mortgage Loans and REO Properties, and then, to the extent the principal
portion of general collections is insufficient and with respect to such deficiency only, subject to any election at its sole discretion
(or at the Trustee’s sole discretion for the reimbursement of the Trustee) to defer reimbursement thereof pursuant to this
Section 3.06(a) of this Agreement, out of other collections on the Mortgage Loans and REO Properties and (2) with
respect to the Workout-Delayed Reimbursement Amounts, out of the principal portion of the general collections on the Mortgage
Loans and REO Properties, net of such amounts being reimbursed pursuant to the preceding clause (1) above, but in the case
of either clause (1) or (2) above with respect to each Serviced Whole Loan, only to the extent that amounts on deposit in
the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth
in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on
deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially
reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain

 

     -179-

     

    

 

reimbursement
for a pro rata portion (or such other amount as may be set forth in the related Intercreditor Agreement) of such amount
representing Servicing Advances allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders)
and (x) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari
Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances, or (y) with
respect to a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan (if any), and then, from
any related AB Mortgage Loan (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not
limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect
to the related Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan)), prior to reimbursement
from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account related to any Mortgage Loan, and
(B) to pay itself or the Special Servicer out of general collections on the Mortgage Loans and REO Properties, with respect
to any Mortgage Loan or Serviced REO Property any related earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout
Fee, as applicable, that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination made
with respect to such Mortgage Loan or Serviced REO Property and the deposit into the Collection Account of all amounts received
in connection therewith, but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable
Serviced Whole Loan Collection Account are insufficient therefor (provided that the Master Servicer shall, after receiving
payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder
and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor
Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans
from the related Companion Loan Noteholders) and (x) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari
passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their
respective Stated Principal Balances, or (y) with respect to a Serviced AB Whole Loan, first, from the related AB
Subordinate Companion Loan (if any), and then, from any related AB Mortgage Loan (provided that, with respect to
any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement
pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage
Loan and AB Subordinate Companion Loan)), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit
in the Collection Account related to any Mortgage Loan, and (C) to reimburse the related Other Servicer, the related Other
Special Servicer and the related Other Trustee, as applicable, out of general collections on the Mortgage Loans and REO Properties
for the Trust’s pro rata portion (based on the related Non-Serviced Mortgage Loan’s Stated Principal Balance)
of nonrecoverable servicing advances previously made with respect to the related Non-Serviced Mortgage Loans;

 

(vi)        
(A) at such time as it reimburses the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO
Property), for (1) any unreimbursed P&I Advance (including any such P&I Advance that constitutes a Workout-Delayed

 

     -180-

     

    

 

Reimbursement
Amount) made with respect to a Mortgage Loan pursuant to clause (iii) above, to pay itself or the Trustee, as applicable,
any Advance Interest Amounts accrued and payable thereon, (2) any unreimbursed Servicing Advances (including any such Advance
that constitutes a Workout-Delayed Reimbursement Amount) made with respect to a Mortgage Loan or Serviced REO Property pursuant
to clause (iv) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable
thereon or (3) any Nonrecoverable P&I Advances made with respect to a Mortgage Loan or Serviced REO Property and any Nonrecoverable
Servicing Advances made with respect to a Mortgage Loan or REO Property or any Workout-Delayed Reimbursement Amounts pursuant
to clause (v) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon,
in each case, first, from Penalty Charges as provided in Section 3.12(c) and then, from general collections, but in the
case of a Serviced Whole Loan only to the extent that such Nonrecoverable Advance has been reimbursed and only to the extent that
amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account
any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving
payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder
and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor
Agreement to obtain reimbursement for a pro rata portion of such amount representing Advance Interest Amounts on Servicing
Advances allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (x) with respect to
a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and
Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances, or (y) with respect to
a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan (if any), and then, from any related
AB Mortgage Loan (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise
modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole
Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan)), prior to reimbursement from other
funds unrelated to such Serviced Whole Loan on deposit in the Collection Account related to any Mortgage Loan, and (B) at
such time as it reimburses the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable,
for any nonrecoverable servicing advances made with respect to any related Non-Serviced Mortgage Loan or the related REO Property
pursuant to clause (v) above, to pay the related Other Servicer, the related Other Special Servicer and the related Other
Trustee, as applicable, any interest accrued and payable thereon;

 

(vii)        to reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may
be, for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise to a repurchase
or substitution obligation of the applicable Mortgage Loan Seller or any other obligation of the Mortgage Loan Seller under Section 6
of the applicable Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the performance
of its duties under Section 2.03 of this Agreement or out of the enforcement of the repurchase or substitution obligation
or any other obligation of the Mortgage Loan

 

     -181-

     

    

 

Seller,
together with interest thereon at the Reimbursement Rate, each such Person’s right to reimbursement pursuant to this clause (vii)
with respect to any Mortgage Loan exclusive of any Mortgage Loan included in the Serviced Whole Loan) subject to the following:
(a) if the Purchase Price is paid for such Mortgage Loan, then such Person’s right to reimbursement shall be limited
to that portion of the Purchase Price that represents such expense in accordance with clause (f) of the definition of Purchase
Price, or (b) if no Purchase Price is paid or if an amount less than the Purchase Price is paid and proceedings are instituted
to enforce the related Mortgage Loan Seller’s payment or performance pursuant to the applicable Mortgage Loan Purchase Agreement
or if a Loss of Value Payment is made, then such Person shall be entitled to reimbursement from the Trust following the adjudication
of such proceedings in favor of such Mortgage Loan Seller, settlement of the Breach or Defect claim, or payment of such Loss of
Value Payment, as the case may be;

 

(viii)       to pay itself all Prepayment Interest Excesses on the Mortgage Pool (exclusive of any Mortgage Loan or Serviced REO Loan
included in the Serviced Whole Loan) not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)         
(A) to pay itself, as additional servicing compensation in accordance with Section 3.12(a) of this Agreement,
(1) interest and investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account
as provided in Section 3.12 of this Agreement (but only to the extent of the net investment earnings with respect to such Collection
Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date) and (2) Penalty
Charges on the Mortgage Loans that are not Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included
in a Serviced Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts
then due and payable with respect to the related Mortgage Loan have been paid and are not needed to pay interest on Advances in
accordance with Section 3.12 and/or pay or reimburse the Trust for Additional Trust Fund Expenses incurred with respect
to such Mortgage Loan during or prior to the related Collection Period (including Special Servicing Fees, Workout Fees or Liquidation
Fees); and (B) to pay the Special Servicer, as additional servicing compensation in accordance with Section 3.12,
Net Default Interest and any other Penalty Charges on Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO
Loan included in the Serviced Whole Loan), but only to the extent collected from the related Borrower and only to the extent that
all amounts then due and payable with respect to the related Specially Serviced Loan have been paid and are not needed to pay
interest on Advances or Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees or Liquidation Fees), all
in accordance with Section 3.12;

 

(x)          
to pay itself, the Special Servicer, the Depositor, the Operating Advisor or any of their respective directors, officers,
members, managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a)
of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable
Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related
Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment

 

     -182-

     

    

 

from
amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use
commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain
reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related
Companion Loan Noteholders)) and (x) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu,
from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective
Stated Principal Balances, or (y) with respect to a Serviced AB Whole Loan, first, from the related AB Subordinate
Companion Loan (if any), and then, from any related AB Mortgage Loan (provided that, with respect to any AB Subordinate
Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to
which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and AB
Subordinate Companion Loan)), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the
Collection Account related to any Mortgage Loan; provided, that for the purposes of allocating Additional Trust Fund Expenses,
(i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan
and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective
Stated Principal Balances of the Mortgage Loans;

 

(xi)         
to pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(d), 3.10(e), 3.15(a),
3.15(b) and 12.08 of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts
on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation
set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from
amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use
commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain
reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related
Companion Loan Noteholders)); provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any
amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if
not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal
Balances of the Mortgage Loans;

 

(xii)        
to pay out of general collections on the Mortgage Loans and REO Properties any and all federal, state and local taxes imposed
on the Lower-Tier REMIC, the Upper-Tier REMIC or any of their assets or transactions, together with all incidental costs and expenses,
to the extent that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement,
except to the extent such amounts relate solely to the Serviced Whole Loans, in which case, such amounts will be reimbursed, first,
out of the related Serviced Whole Loan Collection Account from collections on the related Serviced Companion Loan and the related
Mortgage Loan on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain
unreimbursed, out of the Collection Account; provided, that for the purposes of

 

     -183-

     

    

 

allocating
Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage
Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans
based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xiii)        to reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Mortgage
Loans and REO Properties for expenses incurred by and reimbursable to it by the Trust Fund, except to the extent such amounts
relate solely to a Serviced Whole Loan, in which case, such amounts will be reimbursed first, from the applicable Serviced
Whole Loan Collection Account(s) in accordance with Section 3.06(b) and then, out of general collections on
the Mortgage Loans and (x) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related
Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal
Balances, or (y) with respect to a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan (if
any), and then, from any related AB Mortgage Loan (provided that, with respect to any AB Subordinate Companion Loan,
the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts
collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion
Loan)), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account related
to any Mortgage Loan; provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts
so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not
related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances
of the Mortgage Loans ;

 

(xiv)        to pay any Person permitted to purchase a Mortgage Loan under Section 3.16 of this Agreement with respect to
each Mortgage Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan), if any, previously purchased by such
Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the
date of purchase;

 

(xv)         to pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor,
the Asset Representations Reviewer or the Depositor, as the case may be, any amount specifically required to be paid to such Person
at the expense of the Trust Fund under any provision of this Agreement to which reference is not made in any other clause of
this Section 3.06(a) of this Agreement (and, in the case of an amount specifically related to a Serviced Whole Loan,
only to the extent that such amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor
after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer
shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related
Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under
the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related
Serviced Companion Loans from the related Companion Loan Noteholders) and (x) with respect to

 

     -184-

     

    

 

a
Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and
Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances, or (y) with respect to
a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan (if any), and then, from any related
AB Mortgage Loan (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise
modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole
Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan)), prior to reimbursement from other
funds unrelated to such Serviced Whole Loan on deposit in the Collection Account related to any Mortgage Loan), it being acknowledged
that this clause (xv) shall not be construed to modify any limitation or requirement otherwise set forth in this Agreement
as to the time at which any Person is entitled to payment or reimbursement of any amount or as to the funds from which any such
payment or reimbursement is permitted to be made; provided, that (i) any amounts so paid shall be deemed allocated,
(a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage
Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xvi)        to withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto
(including any amounts relating to a Mortgage Loan that is part of a Serviced Whole Loan);

 

(xvii)       to pay from time to time to itself in accordance with Section 3.07(b) of this Agreement any interest or investment
income earned on funds deposited in the Collection Account;

 

(xviii)      to transfer Gain-on-Sale Proceeds allocable to Mortgage Loans to the Lower-Tier Distribution Account for deposit by the
Certificate Administrator into the Gain-on-Sale Reserve Account in accordance with Section 3.05(i) of this Agreement;

 

(xix)        to pay itself, the Special Servicer or the related Mortgage Loan Seller, as the case may be, with respect to each Mortgage
Loan, if any, previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this
Agreement, all amounts received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of
a substitution, with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or
prior to the month of substitution, in accordance with the third paragraph of Section 2.03(g) of this Agreement;

 

(xx)         to pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives
and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d)
of this Agreement; provided, that any amounts so paid shall be deemed allocated, (a) if relating to a particular
Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage
Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

     -185-

     

    

 

(xxi)        pursuant
to the CREFC® License Agreement, to pay the CREFC® Intellectual Property Royalty License Fee to
CREFC® on a monthly basis; and

 

(xxii)       to clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.

 

The Master Servicer shall
pay to the Special Servicer from the Collection Account amounts permitted to be paid to it therefrom promptly upon receipt of a
certificate of a Servicing Officer of the Special Servicer describing the item and amount to which the Special Servicer is entitled.
The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein.
The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and Serviced REO Loan and any
related Serviced Companion Loan, on a loan-by-loan and property-by-property basis, for the purpose of justifying any request for
withdrawal from the Collection Account.

 

The Master Servicer shall
keep and maintain separate accounting records, on a Mortgage Loan by Mortgage Loan basis, reflecting amounts allocable to each
Mortgage Loan, and on a property-by-property basis when appropriate, for the purpose of justifying any withdrawal, debit or credit
from the Collection Account or the Trust Ledger. Upon written request, the Master Servicer shall provide to the Certificate Administrator
such records and any other information in the possession of the Master Servicer to enable the Certificate Administrator to determine
the amounts attributable to (i) the Lower-Tier REMIC with respect to the Mortgage Loans, (ii) the Excess Interest; and
(iii) the Companion Loans.

 

The Master Servicer shall
pay to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special Servicer,
the Other Trustee, the Other Servicer or the Other Special Servicer, from the Collection Account amounts permitted to be paid to
such person therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee, a responsible officer of
the Other Trustee, a Responsible Officer of the Certificate Administrator, a certificate of an officer of the Operating Advisor,
a certificate of an officer of the Asset Representations Reviewer, a certificate of a Servicing Officer or a certificate of the
Other Servicer or Other Special Servicer, as applicable, describing the item and amount to which such Person is entitled (unless
such payment to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special
Servicer, the Other Trustee, the Other Servicer or Other Special Servicer, as the case may be, is specifically required pursuant
to this Agreement and the timing and the amount of payment is specified in, or calculable pursuant to, this Agreement, in which
case a certificate is not required). The Master Servicer may rely conclusively on any such certificate and shall have no duty to
recalculate the amounts stated therein.

 

The Trustee, the Certificate
Administrator, the Custodian, the Special Servicer, the Master Servicer, CREFC®, the Operating Advisor, the Asset
Representations Reviewer and the Non-Serviced Mortgage Loan Service Providers (to the extent specified in Section 12.12)
shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to
time for the reimbursement or payment of the Servicing Compensation (including investment income), Certificate Administrator/Trustee
Fees, Special Servicing Compensation (including investment income), the CREFC® Intellectual Property Royalty License
Fee, Operating Advisor Fees, Operating Advisor Consulting Fees (but only to

 

     -186-

     

    

 

the extent such Operating Advisor Consulting
Fees are actually received from the Borrowers), the Asset Representations Reviewer Asset Review Fee, Advances, Advance Interest
Amounts (for each of such Persons other than CREFC®), their respective indemnification payments (if any) pursuant
to Section 6.03, Section 8.05 or Section 12.02 of this Agreement (for each of such Persons other
than CREFC®), their respective expenses hereunder to the extent such fees and expenses are to be reimbursed or paid
from amounts on deposit in the Collection Account pursuant to this Agreement. For the avoidance of doubt, any fees or expenses
(including legal fees) for which a party is to be indemnified pursuant to Section 6.03 herein may be submitted directly
to the Trust Fund and paid from amounts on deposit in the Collection Account on behalf of such party pursuant to this Agreement.
In addition, the Certificate Administrator, the Trustee, the Special Servicer, the Master Servicer, the Operating Advisor and the
Asset Representations Reviewer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection
Account from time to time for the reimbursement and payment of any federal, state or local taxes imposed on either Trust REMIC.

 

Upon the determination
that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full
amount of the principal portion of general collections on the Mortgage Loans (or with respect to Servicing Advances, the Serviced
Whole Loans) deposited in the Collection Account and available for distribution on the next Distribution Date, the Master Servicer
or the Trustee, each at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining
amount of such Nonrecoverable Advance pursuant to Section 3.06(a) or Section 3.06(b) of this Agreement
immediately, may elect to refrain from obtaining such reimbursement for such portion of the Nonrecoverable Advance during the Collection
Period ending on the then-current Determination Date for successive one-month periods for a total period not to exceed 12 months
(with the consent of the Directing Holder, for so long as no Control Termination Event has occurred and is continuing, for any
deferral in excess of 6 months). If the Master Servicer or the Trustee makes such an election at its sole option and in its sole
discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest thereon),
then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in
the subsequent Collection Period (subject, again, to the same sole discretion to elect to defer; it is acknowledged that, in such
a subsequent period, such Nonrecoverable Advance shall again be payable first from principal collections as described above
prior to payment from other collections). In connection with a potential election by the Master Servicer or the Trustee to refrain
from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one-month Collection Period ending
on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee shall further be authorized (in
its sole discretion) to wait for principal collections on the Mortgage Loans and Serviced Companion Loans to be received before
making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance (or portion thereof)
until the end of such Collection Period; provided, the Master Servicer or the Trustee shall give notice of its election
to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d) of this Agreement), at least 15 days prior to any reimbursement to it of Nonrecoverable Advances
from amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1) the Master Servicer or the Trustee
determines in its sole discretion that waiting 15 days after such a notice could jeopardize its ability to recover Nonrecoverable

 

     -187-

     

    

 

Advances, (2) changed circumstances or new or different information becomes known to the Master Servicer or the Trustee that
could affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement of a Nonrecoverable
Advance or the determination in clause (1) above, or (3) the Master Servicer or the Trustee has not timely received from
the Certificate Administrator information requested by the Master Servicer or the Trustee to consider in determining whether to
defer reimbursement of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply, the Master Servicer
or the Trustee shall give notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection
Account allocable to interest on the Mortgage Loans as soon as reasonably practicable in such circumstances to the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement). Neither the Master Servicer nor the Trustee shall have any liability for any loss, liability or expense resulting
from any notice provided to each Rating Agency contemplated by the immediately preceding sentence.

 

The foregoing shall not,
however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply
with the conditions to making such an election under this Section 3.06(a) or to comply with the terms of this Section 3.06(a)
and the other provisions of this Agreement that apply once such an election, if any, has been made. If the Master Servicer or the
Trustee, as applicable, determines, in its sole discretion, that it should recover the Nonrecoverable Advances without deferral
as described above, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable
Advances with interest thereon at the Reimbursement Rate from all amounts in the Collection Accounts for such Distribution Date.
Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance
or portion thereof with respect to any one or more Collection Periods shall not limit the accrual of interest at the Reimbursement
Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Master
Servicer’s or the Trustee’s, as applicable, election to defer reimbursement of such Nonrecoverable Advances as set
forth above is an accommodation to the Certificateholders and, as applicable, the Serviced Companion Loan Noteholders and shall
not be construed as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders
or the Serviced Companion Loan Noteholders. Nothing herein shall be deemed to create in the Certificateholders or the Serviced
Companion Loan Noteholders a right to prior payment of distributions over the Master Servicer’s or the Trustee’s, as
applicable, right to reimbursement for Advances (deferred or otherwise). In all events, the decision to defer reimbursement or
to seek immediate reimbursement of Nonrecoverable Advances shall be deemed to be in accordance with the Servicing Standard and
neither the Master Servicer, the Trustee nor the other parties to this Agreement shall have any liability to one another or to
any of the Certificateholders or any of the Serviced Companion Loan Noteholders for any such election that such party makes as
contemplated by this Section 3.06(a) or for any losses, damages or other adverse economic or other effects that may
arise from such an election.

 

None of the Master Servicer,
the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination, or to prohibit any such
other authorized Person from making a determination, that an Advance constitutes, or would constitute a Nonrecoverable Advance.

 

     -188-

     

    

 

If the Master Servicer,
the Trustee or any Non-Serviced Mortgage Loan Service Provider, as applicable, is reimbursed out of general collections for any
unreimbursed Advances that are determined to be Nonrecoverable Advances (together with any Advance Interest Amount), then (for
purposes of calculating distributions on the Certificates) such reimbursement and payment of interest shall be deemed to have been
made: first, out of the Principal Distribution Amount, which, but for its application to reimburse a Nonrecoverable Advance
and/or to pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution Date and, second,
out of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to pay the Advance Interest
Amount, would be included in Available Funds for any subsequent Distribution Date.

 

If and to the extent
that any payment is deemed to be applied as contemplated in the paragraph above to reimburse a Nonrecoverable Advance or to pay
the Advance Interest Amount, then the Principal Distribution Amount for such Distribution Date shall be reduced, to not less than
zero, by the amount of such reimbursement. If and to the extent (i) any Advance is determined to be a Nonrecoverable Advance,
(ii) such Advance and/or the Advance Interest Amount is reimbursed out of the Principal Distribution Amount as contemplated
above and (iii) the particular item for which such Advance was originally made is subsequently collected out of payments or
other collections in respect of the related Mortgage Loan, then the Principal Distribution Amount for the Distribution Date that
corresponds to the Collection Period in which such item was recovered shall be increased by an amount equal to the lesser of (A) the
amount of such item and (B) any previous reduction in the Principal Distribution Amount for a prior Distribution Date as contemplated
in the paragraph above resulting from the reimbursement of the subject Advance and/or the payment of the Advance Interest Amount.

 

(b)         
The Master Servicer shall maintain a separate Trust Ledger with respect to the Serviced Whole Loans that it is servicing
on which it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On
each Master Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose
as specified below), with respect to each Serviced Whole Loan, the Master Servicer shall make withdrawals from amounts allocated
thereto in the related Serviced Whole Loan Collection Account (and may debit the Trust Ledger) for any of the following purposes
(the order set forth below not constituting an order of priority for such withdrawals):

 

(i)          
to make remittances each month in an aggregate amount of immediately available funds equal to the allocable portion of
the applicable Serviced Whole Loan Remittance Amount (A) to the related Serviced Companion Loan Noteholders within the time
frame specified in, and otherwise in accordance with Section 3.05(h) and (B) to the Collection Account for the benefit
of the Trust in respect of amounts allocable to the related Mortgage Loan, in each case in accordance with the related Intercreditor
Agreement (after taking into account the amounts permitted to be withdrawn from the Serviced Whole Loan Collection Account pursuant
to this Section 3.06(b)) provided that Liquidation Proceeds relating to the repurchase of any Serviced Companion Loan by
the related seller thereof shall be remitted solely to the holder of such Serviced Companion Loan, as the case may be, and Liquidation
Proceeds relating to the repurchase of a Mortgage Loan related to a Serviced Whole Loan by the related Mortgage Loan Seller shall
be remitted solely to the Collection Account;

 

     -189-

     

    

 

(ii)          
to pay (A) to itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess
Servicing Fees to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement) and to
the Special Servicer unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or
related Serviced REO Loan, as applicable, the Master Servicer’s or the Special Servicer’s, as applicable, rights to
payment of Servicing Fees, Special Servicing Fees, Liquidation Fees and Workout Fees, as applicable, pursuant to this clause (ii)(A) with
respect to such Serviced Whole Loan or related Serviced REO Loan, as applicable, being limited to amounts received on or in respect
of such Serviced Whole Loan (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds),
or such Serviced REO Loan (whether in the form of REO Proceeds, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds),
that are allocable as recovery of interest thereon and (B) to the Special Servicer, each month to the extent not covered
by clause (ii)(A) above, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced
Whole Loan or related Serviced REO Loan, as applicable, remaining unpaid out of general collections in the Collection Account
as provided in Section 3.06(a)(ii) of this Agreement;

 

(iii)         
to reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances with respect to the applicable Mortgage
Loan and to reimburse the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances
with respect to the applicable Serviced Companion Loan, the Master Servicer’s, the Trustee’s and the applicable Serviced
Companion Loan Service Provider’s right to reimbursement pursuant to this clause (iii) being limited to amounts received
in the applicable Serviced Whole Loan Collection Account which represent Late Collections received in respect of such Mortgage
Loan or Serviced Companion Loan, as applicable (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor
Agreement), during the applicable period; provided, that to the extent such amounts are insufficient to repay such P&I
Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be
reimbursed, from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan; provided,
further, that if such P&I Advance on the applicable Mortgage Loan becomes a Nonrecoverable Advance or a Workout-Delayed
Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed in accordance with clause (v) below;

 

(iv)         
to reimburse the Trustee or itself, in that order, as applicable (with respect to such Serviced Whole Loan or Serviced
REO Property), for unreimbursed Servicing Advances with respect to such Serviced Whole Loan or related Serviced REO Property,
the Master Servicer’s or the Trustee’s respective rights to receive payment pursuant to this clause (iv) being
limited to, as applicable, related payments by the applicable Borrower with respect to such Servicing Advance, Liquidation Proceeds,
Insurance Proceeds and Condemnation Proceeds and REO Proceeds with respect to such Serviced Whole Loan; provided, that
if such Servicing Advance becomes a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, then such Servicing Advance
shall thereafter be reimbursed in accordance with clause (v) below;

 

     -190-

     

    

 

(v)         
(A) to reimburse the Trustee or itself, in that order, (with respect to such Serviced Whole Loan or related REO Property),
as applicable (x) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds,
Condemnation Proceeds and REO Proceeds received on the related Serviced Whole Loan and related REO Properties, and second,
out of general collections in the Collection Account as provided in Section 3.06(a) and (y) with respect to the
Workout-Delayed Reimbursement Amounts, first, out of the principal portion of the general collections on the Serviced Whole
Loan and related REO Properties, net of such amounts being reimbursed pursuant to the subclause first in the preceding
clause (x) above and second out of general collections in the Collection Account as provided in Section 3.06(a);
provided that in the case of both clause (x) and clause (y) of this clause (v), prior to making any
reimbursement from general collections, such reimbursements shall be made first, from collections on, and proceeds of the applicable
Subordinate Companion Loan, if any, and then from collections on, and proceeds of the related Mortgage Loan, or in the case of
a Serviced Pari Passu Whole Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the Mortgage
Loan and any related Serviced Pari Passu Companion Loans (based on the Mortgage Loan’s Stated Principal Balance or related
Serviced Pari Passu Companion Loan’s principal balance) and then from general collections of the Trust (provided
that, in the case of a Servicing Advance that is a Nonrecoverable Advance, the Master Servicer shall, after receiving payment
from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and
(ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the
related Companion Loan Noteholders) or (B) to pay itself or the Special Servicer out of general collections on such Serviced
Whole Loan and related REO Properties, any related earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee,
as applicable, that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination made with
respect to such Serviced Whole Loan or related REO Property and the deposit into the applicable Serviced Whole Loan Collection
Account of all amounts received in connection therewith; provided that, notwithstanding the foregoing, such party’s
rights to reimbursement pursuant to this clause (v) with respect to any such Nonrecoverable Advance or Workout-Delayed
Reimbursement Amount that is a P&I Advance, being limited (except to the extent set forth in Section 3.06(a))
to amounts on deposit in the applicable Serviced Whole Loan Collection Account that were received in respect of the particular
Mortgage Loan (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor Agreement) in the related
Serviced Whole Loan as to which such Nonrecoverable Advance or such Workout-Delayed Reimbursement Amount were incurred (provided,
that to the extent such amounts are insufficient to repay such Advances on any Mortgage Loan as to which there is a related Subordinate
Companion Loan, such P&I Advances may be reimbursed from collections on the related Serviced Whole Loan allocable to such
Subordinate Companion Loan);

 

(vi)        
at such time as it reimburses the Trustee or itself, in that order, as applicable, for (A) any unreimbursed P&I
Advance with respect to the applicable Mortgage Loan (including any such Advance that constitutes a Workout-Delayed

 

     -191-

     

    

 

Reimbursement
Amount) or any unreimbursed principal and/or interest advance with respect to the related Serviced Companion Loan pursuant to
clause (iii) above, to pay itself, the Trustee or such Serviced Companion Loan Service Provider, as applicable, any Advance
Interest Amounts accrued and payable thereon, (B) any unreimbursed Servicing Advances (including any such Advance that constitutes
a Workout-Delayed Reimbursement Amount) pursuant to clause (iv) above, to pay itself, the Special Servicer or the Trustee,
as the case may be, any Advance Interest Amounts accrued and payable thereon or (C) any Nonrecoverable Advances pursuant
to clause (v) above, to pay itself, the Special Servicer, the Trustee or any Serviced Companion Loan Service Provider, as
the case may be, any Advance Interest Amounts accrued and payable thereon, with such amounts payable in the case of clauses (A),
(B) and (C) above, first, from Penalty Charges pursuant to Section 3.12(c), then, from collections on, and
proceeds of the applicable Subordinate Companion Loan, if any, and then, from collections on, and proceeds of on a pro rata basis
as between the Mortgage Loan and any related other Serviced Pari Passu Companion Loans (based on the Mortgage Loan’s Stated
Principal Balance or related Serviced Pari Passu Companion Loan’s principal balance), provided that, notwithstanding
the foregoing, such party’s rights to reimbursement pursuant to this clause (vi) with respect to any such interest
on P&I Advances (including any such P&I Advance that is a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount)
being limited to amounts on deposit in the applicable Serviced Whole Loan Collection Account that were received in respect of
the particular Mortgage Loan (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor Agreement)
in the related Serviced Whole Loan as to which such advance relates (provided, that any Mortgage Loan as to which there is a related
Subordinate Companion Loan, such interest on P&I Advances may be reimbursed from collections on the related Serviced Whole
Loan allocable to such Subordinate Companion Loan);

 

(vii)        to reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may
be, as applicable, for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect with respect
to the Mortgage Loan giving rise to a repurchase obligation of the applicable Mortgage Loan Seller under Section 6 of the
applicable Mortgage Loan Purchase Agreement or, with respect to a Serviced Companion Loan, under the related mortgage loan purchase
agreement, including, without limitation, any expenses arising out of the enforcement of the repurchase obligation, each such
Person’s right to reimbursement pursuant to this clause (vii) with respect to such Serviced Whole Loan being limited
to that portion of the Purchase Price paid for the related Mortgage Loan that represents such expense in accordance with clause (e)
of the definition of Purchase Price (or, with respect to a Serviced Companion Loan, a comparable expense);

 

(viii)       to pay itself all Prepayment Interest Excesses on any related Mortgage Loan or Serviced Companion Loan included in the
Serviced Whole Loans not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)          (A) to pay itself, as additional servicing compensation in accordance with Section 3.12(a), (1) interest
and investment income earned in respect of amounts relating to such Serviced Whole Loan held in the applicable Serviced Whole
Loan Collection

 

     -192-

     

    

 

Account
as provided in Section 3.07(b) (but only to the extent of the net investment earnings with respect to such Serviced
Whole Loan Collection Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance
Date) and (2) any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent prohibited
by the related Intercreditor Agreement and other than Specially Serviced Loans) but only to the extent collected from the related
Borrower and to the extent that all amounts then due and payable with respect to the Serviced Whole Loans have been paid and are
not needed to pay Advance Interest Amounts, interest on debt service advances made by the related Serviced Companion Loan Service
Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related Intercreditor Agreement;
and (B) to pay the Special Servicer, as additional servicing compensation in accordance with the second paragraph of Section 3.12,
the portion of any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent prohibited by
the related Intercreditor Agreement), during the period it is a Specially Serviced Loan (but only to the extent collected from
the related Borrower and to the extent that all amounts then due and payable with respect to the related Specially Serviced Loan
have been paid and are not needed to pay interest on Advances, interest on debt service advances made by the related Serviced
Companion Loan Service Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related
Intercreditor Agreement);

 

(x)          
to recoup any amounts deposited in such Serviced Whole Loan Collection Account in error;

 

(xi)         
to pay itself, the Special Servicer, the Depositor or any of their respective directors, officers, members, managers, employees
and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) or 6.03(b),
to the extent that such amounts relate to such Serviced Whole Loans;

 

(xii)        
to pay for the cost of the Opinions of Counsel contemplated by Section 3.10(d), 3.10(e), 3.15(a),
3.15(b) and 12.08 to the extent that such opinions specifically relate to such Serviced Whole Loans;

 

(xiii)       
to pay out of general collections on such Serviced Whole Loan and related Serviced REO Property any and all federal, state
and local taxes imposed on the Upper-Tier REMIC, the Lower-Tier REMIC or any of their assets or transactions, together with all
incidental costs and expenses, in each case to the extent that neither the Master Servicer, the Special Servicer, the Certificate
Administrator nor the Trustee is liable therefor pursuant to this Agreement and only to the extent that such amounts relate to
the related Mortgage Loan or to the Serviced Companion Loans (but only to the extent that any Serviced Companion Loan is included
in a REMIC);

 

(xiv)      
to reimburse the Trustee and the Certificate Administrator out of general collections on such Serviced Whole Loan and related
REO Properties for expenses incurred by and reimbursable to it by the Trust Fund specifically related to such Serviced Whole Loan;

 

     -193-

     

    

 

(xv)        
to pay any Person permitted to purchase a Mortgage Loan under Section 3.16 with respect to the Mortgage Loan
included in such Serviced Whole Loan, if any, previously purchased by such Person pursuant to this Agreement, all amounts received
thereon subsequent to the date of purchase relating to periods after the date of purchase;

 

(xvi)       
to deposit in the Interest Reserve Account the amounts with respect to the Mortgage Loan included in such Serviced Whole
Loan required to be deposited in the Interest Reserve Account pursuant to Section 3.05(e);

 

(xvii)     
to pay to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Depositor, as the
case may be, to the extent that such amounts relate to the Mortgage Loan included in such Serviced Whole Loan, any amount specifically
required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement to which reference is
not made in any other clause of this Section 3.06(b), it being acknowledged that this clause (xvii) shall
not be construed to modify any limitation or requirement otherwise set forth in this Agreement or in the related Intercreditor
Agreement as to the time at which any Person is entitled to payment or reimbursement of any amount or as to the funds from which
any such payment or reimbursement is permitted to be made;

 

(xviii)     
to pay the related Mortgage Loan Seller with respect to the Mortgage Loan included in such Serviced Whole Loan, if any,
previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement, all
amounts received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution,
with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month
of substitution, in accordance with the third paragraph of Section 2.03(g); and

 

(xix)       
to clear and terminate such Serviced Whole Loan Collection Account at the termination of this Agreement pursuant to Section 9.01.

 

In the case of the amounts
payable as set forth above in this Section 3.06(b) with respect to any Serviced Whole Loan, if such amount is not specifically
payable, pursuant to the terms of this Agreement or the related Intercreditor Agreement, out of collections or proceeds allocable
to any particular note that is a part of such Serviced Whole Loan, such amount shall be paid from collections on, and proceeds
of the related Serviced Subordinate Companion Loan, if any, and then, from collections on, and proceeds of, on a pro rata
basis as between, the related Mortgage Loan and any related Serviced Pari Passu Companion Loans (based on the related Mortgage
Loan’s principal balance or the related Serviced Pari Passu Companion Loan’s principal balance), and then, to the extent
provided for in this Agreement, from general collections.

 

The Master Servicer shall
keep and maintain separate accounting records, on a loan by loan and property by property basis when appropriate, for the purpose
of justifying any withdrawal from any Serviced Whole Loan Collection Account. All withdrawals with respect to any Serviced Whole
Loan shall be made first, from the applicable Serviced Whole Loan Collection Account and then, from the Master Servicer’s
Collection Account to the extent

 

     -194-

     

    

 

permitted by Section 3.06(a). Upon request, the Master Servicer shall provide to the
Certificate Administrator such records and any other information in the possession of the Master Servicer to enable the Certificate
Administrator to determine the amounts attributable to the Lower-Tier REMIC and the Companion Loans.

 

The Master Servicer shall
pay to the Special Servicer from the Serviced Whole Loan Collection Accounts amounts permitted to be paid to it therefrom promptly
upon receipt of a certificate of a Servicing Officer of such Special Servicer describing the item and amount to which the Special
Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the
amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan included
in the Serviced Whole Loan and related REO Loan, on a loan by loan and property by property basis, for the purpose of justifying
any request for withdrawal from any Serviced Whole Loan Collection Account.

 

Any permitted withdrawals
under this Section 3.06(b) with respect to reimbursement for advances or other amounts payable to an Other Trustee
shall, if applicable, also be deemed to be a permitted withdrawal for similar amounts owed to the fiscal agent of the Other Trustee,
if any.

 

Notwithstanding anything
to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer shall withdraw from the related
Serviced Whole Loan Collection Account and remit to the related Serviced Companion Loan Noteholders, within (x) with respect
to any Serviced Subordinate Companion Loan, if required pursuant to the terms of the related Intercreditor Agreement, within two
Business Days of receipt thereof and (y) with respect to any Serviced Pari Passu Companion Loan, one (1) Business Day after
the receipt of properly identified funds, any amounts that represent Late Collections or Principal Prepayments on such Serviced
Companion Loan or any successor REO Loan with respect thereto, that are received by the Master Servicer prior to 3:00 p.m. (New
York City time) (provided, however, that to the extent any such amounts are received after 3:00 p.m. (New York City
time) on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such amounts within one
Business Day of receipt of properly identified funds but, in any event, the Master Servicer shall remit such amounts within two
Business Days of receipt of properly identified funds) on the related Due Date therefor (exclusive of any portion of such amount
payable or reimbursable to any third party in accordance with the related Intercreditor Agreement or this Agreement), unless such
amount would otherwise be included in the monthly remittance to the holder of such Serviced Companion Loan for such month.

 

If the Master Servicer
fails, as of 5:00 p.m. (New York City time) on any Master Servicer Remittance Date or any other date a remittance is required to
be made, to remit to the Certificate Administrator (in respect of the related Mortgage Loan) or the Serviced Companion Loan Noteholders
(in respect of any related Serviced Companion Loan) any amounts required to be so remitted hereunder by such date (including any
P&I Advance pursuant to Section 4.07 and any Gain-on-Sale Proceeds allocable to the Serviced Companion Loans pursuant
to Section 4.01(d)(i), the Master Servicer shall pay to the Certificate Administrator (in respect of the Mortgage Loan) or the
Serviced Companion Loan Noteholders (in respect of the Serviced Companion Loan), for the account of the Certificate Administrator
(in respect of the Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion

 

     -195-

     

    

 

 Loans), interest,
calculated at the Prime Rate, on such amount(s) not timely remitted, from the time such payment was required to be made (without
regard to any grace period) until (but not including) the date such late payment is received by the Certificate Administrator or
the Serviced Companion Loan Noteholders, as applicable.

 

(c)          
On each Master Servicer Remittance Date, all net income and gain realized from investment of funds to which the Master Servicer
or the Special Servicer is entitled pursuant to Section 3.07(b) of this Agreement shall be subject to withdrawal by
the Master Servicer or the Special Servicer, as applicable.

 

(d)         
With respect to the Serviced Whole Loans, if amounts required to pay the expenses allocable to any related Serviced Companion
Loan exceed amounts on deposit in the Serviced Whole Loan Collection Account, the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as applicable, may seek reimbursement from the Trust Fund with respect to such expenses allocable
to such Serviced Companion Loan. The Master Servicer or Special Servicer, as applicable, shall seek (on behalf of the Trust Fund,
subject to the related Intercreditor Agreement) payment or reimbursement from the holder of the related Serviced Subordinate Companion
Loan, if any, and then for the pro rata portion of such expenses allocable to the Serviced Pari Passu Companion Loan from the related
Serviced Companion Loan Noteholder or, if such Serviced Companion Loan has been deposited into a securitization, out of general
collections in the collection account established pursuant to the related Other Pooling and Servicing Agreement.

 

(e)          
If any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any
related Serviced REO Property, then the Special Servicer shall (provided that, (1) with respect to clause (iv) below,
the Special Servicer shall have provided notice to the Master Servicer of the occurrence of such liquidation event and (2) with
respect to clause (v) below, the Certificate Administrator shall have provided the Master Servicer and the Special Servicer
with five Business Days’ prior notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining
portion thereof) from the Loss of Value Reserve Fund to the Master Servicer for deposit into the Collection Account for the following
purposes:

 

(i)          
to reimburse the Master Servicer or the Trustee, in accordance with Section 3.06(a) of this Agreement, for
any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together
with the Advance Interest Amount);

 

(ii)          
to pay, in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment
of, any expense relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of such
Loss of Value Payments, would constitute an Additional Trust Fund Expense;

 

(iii)         
to offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case
may be (as calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage
Loan or any related successor REO Loan;

 

     -196-

     

    

 

(iv)        
following the occurrence of a liquidation event with respect to such Mortgage Loan or any related Serviced REO Property
and any related transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding
clauses (i)-(iii) as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii)
in respect of any other Mortgage Loan or Serviced REO Loan; and

 

(v)         
On the final Distribution Date after all distributions have been made as set forth in clause (i) through (iv) above,
to each Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed
by such Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses that are
attributable to such Mortgage Loan or related REO Property, Additional Trust Fund Expenses or any Nonrecoverable Advances incurred
with respect to the Mortgage Loan related to such contribution.

 

Any Loss of Value Payments
transferred to the Collection Account pursuant to clauses (i)-(iii) of the prior paragraph shall be treated as Liquidation
Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan with respect thereto for which
such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection Account pursuant to clause (iv)
of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the Mortgage Loan or REO Loan
for which such Loss of Value Payments are being transferred to the Collection Account to cover an item contemplated by clauses (i)-(iv)
of the prior paragraph.

 

(f)          
The Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier Distribution Account for any
of the following purposes (the order set forth below shall not indicate any order of priority), in each case to the extent not
previously paid from the Collection Account:

 

(i)           
to make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Premium and Yield Maintenance Charges
distributable pursuant to Section 4.01(a) of this Agreement in the Upper-Tier Distribution Account, and to make distributions
on the Class R Certificates in respect of the Class LTR Interest pursuant to Section 4.01(a) of this Agreement;

 

(ii)          
to pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Trustee/Certificate Administrator
Fees;

 

(iii)         
to pay itself an amount equal to all net income and gain realized from investment of funds in the Lower-Tier Distribution
Account pursuant to Section 3.07(b) of this Agreement;

 

(iv)        
to pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents,
as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(b), Section 8.05(c)
and Section 8.05(d) of this Agreement;

 

     -197-

     

    

 

(v)          to recoup any amounts deposited in the Lower-Tier Distribution Account in error; and

 

(vi)         to clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.

 

(g)         
The Certificate Administrator may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:

 

(i)           
to make distributions to Certificateholders (other than Holders of the Class V Certificates) (in the case of the Holders
of the Class R Certificates, in respect of the Class UTR Interest) on each Distribution Date pursuant to Section 4.01
or Section 9.01 of this Agreement, as applicable;

 

(ii)          
to recoup any amounts deposited in the Upper-Tier Distribution Account in error; and

 

(iii)         
to clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.

 

Section 3.07     Investment
of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, the Interest Reserve
Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve
Accounts. (a)  The Master Servicer (with respect to the Collection Account, and any Serviced Whole Loan Collection
Account and any Borrower Accounts (as defined below and subject to the second succeeding sentence)), the Special Servicer (with
respect to any REO Account and any Loss of Value Reserve Fund) and the Certificate Administrator (with respect to the Distribution
Accounts, the Interest Reserve Account and the Gain-on-Sale Reserve Account) may direct any depository institution maintaining
the Collection Account, any Serviced Whole Loan Collection Account, the Gain-on-Sale Reserve Account, any Borrower Accounts, any
REO Account, any Loss of Value Reserve Fund, the Interest Reserve Account and the Distribution Accounts (each such account, for
purposes of this Section 3.07, an “Investment Account”), to invest the funds in such Investment
Account in one or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on
demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn from such Investment
Account pursuant to this Agreement. Any investment of funds on deposit in an Investment Account by the Master Servicer, the Special
Servicer or the Certificate Administrator shall be documented in writing and shall provide evidence that such investment is a
Permitted Investment which matures at or prior to the time required hereby or is payable on demand. In the case of any Escrow
Account, Lock-Box Account, Cash Collateral Account or Reserve Account (the “Borrower Accounts”), the Master
Servicer shall act upon the written request of the related Borrower or Manager to the extent that the Master Servicer is required
to do so under the terms of the respective Loan Documents, provided that in the absence of appropriate written instructions
from the related Borrower or Manager meeting the requirements of this Section 3.07, the Master Servicer shall have
no obligation to, but will be entitled to, direct the investment of funds in such accounts in Permitted Investments. All such
Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall
be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the

 

     -198-

     

    

 

Trustee. The Certificate Administrator shall have sole
control (except with respect to investment direction which shall be in the control of the Master Servicer or the Special Servicer,
with respect to any REO Accounts, as an independent contractor to the Trust Fund) over each such investment and any certificate
or other instrument evidencing any such investment shall be delivered directly to the Certificate Administrator or its agent (which
shall initially be the Master Servicer), together with any document of transfer, if any, necessary to transfer title to such investment
to the Trustee or its nominee. Neither the Certificate Administrator nor the Trustee shall have any responsibility or liability
with respect to the investment directions of the Master Servicer, the Special Servicer, any Borrower or Manager or any losses resulting
therefrom, whether from Permitted Investments or otherwise. The Master Servicer shall have no responsibility or liability with
respect to the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, any Borrower or Manager
or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no responsibility
or liability with respect to the investment directions of the Master Servicer, the Certificate Administrator, the Trustee, any
Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on
deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer (or
the Special Servicer or the Certificate Administrator, as applicable) shall:

 

(x)           consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the
amount required to be withdrawn on such date; and

 

(y)          demand
payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the Special Servicer or the Certificate
Administrator, as applicable) that such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter
on deposit in the related Investment Account.

 

(b)         
All income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the
Master Servicer (except with respect to the investment of funds deposited in (i) any Borrower Account, which shall be for
the benefit of the related Borrower to the extent required under the related Loan Documents for the Mortgage Loan or applicable
law, (ii) any REO Account and the Loss of Value Reserve Fund, which shall be for the benefit of the Special Servicer or (iii) the
Gain-on-Sale Reserve Account, the Interest Reserve Account and the Distribution Accounts, which shall be for the benefit of the
Certificate Administrator) and, if held in the Collection Account, any Serviced Whole Loan Collection Account, REO Account or Distribution
Account shall be subject to withdrawal by the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable,
in accordance with Section 3.06 or Section 3.15(b) of this Agreement, as applicable. The Master Servicer,
or with respect to any REO Account or Loss of Value Reserve Fund, the Special Servicer, or with respect to the Gain-on-Sale Reserve
Account, the Distribution Accounts, the Certificate Administrator, shall deposit from its own funds into the Collection Account,
applicable Serviced Whole Loan Collection Account, any REO Account or Loss of Value Reserve Fund, the Gain-on-Sale Reserve Account,
the Interest Reserve Account or the Distribution Accounts, as applicable, the amount of any loss incurred in respect of any such
Permitted Investment

 

     -199-

     

    

 

immediately upon realization of such loss; provided, that the Master Servicer, the Special Servicer
or the Certificate Administrator, as applicable, may reduce the amount of such payment to the extent it forgoes any investment
income in such Investment Account otherwise payable to it. The Master Servicer shall also deposit from its own funds in any Borrower
Account immediately upon realization of such loss the amount of any loss incurred in respect of Permitted Investments, except to
the extent that amounts are invested at the direction of or for the benefit of the Borrower under the terms of the related Loan
Documents for the Mortgage Loan, Serviced Whole Loan or applicable law; provided that neither the Master Servicer nor the
Special Servicer shall be required to deposit any loss on an investment of funds in an Investment Account if such loss is incurred
solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such
Investment Account, so long as such depository institution or trust company has satisfied the qualifications set forth in the definition
of Eligible Account both (x) at the time the investment was made and (y) 30 days prior to such insolvency.

 

(c)          
Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any
Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment, in either case as
a result of an action or inaction of the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable,
the Trustee may, and upon the request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class
shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution
of appropriate proceedings. If the Trustee takes any such action, (i) the Master Servicer, if such Permitted Investment was
for the benefit of the Master Servicer, (ii) the Special Servicer, if such Permitted Investment was for the benefit of the
Special Servicer or (iii) the Certificate Administrator, if such Permitted Investment was for the benefit of the Certificate
Administrator, shall pay or reimburse the Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred
or made by the Trustee in connection therewith.

 

Section 3.08     Maintenance
of Insurance Policies and Errors and Omissions and Fidelity Coverage. (a)  In the case of each Mortgage Loan or
Serviced Whole Loan, as applicable (but excluding any REO Loan and any Non-Serviced Mortgage Loan), the Master Servicer shall
use commercially reasonable efforts consistent with the Servicing Standard to cause the related Borrower, with respect to the
Mortgage Loans (other than a Non-Serviced Mortgage Loan) and Serviced Whole Loans that it is servicing, to maintain the following
insurance coverage (including identifying the extent to which such Borrower is maintaining insurance coverage and, if such Borrower
does not so maintain, the Master Servicer will itself cause to be maintained with Qualified Insurers) for the related Mortgaged
Property: (x) except where the Loan Documents permit a Borrower to rely on self-insurance provided by a tenant, a fire and
casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at
least equal to the lesser of (i) the full replacement cost of improvements securing such Mortgage Loan or Serviced Whole
Loan, as applicable, and (ii) the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan, as applicable, but,
in any event, in an amount sufficient to avoid the application of any co-insurance clause and (y) all other insurance
coverage (including, but not limited to, coverage for acts of terrorism) that is required, subject to applicable law, under the
related Loan Documents; provided, that:

 

     -200-

     

    

 

(i)  
     the Master Servicer shall not be required to maintain any earthquake or environmental insurance
policy on any Mortgaged Property unless the Trustee has an insurable interest and (x) such insurance policy was in effect at
the time of the origination of the related Mortgage Loan or Serviced Whole Loan, as applicable, or (y) such insurance policy
was required by the related Loan Documents and is available at commercially reasonable rates, provided that the Master
Servicer shall require the related Borrower to maintain such insurance in the amount, in the case of clause (x), maintained
at origination, and in the case of clause (y), required by such Mortgage Loan or Serviced Whole Loan, in each case, to the
extent such amounts are available at commercially reasonable rates and to the extent the Trustee has an insurable
interest;

 

(ii)       if
and to the extent that any Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise)
as to the insurance provider from whom the related Borrower is to obtain the requisite insurance coverage, the Master Servicer
shall (to the extent consistent with the Servicing Standard) require the related Borrower to obtain the requisite insurance coverage
from Qualified Insurers;

 

(iii)      the
Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard to cause any
Borrower to maintain the insurance required to be maintained under the Loan Documents; provided, that this clause shall
not limit the Master Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided herein;

 

(iv)      except
as provided below (including under clause (vi) below), in no event shall the Master Servicer be required to cause the Borrower
to maintain, or itself obtain, insurance coverage to the extent that the failure of such Borrower to maintain insurance coverage
is an Acceptable Insurance Default (as determined by the Special Servicer);

 

(v)       to
the extent that the Master Servicer itself is required to maintain insurance that the Borrower does not maintain, the Master Servicer
will not be required to maintain insurance other than what is available to the Master Servicer on a force-placed basis at commercially
reasonable rates, and only to the extent the Trust as lender has an insurable interest thereon; and

 

(vi)      any
explicit terrorism insurance requirements contained in the related Loan Documents shall be enforced by the Master Servicer in accordance
with the Servicing Standard, (unless the Special Servicer, with the consent of the Directing Holder if no Control Termination Event
has occurred and is continuing, has consented to a waiver (including a waiver to permit the Master Servicer to accept insurance
that does not comply with specific requirements contained in the Loan Documents) in writing of that provision in accordance with
the Servicing Standard); provided that the Special Servicer shall promptly notify the Master Servicer in writing of such
waiver.

 

The Master Servicer shall notify the
Special Servicer, the Certificate Administrator, the Trustee and the Directing Holder if the Master Servicer determines in accordance
with the Servicing Standard that a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) has failed to maintain
insurance required under the Loan Documents and such failure materially and adversely affects the interests of the

 

     -201-

     

    

 

Certificateholders
or if a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) has notified the Master Servicer in writing that
the Borrower does not intend to maintain such insurance and that the Master Servicer has determined in accordance with the Servicing
Standard that such failure materially and adversely affects the interests of the Certificateholders.

 

Subject to Section 3.15(b) of
this Agreement, with respect to each Serviced REO Property, the Special Servicer shall use reasonable efforts and only if the Trustee
has an insurable interest, consistent with the Servicing Standard, to maintain (subject to the right of the Special Servicer to
direct the Master Servicer to make a Servicing Advance for the costs associated with coverage that the Special Servicer determines
to maintain, in which case the Master Servicer shall make such Servicing Advance) with Qualified Insurers to the extent reasonably
available at commercially reasonable rates and to the extent the Trustee has an insurable interest, (a) a fire and casualty extended
coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal to the
lesser of the full replacement value of the Mortgaged Property or the Stated Principal Balance of the Mortgage Loan, Serviced REO
Loan or the Serviced Whole Loan, as applicable (or such greater amount of coverage required by the related Loan Documents (unless
such amount is not available or, if no Control Termination Event has occurred and is continuing, the Directing Holder has consented
to a lower amount)), but, in any event, in an amount sufficient to avoid the application of any co-insurance clause, (b) a comprehensive
general liability insurance policy with coverage comparable to that which would be required under prudent lending requirements
and in an amount not less than $1.0 million per occurrence, and (c) to the extent consistent with the Servicing Standard, a business
interruption or rental loss insurance covering revenues or rents for a period of at least 12 months; provided that the Special
Servicer shall not be required in any event to maintain or obtain insurance coverage described in this paragraph beyond what is
reasonably available at a commercially reasonable rate and consistent with the Servicing Standard.

 

All such insurance policies maintained
as described above shall contain (if they insure against loss to property) a “standard” mortgagee clause, with loss
payable to the Master Servicer (on behalf of the Trustee on behalf of Certificateholders and, with respect to a Serviced Whole
Loan, the related Serviced Companion Loan Noteholders), or shall name the Trustee as the insured, with loss payable to the Special
Servicer on behalf of the Trustee (on behalf of Certificateholders and, with respect to a Serviced Whole Loan, the related Serviced
Companion Loan Noteholders) (in the case of insurance maintained in respect of an REO Property). Any amounts collected by the Master
Servicer or Special Servicer, as applicable, under any such policies (other than amounts to be applied to the restoration or repair
of the related Mortgaged Property or Serviced REO Property or amounts to be released to the related Borrower, in each case in accordance
with the Servicing Standard) shall be deposited in the Collection Account (or, in the case of the Serviced Whole Loans, in the
applicable Serviced Whole Loan Collection Account), subject to withdrawal pursuant to Section 3.06 of this Agreement, in
the case of amounts received in respect of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, or
in the applicable REO Account of the Special Servicer, subject to withdrawal pursuant to Section 3.15 of this Agreement,
in the case of amounts received in respect of a Serviced REO Property. Any cost incurred by the Master Servicer or the Special
Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating monthly distributions to Certificateholders
or Serviced Companion Loan Noteholders, be added

 

     -202-

     

    

 

to the Stated Principal Balance of the related Mortgage Loan or Serviced Whole
Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan so permit; provided, that this sentence
shall not limit the rights of the Master Servicer or Special Servicer on behalf of the Trust Fund to enforce any obligations of
the related Borrower under such Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan. Any costs incurred
by the Master Servicer in maintaining any such insurance policies in respect of the Mortgage Loans or Specially Serviced Loans
(other than REO Properties) (i) if the Borrower defaults on its obligation to do so, shall be advanced by the Master Servicer as
a Servicing Advance and will be charged to the related Borrower and (ii) shall not, for purposes of calculating monthly distributions
to Certificateholders, be added to the Stated Principal Balance of the related Mortgage Loan, notwithstanding that the terms of
such Mortgage Loan so permit. Any cost incurred by the Special Servicer in maintaining any such insurance policies with respect
to Serviced REO Properties shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall
be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) payable out of the related REO
Account (or Serviced Whole Loan REO Account, as applicable) or, if the amount on deposit therein is insufficient therefor, advanced
by the Master Servicer as a Servicing Advance (or paid from the Collection Account if the Master Servicer determines such Advance
would be a Nonrecoverable Advance, subject to Section 3.21(d) of this Agreement).

 

(b)       If
either:

 

(x) the Master Servicer
or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy or master force-placed policy
insuring against hazard losses on all of the Mortgage Loans (other than Non-Serviced Mortgage Loans), Serviced Whole Loans or Serviced
REO Properties, as applicable, then, to the extent such policy

 

(i)       is
obtained from a Qualified Insurer, and

 

(ii)       provides
protection equivalent to the individual policies otherwise required, or

 

(y) the Master Servicer
or the Special Servicer (or, in each case, its corporate parent), as applicable, has long-term unsecured debt obligations or deposit
accounts that are rated not lower than “A2” by Moody’s and “A-” by Fitch or (B) one NRSRO (which
may include Moody’s and/or Fitch) and A.M. Best Company), and the Master Servicer or Special Servicer self-insures for its
obligation to maintain the individual policies otherwise required,

 

then the Master Servicer or the Special
Servicer shall conclusively be deemed to have satisfied its obligation to cause hazard insurance to be maintained on the related
Mortgaged Properties or Serviced REO Properties, as applicable.

 

Such a blanket or master force-placed
policy may contain a deductible clause (not in excess of a customary amount), in which case the Master Servicer or Special Servicer,
as the case may be, that maintains such policy shall, if there shall not have been maintained on any Mortgaged Property securing
a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or

 

     -203-

     

    

 

Serviced REO Property thereunder a hazard insurance policy complying
with the requirements of Section 3.08(a) of this Agreement, and there shall have been one or more losses that would have
been covered by such an individual policy, promptly deposit into the Collection Account (or, in the case of a Serviced Whole Loan,
in the related Serviced Whole Loan Collection Account), from its own funds, the amount not otherwise payable under the blanket
or master force-placed policy in connection with such loss or losses because of such deductible clause to the extent that any such
deductible exceeds the deductible limitation that pertained to the related Mortgage Loan or the related Serviced Whole Loan, as
applicable (or, in the absence of any such deductible limitation, the deductible limitation for an individual policy which is consistent
with the Servicing Standard). The Master Servicer and Special Servicer shall prepare and present, on behalf of itself, the Trustee,
Certificateholders and, if applicable the Serviced Companion Loan Noteholders, claims under any such blanket or master force-placed
policy maintained by it in a timely fashion in accordance with the terms of such policy. If the Master Servicer or Special Servicer,
as applicable, causes any Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced REO
Property to be covered by such “force-placed” insurance policy, the incremental costs of such insurance applicable
to such Mortgaged Property or Serviced REO Property (i.e., other than any minimum or standby premium payable for such policy
whether or not any Mortgaged Property or Serviced REO Property is covered thereby) shall be paid as a Servicing Advance.

 

(c)       With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, that is subject
to an Environmental Insurance Policy, if the Master Servicer has actual knowledge of any event giving rise to a claim under an
Environmental Insurance Policy, the Master Servicer shall notify the Special Servicer to such effect and the Master Servicer shall
take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance
Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust is entitled thereunder. With respect
to each Specially Serviced Loan and Serviced REO Property that is subject to an Environmental Insurance Policy, if the Special
Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy, such Special Servicer
shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental
Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust, on behalf of the Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders (giving due regard to the junior nature of the related Subordinate
Companion Loan, if any), is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing
Standard in connection with any claim under an Environmental Insurance Policy described above (whether by the Master Servicer or
Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Servicing Advance.

 

     -204-

     

    

 

(d)       The
Master Servicer and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special Servicer,
at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties as to which
it is the Special Servicer are included in the Trust Fund) keep in force with a Qualified Insurer, a fidelity bond in such form
and amount as are consistent with the Servicing Standard. The Master Servicer and Special Servicer, as applicable, shall be deemed
to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by the terms of such
fidelity bond, the coverage afforded thereunder extends to the Master Servicer and Special Servicer, as the case may be. Such fidelity
bond shall provide that it may not be canceled without ten days’ prior written notice to the Trustee. So long as the long-term
unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent if such insurance is guaranteed
by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not lower than “A2” by Moody’s
and “A-” by Fitch, the Master Servicer or the Special Servicer, as applicable, may self-insure with respect to the
fidelity bond coverage required as described above, in which case it shall not be required to maintain an insurance policy with
respect to such coverage.

 

The Master Servicer and Special Servicer,
as applicable, shall at all times during the term of this Agreement (or, in the case of the Special Servicer, at all times during
the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties exist as part of the Trust Fund)
also keep in force with a Qualified Insurer a policy or policies of insurance covering loss occasioned by the errors and omissions
of its officers and employees in connection with their servicing obligations hereunder, which policy or policies shall be in such
form and amount as are consistent with the Servicing Standard. The Master Servicer or the Special Servicer, as applicable, shall
be deemed to have complied with the foregoing provisions if an Affiliate thereof has such insurance and, by the terms of such policy
or policies, the coverage afforded thereunder extends to the Master Servicer or Special Servicer, as the case may be. Any such
errors and omissions policy shall provide that it may not be canceled without ten days’ prior written notice to the Trustee.
So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent if such
insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not lower than
“A2” by Moody’s and “A-” by Fitch, the Master Servicer or the Special Servicer, as applicable, may
self-insure with respect to the errors and omissions coverage required as described above, in which case it shall not be required
to maintain an insurance policy with respect to such coverage.

 

Section 3.09      Enforcement
of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions. (a) If any Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loan contains a provision in the nature of a “due-on-sale” clause (including,
without limitation, sales or transfers of Mortgaged Properties (in full or part) or the sale, transfer, pledge or
hypothecation of direct or indirect interests in the Borrower or its owners), which by its terms:

 

(i)         provides
that such Mortgage Loan or Serviced Whole Loan will (or may at the mortgagee’s option) become due and payable upon the sale
or other transfer of an interest in the related Mortgaged Property (including, without limitation, the sale, transfer, pledge or
hypothecation of direct or indirect interests in the Borrower or its owners),

 

     -205-

     

    

 

(ii)        provides
that such Mortgage Loan or Serviced Whole Loan may not be assumed without the consent of the related mortgagee in connection with
any such sale or other transfer, or

 

(iii)       provides
that such Mortgage Loan or Serviced Whole Loan may be assumed or transferred without the consent of the mortgagee, provided
certain conditions set forth in the Loan Documents are satisfied,

 

then, for so long as such Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or Serviced Whole Loan (or related Mortgage Loan) is included in the Trust Fund, subject to
the rights of the Directing Holder, the Special Servicer, on behalf of the Trust Fund, shall not be required to enforce any such
due-on-sale clauses and in connection therewith shall not be required to (x) accelerate payments thereon or (y) withhold its consent
to such an assumption if (1) such provision is not exercisable under applicable law or if the Special Servicer determines, subject
to the rights of the Directing Holder, that the enforcement of such provision is reasonably likely to result in meritorious legal
action by the Borrower or (2) the Master Servicer (with the consent of the Special Servicer) or the Special Servicer, as applicable,
determines, in accordance with the Servicing Standard and subject to the rights of the Directing Holder, that granting such consent
would be likely to result in a greater recovery, on a present value basis (discounting at the related Calculation Rate), than would
enforcement of such clause. The Special Servicer shall be responsible for determining whether (i) to enforce any such due-on-sale
clauses or (ii) to provide its consent to such an assumption, and for the handling of all related processing and documentation,
or, if mutually agreed to by the Master Servicer and the Special Servicer, the Master Servicer shall be required to process such
request subject to the consent of the Special Servicer. If the Special Servicer determines that (A) granting such consent would
be likely to result in a greater recovery, (B) such provision is not legally enforceable, or (C) that the conditions described
in clause (a)(iii) above relating to the assumption or transfer of a related Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan have been satisfied, the Special Servicer is authorized to take or enter into an assumption agreement
from or with the Person to whom the related Mortgaged Property has been or is about to be conveyed, and to release the original
Borrower from liability upon such Mortgage Loan and substitute the new Borrower as obligor thereon, provided that (a) the
credit status of the prospective new Borrower is in compliance with the Servicing Standard and the terms of the related Mortgage
and (b) the Special Servicer has followed the Rating Agency Confirmation process pursuant to Section 3.30 relating to the
Certificates and Serviced Companion Loan Securities, if any, with respect to Moody’s, Fitch or Morningstar in the case of
any such Mortgage Loan that (1) represents more than 5% of the aggregate Stated Principal Balance of the Mortgage Loans then outstanding
and has a Stated Principal Balance of at least $10,000,000, (2) has a Stated Principal Balance that is more than $35,000,000, (3)
represents one of the ten largest Mortgage Loans or groups of cross-collateralized Mortgage Loans based on Stated Principal Balance
and has a Stated Principal Balance of at least $10,000,000 or (4) is a Mortgage Loan as to which the related Serviced Companion
Loan represents one of the ten largest mortgage loans in the related Other Securitization based on outstanding principal balance
(provided, that the Master Servicer or Special Servicer, as applicable, shall be entitled to reasonably rely upon the written notification
provided by the master servicer, special servicer, trustee or certificate administrator of the applicable Other Securitization
as to whether such Serviced Companion Loan is one of the 10 largest mortgage loans in such Other Securitization). In addition,
with respect to a Serviced

 

     -206-

     

    

 

Companion Loan, the Special Servicer shall not waive any rights under a due on sale clause unless it
first obtains a Rating Agency Confirmation with respect to the related Serviced Companion Loan Securities. The Master Servicer
and the Special Servicer shall be entitled to rely on the master servicer and/or the special servicer of the Other Securitization
to determine whether a No Downgrade Confirmation is required with respect to the Serviced Companion Loans under the Other Securitization.
In connection with each such assumption or substitution entered into by the Special Servicer, the Special Servicer shall give prior
notice thereof to the Master Servicer. The Special Servicer shall notify the Trustee, the Master Servicer, the Certificate Administrator
and the Directing Holder that any such assumption or substitution agreement has been completed by forwarding to the Custodian (with
a copy to the Master Servicer, the Certificate Administrator, the Trustee and the Directing Holder, as applicable) the original
copy of such agreement, which copies shall be added to the related Mortgage File and shall, for all purposes, be considered a part
of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. To the extent not
precluded by the Loan Documents, the Special Servicer shall not approve an assumption or substitution without requiring the related
Borrower to pay any fees owed to the Rating Agencies associated with the approval of such assumption or substitution. However,
if the related Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund (and in the case
of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement); provided that in the case of a Serviced Whole Loan the Master Servicer (if such Serviced Whole Loan is a Performing
Loan) or the Special Servicer (if such Serviced Whole Loan is a Specially Serviced Loan) shall be required, after receiving payment
from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder of the related Companion Loan and
(ii) use commercially reasonable efforts to exercise on behalf of the Trust Fund the rights of the Trust Fund under the related
Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced
Companion Loan from the holders of such Serviced Companion Loan.

 

(b)       If
any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan contains a provision in the nature of a “due-on-encumbrance”
clause, which by its terms:

 

(i)       provides
that such Mortgage Loan or Serviced Whole Loan shall (or may at the mortgagee’s option) become due and payable upon the creation
of any lien or other encumbrance on the related Mortgaged Property or any direct or indirect ownership interest in the borrower
(including, unless specifically permitted, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer
of preferred equity in the Borrower or its owners),

 

(ii)       requires
the consent of the related mortgagee to the creation of any such lien or other encumbrance on the related Mortgaged Property (including,
without limitation, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity
in the Borrower or its owners), or

 

     -207-

     

    

 

(iii)       provides
that such Mortgaged Property may be further encumbered without the consent of the mortgagee (including, without limitation, any
mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its
owners), provided certain conditions set forth in the Loan Documents are satisfied,

 

then, subject to Section 3.25, the Special Servicer,
on behalf of the Trust Fund, shall not be required to enforce such due-on-encumbrance clauses and in connection therewith, will
not be required to (i) accelerate the payments on the related Mortgage Loan or Serviced Whole Loan or (ii) withhold its consent
to such lien or encumbrance, if the Special Servicer, subject to the rights of the Directing Holder, (x) determines, in accordance
with the Servicing Standard that such enforcement would not be in the best interests of the Trust Fund or the holder of the related
Serviced Companion Loan, if applicable (giving due regard to the junior nature of the related Subordinate Companion Loan, if any),
or that in the case of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan described in clause (b)(iii)
above that the conditions to further encumbrance have been satisfied and (y) as to any Mortgage Loan or Serviced Whole Loan, follows
the Rating Agency Confirmation procedure pursuant to Section 3.30 with respect to Moody’s, Fitch or Morningstar in
the case of any such Mortgage Loan that (1) represents more than 2% of the aggregate Stated Principal Balance of the Mortgage Loans
then outstanding, (2) has a Stated Principal Balance that is more than $20,000,000, (3) represents one of the ten largest Mortgage
Loans or groups of cross-collateralized Mortgage Loans based on Stated Principal Balance, (4) has an aggregate loan-to-value ratio
(including any existing and proposed additional debt) that is equal to or greater than 85%, (5) has an aggregate Debt Service Coverage
Ratio (in each case, determined based upon the aggregate of the Stated Principal Balance of the related Mortgage Loan, any existing
additional debt and the principal amount of the proposed additional lien) that is less than 1.20x or (6) is a Mortgage Loan as
to which the related Serviced Companion Loan represents one of the ten largest mortgage loans in the related Other Securitization
based on outstanding principal balance (provided, that the Master Servicer or Special Servicer, as applicable, shall be entitled
to reasonably rely upon the written notification provided by the master servicer, special servicer, trustee or certificate administrator,
as applicable, of the applicable Other Securitization as to whether such Serviced Companion Loan is one of the 10 largest mortgage
loans in such Other Securitization); provided that with respect to clauses (1), (3), (4), (5) and (6), such Mortgage Loan
shall have a Stated Principal Balance of at least $10,000,000 for the requirement of a Rating Agency Confirmation to apply. In
addition, with respect to each Serviced Companion Loan, the Special Servicer shall not waive any rights under a due-on-encumbrance
clause unless it first obtains a Rating Agency Confirmation with respect to the related Serviced Companion Loan Securities. To
the extent not precluded by the Loan Documents, the Special Servicer shall not approve an assumption or substitution without requiring
the related Borrower to pay any fees owed to the Rating Agencies associated with the approval of such lien or encumbrance. However,
if the related Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund; provided
that in the case of a Serviced Whole Loan the Master Servicer (if such Serviced Whole Loan is a Performing Loan) or the Special
Servicer (if such Serviced Whole Loan is a Specially Serviced Loan) shall be required, after receiving payment from amounts on
deposit in the Collection Account, if any, to (i) promptly notify the holder of the related Companion Loan and (ii) use commercially
reasonable efforts to exercise on behalf of the Trust Fund the rights of the Trust Fund under the related Intercreditor Agreement
to obtain reimbursement for a pro rata portion of

 

     -208-

     

    

 

such amount allocable to the related Serviced Companion Loans from the holders
of such Serviced Companion Loans. The Special Servicer shall be responsible for determining whether (i) to enforce any such due-on-encumbrance
clauses or (ii) to provide its consent to such a lien or due-on-encumbrance, and for the handling of all related processing and
documentation or, if mutually agreed to by the Master Servicer and the Special Servicer, the Master Servicer shall be required
to process such request subject to the consent of the Special Servicer.

 

(c)       Notwithstanding
any other provision of this Agreement, the Special Servicer may not waive its rights or grant its consent under any “due-on-sale”
or “due-on-encumbrance” clause relating to any Mortgage Loan without, if no Control Termination Event has occurred
and is continuing, the consent of the Directing Holder. The Directing Holder shall have 10 Business Days after receipt of notice
along with the Special Servicer’s recommendation and analysis with respect to such waiver and any additional information
the Directing Holder may reasonably request from the Special Servicer of a proposed waiver or consent under any “due-on-sale”
or “due-on-encumbrance” clause in which to grant or withhold its consent (provided that if the Special Servicer fails
to receive a response to such notice from the Directing Holder in writing within such period, then the Directing Holder shall be
deemed to have consented to such proposed waiver or consent).

 

(d)       The
Master Servicer and the Special Servicer, as applicable, shall provide copies of any waivers it effects pursuant to Section
3.09(a) or (b) of this Agreement to the other party, the 17g-5 Information Provider (who shall promptly post such waivers
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and the related Other 17g-5
Information Provider (if any) with respect to each Mortgage Loan or Serviced Whole Loan.

 

(e)       Nothing
in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice
of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien
or other encumbrance with respect to such Mortgaged Property.

 

(f)       In
connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer shall not
agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a) of
this Agreement shall contain any terms that are different from, any term of any Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan or the related Mortgage Note, other than pursuant to Section 3.26 hereof, as applicable.

 

(g)       With
respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan which permits release of Mortgaged
Properties through defeasance:

 

(i)       Subject
to the consent rights and processes set forth in Section 6.07 with respect to Major Decisions and Section 3.26(o)
with respect to actions that are Special Servicer Decisions, the Master Servicer shall process all defeasances of non-Specially
Serviced Mortgage Loans (other than any Non-Serviced Mortgage Loan) and related Serviced Companion Loans in accordance with the
terms of the related Loan Documents, and shall be entitled to any defeasance fees paid relating thereto (provided that for
the

 

     -209-

     

    

 

avoidance of doubt, any such defeasance fee shall not include the Special Servicer’s portion of any Modification Fees
or waiver fees in connection with a defeasance that the Special Servicer is entitled to under this Agreement). Notwithstanding
anything herein to the contrary, the Master Servicer shall process such defeasances without the consent of the Special Servicer
(or Directing Holder, if applicable), subject only to the Special Servicer’s consent rights (including any required Directing
Holder approval of Special Servicer actions) with respect to any modification, waiver or amendment that constitutes a Major Decision,
Special Servicer Decision or is otherwise material.

 

(ii)       If
such Mortgage Loan or Serviced Whole Loan requires that the lender purchase the required government securities, then the Master
Servicer shall purchase, or shall cause the purchase of, such obligations on behalf of the Trust, at the related Borrower’s
expense, in accordance with the terms of such Mortgage Loan; provided that the Master Servicer shall not accept the amounts
paid by the related Borrower to effect defeasance until acceptable government securities have been identified.

 

(iii)       To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require the related Borrower
to provide an Opinion of Counsel (which shall be an expense of the related Borrower) to the effect that the Trustee has a first
priority perfected security interest in the defeasance collateral (including the government securities) and the assignment of the
defeasance collateral is valid and enforceable; such opinion, together with any other certificates or documents to be required
in connection with such defeasance shall be in form and substance acceptable to each Rating Agency.

 

(iv)       To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require a certificate at
the related Borrower’s expense from an Independent certified public accountant certifying to the effect that the government
securities will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on
such Mortgage Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related Loan Documents.

 

(v)       Prior
to permitting the release of any Mortgaged Property through defeasance, the Master Servicer shall obtain, at the related Borrower’s
expense, a Rating Agency Confirmation; provided, the Master Servicer shall not be required to obtain such Rating Agency
Confirmation from any Rating Agency if such Mortgage Loan at the time of such defeasance is not (x) a Mortgage Loan that (together
with any Mortgage Loans cross-collateralized with such Mortgage Loan) is one of the ten largest Mortgage Loans by Stated Principal
Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or greater than $20,000,000 or (z) a Mortgage Loan that represents
5% or more of the Stated Principal Balance of all Mortgage Loans.

 

(vi)       Prior
to permitting release of any Mortgaged Property through defeasance, the Master Servicer shall require an Opinion of Counsel to
the effect that such release will not cause an Adverse REMIC Event; provided that to the extent not inconsistent with the
Mortgage Loan or Serviced Whole Loan, the related Borrower shall pay the cost related to the Opinion of Counsel (and shall otherwise
be a Servicing Advance).

 

     -210-

     

    

 

(vii)       No
defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs, or in the case of any Companion
Loan, the later of the second anniversary of the Startup Day of the Trust REMICs and the second anniversary of the startup day
of any REMIC holding such Companion Loan.

 

(viii)       The
Trustee shall at the expense of the related Borrower (to the extent not inconsistent with the related Loan Documents) hold the
U.S. government securities as pledgee for the benefit of the Certificateholders and, if applicable, the Serviced Companion Loan
Noteholders, and the Certificate Administrator shall apply payments of principal and interest received on the government obligations
to the Collection Account (or Serviced Whole Loan Collection Account) in respect of the defeased Mortgage Loan or Serviced Whole
Loan according to the payment schedule existing immediately prior to the defeasance.

 

(ix)       The
Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Mortgage Loans that it is servicing
requiring Borrowers to pay all reasonable expenses associated with a defeasance.

 

(x)       To
the extent not inconsistent with such Mortgage Loan, or to the extent the related Loan Documents provide the lender with discretion,
the Master Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government
securities related to one or more of the Mortgage Loans, to act as a successor borrower.

 

(xi)       The
Master Servicer may accept as defeasance collateral of any “government security,” within the meaning of Treasury Regulations
Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided, that the
Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not cause an Adverse REMIC
Event.

 

(xii)       Neither
the Master Servicer nor the Special Servicer shall charge a fee for defeasance in excess of that permitted under the Loan Documents
in the event that the Loan Documents provide for such a fee limitation.

 

(h)       With
respect to all Specially Serviced Loans and Performing Loans, the Special Servicer shall, prior to waiving its rights or granting
its consent to any proposed action of the Master Servicer under this Section 3.09, and prior to itself taking such an action,
obtain the written consent of the Directing Holder, which consent shall be deemed given 10 Business Days after receipt (unless
earlier objected to) by the Directing Holder of the Master Servicer’s and/or Special Servicer’s, as applicable, written
analysis and recommendation with respect to such action together with such other information reasonably requested by the Directing
Holder. When the Special Servicer’s consent is requested under this Section 3.09, such consent shall be deemed given
15 Business Days (or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than five
(5) Business Days after the time period set forth therein for Directing Holder approval) after receipt (unless earlier objected
to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis and recommendation with respect
to such proposed action together with such other information reasonably required by the Special Servicer.

 

     -211-

     

    

 

Section 3.10         Appraisals;
Realization upon Defaulted Mortgage Loans. (a) Other than with respect to a Non-Serviced Mortgage Loan,
contemporaneously with the earliest of (i) the effective date of any (A) modification of the Maturity Date or extended
Maturity Date, a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan or Serviced Whole Loan or any
other term of a Mortgage Loan or Serviced Whole Loan, (B) extension of the Maturity Date or extended Maturity Date of a
Mortgage Loan or Serviced Whole Loan as described below in Section 3.26 of this Agreement, or (C) consent to the
release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related
Mortgage Loan or Serviced Whole Loan, (ii) the occurrence of an Appraisal Reduction Event, (iii) a default in the payment of
a Balloon Payment for which an extension is not granted, or (iv) the date on which the Special Servicer, consistent with the
Servicing Standard, requests an Updated Valuation, the Special Servicer shall use commercially reasonable efforts to obtain
an Updated Valuation (or a letter update for an existing appraisal which is less than two years old) within 60 days of such
request, the cost of which shall constitute a Servicing Advance; provided, that the Special Servicer shall not be
required to obtain an Updated Valuation pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for
which there exists an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate which is less than nine months old unless
the Special Servicer has actual knowledge of a material adverse change in circumstances that, consistent with the Servicing
Standard, would call into question the validity of such Appraisal, Updated Appraisal or Small Loan Appraisal Estimate. For so
long as such Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, the Special Servicer shall use commercially
reasonable efforts to obtain letter updates to each Updated Valuation every 9 months (i) within 30 days of the end of each
nine-month period following the related Appraisal Reduction Event and (ii) upon its determination that the value of the
related Mortgaged Property has materially changed, and the Special Servicer shall recalculate the Appraisal Reduction Amount
prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one
year extension with respect to the same Mortgage Loan or Serviced Whole Loan. Subject to any required consent from the
Directing Holder, nothing herein is intended to limit the Special Servicer’s ability to pursue multiple strategies
contemporaneously if the Special Servicer deems such actions appropriate under the Servicing Standard. The Special Servicer
shall update, in accordance with the timing described above, each Small Loan Appraisal Estimate or Updated Appraisal for so
long as an Appraisal Reduction Event exists with respect to the related Mortgage Loan or Serviced Whole Loan and the Special
Servicer shall recalculate the Appraisal Reduction Amount based on such updated Small Loan Appraisal Estimate or Updated
Appraisal. The Special Servicer shall send all such letter updates and Updated Valuations to the Master Servicer, the
Trustee, the Operating Advisor, the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Serviced Companion
Loan Noteholder (if any) and, for so long as no Consultation Termination Event has occurred, the Directing Holder.

 

The Special Servicer shall monitor
each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over a reasonable period without significant
impairment of the value of the related Mortgaged Property, initiate corrective action in cooperation with the Borrower if, in the
Special Servicer’s judgment, cure is likely, and take such other actions (including without limitation, negotiating and accepting
a discounted payoff of a Mortgage Loan or Serviced Whole Loan) as are consistent with the Servicing Standard. If,

 

     -212-

     

    

 

in the Special
Servicer’s judgment, such corrective action has been unsuccessful, no satisfactory arrangement can be made for collection
of delinquent payments, and the Specially Serviced Loan has not been released from the Trust Fund pursuant to any provision hereof,
and except as otherwise specifically provided in Section 3.09(a) and 3.09(b) of this Agreement, the Special Servicer
may, to the extent consistent with the Asset Status Report (and with the consent of the Directing Holder if no Control Termination
Event has occurred and is continuing) and with the Servicing Standard, accelerate such Specially Serviced Loan and commence a foreclosure
or other acquisition with respect to the related Mortgaged Property or Properties, provided that the Special Servicer determines
that such acceleration and foreclosure are more likely to produce a greater recovery to Certificateholders and, if applicable,
Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders, constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion
Loan, taking into account the subordinate nature of such Subordinate Companion Loan) on a present value basis (discounting at the
related Calculation Rate) than would a waiver of such default or an extension or modification in accordance with the provisions
of Section 3.26 hereof. In connection with causing the Trust to foreclose on collateral that consists of multiple properties
held for sale to customers by the related Borrower (such as unsold condominium units in a single project), the Special Servicer
directing such foreclosure shall consider the effect of the bidding price for the properties on the tax basis of such properties
if such properties are likely to be treated in the hands of the Trust as properties held for sale to customers. The Master Servicer
shall pay the costs and expenses in any such proceedings as a Servicing Advance unless the Master Servicer or the Special Servicer,
as applicable, determines, in its good faith judgment, that such Servicing Advance would constitute a Nonrecoverable Advance; provided,
if such Servicing Advance would constitute a Nonrecoverable Advance but the Special Servicer determines that such payment would
be in best interests of the Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as
if such Certificateholders and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholders constituted a single
lender (with the Master Servicer permitted to conclusively rely upon any such determination by the Special Servicer), the Special
Servicer shall direct the Master Servicer to make such payment from the Collection Account (or, if applicable, the applicable Serviced
Whole Loan Collection Account), which payment shall be an Additional Trust Fund Expense. The Trustee shall be entitled to conclusively
rely upon any determination of the Master Servicer or Special Servicer that a Servicing Advance, if made, would constitute a Nonrecoverable
Advance. If the Master Servicer does not make such Servicing Advance in violation of the second preceding sentence, the Trustee
shall make such Servicing Advance, unless the Trustee determines that such Servicing Advance would be a Nonrecoverable Advance.
The Master Servicer and the Trustee, as applicable, shall be entitled to reimbursement of Servicing Advances (with interest at
the Reimbursement Rate) made pursuant to this paragraph to the extent permitted by Section 3.06 of this Agreement.

 

(b)       If
the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged
Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the related Borrower or
any other liable party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure or
(ii) if the Special Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment is obtained will
not be sufficient to warrant the cost,

 

     -213-

     

    

 

time, expense and/or exposure of pursuing the deficiency judgment and such determination
is evidenced by an Officer’s Certificate delivered to the Trustee and the Certificate Administrator.

 

(c)       In
the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate
of sale shall be issued to the Trustee (on behalf of the Trust Fund), or to its nominee (which shall not include the Special Servicer
and, with respect to the Potomac Mills Mortgage Loan, so long as the Controlling Class Representative has not selected the replacement
Special Servicer for the Potomac Mills Mortgage Loan, will be in the name of a limited liability company wholly owned by the Trust
and which is managed by the Potomac Mills Special Servicer to hold title to the REO Property) or a separate Trustee or co-Trustee
on behalf of the Trustee as Holder of the Lower-Tier Regular Interests and the Certificateholders and, if applicable, the Serviced
Companion Loan Noteholders. Notwithstanding any such acquisition of title and cancellation of the related Mortgage Loan or Serviced
Whole Loan, as applicable, such Mortgage Loan or Serviced Whole Loan, as applicable, shall (except for purposes of Section 9.01
of this Agreement) be considered to be a Serviced REO Loan until such time as the related Serviced REO Property shall be sold by
the Trust Fund and shall be reduced only by collections net of expenses. Consistent with the foregoing, for purposes of all calculations
hereunder, so long as such Mortgage Loan or Serviced Whole Loan, as applicable, shall be considered to be an outstanding Mortgage
Loan or Serviced Whole Loan, as applicable:

 

(i)       it
shall be assumed that, notwithstanding that the indebtedness evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and, for purposes of determining the Stated Principal Balance thereof, the related amortization schedule in
effect at the time of any such acquisition of title shall remain in effect; and

 

(ii)       subject
to Section 1.02(g) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts that would have
been payable under the related Mortgage Note(s) in accordance with the terms of such Mortgage Note(s) and any applicable Intercreditor
Agreement. In the absence of such terms, Net REO Proceeds shall, subject to Section 1.02(g) of this Agreement, be deemed
to have been received first, in payment of the accrued interest that remained unpaid on the date that the related Serviced
REO Property was acquired by the Trust Fund; second, in respect of the delinquent principal installments that remained unpaid
on such date; and thereafter, Net REO Proceeds received in any month shall be applied to the payment of installments of
principal and accrued interest on such Mortgage Loan or Serviced Companion Loan, as applicable, deemed to be due and payable in
accordance with the terms of such Mortgage Note(s) and such amortization schedule until such principal has been paid in full and
then to other amounts due under such Mortgage Loan or Serviced Companion Loan, as applicable. If such Net REO Proceeds exceed the
Periodic Payment then payable, the excess shall be treated as a Principal Prepayment received in respect of such Mortgage Loan
or Serviced Companion Loan, as applicable.

 

     -214-

     

    

 

(d)       Notwithstanding
any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property
pursuant to this Section 3.10 unless either:

 

(i)       such
personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired by the Special
Servicer for the benefit of the Trust Fund; or

 

(ii)       the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier REMIC)
to the effect that the holding of such personal property by the Lower-Tier REMIC will not cause an Adverse REMIC Event (and such
Opinion of Counsel may be premised on the designation hereby of any such personal property as being deemed part of an “outside
reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h)) with the owner of such personal property for
federal income tax purposes to be designated at such time).

 

(e)       Notwithstanding
any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund, obtain title to any
direct or indirect partnership interest or other equity interest in any Borrower pledged pursuant to any pledge agreement unless
the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund
(and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the
related Intercreditor Agreement)) to the effect that the holding of such partnership interest or other equity interest by the Trust
Fund will not cause an Adverse REMIC Event.

 

(f)       Notwithstanding
any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee, on behalf of the Trust
Fund, to obtain title to a Mortgaged Property as a result of or in lieu of foreclosure or otherwise, to obtain title to any direct
or indirect partnership interest in any Borrower pledged pursuant to a pledge agreement and thereby be the beneficial owner of
a Mortgaged Property, have a receiver of rents appointed with respect to, and shall not otherwise cause the Trustee to acquire
possession of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action, the Trustee,
for the Trust Fund, the Certificateholders or Serviced Companion Loan Noteholders, if applicable, 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 the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from
time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with the Servicing Standard,
based on an updated environmental assessment report prepared by an Independent Person who regularly conducts environmental audits
(which report shall be an expense of the Trust), performed within six months prior to any such acquisition of title or other action
that:

 

(i)       such
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the best economic interest of the Certificateholders (and with respect to the Serviced Whole Loans, the Serviced
Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced

 

     -215-

     

    

 

Subordinate Companion Loan, taking
into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such actions as are necessary to bring
such Mortgaged Property in compliance therewith, and

 

(ii)       there
are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
(and with respect to any Serviced Whole Loan, the Serviced Companion Loan holders), as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan holders constituted a single lender (and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), to take such
actions with respect to the affected Mortgaged Property.

 

In the event that the environmental
assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates that such Mortgaged Property may
not be in compliance with applicable environmental laws or that Hazardous Materials may be present but does not definitively establish
such fact, the Special Servicer shall cause such further environmental tests to be conducted by an Independent Person who regularly
conducts such tests as the Special Servicer shall deem prudent to protect the interests of Certificateholders and, if applicable,
the Serviced Companion Loan Noteholders. Any such tests shall be deemed part of the environmental assessment obtained by the Special
Servicer for purposes of this Section 3.10.

 

(g)       The
environmental assessment contemplated by Section 3.10(f) of this Agreement shall be prepared within three months (or as
soon thereafter as practicable) of the determination that such assessment is required by any Independent Person who regularly conducts
environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by the Special
Servicer in a manner consistent with the Servicing Standard. Upon the written direction of the Special Servicer and delivery by
the Special Servicer to the Master Servicer of pertinent back-up information the Master Servicer shall advance the cost of preparation
of such environmental assessments as a Servicing Advance unless the Master Servicer determines, in its good faith judgment, that
such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer or the Trustee, as applicable, shall be entitled
to reimbursement of Servicing Advances (with interest at the Reimbursement Rate) made pursuant to the preceding sentence to the
extent permitted by Section 3.06. The Special Servicer shall provide written reports and a copy of any environmental assessments
in electronic format to the Directing Holder (if no Consultation Termination Event has occurred and is continuing), the Master
Servicer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such
materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), monthly regarding
any actions taken by the Special Servicer with respect to any Mortgaged Property securing a Defaulted Mortgage Loan or defaulted
Serviced Companion Loan as to which the environmental testing contemplated by Section 3.10(f) of this Agreement has revealed
that either of the conditions set forth in clauses (i) and (ii) of the first sentence thereof has not been satisfied, in

 

     -216-

     

    

 

each case
until the earlier to occur of (i) satisfaction of both such conditions, (ii) repurchase of the related Mortgage Loan by the Mortgage
Loan Seller or (iii) release of the lien of the related Mortgage on such Mortgaged Property.

 

(h)       If
the Special Servicer determines pursuant to Section 3.10(f)(i) of this Agreement that a Mortgaged Property is not in compliance
with applicable environmental laws but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced
Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender, to take such actions as are necessary to bring such Mortgaged
Property in compliance therewith, or if the Special Servicer determines pursuant to Section 3.10(f)(ii) of this Agreement
that the circumstances referred to therein relating to Hazardous Materials are present but that it is in the best economic interest
of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole
as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender, to take such
action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged Property as is
required by law or regulation, the Special Servicer shall (with the consent of the Directing Holder if no Control Termination Event
has occurred and is continuing) take such action as it deems to be in the best economic interest of the Trust Fund (and with respect
to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and,
if applicable, Serviced Companion Loan Noteholders constituted a single lender, but only if the Certificate Administrator has mailed
notice to the Holders of the Regular Certificates and the related Serviced Companion Loan Noteholders of such proposed action,
which notice shall be prepared by the Special Servicer, and only if the Certificate Administrator does not receive, within 30 days
of such notification, instructions from the Holders of Regular Certificates entitled to a majority of the Voting Rights and, with
respect to Serviced Whole Loans, the applicable Serviced Companion Loan Noteholders directing the Special Servicer not to take
such action. Notwithstanding the foregoing, if the Special Servicer reasonably determines that it is likely that within such 30-day
period irreparable environmental harm to such Mortgaged Property would result from the presence of such Hazardous Materials and
provides a prior written statement to the Trustee and the Certificate Administrator setting forth the basis for such determination,
then the Special Servicer may take or cause to be taken such action to remedy such condition as may be consistent with the Servicing
Standard. None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall be obligated to
take any action or not take any action pursuant to this Section 3.10(h) at the direction of the Certificateholders or with
respect to any Serviced Whole Loan, at the direction of the Certificateholders and the related Serviced Companion Loan Noteholders
unless the Certificateholders and, with respect to any Serviced Companion Loan, the Serviced Companion Loan Noteholders agree to
indemnify the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer with respect to such action
or inaction. The Master Servicer shall advance the cost of any such compliance, containment, clean-up or remediation as a Servicing
Advance unless the Master Servicer determines, in its good faith judgment, that such Advance would constitute a Nonrecoverable
Advance.

 

(i)       The
Special Servicer shall notify the Master Servicer of any Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced
Mortgage Loan) which is

 

     -217-

     

    

 

abandoned or foreclosed that requires reporting to the IRS and shall provide the Master Servicer with all
information regarding forgiveness of indebtedness and required to be reported with respect to any Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loan which is abandoned or foreclosed and the Master Servicer shall report to the IRS and the
related Borrower, in the manner required by applicable law, such information and the Master Servicer shall report, via Form 1099C
or Form 1099A, all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer by the Special
Servicer. The Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

(j)       The
costs of any Updated Valuation obtained pursuant to this Section 3.10 shall be paid by the Master Servicer as a Servicing
Advance and shall be reimbursable from the Collection Account or, with respect to the Serviced Whole Loans, first, from
the applicable Serviced Whole Loan Collection Account and second, to the extent amounts in the Serviced Whole Loan Collection
Accounts are insufficient therefor, from the Collection Account in accordance with Section 3.06(a); provided that
the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify
the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights
under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the
related Serviced Companion Loans from the related Companion Loan Noteholders.

 

Section 3.11      Custodian
to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan or Serviced Whole Loan, or the
receipt by the Master Servicer of a notification that payment in full has been escrowed in a manner customary for such
purposes, the Master Servicer shall immediately notify the Custodian by a certification (which certification shall include a
statement to the effect that all amounts received or to be received in connection with such payment which are required to be
deposited in the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, pursuant to Section
3.05 of this Agreement have been or will be so deposited) of a Servicing Officer and shall request delivery to it of the
related Mortgage File. Any expense incurred in connection with any instrument of satisfaction or deed of reconveyance that is
not paid by the related Borrower shall be chargeable to the Trust Fund. The Master Servicer agrees to use reasonable efforts
in accordance with the Servicing Standard to enforce any provision in the relevant Loan Documents that require the Borrower
to pay such amounts. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be
an expense of the Custodian.

 

From time to time upon request of the
Master Servicer or the Special Servicer and delivery to the Custodian of a Request for Release, the Custodian shall promptly release
the Mortgage File (or any portion thereof) designated in such Request for Release to the Master Servicer or the Special Servicer,
as applicable, or its designee. Upon return of the foregoing to the Custodian, or in the event of a liquidation or conversion of
the Mortgage Loan or the Serviced Whole Loan into a Serviced REO Property, or in the event of a substitution of a Mortgage Loan
pursuant to Section 2.03 of this Agreement, or receipt by the Custodian of a certificate of a Servicing Officer stating
that such Mortgaged Property was liquidated and that all amounts received or to be received in connection with such liquidation
which are required to be deposited into the Collection Account or the applicable Serviced Whole Loan Collection

 

     -218-

     

    

 

Account, as applicable,
have been so deposited, or that such Mortgage Loan or Serviced Whole Loan has become a Serviced REO Property, or that the Master
Servicer has received a Qualified Substitute Mortgage Loan and the applicable Substitution Shortfall Amount, the Custodian shall
deliver a copy of the Request for Release to the Master Servicer or the Special Servicer, as applicable. If from time to time,
pursuant to the terms of the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement, and as appropriate for
enforcing the terms of the related Non-Serviced Mortgage Loan, the Other Servicer or the Other Special Servicer requests delivery
to it of the original Mortgage Note by providing the Trustee and the Custodian a Request for Release, then the Custodian shall
release or cause the release of such original Mortgage Note to the Other Servicer or the Other Special Servicer or its designee.

 

Within five (5) Business Days (or,
in case of an emergency, within such shorter period as is reasonable under the circumstances) after receipt of a written certification
of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with respect to Performing Loans) and the
Special Servicer (with respect to Specially Serviced Loans and REO Loans) any court pleadings, requests for a trustee’s sale
or other documents prepared by the Special Servicer, its agents or attorneys, necessary to the foreclosure or trustee’s sale
in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Borrower on the Mortgage Note
or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or Mortgage
or otherwise available at law or in equity. Each such certification shall include a request that such pleadings or documents be
executed by the Trustee and a statement as to the reason such documents or pleadings are required, that the proposed action is
consistent with the Servicing Standard and that the execution and delivery thereof by the Trustee will not invalidate or otherwise
affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee’s
sale.

 

Section 3.12         Servicing
Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation. (a) As compensation for its activities
hereunder, the Master Servicer shall be entitled to the Servicing Fee with respect to each Mortgage Loan and Serviced
Companion Loan. The Master Servicer’s rights to the Servicing Fee may not be transferred in whole or in part except in
connection with the transfer of all of the Master Servicer’s responsibilities and obligations under this Agreement or
as provided in the second succeeding paragraph with respect to the Excess Servicing Fee.

 

In addition, the Master Servicer shall
be entitled to receive, as additional Servicing Compensation, to the extent permitted by applicable law and the related Loan Documents
and any related Intercreditor Agreement, (i) all investment income earned on amounts on deposit in the Collection Account (and
with respect to each Serviced Whole Loan, the related Serviced Whole Loan Collection Account) and certain Reserve Accounts (to
the extent consistent with the related Loan Documents), (ii) any Net Default Interest and any other Penalty Charges collected by
the Master Servicer or the Special Servicer during a Collection Period accrued on any Performing Loan (and the related Serviced
Companion Loan, if applicable), in each case, remaining after application thereof during such Collection Period to pay the Advance
Interest Amount relating to such Performing Loan and to pay or reimburse the Trust for any unreimbursed Additional Trust Fund Expenses
(including Special Servicing Fees, Workout Fees and Liquidation Fees) relating to such Performing Loan incurred during or prior
to

 

     -219-

     

    

 

such Collection Period, and, in the case of the Serviced Whole Loans, to the extent allocated to the related Mortgage Loan in
the related Intercreditor Agreement and as further described in Section 3.12(c), (iii) to the extent permitted by applicable
law and the related Loan Documents, (A) with respect to any Mortgage Loan (and the related Serviced Companion Loans) that is a
non-Specially Serviced Loan, (1) 100% of any Modification Fees which do not involve a Major Decision or Special Servicer Decision
and (2) 50% of any Modification Fees which involve a Major Decision or Special Servicer Decision (whether or not processed by the
Special Servicer) and (B) with respect to any Specially Serviced Loans, 0% of any Modification Fees, (iv) 100% of any defeasance
fees provided that for the avoidance of doubt, any such defeasance fee will not include any Modification Fees or waiver
fees in connection with a defeasance that the Special Servicer is entitled to hereunder, (v) (A) with respect to any Mortgage Loan
(and the related Serviced Companion Loans) that is a non-Specially Serviced Loan, (1) 100% of Assumption Fees and consent fees
which do not involve a Major Decision or Special Servicer Decision and (2) 50% of Assumption Fees and consent fees which involve
a Major Decision or Special Servicer Decision (whether or not processed by the Special Servicer) and (B) with respect to Specially
Serviced Loans, 0% of Assumption Fees and consent fees, (vi) 100% of beneficiary statement charges, demand fees or similar items
(but not including Prepayment Premiums or Yield Maintenance Charges) on all Mortgage Loans (and the related Serviced Companion
Loans) that are non-Specially Serviced Loans, (vii) 100% of assumption application fees with respect to Mortgage Loans (and the
related Serviced Companion Loans) for which the Master Servicer is processing the underlying assumption related transaction (whether
or not the consent of the Special Servicer is required), (viii) any amounts collected for checks returned for insufficient funds
(with respect to any Mortgage Loan or Specially Serviced Loan) and (ix) 50% of any fee paid in connection with any Major Decision
or Special Servicer Decision for a non-Specially Serviced Loan (regardless of whether the Master Servicer or Special Servicer processes
the related request) and 0% of any fee paid in connection with any Major Decision or Special Servicer Decision for a Specially
Serviced Loan. The Master Servicer shall also be entitled pursuant to, and to the extent provided in, Section 3.06(a)(viii)
or 3.07(b) of this Agreement, as applicable, to withdraw from the Collection Account and to receive from any Borrower Accounts
(to the extent not payable to the related Borrower under the Mortgage Loan or applicable law), Net Prepayment Interest Excess,
if any, that accrue on the Mortgage Loans that it is servicing and any interest or other income earned on deposits therein. In
addition, the Master Servicer shall be entitled to the portion of Net Default Interest and any late payment fees or penalty charges
collected by the Other Servicer servicing a Non-Serviced Mortgage Loan that are allocated to such Non-Serviced Mortgage Loan remaining
after application thereof to reimburse interest on related P&I Advances and to reimburse the Trust for certain expenses of
the Trust, if applicable, as provided in this Agreement. Except as specified in the preceding sentence and except with respect
to clause (i) in this paragraph, the Master Servicer will not be entitled to the compensation set forth in clauses (iii) and (iv)
in this paragraph with respect to a Non-Serviced Mortgage Loan. Notwithstanding anything to the contrary, the Master Servicer and
the Special Servicer will each be entitled to charge reasonable review fees in connection with any borrower request to the extent
such fees are not prohibited under the related Mortgage Loan Documents and are actually paid by or on behalf of the related Borrower.

 

With respect to any of the preceding
fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the Master Servicer
and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge

 

     -220-

     

    

 

its respective portion
of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not
to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or the Special Servicer
exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that reduced or elected
not to charge its respective portion of such fee shall not have any right to share in any part of the other party’s portion
of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall nevertheless be entitled to charge
its portion of the related fee to which the Special Servicer would have been entitled if the Master Servicer had charged a fee
and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

 

The Master Servicer and any successor
holder of the Excess Servicing Fee Rights that relate to the Mortgage Loans (and any successor REO Loans with respect to such Mortgage
Loans) shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such Excess Servicing
Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited Investor
(other than a Plan); provided that no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer,
sale, pledge or other assignment is exempt from the registration and/or qualification requirements of the Act and any applicable
state securities laws and is otherwise made in accordance with the Act and such state securities laws, (ii) the prospective transferor
shall have delivered to the Depositor a certificate substantially in the form attached as Exhibit AA-1 hereto, and (iii)
the prospective transferee shall have delivered to the Master Servicer and the Depositor a certificate substantially in the form
attached as Exhibit AA-2 hereto. None of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Certificate Registrar is obligated to register or qualify an Excess Servicing Fee Right
under the Act or any other securities law or to take any action not otherwise required under this Agreement to permit the transfer,
sale, pledge or assignment of an Excess Servicing Fee Right without registration or qualification. The Master Servicer and each
holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge or other assignment of such Excess Servicing
Fee Right shall, and the Master Servicer hereby agrees, and each such holder of an Excess Servicing Fee Right by its acceptance
of such Excess Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of such Excess Servicing Fee
Right effected by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Underwriters, the Certificate
Administrator, the Trustee, the Master Servicer, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer
and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or qualification
under the Act or other applicable federal and state securities laws or is not made in accordance with such federal and state laws
or in accordance with the foregoing provisions of this paragraph. By its acceptance of an Excess Servicing Fee Right, the holder
thereof shall be deemed to have agreed not to use or disclose such information in any manner that could result in a violation of
any provision of the Act or other applicable securities laws or that would require registration of such Excess Servicing Fee Right
or any Certificate pursuant to the Act. From time to time following any transfer, sale, pledge or assignment of an Excess Servicing
Fee Right, the Master Servicer with respect to the related Mortgage Loan or successor REO Loan with respect thereto to which the
Excess Servicing Fee Right relates, shall pay, out of each amount paid to the Master Servicer as Servicing Fee with respect to
such Mortgage Loan or REO Loan, as the case may be, the related Excess Servicing Fees to the holder of such Excess Servicing Fee
Right within one Business Day following the payment of such Servicing Fee to the Master Servicer, in each case in accordance

 

     -221-

     

    

 

with
payment instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right shall
not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate
Administrator, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer, the Depositor, the Special
Servicer or the Trustee shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or
transfer of the Excess Servicing Fee Right.

 

As compensation for its activities
hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect to each Mortgage Loan to its
portion of the Certificate Administrator/Trustee Fee, which shall be payable from amounts on deposit in the Lower-Tier Distribution
Account. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the Certificate Administrator/Trustee
Fee. The Certificate Administrator’s rights to the Certificate Administrator/Trustee Fee may not be transferred in whole
or in part except in connection with the transfer of all of its responsibilities and obligations under this Agreement.

 

Except as otherwise provided herein,
the Master Servicer shall pay all of its overhead expenses incurred by it in connection with its servicing activities hereunder,
including all fees of any sub-servicers retained by it (but excluding Mortgage Loan Seller Sub-Servicers). Except as otherwise
provided herein, the Trustee and the Certificate Administrator shall each pay all expenses incurred by it in connection with its
activities hereunder.

 

As compensation for its activities
hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan and Serviced REO Loan to the Special
Servicing Compensation, which shall be payable from amounts on deposit in the Collection Account or the Serviced Whole Loan Collection
Account, as applicable, as set forth in Section 3.06 of this Agreement. The Special Servicer’s rights to the Special
Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Special Servicer’s
responsibilities and obligations under this Agreement. In addition, the Special Servicer shall be entitled to receive, as Special
Servicing Compensation, to the extent permitted by applicable law and the related Loan Documents, (i) any Net Default Interest
and any other Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period accrued on any
Specially Serviced Loan remaining after application thereof during such Collection Period (and in the case of the Serviced Whole
Loans, as set forth in and subject to the terms of the related Intercreditor Agreement and Section 3.12(c) herein) to pay
the Advance Interest Amount relating to such Specially Serviced Loan and any unreimbursed Additional Trust Fund Expenses (including
Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to such Collection Period on such related Specially
Serviced Loan (but not NSF check fees and the like, which shall be paid to the Master Servicer) as further described below in this
subsection (b), (ii) (a) 100% of any Modification Fees related to the Specially Serviced Loans, (b) 50% of any Modification Fees
on Mortgage Loans (and the related Serviced Companion Loans) that are non-Specially Serviced Loans which involve a Major Decision
or Special Servicer Decision (whether or not processed by the Special Servicer) and (c) 0% of any Modification Fees on Mortgage
Loans (and the related Serviced Companion Loans) that are non-Specially Serviced Loans which do not involve a Major Decision or
Special Servicer Decision, (iii)(a) 100% of any Assumption Fees and consent fees on Specially Serviced Loans, (b) 50% of any Assumption
Fees and consent fees on Mortgage Loans (and the related Serviced Companion

 

     -222-

     

    

 

Loans) that are non-Specially Serviced Loans which
involve a Major Decision or Special Servicer Decision (whether or not processed by the Special Servicer) and (c) 0% of any Assumption
Fees and consent fees on Mortgage Loans (and the related Serviced Companion Loans) that are non- Specially Serviced Loans which
do not involve a Major Decision or Special Servicer Decision, (iv) 100% of assumption application fees received with respect to
the Mortgage Loans (and the related Serviced Companion Loans) for which the Special Servicer is processing the underlying assumption
related transaction, (v) 100% of beneficiary statement charges, demand fees or similar items (but not including Prepayment Premiums
or Yield Maintenance Charges) on Specially Serviced Loans, and (vi) any interest or other income earned on deposits in the REO
Accounts,. Notwithstanding anything to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge
reasonable review fees in connection with any borrower request.

 

With respect to any of the preceding
fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the Master Servicer
and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its respective portion
of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not
to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or the Special Servicer
exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that reduced or elected
not to charge its respective portion of such fee shall not have any right to share in any part of the other party’s portion
of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall nevertheless be entitled to charge
its portion of the related fee to which the Special Servicer would have been entitled if the Master Servicer had charged a fee
and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

 

Except as otherwise provided herein,
the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including all
fees of any sub-servicers retained by it.

 

In addition, the Special Servicer shall
be entitled to the portion of Net Default Interest and any other Penalty Charges collected by the Other Special Servicer servicing
the related Non-Serviced Mortgage Loan and that are allocated to such Non-Serviced Mortgage Loan remaining after application thereof
during such Collection Period to pay the Advance Interest Amount relating to such Non-Serviced Mortgage Loan and any unreimbursed
Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to
such Collection Period on such related Non-Serviced Mortgage Loan (but not NSF check fees and similar fees, which shall be paid
to the Master Servicer) as provided in this Agreement. Except as specified in the preceding sentence, the Special Servicer will
not be entitled to the compensation set forth in this Section 3.12 with respect to a Non-Serviced Mortgage Loan.

 

(b)       In
addition, a Workout Fee will be payable to the Special Servicer with respect to each Mortgage Loan (other than any Non-Serviced
Mortgage Loan) or Serviced Whole Loan that ceases to be a Specially Serviced Loan pursuant to the definition thereof. As to each
such Mortgage Loan or Serviced Whole Loan, the Workout Fee will be payable out of each collection of interest and principal (including
scheduled payments, prepayments, Balloon Payments and payments at maturity) received on such Mortgage Loan or Serviced Whole Loan

 

     -223-

     

    

 

for so long as it remains a Corrected Mortgage Loan. The Workout Fee with respect to any such Mortgage Loan or Serviced Whole Loan
will cease to be payable if such loan again becomes a Specially Serviced Loan or if the related Mortgaged Property becomes a Serviced
REO Property; provided that a new Workout Fee will become payable if and when such Mortgage Loan or Serviced Whole Loans
again ceases to be a Specially Serviced Loan. If the Special Servicer is terminated (other than for cause) or resigns with respect
to any or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect to the
Mortgage Loans that cease to be a Specially Serviced Loan during the period that it had responsibility for servicing such Specially
Serviced Loan (or for any Specially Serviced Loan that had not yet become a Corrected Mortgage Loan because as of the time that
the Special Servicer is terminated the borrower has not made three consecutive monthly debt service payments and subsequently the
Specially Serviced Loan becomes a Corrected Mortgage Loan) at the time of such termination or resignation (and the successor Special
Servicer shall not be entitled to any portion of such Workout Fees), in each case until the Workout Fee for any such loan ceases
to be payable in accordance with the preceding sentence.

 

A Liquidation Fee will be payable to
the Special Servicer, except as described below, with respect to (i) each Mortgage Loan repurchased by a Mortgage Loan Seller,
(ii) each Specially Serviced Loan or REO Loan, or (iii) each Defaulted Mortgage loan that is a Non-Serviced Mortgage Loan sold
by the Special Servicer in accordance with the proviso in Section 3.16(b) of this Agreement, in each case, as to which the
Special Servicer obtains a full, partial or discounted payoff from the related Borrower, a loan purchaser or Mortgage Loan Seller,
as applicable, and, except as otherwise described below, with respect to any Specially Serviced Loan or REO Property as to which
the Special Servicer recovered any Liquidation Proceeds; provided, however, for clarification, in the case of clause
(iii), should the Non-Serviced Mortgage Loan be sold by the Other Special Servicer, then the Liquidation Fee shall be paid to such
Other Special Servicer. As to each such Mortgage Loan repurchased by a Mortgage Loan Seller after the Initial Resolution Period
(and giving effect to any Resolution Extension Period) in accordance with Section 2.03(e) of this Agreement or Specially
Serviced Loan and Serviced REO Property, the Liquidation Fee will be payable from the related payment or proceeds. Notwithstanding
anything to the contrary described above, no Liquidation Fee will be payable based on, or out of, Liquidation Proceeds to the extent
set forth in the definition of “Liquidation Fee” herein. With respect to any future mezzanine debt, to the extent not
prohibited by the Loan Documents, the Master Servicer or Special Servicer, as applicable, shall require that the related mezzanine
intercreditor agreement provide that if a Mortgage Loan is purchased by the related mezzanine lender on a date that is more than
90 days following the date that the related option first becomes exercisable, such mezzanine lender shall be required to pay a
Liquidation Fee equal to the amount that the Special Servicer would otherwise be entitled to under this Agreement with respect
to a liquidation of such Mortgage Loan (provided, that such Liquidation Fee shall in all circumstances be payable by the
related mezzanine lender and shall not, under any circumstances, be payable out of the Trust unless the Master Servicer fails to
require the related mezzanine intercreditor agreement to require the mezzanine lender to pay such amounts in breach of its obligation
to do so under this paragraph). If Liquidation Proceeds are received with respect to any Specially Serviced Loan as to which the
Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the portion of such
Liquidation Proceeds that constitute principal and/or interest. Notwithstanding anything herein to the contrary, the Special Servicer
shall only be entitled to receive a

 

     -224-

     

    

 

Liquidation Fee or a Workout Fee, but not both, with respect to Liquidation Proceeds received
on any Mortgage Loan or any Specially Serviced Loan. If (i) the Special Servicer resigns or has been terminated, and (ii) either
prior or subsequent to such resignation or termination, either (A) a Specially Serviced Loan was liquidated or modified pursuant
to an action plan submitted by the initial Special Servicer and approved (or deemed approved) by the Directing Holder or the Special
Servicer has determined to grant a forbearance, or (B) a Specially Serviced Loan being monitored by the Special Servicer subsequently
became a Corrected Mortgage Loan, then in either such event the Special Servicer shall be paid the related Workout Fee or Liquidation
Fee, as applicable.

 

The total amount of Workout Fees and
Liquidation Fees that are payable by the Trust with respect to each Mortgage Loan, Serviced Whole Loan or Serviced REO Loan through
the period such Mortgage Loan is an asset of the Trust shall be subject to an aggregate cap of $1,000,000 (or, with respect to
the Potomac Mills Mortgage Loan, $2,000,000, so long as the Controlling Class Representative has not selected the replacement Special
Servicer for the Potomac Mills Mortgage Loan). For the purposes of determining whether any such cap has been reached with respect
to a Special Servicer and a Mortgage Loan, Serviced Whole Loan or Serviced REO Loan, only the Workout Fees and Liquidation Fees
paid to such Special Servicer with respect to such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan shall be taken into
account, and any Workout Fees or Liquidation Fees for any other Mortgage Loans, Serviced Whole Loans or Serviced REO Loans shall
not be taken into account (and any Workout Fees or Liquidation Fees paid to a predecessor or successor special servicer or Other
Special Servicer shall also not be taken into account).

 

The Special Servicer shall be required
to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder (including, without
limitation, any amounts, other than management fees in respect of REO Properties, due and owing to any of its sub-servicers, any
amounts due and owing to any of its Affiliates, and the premiums for any blanket insurance policy obtained by it insuring against
hazard losses pursuant to Section 3.08 of this Agreement, except to the extent such premiums are reimbursable pursuant to
Section 3.08 of this Agreement), if and to the extent such expenses are not expressly payable directly out of the Collection
Account or if a Serviced Whole Loan is involved, the applicable Serviced Whole Loan Collection Account or the applicable REO Account
or as a Servicing Advance, and the Special Servicer shall not be entitled to reimbursement therefor except as expressly provided
in this Agreement.

 

The Special Servicer and its Affiliates
shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without limitation, in the
form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any Person (including,
without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in respect of a Mortgage Loan or Serviced
Whole Loan and any purchaser of any Mortgage Loan, Serviced Companion Loan or REO Property) in connection with the disposition,
workout or foreclosure of any Mortgage Loan or Serviced Whole Loan, the management or disposition of any REO Property, or the performance
of any other special servicing duties under this Agreement, other than as expressly provided in this Section 3.12; provided
that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

     -225-

     

    

 

(c)       In
determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan or, unless prohibited by the related Intercreditor
Agreement to be so applied, any Serviced Companion Loan, during the related Collection Period shall be applied (as between Default
Interest and late payment charges, in the priority set forth in the definition of “Advance Interest Amount”)
to reimburse (i) the Master Servicer or the Trustee for interest on Advances at the Reimbursement Rate with respect to such Mortgage
Loan that accrued in the period that such Penalty Charges were collected and advance interest to any related Serviced Companion
Loan Service Provider for any debt service advance made by such party with respect to any related Serviced Companion Loan that
accrued in the period that such Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances with respect to
such Mortgage Loan or Serviced Whole Loan previously paid to the Master Servicer, the Trustee or to any Serviced Companion Loan
Service Provider pursuant to Section 3.06(a)(vi) or Section 3.06(b)(vi) of this Agreement, and (iii) the Trust Fund
for any Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such
Mortgage Loan or Serviced Whole Loan paid in the Collection Period that such Penalty Charges were collected and not previously
paid out of Penalty Charges, and any Penalty Charges remaining thereafter shall be distributed pro rata to the Master Servicer
and the Special Servicer based upon the amount of Penalty Charges the Master Servicer or the Special Servicer would otherwise have
been entitled to receive during such period with respect to such Mortgage Loan without any such application. Except as set forth
in this Agreement, the Special Servicer shall not be entitled to any Special Servicing Fees, Workout Fees or Liquidation Fees with
respect to any Non-Serviced Mortgage Loan or any related REO Property. For the avoidance of doubt, the portion of Penalty Charges
allocated to a Mortgage Loan that is part of a Non-Serviced Whole Loan (in accordance with the applicable Intercreditor Agreement
and, if applicable, the Other Pooling and Servicing Agreement) shall be allocated in accordance with clauses (i), (ii) and (iii)
above (except that, Advances in clauses (i) and (ii) shall mean P&I Advances).

 

(d)       The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to reimbursement from the
Trust Fund (and, prior to recovery from the Trust Fund, in the case of any Serviced Whole Loans, subject to the related Intercreditor
Agreement, first, from the related Subordinate Companion Loan up to the full principal balance thereof, if any, and second,
to the extent any such costs and expenses remain unreimbursed, from the related Mortgage Loan and the Collection Account, or in
the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, first, out of the related Serviced Whole Loan
Collection Account from collections on the related Serviced Pari Passu Companion Loan and the related Mortgage Loan on a pro
rata basis by principal balance, and second, to the extent any such costs and expenses remain unreimbursed, out of the
Collection Account) for the costs and expenses incurred by them in the performance of their duties under this Agreement which are
“unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii).
Such expenses shall include, by way of example and not by way of limitation, environmental assessments, Updated Appraisals and
appraisals in connection with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly
identified as reimbursable in Section 3.06(a)(xv) of this Agreement. All such costs and expenses shall be treated as costs
and expenses of the Lower-Tier REMIC and the related Serviced Whole Loan, if applicable.

 

     -226-

     

    

 

(e)       No
provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee to expend or risk their own funds or otherwise
incur any financial liability in the performance of any of their duties hereunder or thereunder, or in the exercise of any of their
rights or powers, if, in the good faith business judgment of the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as the case may be, repayment of such funds would
not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Liquidation Proceeds and other collections on or
in respect of the Mortgage Loans, or from adequate indemnity from other assets comprising the Trust Fund against such risk or liability.

 

If the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee receives a request
or inquiry from a Borrower, any Certificateholder or any other Person the response to which would, in the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s, the Asset Representations Reviewer’s
or the Trustee’s good faith business judgment require the assistance of Independent legal counsel or other consultant to
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Trustee, the cost of which would not be an expense of the Trust Fund or any Serviced Companion Loan Noteholder hereunder,
then the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or the Trustee, as the case may be, shall not be required to take any action in response to such request or inquiry unless
such Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the payment of the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s, the Asset Representations Reviewer’s
or the Trustee’s expenses associated with such counsel (including, without limitation, posting an advance payment for such
expenses) satisfactory to the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the
Asset Representations Reviewer or the Trustee, as the case may be, in its sole discretion. Unless such arrangements have been made,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Trustee, as the case may be, shall have no liability to any Person for the failure to respond to such request or inquiry.

 

Section 3.13      Reports
to the Certificate Administrator; Collection Account Statements. (a) The Master Servicer shall deliver to the Certificate
Administrator no later than 3:00 p.m. (New York City time) one Business Day prior to the Master Servicer Remittance Date
prior to each Distribution Date (beginning December 2016), the CREFC® Loan Periodic Update File with respect
to all of the Mortgage Loans that it is servicing for the related Distribution Date (which shall include, without limitation,
the amount of Available Funds allocable to the Mortgage Loans) including information therein that states the anticipated
P&I Advances for the related Distribution Date. The Master Servicer’s responsibilities under this Section
3.13(a) with respect to Serviced REO Loans shall be subject to the satisfaction of the Special Servicer’s
obligations under Section 3.23 of this Agreement. The Master Servicer shall make available to each Serviced Companion
Loan Noteholder with respect to the related Whole Loan or, if such Serviced Companion Loan is securitized, the respective
Other Servicer, the CREFC® Investor Reporting Package (CREFC® IRP) (excluding any templates)
pursuant to the terms of this

 

     -227-

     

    

 

Agreement on a monthly basis by (i) prior to the securitization of the related Companion Loan,
the Distribution Date or (ii) following the securitization of the related Companion Loan, no later than the time(s) that it
or any portion thereof is made available to the Certificate Administrator.

 

(b)       For
so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account or any Serviced
Whole Loan Collection Account, not later than 15 days after each Distribution Date, the Master Servicer shall forward to the Certificate
Administrator a statement prepared by the Master Servicer setting forth the status of each of the Collection Account and each Serviced
Whole Loan Collection Account as of the close of business on the last Business Day of the prior Collection Period and showing the
aggregate amount of deposits into and withdrawals from the Collection Account and each Serviced Whole Loan Collection Account of
each category of deposit (or credit) specified in Section 3.05 of this Agreement and each category of withdrawal (or debit)
specified in Section 3.06 of this Agreement for the related Collection Period, in each case for the Mortgage Loans (including
the Non-Serviced Mortgage Loans). The Trustee and the Certificate Administrator and its agents and attorneys may at any time during
normal business hours, upon reasonable notice, inspect and copy the books, records and accounts of the Master Servicer solely relating
to the Mortgage Loans and the performance of its duties hereunder.

 

(c)       Beginning
in December 2016, no later than 4:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall
deliver or cause to be delivered to the Certificate Administrator (who shall promptly post such reports to the Certificate Administrator’s
Website pursuant to Section 4.02(b)(iii)(B) of this Agreement) and the Operating Advisor the following reports (in electronic
form) with respect to the Mortgage Loans that it is servicing (and, if applicable, the related REO Properties), providing the required
information as of the immediately preceding Determination Date: (i) to the extent the Master Servicer has received the most recent
CREFC® Special Servicer Loan File from the Special Servicer at the time required, the most recent CREFC®
Delinquent Loan Status Report, CREFC® Historical Loan Modification and Corrected Mortgage Loan Report, the CREFC®
Loan Setup File (with respect to the first Distribution Date) and CREFC® REO Status Report received from such Special
Servicer, (ii) the most recent CREFC® Property File, CREFC® Financial File, CREFC®
Comparative Financial Status Report and the CREFC® Loan Level Reserve/LOC Report (in each case incorporating the
data required to be included in the CREFC® Special Servicer Loan File), (iii) the CREFC® Servicer
Watch List with information that is current as of such Determination Date and (iv) the CREFC® Advance Recovery Report.

 

The information that pertains to Specially
Serviced Loans and REO Properties reflected in such reports shall be based solely upon the reports delivered by the Special Servicer
to the Master Servicer (other than information as to which the Master Servicer has the primary responsibility to generate) no later
than the related Determination Date in the form required by Section 3.13(g) of this Agreement or shall be provided by means
of such reports so delivered by the Special Servicer to the Master Servicer in the form so required. In the absence of manifest
error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, the information and reports
delivered to it by the Special Servicer, and the Certificate Administrator shall be entitled to conclusively rely upon the Master
Servicer’s reports and the Special Servicer’s reports and any information provided by the Certificate Administrator
or the

 

     -228-

     

    

 

Trustee without any duty or obligation to recompute, verify or recalculate any of the amounts and other information stated
therein.

 

(d)       The
Master Servicer (with respect to the Performing Loans and Specially Serviced Loans) or the Special Servicer (with respect to REO
Properties) shall deliver or cause to be delivered to the Trustee, the Certificate Administrator, the Serviced Companion Loan Noteholders,
the Underwriters, the Initial Purchasers and the Operating Advisor the following materials, in each case to the extent that such
materials or the information on which they are based have been received by the Master Servicer or the Special Servicer, as applicable,
with respect to the Mortgage Loans or REO Properties, as applicable, that the Master Servicer or the Special Servicer, as applicable,
is servicing:

 

(i)       Within
30 days after receipt of any quarterly operating statement, if any, commencing within 30 days of receipt of such quarterly operating
statement for the quarter ending March 31, 2017, with respect to each Performing Loan (other than any Non-Serviced Mortgage Loan),
Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written format
or in electronic media) in the case of any Serviced REO Loan), a CREFC® Operating Statement Analysis Report for
the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar quarter, together with copies of
the related operating statements and rent rolls (but only to the extent the related Borrower is required by the Mortgage to deliver,
or otherwise agrees to provide such information and, with respect to operating statements and rent rolls for Specially Serviced
Loans and REO Properties, only to the extent received by the Special Servicer); provided that, to the extent the annual
CREFC® Operating Statement Analysis Report is delivered as described under clause (b) below, then such delivery shall satisfy
the requirement under this clause (a) to deliver a quarterly CREFC® Operating Statement Analysis Report for the quarter ending
June 30 of each year, commencing in 2018. The Master Servicer (or the Special Servicer in the case of Specially Serviced Loans
and Serviced REO Properties) shall use commercially reasonable efforts to obtain said quarterly and other periodic operating statements
and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect to any Non-Serviced
Mortgage Loan) (followed up with telephone calls), requesting such quarterly and other periodic operating statements and related
rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the related Loan
Documents; provided, however, that any analysis or update with respect to the first calendar quarter of each year
shall not be required to the extent such analysis or update is not required to be provided under the then current applicable CREFC®
guidelines.

 

(ii)       At
least annually, on or before June 30 of each year, beginning with June 30, 2018, with respect to each Mortgage Loan (other than
a Non-Serviced Mortgage Loan), Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special
Servicer (in written format or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan), a CREFC®
Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding
calendar year (initially, year-end 2017), together with copies of the related operating statements and related rent rolls (but
only to the extent the related

 

     -229-

     

    

 

Borrower is required by the Mortgage to deliver, or otherwise agrees to provide such information
and, with respect to operating statements and related rent rolls for Specially Serviced Loans and REO Properties, only to the extent
received by the Special Servicer) for the current trailing 12 months, if available, or year-to-date, provided, however,
that with respect to any obligation of the Master Servicer or Special Servicer, as applicable, to provide a year end analysis or
update, such analysis or update shall not be required to the extent such analysis or update is not required to be provided under
the then current applicable CREFC® guidelines. The Master Servicer (or the Special Servicer in the case of Specially
Serviced Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said annual and other periodic
operating statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect
to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such annual and other periodic operating statements
and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the
related Loan Documents. Upon receipt of such annual and other periodic operating statements (including year-to-date statements)
and related rent rolls, the Master Servicer shall promptly update the CREFC® Operating Statement Analysis Report
(commencing with the quarter ending March 31, 2017).

 

(iii)       Within
45 days after receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer in the case of a Specially Serviced
Loan or Serviced REO Property) of any annual year-end operating statements and related rent rolls with respect to any Mortgaged
Property (except with respect to any Non-Serviced Mortgage Loan) or Serviced REO Property (to the extent prepared by and received
from the Special Servicer in the case of any Specially Serviced Loan or Serviced REO Property), commencing within 45 or 60 days,
as applicable, of receipt of such statements for year-end 2017, a CREFC® NOI Adjustment Worksheet for such Mortgaged
Property (with the annual year-end operating statements attached thereto as an exhibit). The Master Servicer will use the “Normalized”
column from the CREFC® NOI Adjustment Worksheet to update the full year-end data on any CREFC® Operating
Statement Analysis Report and will use any operating statements received with respect to any Mortgaged Property (other than any
Mortgaged Property which is a Serviced REO Property or constitutes security for a Specially Serviced Loan or a Non-Serviced Mortgage
Loan) to update the CREFC® Operating Statement Analysis Report for such Mortgaged Property; provided, however,
that any analysis or update with respect to the year-end or first quarter of each year shall not be required to the extent such
analysis or update is not required to be provided under the then current applicable CREFC® guidelines.

 

Except with respect to a request received
through the Rating Agency Q&A Forum and Document Request Tool, the Master Servicer shall forward such items to the 17g-5 Information
Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement).

 

The Master Servicer shall maintain
one CREFC® Operating Statement Analysis Report for each Mortgaged Property (and shall not be required to maintain
any such report for a Mortgaged Property securing a Non-Serviced Mortgage Loan) and Serviced REO Property (to the extent prepared
by and received from the Special Servicer in the case of any Serviced REO

 

     -230-

     

    

 

Property or any Mortgaged Property constituting security
for a Specially Serviced Loan) relating to a Mortgage Loan that it is servicing. The CREFC® Operating Statement
Analysis Report for each Mortgaged Property (other than any such Mortgaged Property that secures a Non-Serviced Mortgage Loan or
that is a Serviced REO Property or constitutes security for a Specially Serviced Loan) is to be updated with trailing 12-month
information, as available, or year-to-date information until 12-month trailing information (commencing with the quarter ending
March 31, 2017) is available by the Master Servicer and such updated report shall be delivered to the Trustee, the Certificate
Administrator, the Operating Advisor, the Directing Holder and any related Serviced Companion Loan Noteholder in the calendar month
following receipt by the Master Servicer of such updated trailing or year-to-date operating statements and related rent rolls for
such Mortgaged Property.

 

The Special Servicer shall pursuant
to Section 3.13(h) of this Agreement, deliver to the Master Servicer the information required of it pursuant to this Section
3.13(d) with respect to Specially Serviced Loans and Serviced REO Loans.

 

(e)       In
connection with their servicing of the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and Serviced REO Properties,
the Master Servicer and the Special Servicer, as applicable, shall provide to each other and to the Trustee and the Certificate
Administrator, written notice of any event that comes to their knowledge with respect to a Mortgage Loan or Serviced REO Property
that the Master Servicer or the Special Servicer, respectively, determines, in accordance with the Servicing Standard, would have
a material adverse effect on such Mortgage Loan or Serviced REO Property, which notice shall include an explanation as to the reason
for such material adverse effect.

 

(f)       The
Master Servicer or the Special Servicer, as applicable, shall make available to the Controlling Class Representative copies of
all rent rolls, operating statements and financial statements actually provided by each Borrower, including any monthly or quarterly
statements or rent rolls, within 15 Business Days of receipt.

 

(g)       On
or before 2:00 p.m. Central Time on each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the
Master Servicer and, upon the request of any of the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor,
the Controlling Class Representative or any Rating Agency, to such requesting party, the CREFC® Special Servicer
Loan File with respect to the Specially Serviced Loans (and, if applicable, the related Serviced REO Properties), providing the
required information as of the Determination Date (or, upon the reasonable request of any Master Servicer, data files in a form
acceptable to the Master Servicer), which CREFC® Special Servicer Loan File shall include data, to enable the Master
Servicer to produce the CREFC® Supplemental Servicer Reports. Such reports or data shall be presented in writing
and in an electronic format acceptable to the Master Servicer.

 

     -231-

     

    

 

(h)       The
Special Servicer shall deliver or cause to be delivered to the Master Servicer and, upon the request of any of the Trustee, the
Certificate Administrator, the Operating Advisor, the Depositor, the Controlling Class or any Rating Agency, to such requesting
party, without charge, the following materials for Specially Serviced Loans or Serviced REO Properties, as applicable, in each
case to the extent that such materials or the information on which they are based have been received by the Special Servicer:

 

(i)       At
least annually, on or before June 1 of each year, commencing in 2017, with respect to each Specially Serviced Loan and Serviced
REO Loan, a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property
as of the end of the preceding calendar year (initially year-end December 31, 2016) together with copies of the operating statements
and related rent rolls for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar year
(but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide, such information
and, with respect to operating statements and related rent rolls for Specially Serviced Loans and Serviced REO Properties, only
to the extent requested by the Special Servicer) and for the current trailing 12 months, if available, or year-to-date. The Special
Servicer shall use its reasonable efforts to obtain said annual and other periodic operating statements and related rent rolls
with respect to each Mortgaged Property constituting security for a Specially Serviced Loan and each Serviced REO Property.

 

(ii)       Within
45 days of receipt by the Special Servicer of any annual operating statements with respect to any Mortgaged Property relating to
a Specially Serviced Loan or Serviced REO Property, a CREFC® NOI Adjustment Worksheet for such Mortgaged Property
or Serviced REO Property (with the annual operating statements attached thereto as an exhibit); provided, that, with the
consent of the Master Servicer, the Special Servicer may instead provide data files in a form acceptable to the Master Servicer.
The Special Servicer will use the “Normalized” column from the CREFC® NOI Adjustment Worksheet to update
the full year-end data on any CREFC® Operating Statement Analysis Report and will use any operating statements received
with respect to any Mortgaged Property relating to a Specially Serviced Loan or Serviced REO Property to update the CREFC®
Operating Statement Analysis Report for such Mortgaged Property.

 

Except with respect to a request received
through the Rating Agency Q&A Forum and Document Request Tool, upon request for receipt of any such items from any Rating Agency,
the Special Servicer shall forward such items to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Special Servicer shall maintain
one CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially Serviced Loan and
each Serviced REO Property. The CREFC® Operating Statement Analysis Report for each Mortgaged Property securing
a Specially Serviced Loan and each Serviced REO Property is to be updated by the Special Servicer and such updated report delivered
to the Master Servicer within 45 days after receipt by the Special Servicer of updated operating statements for each such Mortgaged
Property; provided, that, the Special Servicer may instead provide data files in an electronic form

 

     -232-

     

    

 

acceptable to the Special
Servicer. The Special Servicer shall provide each such report to the Master Servicer in the then applicable CREFC®
format.

 

(i)    
   If the Master Servicer or the Special Servicer, as applicable, is required to deliver any statement, report
or information under any provision of this Agreement (including Section 3.14), the Master Servicer or the Special
Servicer, as the case may be, may satisfy such obligation by (x) delivering such statement, report or information in a
commonly used electronic format or (y) making such statement, report or information available on the Master Servicer’s
website, unless this Agreement expressly specifies a particular method of delivery or such statement, report or information
must be filed with the Commission as contemplated in Article X; provided that all reports required to be
delivered to the Certificate Administrator shall be delivered in accordance with clause (x).

 

(j)       The
Master Servicer may, but is not required to, make any of the reports or files it delivers pursuant to this Section 3.13
available each month on the Master Servicer’s website only with the use of a password, in which case the Master Servicer
shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed
to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder
who requests such password, and has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master
Servicer. In connection with providing access to the Master Servicer’s website, the Master Servicer may require registration
and the acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which
may include, to the extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement
governing the availability, use and disclosure of such information, and which may provide indemnification to the Master Servicer
for any liability or damage that may arise therefrom.

 

(k)       With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two
Business Days following the Determination Date and the Master Servicer shall, to the extent it has received, deliver to the Certificate
Administrator, without charge and on the same day as the Master Servicer is required to deliver the CREFC® Investor
Reporting Package, an electronic report which may include html, word or excel compatible format, clean and searchable pdf. format
or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer (or Master Servicer on
its behalf) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer
or any of its Affiliates during the related Collection Period; provided that no report regarding Disclosable Special Servicer
Fees shall be required to be delivered if there are no Disclosable Special Servicer Fees for the related Collection Period.

 

Section 3.14       Access
to Certain Documentation. (a) The Master Servicer and Special Servicer, as applicable, shall provide to any
Certificateholders and any Serviced Companion Loan Noteholders that are federally insured financial institutions, the
Operating Advisor (but only if a Control Termination Event has occurred and is continuing), the Directing Holder (but only if
no Consultation Termination Event has occurred and is continuing), the Federal Reserve Board, the FDIC and the Office of the
Comptroller of the Currency and the supervisory agents and examiners of such boards and such corporations, and any other
federal or

 

     -233-

     

    

 

state banking or insurance regulatory authority that may exercise authority over any Certificateholder or Serviced
Companion Loan Noteholder is subject, access to the documentation regarding the Mortgage Loans or the Whole Loans, as
applicable, that it is servicing required by applicable regulations of the Federal Reserve Board, FDIC, Office of the
Comptroller of the Currency or any such federal or state banking or regulatory authority, such access being afforded without
charge but only upon reasonable written request and during normal business hours at the offices of the Master Servicer or
Special Servicer, as applicable. At the election of the Master Servicer or the Special Servicer, such access may be afforded
to such Person identified above by the delivery of copies of information as requested by such Person and the Master Servicer
or the Special Servicer shall be permitted to require payment (other than from the Directing Holder and the Trustee and the
Certificate Administrator on its own behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to
cover the reasonable out-of-pocket costs incurred by it in making such copies. Such access shall (except as described in the
preceding sentence) be afforded without charge but only upon reasonable prior written request and during normal business
hours at the offices of the Certificate Administrator or the Custodian. In addition, upon reasonable prior written notice to
the Master Servicer or the Special Servicer, as the case may be, the Trustee, the Certificate Administrator, the Operating
Advisor (but only if a Control Termination Event has occurred and is continuing), the Depositor or their accountants or other
representatives shall have reasonable access to review the documents, correspondence and records in the possession of the
Master Servicer or the Special Servicer, as the case may be, as they relate to a Mortgaged Property and any Serviced REO
Property during normal business hours at the offices of the Master Servicer or the Special Servicer, as the case may be.
Nothing in this Section 3.14 shall detract from the obligation of the Master Servicer and Special Servicer to observe
any applicable law prohibiting disclosure of information with respect to the Borrowers, and the failure of the Master
Servicer and Special Servicer to provide access as provided in this Section 3.14 as a result of such obligation shall
not constitute a breach of this Section 3.14.

 

(b)       In
connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, Serviced
Companion Loan Noteholder or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion
Loan Noteholder, the Master Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced
Companion Loan Noteholder (to the extent permitted in the related Intercreditor Agreement) of a sum sufficient to cover the reasonable
costs and expenses of providing such information or access, including copy charges and reasonable fees for employee time and for
space; provided that no charge may be made if such information or access was required to be given or made available under
applicable law. In connection with providing Certificateholders or Serviced Companion Loan Noteholders access to the information
described in the preceding paragraph the Master Servicer and the Special Servicer, as applicable, may require (prior to affording
such access) a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable
to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that such Person is a Holder of Certificates
or a beneficial holder of Book-Entry Certificates or is a Serviced Companion Loan Noteholder or a regulator or governmental body
and will keep such information confidential.

 

     -234-

     

    

 

(c)       Upon
the reasonable request of (1) any Certificateholder identified to the Master Servicer or the Special Servicer, as applicable, to
the Master Servicer’s or the Special Servicer’s, as applicable, reasonable satisfaction (or, with respect to any Serviced
Companion Loan, the request of any Serviced Companion Loan Noteholder or with respect to any AB Subordinate Companion Loan, the
holder of such AB Subordinate Companion Loan), the Master Servicer or the Special Servicer, as applicable, may provide (or forward
electronically) (at the expense of such Certificateholder or Serviced Companion Loan Noteholder) copies of any appraisals, operating
statements, rent rolls and financial statements (in each case, solely relating to the related Serviced AB Whole Loan, if requested
by the holder of an AB Subordinate Companion Loan) obtained by the Master Servicer or the Special Servicer, as applicable, or (2)
any Controlling Class Certificateholder identified to the Master Servicer or the Special Servicer, as applicable, to the Master
Servicer’s or the Special Servicer’s, as applicable, reasonable satisfaction, the Master Servicer or the Special Servicer,
as applicable, shall provide (or forward electronically) (at the expense of such Controlling Class Certificateholder) any Excluded
Information in the Master Servicer’s or the Special Servicer’s, as applicable, possession (available on the Certificate
Administrator’s Website but not accessible to such Controlling Class Certificateholder through the Certificate Administrator’s
Website on account of it constituting Excluded Information) relating to any Excluded Controlling Class Mortgage Loan in which such
Controlling Class Certificateholder is not a Borrower Party; provided that, in connection therewith, the Master Servicer
or the Special Servicer, as applicable, may require a written confirmation executed by the requesting Person substantially in such
form as may be reasonably acceptable to the Master Servicer or Special Servicer, generally to the effect that such Person is a
Holder of Certificates or a Serviced Companion Loan or a beneficial holder of Book-Entry Certificates or a regulator or a governmental
body and will keep such information confidential and will use such information only for the purpose of analyzing asset performance
and evaluating any continuing rights the Certificateholder may have under this Agreement. For the avoidance of doubt, neither the
Master Servicer nor the Special Servicer, as applicable, shall make any Asset Status Reports available to any Certificateholders
on its website.

 

(d)       The
17g-5 Information Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification to
the 17g-5 Information Provider the following items to the extent such items are delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic
format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically
with a subject reference of “CFCRE 2016-C6 Mortgage Trust, Series 2016-C6” and an identification of the type of information
being provided in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties
hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial
(provided, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then
the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such party shall promptly
deliver the subject information in such format):

 

(i)       any
waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09 of this Agreement;

 

     -235-

     

    

 

(ii)       any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance
delivered to the 17g-5 Information Provider pursuant to Section 3.21(d) or Section 4.07(c) of this Agreement and
notice of determination not to refrain from reimbursement of all Nonrecoverable Advances;

 

(iii)      any
Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e) of this Agreement;

 

(iv)      any
environmental reports delivered by the Special Servicer pursuant to Section 3.10(g) of this Agreement;

 

(v)       any
annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 10.11 and Section
10.12 of this Agreement;

 

(vi)      any
annual independent public accountants’ attestation reports delivered pursuant to Section 10.13 of this Agreement;

 

(vii)     any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10 of this Agreement;

 

(viii)    any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving a Rating
Agency Confirmation from any Rating Agency as set forth in the definition of “Rating Agency Confirmation” pursuant
to Section 3.30 of this Agreement;

 

(ix)      copies
of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Certificate
Administrator or Trustee;

 

(x)       any
requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30
of this Agreement;

 

(xi)       any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08 of this Agreement;

 

(xii)      any
notice of resignation or assignment of the rights of the Master Servicer or the Special Servicer pursuant to Section 6.04
of this Agreement;

 

(xiii)     any
notice of Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section
7.03 of this Agreement;

 

(xiv)    any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09 of this Agreement;

 

(xv)     any
notice of the merger or consolidation of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer pursuant to Section 6.02 of this Agreement;

 

     -236-

     

    

 

(xvi)    any
notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 12.08
of this Agreement;

 

(xvii)   any
notice or other information provided by the Master Servicer pursuant to Section 12.07 of this Agreement;

 

(xviii)  any
summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f)
of this Agreement; provided that the summary of such oral communication shall not attribute which Rating Agency the communication
was with;

 

(xix)       the
Rating Agency Q&A Forum and Document Request Tool; and

 

(xx)       such
information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within fifteen
(15) days of the Closing Date.

 

The foregoing information shall be
made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website (a link to which shall be provided
on the Depositor’s website at www.intralinks.com or such other website as the Depositor may notify the parties hereto
in writing). Information shall be posted on the same Business Day of receipt provided that such information is received by 2:00
p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. New York City time. The 17g-5 Information
Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is
accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be or whether
such information (other than (solely with respect to the 17g-5 Information Provider’s obligation to post such information)
the information set forth in clauses (i) through (xix) above) is required to be posted on the 17g-5 Information Provider’s
Website pursuant to this Agreement or Rule 17g-5. If any information is delivered or posted in error, the 17g-5 Information Provider
may remove it from the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information Provider
have not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to the
17g-5 Information Provider’s Website. Access will be provided by the 17g-5 Information Provider to the Rating Agencies, and
to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit Z hereto (which certification may be submitted
electronically via the 17g-5 Information Provider’s Website). If a Rating Agency requests access to the 17g-5 Information
Provider’s Website, access will be provided by the 17g-5 Information Provider on the same Business Day provided such request
is made prior to 2:00 p.m., on such Business Day, or, if received after 2:00 p.m., on the following Business Day. Questions regarding
delivery of information to the 17g-5 Information Provider may be directed to 17g5informationprovider@wellsfargo.com (or
such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto).

 

Upon request of the Depositor or the
Rating Agencies (through the Rating Agency Q&A Forum and Document Request Tool) or if otherwise required under this Agreement,
the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any additional information requested
by the Depositor (including any pre-closing material from the Depositor’s Rule 17g-5 website) or the Rating Agencies or if
otherwise required under this

 

     -237-

     

    

 

Agreement to the extent such information is delivered to the 17g-5 Information Provider electronically
in accordance with this Section 3.14 of this Agreement. In no event shall any party to this Agreement disclose on the 17g-5
Information Provider’s Website which Rating Agency requested such additional information.

 

The 17g-5 Information Provider shall
notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information was received
and that it has been posted. The 17g-5 Information Provider shall notify each NRSRO that has provided a NRSRO Certification each
time a document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such document.
The 17g-5 Information Provider shall send such notice to such Persons to the email address that has been provided by and is used
by such Person for the purpose of accessing the 17g-5 Information Provider’s Website, including a general email address if
such general email address has been provided to the 17g-5 Information Provider in connection with a completed NRSRO Certification
in the form of Exhibit Z hereto.

 

The 17g-5 Information Provider shall
make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The “Rating Agency Q&A Forum
and Document Request Tool” shall be a service available on the 17g-5 Information Provider’s Website, where Rating Agencies
and NRSROs may (i) submit Inquiries to the Certificate Administrator relating to the Distribution Date Statement, submit Inquiries
to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant to this Section
4.02(d), the Mortgage Loans (other than a Non-Serviced Mortgage Loan) or the Mortgaged Properties or submit inquiries to the
Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special Servicer as
to which the Operating Advisor has consultation rights pursuant to Section 3.31, whether or not referenced in such Operating
Advisor Annual Report, (ii) view Inquiries that have been previously submitted and answered, together with the answers thereto
and (iii) submit requests for loan-level reports and information. Upon receipt of an Inquiry for the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Inquiry to
the Certificate Administrator, Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and in the case of
an inquiry relating to any Non-Serviced Mortgage Loan, to the applicable party under the related Other Pooling and Servicing Agreement,
in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry or request relating
to the subject matters described in clauses (i) or (iii) above, the Certificate Administrator, the Operating Advisor, the Master
Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply
to the Inquiry, which reply of the Certificate Administrator, the Operating Advisor, Master Servicer or Special Servicer shall
be by email to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a commercially reasonable period
following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer (or reports, as applicable)
to the 17g-5 Information Provider’s Website. Any report posted by the 17g-5 Information Provider in response to a request
may be posted on a page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) the
question is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust

 

     -238-

     

    

 

and/or
the Certificateholders or would be in violation of applicable law, the Servicing Standard, this Agreement or the applicable Loan
Documents, (iii) answering any Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or
the disclosure of attorney work product or answering such inquiry is otherwise not advisable or (iv) (A) answering any Inquiry
would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in
good faith, in the case of the Certificate Administrator or the Operating Advisor) that the performance of such duties or the payment
of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Operating Advisor, Master
Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Inquiry and, in the
case of the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, shall promptly notify
the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Inquiry on the Rating Agency Q&A Forum and
Document Request Tool together with a statement that such Inquiry was not answered. Answers posted on the Rating Agency Q&A
Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed to be answers from any of
the Depositor, the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator or the Trustee or any of their respective Affiliates and no such party shall have any responsibility
or liability for the content of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5
Information Provider’s Website any Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole
discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect
questions, answers and other communications between the 17g-5 Information Provider and any Person which are not submitted via the
17g-5 Information Provider’s Website.

 

In connection with providing access
to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, the Certificate Administrator
and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator
and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination of information in accordance
with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness of such information
being made available, and assume no responsibility for such information; provided that it is acknowledged and agreed that
the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information solely by virtue
of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider shall not be liable for its failure to make any information available to the NRSROs unless such information was delivered
to the 17g-5 Information Provider at the email address set forth herein in an electronic format readable and uploadable (that is
not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject heading of “CFCRE 2016-C6 Mortgage
Trust, Series 2016-C6” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information
Provider’s Website; provided, if such information is not in electronic format readable and uploadable (that is not
locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon
such party shall promptly deliver the subject information in such format.

 

     -239-

     

    

 

The 17g-5 Information Provider shall
not be responsible or have any liability for any act, omission or delay attributable to the failure of any other party to this
Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website or for any errors or defects
in the information supplied by any such party.

 

The 17g-5 Information Provider’s
obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be limited to the specific obligations
contained in this Agreement and the 17g-5 Information Provider makes no representations or warranties as to the compliance of the
Depositor with Rule 17g-5 or any other law or regulation related thereto.

 

With respect to each Non-Serviced Mortgage
Loan, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall provide to the 17g-5
Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt from a Non-Serviced Mortgage
Loan Service Provider, all reports, statements, documents, notices and other information it receives in respect of such Non-Serviced
Mortgage Loan that such party would otherwise have been required to be submitted to the 17g-5 Information Provider under this Agreement
for posting had such Non-Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5 Information Provider shall post on the
17g-5 Information Provider’s Website all such information it receives in accordance with this Agreement.

 

(e)       Each
of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also
deliver, produce or otherwise make available through its website or otherwise, any additional information identified in Section
3.14(d) of this Agreement relating to the Mortgage Loans or Whole Loans, the Mortgaged Properties or the related Borrowers,
for review by the Depositor, the Underwriters, the Initial Purchasers and any other Persons who deliver an Investor Certification
in accordance with this Section 3.14, the related Serviced Companion Loan Noteholder (if any), the Directing Holder and
the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information
is simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 3.14(d)
of this Agreement, who shall post such additional information on the 17g-5 Information Provider’s Website in accordance with
the provisions of Section 3.14(d) of this Agreement), in each case, except to the extent doing so is prohibited by this
Agreement, applicable law or by the related Loan Documents. Each of the Master Servicer and the Special Servicer shall be entitled
to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii)
require that the recipient of such information (A) except for the Depositor, enter into an Investor Certification or other confidentiality
agreement acceptable to the Master Servicer or the Special Servicer, as the case may be, and (B) acknowledge that the Master Servicer
or the Special Servicer may contemporaneously provide such information to any other Disclosure Party. In addition, to the extent
access to such information is provided via the Master Servicer’s or the Special Servicer’s website, the Master Servicer
and the Special Servicer may require registration and the acceptance of a reasonable and customary disclaimer and/or an additional
or alternative agreement as to the confidential nature of such information. In connection with providing access to or copies of
the information described in this Section 3.14(e) to current or prospective Certificateholders the form of confidentiality
agreement used by the Master Servicer or the Special Servicer, as applicable, shall be: (i) in the case of a Certificateholder
(or a licensed

 

     -240-

     

    

 

or registered investment advisor acting on behalf of such Certificateholder), an Investor Certification executed
by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except
that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other
Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person
confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential));
and (ii) in the case of a prospective purchaser of Certificates or interests therein (or a licensed or registered investment advisor
acting on behalf of such prospective purchaser), an Investor Certification indicating that such Person is a prospective purchaser
of a Certificate or an interest therein and is requesting the information for use in evaluating a possible investment in Certificates
and will otherwise keep such information confidential with no further dissemination (except that such Certificateholder may provide
such information to its auditors, legal counsel and regulators). In the case of a licensed or registered investment advisor acting
on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered by both the
investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer nor the
Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in violation
of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any liability
for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this Section
3.14 unless (i) the Master Servicer or Special Servicer, as applicable, is the original source for such information and (ii)
such failure to deliver complete and accurate information is by reason of such party’s willful misconduct, bad faith, fraud
and/or negligence.

 

In connection with the delivery by
the Master Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any information, report, notice
or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall provide electronic
confirmation to the Master Servicer or the Special Servicer, as applicable, of when such information, report, notice or document
has been posted to the 17g-5 Information Provider’s Website. The Master Servicer or the Special Servicer, as applicable,
may, but is not obligated to, send such information report, notice or other document to the applicable Rating Agency or Rating
Agencies following the earlier of (a) receipt of confirmation from the 17g-5 Information Provider that such information, report,
notice or other document has been posted to the Rule 17g-5 Information Provider’s Website and (b) 12:00 p.m. on the first
Business Day following the date the Master Servicer or the Special Servicer, as applicable, has provided such information, report,
notice or other document to the 17g-5 Information Provider.

 

(f)       The
Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee shall be permitted (but shall not be required) to orally communicate with the Rating Agencies regarding any Mortgage
Loan, Serviced Whole Loan, any Certificateholder, any Serviced Companion Loan Noteholder, any Mortgaged Property or any REO Property;
provided that such party summarizes the information provided to the Rating Agencies in such communication and provides the
17g-5 Information Provider and the related Other 17g-5 Information Provider (if any) with such summary in accordance with the procedures
set forth in Section 3.14(d) of this Agreement the

 

     -241-

     

    

 

same day such communication takes place; provided that the summary
of such oral communications shall not attribute which Rating Agency the communication was with. The 17g-5 Information Provider
shall post such summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section
3.14(d) of this Agreement.

 

(g)       None
of the foregoing restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict oral or written
communications, or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s
or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a commercial mortgage master, special or
primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer’s, as applicable, servicing operations in general; provided,
that the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, shall
not provide any information relating to the Certificates or the Mortgage Loans to any Rating Agency or NRSRO in connection with
such review and evaluation by such Rating Agency or NRSRO unless (x) Borrower, property and other deal specific identifiers are
redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5
Information Provider’s Website or the Master Servicer or Special Servicer, as applicable, has in fact provided such information
to such Rating Agency in accordance with Section 3.14(f); or (z) the Rating Agency confirms in writing that it does not
intend to use such information in undertaking credit rating surveillance with respect to the Certificates provided, however,
that the Rating Agencies may use information delivered under this clause (z) for any purpose to the extent it is publicly
available (unless the availability results from a breach of this Agreement or any other confidentiality agreement to which such
Rating Agency is subject) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s
Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section
3.14(g).

 

(h)       The
costs and expenses of compliance with this Section 3.14 by the Depositor, the Master Servicer, the Special Servicer, the
Trustee and any other party hereto shall not be Additional Trust Fund Expenses.

 

Section
3.15      Title and Management of REO Properties and REO Accounts. (a) If title to any
Mortgaged Property (other than with respect to a Non-Serviced Mortgage Loan) is acquired for the benefit
of Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) in
foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of
sale shall be taken in the name of the Trust where permitted by applicable law or regulation and consistent with customary
servicing procedures, and otherwise in the name of the Trustee, or its nominee (which shall not include the Master Servicer),
or a separate Trustee or co-Trustee, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related
Serviced Companion Loan Noteholders). The Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced
Whole Loans, the related Serviced Companion Loan Noteholders), shall

 

     -242-

     

    

 

dispose of any Serviced REO Property prior to the close
of the third calendar year following the year in which the Trust Fund acquires ownership of such Serviced REO Property for
purposes of Section 860G(a)(8) of the Code, unless (i) the Special Servicer on behalf of the Lower-Tier REMIC has applied for
an extension of such period pursuant to Sections 856(e)(3) and 860G(a)(8)(A) of the Code, in which case the Special Servicer
shall sell such Serviced REO Property within the applicable extension period or if the Special Servicer has applied for
extension as provided in this clause (i) but such request has not yet been granted or denied, the additional time
specified in such request, or (ii) the Special Servicer seeks and subsequently receives an Opinion of Counsel (which opinion
shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan, such expenses shall be allocated in
accordance with the allocation provisions set forth in the related Intercreditor Agreement), addressed to the Special
Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Trust Fund of such Serviced
REO Property for an additional specified period will not cause such Serviced REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the
exception applicable for purposes of Section 860D(a) of the Code) at any time that any Certificate is outstanding, in which
event such period shall be extended by such additional specified period subject to any conditions set forth in such Opinion
of Counsel. The Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related
Serviced Companion Loan Noteholders), shall dispose of any Serviced REO Property held by the Trust Fund prior to the last day
of such period (taking into account extensions) by which such Serviced REO Property is required to be disposed of pursuant to
the provisions of the immediately preceding sentence in a manner provided under Section 3.16 hereof. In the case of
the Trust Fund’s beneficial interest in any REO Property acquired by the Other Trustee pursuant to an Other Pooling and
Servicing Agreement, the Special Servicer shall coordinate with the Other Special Servicer with respect to any REO extension
on behalf of the Trust Fund. The Special Servicer shall manage, conserve, protect and operate each Serviced REO Property for
the Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) solely
for the purpose of its prompt disposition and sale in a manner which does not cause such Serviced REO Property to fail to
qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard
to the exception applicable for purposes of Section 860D(a) of the Code) and such that income from the operation or sale of
such property does not result in receipt by the Trust Fund of any income from non-permitted assets as described in Section
860F(a)(2)(B) of the Code with respect to such property.

 

(b)       The
Special Servicer shall have full power and authority, subject only to the Servicing Standard and the specific requirements and
prohibitions of this Agreement, to do any and all things in connection with any Serviced REO Property as are consistent with the
manner in which the Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of its
Affiliates, all on such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders
and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders and, in connection therewith, the
Special Servicer shall agree to the payment of management fees that are consistent with general market standards. Consistent with
the foregoing, the Special Servicer shall cause or permit to be earned with respect to such Serviced REO Property any “net
income from foreclosure property,” within the meaning of Section 860G(c) of the Code, which is subject to tax under the REMIC
Provisions, only if it has determined, and has so advised the Trustee and

 

     -243-

     

    

 

the Certificate Administrator in writing, that the earning
of such income on a net after-tax basis could reasonably be expected to result in a greater recovery on behalf of Certificateholders
(and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) than an alternative method of operation
or rental of such Serviced REO Property that would not be subject to such a tax.

 

With respect to (i) any Mortgage Loan
other than the Potomac Mills Mortgage Loan, the Special Servicer and (ii) the Potomac Mills Mortgage Loan, the Potomac Mills Special
Servicer, shall segregate and hold all revenues received by it with respect to any Serviced REO Property separate and apart from
its own funds and general assets and shall establish and maintain with respect to any Serviced REO Property a segregated custodial
account (each, an “REO Account”), each of which shall be an Eligible Account and shall be entitled (x) with
respect to any Mortgage Loan other than the Potomac Mills Mortgage Loan, “Rialto Capital Advisors, LLC, as Special Servicer,
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C6 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2016-C6 and the related Serviced Companion Loan Noteholders REO Account,”
and (y) with respect to the Potomac Mills Mortgage Loan, either “AEGON USA Realty Advisors, LLC, as Potomac Mills Special
Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C6 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6 and the related Serviced Companion Loan Noteholders REO Account,”
or, so long as the Controlling Class Representative has not selected the replacement Special Servicer for the Potomac Mills Mortgage
Loan, in the name of its nominee, as stated in Section 3.10(c), in each case to be held for the benefit of the Certificateholders
and the related Serviced Companion Loan Noteholders. The Special Servicer shall be entitled to withdraw for its account any interest
or investment income earned on funds deposited in an REO Account to the extent provided in Section 3.07(b) of this Agreement.
The Special Servicer shall deposit or cause to be deposited REO Proceeds in the REO Account or the applicable Serviced Whole Loan
REO Account within two Business Days after receipt of such properly identified and available REO Proceeds, and shall withdraw therefrom
funds necessary for the proper operation, management and maintenance of such Serviced REO Property and for other Property Protection
Expenses with respect to such Serviced REO Property, including:

 

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

 

(ii)       all
real estate taxes and assessments in respect of any Serviced REO Property that may result in the imposition of a lien thereon;

 

(iii)       all
costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any Serviced REO Property
including, if applicable, the payments of any ground rents in respect of such Serviced REO Property; and

 

(iv)       any
taxes imposed on the Lower-Tier REMIC, as applicable, in respect of net income from foreclosure property in accordance with Section
4.05, and with respect to a Serviced Whole Loan, such expenses shall be allocated pro rata to the Mortgage Loan and
any related Serviced Companion Loans based on each loan’s Stated Principal Balance and only to the extent any such Serviced
Companion Loan is included in a REMIC.

 

     -244-

     

    

 

To the extent that such REO Proceeds
are insufficient for the purposes set forth in clauses (i) through (iii) above, the Master Servicer shall make such Advance unless
the Master Servicer or the Special Servicer determines, in accordance with the Servicing Standard, that such Servicing Advance
would constitute a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent tax
assessments the Master Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d) of this
Agreement) and if the Master Servicer does not make any such Advance, the Trustee, to the extent the Trustee has actual knowledge
of the Master Servicer’s failure to make such Advance, shall make such Advance, unless in each case, the Master Servicer,
the Special Servicer or the Trustee, as applicable, determines that such Advance would be a Nonrecoverable Advance. The Trustee
shall be entitled to rely, conclusively, on any determination by the Special Servicer or the Master Servicer, as applicable, that
an Advance, if made, would be a Nonrecoverable Advance. The Trustee, when making an independent determination whether or not a
proposed Advance would be a Nonrecoverable Advance, shall use its good faith business judgment. The Master Servicer or the Trustee,
as applicable, shall be entitled to reimbursement of such Advances (with interest at the Reimbursement Rate) made pursuant to the
preceding sentence, to the extent permitted by Section 3.06 of this Agreement. The Special Servicer shall withdraw from
each REO Account or Serviced Whole Loan REO Account, as applicable, and remit to the Master Servicer for deposit into the Collection
Account or the applicable Serviced Whole Loan Collection Account, as applicable, on a monthly basis on the later of the date that
(x) is on or prior to the related Determination Date or (y) is two (2) Business Days after such amounts are received and properly
identified and determined to be available, the Net REO Proceeds received or collected from each Serviced REO Property, except that
in determining the amount of such Net REO Proceeds, the Special Servicer may retain in each REO Account reasonable reserves for
repairs, replacements and necessary capital improvements and other related expenses.

 

Notwithstanding the foregoing, the
Special Servicer shall not:

 

(i)       permit
any New Lease to be entered into, renewed or extended, if the New Lease by its terms will give rise to any income that does not
constitute Rents from Real Property;

 

(ii)       permit
any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)       authorize
or permit any construction on any Serviced REO Property, other than the repair or maintenance thereof or the completion of a building
or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement
was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the
Code; or

 

(iv)       Directly
Operate or allow any Person to Directly Operate any Serviced REO Property on any date more than 90 days after its date of acquisition
by the Trust Fund, unless such Person is an Independent Contractor;

 

unless, in any such case, the Special Servicer has requested
and received an Opinion of Counsel addressed to the Special Servicer, the Certificate Administrator and the Trustee (which opinion
shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan with a Serviced

 

     -245-

     

    

 

Companion Loan, such expense shall
be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) to the effect that such action
will not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the meaning of Section
860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code) at any
time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified in such Opinion
of Counsel.

 

The Special Servicer shall be required
to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund (and, in the case
of the Serviced Whole Loans, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement) and payable out of REO Proceeds, for the operation and management of any Serviced REO Property, within 90 days of the
Trust Fund’s acquisition thereof (unless the Special Servicer shall have provided the Trustee and the Certificate Administrator
with an Opinion of Counsel that the operation and management of any Serviced REO Property other than through an Independent Contractor
shall not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the meaning of Section
860G(a)(8) of the Code) (which opinion shall be an expense of the Trust Fund, and in the case of a Serviced Whole Loan, such expense
shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement), provided that:

 

(i)       the
terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be
inconsistent herewith;

 

(ii)       any
such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred
in connection with the operation and management of such Serviced REO Property, including those listed above, and remit all related
revenues (net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than 30 days following
the receipt thereof by such Independent Contractor;

 

(iii)       none
of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund, the Trustee
on behalf of the Certificateholders and, in the case of a Serviced Whole Loan, the related Companion Loan Noteholders, with respect
to the operation and management of any such Serviced REO Property; and

 

(iv)       the
Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations
in connection with the operation and management of such Serviced REO Property.

 

The Special Servicer shall be entitled
to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations hereunder
for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit
or modify such indemnification.

 

(c)       Promptly
following any acquisition by the Special Servicer of a Serviced REO Property on behalf of the Trust Fund, the Special Servicer
shall notify the Master Servicer

 

     -246-

     

    

 

thereof, and, upon delivery of such notice, the Special Servicer shall obtain an Updated Valuation
thereof, but only if any Updated Valuation with respect thereto is more than 9 months old and the Special Servicer has no actual
knowledge of any material adverse change in circumstances that, consistent with the Servicing Standard, would call into question
the validity of such Updated Valuation, in order to determine the fair market value of such Serviced REO Property and shall notify
the Depositor and the Master Servicer and with respect to a Serviced Whole Loan, the holder of the related Companion Loan, if any,
and of the results of such Updated Valuation. Any such Updated Appraisal shall be conducted in accordance with Appraisal Institute
standards and the cost thereof shall be an expense of the Trust Fund and allocated to the Classes of Sequential Pay Certificates
in the following order, in each case until the Certificate Balance of such Class of Certificates is reduced to zero: first,
to the Class G Certificates; second, to the Class F Certificates; third, to the Class E Certificates; fourth,
to the Class D Certificates; fifth, to the Class C Certificates; sixth, to the Class B Certificates; seventh,
to the Class A-M Certificates; and then to Class A-1, Class A-SB, Class A-2 and Class A-3, pro rata based on their
respective Certificate Balances. In the case of any Serviced Pari Passu Whole Loan such expenses shall be allocated in accordance
with the allocation provisions set forth in the related Intercreditor Agreement. The Special Servicer shall obtain a new Updated
Valuation or a letter update every 9 months thereafter until the Serviced REO Property is sold.

 

(d)       When
and as necessary, the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special Servicer
setting forth the amount of net income or net loss, as determined for federal income tax purposes, resulting from the operation
and management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt
of any other amount not constituting Rents from Real Property in respect of, any Serviced REO Property in accordance with Sections
3.15(a) and 3.15(b) of this Agreement.

 

(e)       Upon
the disposition of any Serviced REO Property in accordance with this Section 3.15, the Special Servicer shall calculate
the Gain-on-Sale Proceeds allocable to a Mortgage Loan or the applicable Serviced Whole Loan, if any, realized in connection with
such sale.

 

Section 3.16       Sale
of Specially Serviced Loans and REO Properties. (a) The parties hereto may sell or purchase, or permit the sale or
purchase of, a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Pari Passu Whole Loan only on the terms
and subject to the conditions set forth in this Section 3.16 or as otherwise expressly provided in or contemplated by Section
2.03(e) and Section 9.01 of this Agreement or in an applicable Intercreditor Agreement.

 

(b)       If
the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders
and, in the case of a Serviced Pari Passu Whole Loan, the Certificateholders and the related Serviced Pari Passu Companion Loan
Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender) to attempt to sell a Defaulted Mortgage Loan (other than any Non-Serviced Mortgage Loan) and any related Serviced
Pari Passu Companion Loan, the Special Servicer shall use reasonable efforts to solicit offers for each such Defaulted Mortgage
Loan on behalf of the Certificateholders and, if applicable, the related Serviced Companion Loan Noteholders in such manner as
will be

 

     -247-

     

    

 

reasonably likely to realize a fair price. In the case of a Non-Serviced Mortgage Loan, to the extent that such Non-Serviced
Mortgage Loan is not sold together with the related Non-Serviced Companion Loan by the Other Special Servicer for the related Non-Serviced
Whole Loan and, if permitted under the related Intercreditor Agreement, the Special Servicer will be entitled to sell (with the
consent of the Directing Holder prior to the occurrence and continuance of a Control Termination Event), with a Liquidation Fee,
such Non-Serviced Mortgage Loan if it determines in accordance with the Servicing Standard that such action would be in the best
interests of the Certificateholders. The Special Servicer shall accept the first cash offer received from any Person that constitutes
a fair price for such Defaulted Mortgage Loan. Subject to Section 3.16(k), if the Special Servicer receives more than one
cash offer that constitutes a fair price for such Defaulted Mortgage Loan during the period designated by the Special Servicer
for receipt of offers, the Special Servicer shall accept the highest price.

 

The Special Servicer shall give the
Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor and the Directing Holder, not less than ten
Business Days’ prior written notice of its intention to sell any such Defaulted Mortgage Loan, and notwithstanding anything
to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase
any such Defaulted Mortgage Loan pursuant to this Agreement.

 

(c)       Whether
any cash offer constitutes a fair price for such Defaulted Mortgage Loan, as the case may be, shall be determined by the Special
Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an
Interested Person, unless (i) the offer is equal to or greater than the applicable Purchase Price, (ii) it is the highest offer
received and (iii) at least two other offers are received from independent third parties. In determining whether any offer received
from an Interested Person represents a fair price for any such Defaulted Mortgage Loan, the Trustee shall be supplied with and
shall rely on the most recent Appraisal or Updated Appraisal conducted in accordance with this Agreement within the preceding 9-month
period or in the absence of any such Appraisal, on a narrative appraisal prepared by an Independent MAI appraiser selected by (i)
the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is not making an offer with respect to such
Defaulted Mortgage Loan, (ii) by the Master Servicer if the Special Servicer is making such an offer unless the Master Servicer
and Special Servicer are Affiliates or (iii) the Operating Advisor if the Master Servicer and Special Servicer are Affiliates and
the Special Servicer is making an offer. The cost of any such Updated Appraisal or narrative appraisal shall be covered by, and
shall be reimbursable as, a Servicing Advance. In addition, the Trustee shall be permitted to retain, at the expense of the related
Interested Person, an independent third party expert in real estate or commercial mortgage loan matters with at least 5 years’
experience in valuing or investing in loans similar to the subject Mortgage Loan or Serviced Whole Loan, as the case may be, that
has been selected with reasonable care by the trustee to determine such fair price and will be permitted to conclusively rely on
the opinion of such third party’s determination. Any costs and fees of the Trustee in connection with an offer by an Interested
Person and the Trustee’s duties therewith shall be reimbursable by such Interested Person.

 

In determining whether any offer from
a Person other than an Interested Person constitutes a fair price for any such Defaulted Mortgage Loan, the Special Servicer shall
take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative appraisal

 

     -248-

     

    

 

that it may have obtained
pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes
a fair price for any such Defaulted Mortgage Loan, any appraiser shall be instructed to take into account, as applicable, among
other factors, the period and amount of the Delinquency on such Defaulted Mortgage Loan, the period and amount of the occupancy
level and physical condition of the related Mortgaged Property, the state of the local economy in the area where the Mortgaged
Property is located, the expected recovery from such Defaulted Mortgage Loan if the Special Servicer were to pursue a workout strategy,
and the time and expense associated with a purchaser’s foreclosing on the related Mortgaged Property.

 

In addition, the Special Servicer shall
refer to all other relevant information obtained by it or otherwise contained in the Mortgage File; provided that the Special
Servicer shall take account of any change in circumstances regarding the related Mortgaged Property known to the Special Servicer
that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment, materially affect the value
of the related Mortgaged Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer may consider
available objective third party information obtained from generally available sources, as well as information obtained from vendors
providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and the real estate
market for the subject property type in the area where the related Mortgaged Property is located. The Special Servicer may, to
the extent it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports of
qualified Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience in
valuing or investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer,
in making such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c)
shall constitute, and be reimbursable as, Servicing Advances. The other parties to this Agreement shall cooperate with all reasonable
requests for information made by the Special Servicer in order to allow the Special Servicer to perform its duties pursuant to
this Section 3.16(c).

 

The Purchase Price (which, in connection
with the administration of a Defaulted Mortgage Loan related to a Serviced Pari Passu Whole Loan, shall be construed and calculated
as if the loans in such Serviced Pari Passu Whole Loan together constitute a single Mortgage Loan thereunder) for any such Defaulted
Mortgage Loan shall in all cases be deemed a fair price.

 

(d)       Subject
to subsection (c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and,
in the case of a Serviced Pari Passu Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any
other action necessary or appropriate in connection with the sale of any such Defaulted Mortgage Loan, and the applicable collection
of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective
offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information
pertaining to such sales or exchanging offers without obligation to deposit such amounts into the REO Account the Collection Account
or, in the case of any Serviced Pari Passu Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of such
Defaulted Mortgage Loan shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust
Fund imposed by those representations and

 

     -249-

     

    

 

warranties typically given in such transactions, any prorations applied thereto and any
customary closing matters), and if such sale is consummated in accordance with the terms of this Agreement, none of the Special
Servicer, the Master Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Trustee shall have any liability to any Certificateholder or Companion Loan Noteholder with respect to the purchase price
therefor accepted by the Special Servicer or the Trustee.

 

(e)       Any
sale of such Defaulted Mortgage Loan shall be for cash only.

 

(f)       The
parties hereto may sell or purchase, or permit the sale or purchase of, a Serviced REO Property only on the terms and subject to
the conditions set forth in this Section 3.16 or as otherwise expressly provided in an applicable Intercreditor Agreement.

 

(g)       The
Special Servicer shall use reasonable efforts to solicit offers for each Serviced REO Property on behalf of the Certificateholders
and, in the case of a Serviced Pari Passu Whole Loan, the related Serviced Companion Loan Noteholders in such manner as will be
reasonably likely to realize a fair price within the time period provided for by Section 3.15(a) of this Agreement. The
Special Servicer (with the consent of the Directing Holder) shall accept the first cash offer received from any Person that constitutes
a fair price for such Serviced REO Property. Subject to Section 3.16(k), if the Special Servicer receives more than one
cash offer that constitutes a fair price for such Serviced REO Property during the period designated by the Special Servicer for
receipt of offers, the Special Servicer shall accept the highest price. If the Special Servicer determines, in its good faith and
reasonable judgment, that it will be unable to realize a fair price for any Serviced REO Property within the time constraints imposed
by Section 3.15(a) of this Agreement, then the Special Servicer (with the consent of the Directing Holder) shall dispose
of such Serviced REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to maximize
the recovery thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer, regardless
of from whom received.

 

The Special Servicer shall give the
Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer and the
Directing Holder, not less than ten Business Days’ prior written notice of its intention to sell any Serviced REO Property,
and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates
may make an offer for or purchase any Serviced REO Property pursuant to this Agreement.

 

(h)       Whether
any cash offer constitutes a fair price for any Serviced REO Property, as the case may be, shall be determined by the Special Servicer,
if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person; provided, that no offer from an Interested Person shall constitute a fair price unless it is the highest offer received.
In determining whether any offer received from an Interested Person represents a fair price for any such Serviced REO Property,
the Trustee shall be supplied with and shall rely on the most recent appraisal or Updated Appraisal conducted in accordance with
this Agreement within the preceding 9-month period or in the absence of any such appraisal, on a narrative appraisal prepared by
an Independent MAI appraiser selected by the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is
not making an offer with respect to a Serviced REO Property (or by the Master Servicer if the Special

 

     -250-

     

    

 

Servicer is making such an
offer). The cost of any such Updated Appraisal or narrative appraisal and any related costs and fees of the Trustee shall be covered
by, and shall be reimbursable as, a Servicing Advance. In determining whether any offer from a Person other than an Interested
Person constitutes a fair price for any such Serviced REO Property, the Special Servicer shall take into account (in addition to
the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within
the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such Serviced
REO Property, any appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount
of the occupancy level and physical condition of the Mortgaged Property or Serviced REO Property, the state of the local economy
and the obligation to dispose of any Serviced REO Property within the time period specified in Section 3.15(a) of this Agreement.
The Purchase Price (which, in connection with the administration of a Serviced REO Property related to a Serviced Pari Passu Whole
Loan, shall be construed and calculated as if the loans in such Serviced Pari Passu Whole Loan together constitute a single Mortgage
Loan thereunder) for any Serviced REO Property shall in all cases be deemed a fair price. In addition, the Trustee shall be permitted
to retain, at the expense of the related Interested Person, an independent third party to determine such fair price and will be
permitted to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the Trustee in connection
with an offer by an Interested Person and the Trustee’s duties therewith shall be reimbursable by such Interested Person.

 

(i)       Subject
to subsections (g) and (h) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders
and, in the case of a Serviced Pari Passu Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking
any other action necessary or appropriate in connection with the sale of any Serviced REO Property, and the applicable collection
of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective
offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information
pertaining to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, in the
case of any Serviced Pari Passu Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of a Serviced REO Property
shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations
and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if
such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the
Depositor or the Trustee shall have any liability to any Certificateholder or Serviced Companion Loan Noteholder with respect to
the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(j)       Any
sale of a Serviced REO Property shall be for cash only.

 

(k)       Notwithstanding
any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be obligated to accept the highest
cash offer if the Special Servicer determines, (in consultation with the Controlling Class Representative (unless a Consultation
Termination Event exists) and, in the case of a Serviced Pari Passu Whole Loan or an REO Property related to a Serviced Pari Passu
Whole Loan, the related Companion Loan Holder(s)), in accordance with the Servicing Standard, that rejection of such offer would
be in the best

 

     -251-

     

    

 

interests of the Certificateholders and, in the case of a Serviced Pari Passu Whole Loan, the related Serviced Companion
Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender), and the Special Servicer may accept a lower cash offer (from any Person other than itself or its Affiliate) if
it determines, in its reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders
(for example, if the prospective buyer making the lower offer is more likely to perform its obligations or the terms offered by
the prospective buyer making the lower offer are more favorable) and, in the case of a Serviced Pari Passu Whole Loan, the related
Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender).

 

(l)       With
respect to each defaulted Serviced Pari Passu Companion Loan, the Special Servicer shall generally have the right to sell such
defaulted Serviced Pari Passu Companion Loan together with the related Mortgage Loan pursuant to the terms of the related Intercreditor
Agreement as if such Mortgage Loan and Serviced Pari Passu Companion Loans were one whole loan on behalf of the Certificateholders
and the related Serviced Companion Loan Noteholders. The Special Servicer shall provide notice and other information required under
the related Intercreditor Agreement to the applicable Other Special Servicer as soon as practicable following its decision to attempt
to sell, and prior to commencement or marketing of, any Serviced Pari Passu Companion Loan. With respect to Serviced Pari Passu
Whole Loans, the Special Servicer shall be required to obtain the consent of any holder of a related Serviced Pari Passu Companion
Loan prior to a sale of such Serviced Pari Passu Whole Loan, unless (i) such holder is the related Borrower or an Affiliate or
agent of the related Borrower or (ii) the Special Servicer delivers to such holders of the related Serviced Pari Passu Companion
Loans: (A) at least fifteen (15) Business Days’ prior written notice of any decision to attempt to sell the related Serviced
Pari Passu Whole Loan; (B) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together with any
material amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale; (C) at least
ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for such Serviced Pari Passu Whole Loan, and
any documents in the servicing file reasonably requested by the holders of the applicable Serviced Pari Passu Companion Loans that
are material to the sale price of such Serviced Pari Passu Whole Loan; and (D) until the sale is completed, and a reasonable period
of time (but not less time than is afforded to other offerors and the Directing Holder) prior to the proposed sale date, all information
and other documents being provided to other offerors and all leases or other documents that are approved by the Special Servicer
in connection with the proposed sale. The holders of the Serviced Pari Passu Companion Loans (or, in any case, their respective
representatives) shall be permitted to submit an offer at any sale of such related Serviced Pari Passu Whole Loan; however, the
related Borrower and its agents and Affiliates shall not be permitted to submit an offer at such sale.

 

(m)       Notwithstanding
anything in this Section 3.16 to the contrary, pursuant to the terms of the related Intercreditor Agreement, the holder
of the related Serviced Subordinate Companion Loan for each applicable Serviced AB Whole Loan will have the right to purchase the
related Mortgage Loan or related REO Property, as applicable. Such right of the holder of the Serviced Subordinate Companion Loan
shall be given priority over any provision described in this Section 3.16 as and to the extent set forth in the related
Intercreditor Agreement. If the

 

     -252-

     

    

 

related Mortgage Loan or related REO Property is purchased by the holder of such Serviced Subordinate
Companion Loan, repurchased by the Mortgage Loan Seller or otherwise ceases to be subject to this Agreement, the related Serviced
Subordinate Companion Loan will no longer be subject to this Agreement. In addition, pursuant to the terms of the related Intercreditor
Agreement, any sale of a Serviced AB Whole Loan that is a Defaulted Mortgage Loan or Specially Serviced Loan pursuant to this Section
3.16 (other than in connection with the purchase of the applicable Serviced AB Whole Loan by the related Serviced Subordinate
Companion Loan) shall not include any related Serviced Subordinate Companion Loan. As a result, any reference in this Section
3.16 to the sale, or determination of fair value, of a Serviced AB Whole Loan that is a Defaulted Mortgage Loan or Specially
Serviced Loan (other than in connection with the purchase of the applicable Serviced AB Whole Loan by the related Serviced Subordinate
Companion Loan) shall be deemed to exclude any related Serviced Subordinate Companion Loan.

 

Section 3.17       Additional
Obligations of the Master Servicer and the Special Servicer; Inspections. (a) The Master Servicer (at its own expense)
(or, with respect to Specially Serviced Loans and Serviced REO Properties, the Special Servicer) shall inspect or cause to be
inspected each Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) that it is servicing at
such times and in such manner as is consistent with the Servicing Standard, but in any event shall inspect each Mortgaged
Property with a Stated Principal Balance (or in the case of a Mortgage Loan secured by more than one Mortgaged Property,
having an Allocated Loan Amount) of (A) $2,000,000 or more at least once every 12 months and (B) less than $2,000,000 at
least once every 24 months, in each case commencing in the calendar year 2018, (or, in each case, at such decreased frequency
as each Rating Agency shall have provided a Rating Agency Confirmation relating to the Certificates and Serviced Companion
Loan Securities, if any); provided, that if a physical inspection has been performed by the Special Servicer in the
previous twelve (12) months and the Master Servicer has no knowledge of a material change in the Mortgaged Property since
such physical inspection, the Master Servicer will not be required to perform or cause to be performed, such physical
inspection; provided, further, that the Special Servicer shall inspect or cause to be inspected the related
Mortgaged Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced Loan and annually thereafter
for so long as such Mortgage Loan remains a Specially Serviced Loan. The reasonable cost of each such inspection performed in
accordance with the Servicing Standard by the Special Servicer shall be paid by the Master Servicer as a Servicing Advance; provided,
that if such Advance would be a Nonrecoverable Advance, then the cost of such inspections shall be an expense of the Trust
payable out of general collections. With respect to a Serviced Whole Loan, the costs described in the preceding sentence
above that relate to the applicable Serviced Whole Loan shall be paid out of amounts on deposit in the Serviced Whole Loan
Collection Account related to such Serviced Whole Loan (allocated in accordance with the expense allocation provision of the
related Intercreditor Agreement). If funds in the applicable Serviced Whole Loan Collection Account relating to a Serviced
Whole Loan are insufficient, then any deficiency shall be paid from amounts on deposit in the Collection Account; provided
that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i)
promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of
the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such
amount allocable to the related Serviced Companion Loans from the related

 

     -253-

     

    

 

Companion Loan Noteholders. The Master Servicer or
the Special Servicer, as applicable, shall prepare a written report of the inspection describing, among other things, the
condition of and any damage to the Mortgaged Property securing a Mortgage Loan that it is servicing and specifying the
existence of any material vacancies in such Mortgaged Property, any sale, transfer or abandonment of such Mortgaged Property
of which it has actual knowledge, any material adverse change in the condition of the Mortgaged Property, or any visible
material waste committed on applicable Mortgaged Property. The Master Servicer or Special Servicer, as applicable, shall send
such reports to the 17g-5 Information Provider (who shall promptly post such reports to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Other 17g-5 Information Provider
(if any) and, upon request, to the Underwriters and the Initial Purchasers within 35 days of completion of the inspection
report, each inspection report.

 

(b)       With
respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, the Master Servicer
(or the Special Servicer, in the case of a Specially Serviced Loan) shall exercise the Trustee’s rights, in accordance with
the Servicing Standard, with respect to the Manager under the related Loan Documents and Management Agreement, if any.

 

(c)       If,
with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan, a Specially Serviced Loan or a previously Specially
Serviced Loan with respect to which the Special Servicer has waived or amended the prepayment restrictions such that the related
Borrower is not required to prepay on a Due Date or pay interest that would have accrued on the amount prepaid through and including
the last day of the interest accrual period occurring following the date of such prepayment) or Serviced Pari Passu Companion Loan,
the Master Servicer accepts a voluntary Principal Prepayment (other than (i) in accordance with the terms of the related Loan Documents,
(ii) in connection with the payment of insurance proceeds or condemnation proceeds unless the Master Servicer did not apply the
proceeds thereof in accordance with the terms of the related Loan Documents and such failure caused the shortfall, (iii) subsequent
to a default under the related Loan Documents (provided that the Master Servicer reasonably believes that acceptance of
such prepayment is consistent with the Servicing Standard), or if the Mortgage Loan or Serviced Whole Loan is a Specially Serviced
Loan, (iv) at the request of or with the consent of the Special Servicer or, so long as a Control Termination Event has not occurred
or is not continuing, and with respect to the Mortgage Loans other than an Excluded Loan, the Directing Holder, or (v) pursuant
to applicable law or a court order) resulting in a Prepayment Interest Shortfall, then the Master Servicer shall deliver to the
Certificate Administrator on each Master Servicer Remittance Date for deposit in the Lower-Tier Distribution Account (or, in the
case of a Prepayment Interest Shortfall with respect to a Serviced Pari Passu Companion Loan, remit to the holder of the Serviced
Companion Loan a pro rata portion of the following amount allocated to that Serviced Whole Loan)), without any right of
reimbursement therefor, a cash payment (the “Compensating Interest Payment”), in an amount equal to the lesser
of (x) the aggregate amount of those above described Prepayment Interest Shortfalls incurred in connection with such voluntary
Principal Prepayments received in respect of the Mortgage Loans (other than a Non-Serviced Mortgage Loan or a Specially Serviced
Loan) or Serviced Companion Loans (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan) for the related Distribution
Date, and (y) the aggregate of (A) the portion of its Master Servicing Fee (calculated for this purpose at 0.0025% (0.25 basis
points per annum)) that

 

     -254-

     

    

 

is being paid in such Collection Period with respect to the Mortgage Loans or Serviced Companion
Loans serviced by it (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan), (B) all Prepayment Interest Excess
received during the related Collection Period on the Mortgage Loans or Serviced Companion Loans (other than a Non-Serviced Mortgage
Loan or a Specially Serviced Loan) and (C) to the extent earned on principal prepayments, net investment earnings payable to the
Master Servicer for such Collection Period received by the Master Servicer during such Collection Period with respect to the Mortgage
Loan or any related Serviced Pari Passu Companion Loan, as applicable, subject to such prepayment; provided that
if any Prepayment Interest Shortfall occurs with respect to any Mortgage Loan as a result of the Master Servicer’s failure
to enforce the related Loan Documents (other than in connection with (a) a Specially Serviced Loan, (b) a Non-Serviced Mortgage
Loan, (c) a previously Specially Serviced Loan with respect to which the Special Servicer has waived or amended the prepayment
restriction such that the related Borrower is not required to prepay on a Due Date or pay interest that would have accrued on the
amount prepaid through and including the last day of the interest accrual period occurring following the date of such prepayment
or (d) the circumstances covered in clauses (i), (ii), (iii), (iv) or (v) above), the Master Servicer shall be required to pay
an amount equal to the entire Prepayment Interest Shortfall with respect to that Mortgage Loan. The Master Servicer’s obligation
to pay the Compensating Interest Payment, and the rights of the Certificateholders to offset of the aggregate Prepayment Interest
Shortfalls against those amounts, shall not be cumulative.

 

(d)       The
Master Servicer shall, as to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is secured
by the interest of the related Borrower under a ground lease (or, with respect to a leasehold interest that is a space lease or
an air rights lease, such space lease or air rights lease), promptly (and in any event within 60 days) after the Closing Date notify
the related ground lessor of the transfer of such Mortgage Loan or Serviced Whole Loan to the Trust pursuant to this Agreement
and inform such ground lessor that any notices of default under the related ground lease (or, with respect to a leasehold interest
that is a space lease or an air rights lease, the related space lease or air rights lease) should thereafter be forwarded to the
Master Servicer.

 

(e)       The
Master Servicer shall, to the extent consistent with the Servicing Standard and permitted by the related Loan Documents, not apply
any funds with respect to a Mortgage Loan or Serviced Whole Loan (whether arising in the form of a holdback, earnout reserve, cash
trap or other similar feature) to the prepayment of the related Mortgage Loan or Serviced Whole Loan prior to an event of default
or reasonably foreseeable event of default with respect to such Mortgage Loan or Serviced Whole Loan. Prior to an event of default
or reasonably foreseeable event of default any such amounts described in the immediately preceding sentence shall be held by the
Master Servicer as additional collateral for the related Mortgage Loan or Serviced Whole Loan.

 

(f)       Within
a reasonable time period after the execution of any amendment or modification of any of the Intercreditor Agreements related to
the Hill7 Whole Loan, the Vertex Pharmaceuticals HQ Whole Loan, the Potomac Mills Whole Loan, the Fresno Fashion Fair Whole Loan,
the Residence Inn by Marriott LAX Whole Loan, the Holiday Inn Express Nashville - Downtown Whole Loan, the OZRE Leased Fee Portfolio
Whole Loan, the TEK Park Whole Loan, the Mills Fleet Farm Whole Loan, the Marriott Savannah Riverfront Whole Loan,

 

     -255-

     

    

 

the Marriott
Saddle Brook Whole Loan or the 132 West 27th Street Whole Loan, the Master Servicer or the Special Servicer, as applicable, shall
provide to the Certificate Administrator a copy of any such modification or amendment of any such Intercreditor Agreement, and
such amendment or modification shall be a Reportable Event as set forth in Section 10.09.

 

Section 3.18       Authenticating
Agent. The Certificate Administrator may appoint an Authenticating Agent to execute and to authenticate Certificates.
The Authenticating Agent must be acceptable to the Depositor and must be a corporation organized and doing business under
the laws of the United States of America or any state, having a principal office and place of business in a state and
city acceptable to the Depositor, having a combined capital and surplus of at least $15,000,000, authorized under such laws
to do a trust business and subject to supervision or examination by federal or state authorities. The Certificate
Administrator shall serve as the initial Authenticating Agent.

 

Any corporation into which the Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding to the corporate agency business
of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any paper or any further act
on the part of the Certificate Administrator or the Authenticating Agent.

 

The Authenticating Agent may at any
time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator, the Trustee,
the Depositor and the Master Servicer. The Certificate Administrator may at any time terminate the agency of the Authenticating
Agent by giving written notice of termination to the Authenticating Agent, the Depositor and the Master Servicer. Upon receiving
a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 3.18, the Certificate Administrator may appoint a successor Authenticating
Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities
of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section 3.18.

 

The Authenticating Agent shall have
no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator. Any compensation
paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator, as applicable.

 

Section
3.19        Appointment of Custodians. The Certificate Administrator shall be the
initial Custodian hereunder. The Certificate Administrator may appoint one or more additional Custodians to hold all or a
portion of the Mortgage Files on behalf of the Trustee and otherwise perform the duties set forth in Article II, by
entering into a Custodial Agreement with any Custodian who is not the Depositor. The Certificate Administrator agrees to
comply with the terms of each Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for
the benefit of the Certificateholders. The Certificate Administrator shall not be liable for any act or omission of the
Custodian under the Custodial Agreement. Each Custodian

 

     -256-

     

    

 

shall be a depository institution subject to supervision by federal
or state authority, shall have a combined capital and surplus of at least $10,000,000, shall have a long-term debt rating of
at least “Baa2” from Moody’s and “BBB” from Fitch. Each Custodial Agreement may be amended only
as provided in Section 12.08 of this Agreement. Any compensation paid to the Custodian shall be an
unreimbursable expense of the Certificate Administrator. If the Custodian is an entity other than the Certificate
Administrator, the Custodian shall maintain a fidelity bond in the form and amount that are customary for securitizations
similar to the securitization evidenced by this Agreement. The Custodian shall be deemed to have complied with this provision
if one of its Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded
thereunder extends to the Custodian. In addition, the Custodian shall keep in force during the term of this Agreement a
policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in
connection with its obligations hereunder in the form and amount that are customary for securitizations similar to the
securitization evidenced by this Agreement. All fidelity bonds and policies of errors and omissions insurance obtained under
this Section 3.19 shall be issued by a Qualified Insurer.

 

Section 3.20       Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts. The Master Servicer shall administer each Lock-Box
Account, Cash Collateral Account, Escrow Account and Reserve Account in accordance with the related Mortgage or Loan Agreement,
Cash Collateral Account Agreement or Lock-Box Agreement, if any relating to the Mortgage Loans (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loans it is servicing.

 

Section
3.21       Servicing Advances. (a) The Master Servicer (or, to the extent provided in Section
3.21(c) of this Agreement, the Trustee) to the extent specifically provided for in this Agreement, shall make any
Servicing Advances as and to the extent otherwise required pursuant to the terms hereof with respect to the Mortgage Loans
(other than Non-Serviced Mortgage Loans) or Serviced Whole Loans that it is servicing. For purposes of distributions to
Certificateholders and compensation to the Master Servicer, the Special Servicer or the Trustee, Servicing Advances shall not
be considered to increase the Stated Principal Balance of any such Mortgage Loan or Serviced Whole Loan, notwithstanding that
the terms of such Mortgage Loan or Serviced Whole Loans so provide.

 

(b)       Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall give the Master Servicer not less than five Business Days’
written notice with respect to any Servicing Advance to be made on any Specially Serviced Loan, before the date on which the Master
Servicer is required to make such Servicing Advance with respect to such Specially Serviced Loan or Serviced REO Loan; provided,
that the Special Servicer shall be required to provide the Master Servicer with only two Business Days’ written notice in
respect of Servicing Advances required to be made on an urgent or emergency basis (which may include, without limitation, Servicing
Advances required to make tax or insurance payments). If the Master Servicer or the Trustee makes a Servicing Advance with respect
to any Serviced Whole Loan then it shall provide written notice to the related Other Servicer, Other Special Servicer and Other
Trustee of the amount of such Servicing Advance with respect to such Serviced Whole Loan as part of its monthly report following
the making of such Servicing Advance.

 

(c)       The
Master Servicer shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one
Business Day after,

 

     -257-

     

    

 

becoming aware that it will be unable to make any Servicing Advance required to be made pursuant to the terms
hereof, and in connection therewith, shall set forth in such notice the amount of such Servicing Advance, the Person to whom it
is to be paid, and the circumstances and purpose of such Servicing Advance, and shall set forth therein information and instructions
for the payment of such Servicing Advance, and, on the date specified in such notice for the payment of such Servicing Advance,
or, if the date for payment has passed or if no such date is specified, then within five Business Days following such notice, the
Trustee, subject to the provisions of Section 3.21(d) of this Agreement, shall pay the amount of such Servicing Advance
in accordance with such information and instructions.

 

(d)       The
Special Servicer shall promptly furnish any party required to make Servicing Advances hereunder with any information in its possession
regarding the Specially Serviced Loans and REO Properties as such party required to make Servicing Advances may reasonably request
for purposes of making recoverability determinations. Notwithstanding anything to the contrary in this Agreement, the Special Servicer
shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and in
the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions
shall remain with the Master Servicer or Trustee, as applicable.

 

Notwithstanding anything herein to
the contrary, no Servicing Advance shall be required hereunder if the Person otherwise required to make such Servicing Advance
determines that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, neither the
Master Servicer nor the Trustee shall make any Servicing Advance to the extent that it has received written notice that the Special
Servicer has determined that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In making such
recoverability determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance
or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration,
is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the related
Mortgage Loan (or the related Serviced Whole Loan, as applicable) are a source of recovery not only for the Servicing Advance under
consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount
which is being or may be deferred or delayed and (ii) consider (among other things) the obligations of the Borrower under the terms
of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified, (iii) consider (among
other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified
by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer)
regarding the possibility and effects of future adverse changes with respect to such Mortgaged Properties, (iv) estimate and consider
(consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) (among other things) future
expenses and (v) estimate and consider (among other things) the timing of recoveries.

 

The Master Servicer, the Special Servicer
and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior Servicing Advances for purposes of nonrecoverability
determinations as if such Unliquidated Advances were unreimbursed Servicing

 

     -258-

     

    

 

Advances. If an Appraisal of the related Mortgaged
Property shall not have been obtained within the prior 9 month period (and the Master Servicer and the Trustee shall each request
any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such an Appraisal
shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination of
the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master Servicer or the Trustee,
as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Master Servicer,
the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination that such
Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of
the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation
provisions of the related Intercreditor Agreement).

 

Any determination by the Master Servicer,
Special Servicer or the Trustee that the Master Servicer or Trustee, as the case may be, has made a Servicing Advance that is a
Nonrecoverable Servicing Advance or any determination by the Master Servicer, the Special Servicer or the Trustee that any proposed
Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance shall be evidenced in the case of the Master Servicer
or the Special Servicer by a certificate of a Servicing Officer delivered to the other, to the Trustee, the Directing Holder (but
only if no Consultation Termination Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator,
any related Companion Loan holder(s) and the Depositor and, in the case of the Trustee, by a certificate of a Responsible Officer
of the Trustee, delivered to the Depositor, the Directing Holder (but only if no Consultation Termination Event has occurred and
is continuing), the Operating Advisor, the Certificate Administrator, any related Companion Loan holder(s), the Master Servicer
and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master
Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied
by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and other information
used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such determination, together with any
existing Appraisal or any Updated Appraisal); provided, that the Special Servicer may, at its option, make a determination
in accordance with the Servicing Standard, that any Servicing Advance previously made or proposed to be made is nonrecoverable
and shall deliver to the Master Servicer, the Certificate Administrator, the Directing Holder (but only if no Consultation Termination
Event has occurred and is continuing), the Operating Advisor, the Trustee, the related Serviced Companion Loan Noteholder (if any)
and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d) of this Agreement), notice of such determination. Any such determination may be relied upon and shall
be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee. Notwithstanding the foregoing, the Special
Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance,
and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions
shall remain with the Master Servicer or the Trustee, as applicable. If the Special Servicer makes a determination that only a
portion, and not all, of any previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance, the Master Servicer
and the Trustee shall each have the right to make its own

 

     -259-

     

    

 

subsequent determination that any remaining portion of any such previously
made or proposed Servicing Advance is a Nonrecoverable Servicing Advance.

 

Any such Person may update or change
its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any such other
authorized Person from making a determination, that a Servicing Advance is a Nonrecoverable Advance) and (consistent with the Servicing
Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense of the Trust (and, in the case
of a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such
determination as to the recoverability of any Servicing Advance shall be conclusive and binding on the Certificateholders and the
Serviced Companion Loan Noteholders.

 

The Trustee, in determining whether
or not a Servicing Advance previously made is, or a proposed Servicing Advance, if made, would be, a Nonrecoverable Servicing Advance
shall use its reasonable judgment.

 

With respect to the payment of insurance
premiums and delinquent tax assessments, in the event that the Master Servicer determines that a Servicing Advance of such amounts
would constitute a Nonrecoverable Advance, the Master Servicer shall deliver notice of such determination to the Trustee, the Certificate
Administrator and the Special Servicer. Upon receipt of such notice, the Master Servicer (with respect to any Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is not a Specially Serviced Loan) and the Special Servicer (with
respect to any Specially Serviced Loan or REO Property) shall determine (with the reasonable assistance of the Master Servicer)
whether the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests
of the Certificateholders and, in the case of any Serviced Companion Loans, the related Serviced Companion Loan Noteholders (as
a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender
(and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature
of such Subordinate Companion Loan)). If the Master Servicer or the Special Servicer determines that the payment of such amount
(i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests of the Certificateholders and,
in the case of any Serviced Companion Loan, the related Serviced Companion Loan Noteholder, the Special Servicer (in the case of
a determination by the Special Servicer) shall direct the Master Servicer in writing to make such payment and the Master Servicer
shall make such payment, to the extent of available funds, from amounts in the Collection Account or, if a Serviced Whole Loan
is involved, from amounts in the applicable Serviced Whole Loan Collection Account.

 

Notwithstanding anything to the contrary
contained in this Section 3.21, the Master Servicer may elect (but shall not be required) to make a payment out of the Collection
Account to pay for certain expenses specified in this sentence notwithstanding that the Master Servicer has determined that a Servicing
Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless, with respect to Specially Serviced
Loans or Serviced REO Loans, the Special Servicer has notified the Master Servicer to not make such expenditure), where making
such expenditure would prevent (i) the related Mortgaged Property from being

 

     -260-

     

    

 

uninsured or being sold at a tax sale or (ii) any
event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related
Mortgage Loan; provided that in each instance, the Master Servicer determines in accordance with the Servicing Standard
(as evidenced by a certificate of a Servicing Officer delivered to the Trustee and the Certificate Administrator) that making such
expenditure is in the best interests of the Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced
Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into
account the subordinate nature of such Subordinate Companion Loan)). The Master Servicer may elect to obtain reimbursement of Nonrecoverable
Servicing Advances from the Trust Fund in accordance with Section 3.06 of this Agreement.

 

(e)       The
Master Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Servicing Advances made by any of
them to the extent permitted pursuant to Section 3.06 of this Agreement, if applicable, together with any related Advance
Interest Amount in respect of such Servicing Advances, and the Master Servicer, the Special Servicer and the Trustee each hereby
covenants and agrees to promptly seek and effect the reimbursement of such Servicing Advances from the related Borrowers to the
extent permitted by applicable law and the related Loan Documents.

 

The parties acknowledge that, pursuant
to the applicable Other Pooling and Servicing Agreement, the applicable Other Servicer is obligated to make Servicing Advances
with respect to the related Non-Serviced Mortgage Loan. The Other Servicer, the Other Special Servicer (to the extent it has made
an advance), the Other Trustee or fiscal agent or other Persons making advances under the applicable Other Pooling and Servicing
Agreement shall be entitled to reimbursement in accordance with Section 3.06(b) of this Agreement for the pro rata
portion (based on Stated Principal Balance) of the related Mortgage Loan (after amounts allocated to the related Subordinate Companion
Loan, if any) with respect to any Servicing Advance that is nonrecoverable (with, in each case, any pro rata portion of
accrued and unpaid interest thereon provided for under the Other Pooling and Servicing Agreement) in the manner set forth in the
Other Pooling and Servicing Agreement and the related Intercreditor Agreement, as applicable.

 

With respect to any Serviced Whole
Loan, if the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed Servicing Advance
with respect to such Serviced Whole Loan, if made, or any outstanding Servicing Advance with respect to any such Mortgage Loan
previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or the Trustee, as applicable, shall
provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement
with written notice of such determination, together with supporting evidence for such determination within two (2) Business Days
after such determination or such longer time period permitted by the applicable Intercreditor Agreement.

 

Section 3.22       Appointment
and Replacement of Special Servicer. (a) Rialto Capital Advisors, LLC is hereby appointed as the initial Special Servicer
to service each Specially Serviced Loan and related REO Property other than the Potomac Mills Mortgage Loan and AEGON USA
Realty Advisors, LLC is hereby appointed as the initial Potomac Mills

 

     -261-

     

    

 

Special Servicer to service the Potomac Mills Mortgage
Loan if it becomes a Specially Serviced Loan and related REO Property.

 

(b)       For
so long as no Control Termination Event has occurred and is continuing, the Directing Holder shall be entitled to terminate the
rights (subject to Section 3.05, Section 3.12 and Section 6.03(a) of this Agreement) and obligations of the
Special Servicer under this Agreement, with or without cause, and appoint a successor Special Servicer pursuant to Section 7.02
of this Agreement, upon ten (10) Business Days’ notice to the Special Servicer, the Master Servicer, the Paying Agent, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee; provided that, with
respect to any Serviced Whole Loan, the related Directing Holder’s right to terminate the rights and obligations of the Special
Servicer under this Agreement with respect to such Serviced Whole Loan shall be subject to the limitations set forth in the related
Intercreditor Agreement.

 

(c)       Following
the occurrence of a Consultation Termination Event, subject to the immediately succeeding paragraph, if the Operating Advisor determines
that the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the
Servicing Standard, the Operating Advisor shall deliver to the Trustee and to the Certificate Administrator, with a copy to the
Special Servicer, a written report setting forth the reasons supporting its recommendation (along with any information the Operating
Advisor considered relevant to its recommendation) and recommending a replacement special servicer; provided, that in no
event shall the information or any other content included in such written recommendation contravene any provision of this Agreement.
In such event, the Certificate Administrator shall promptly post notice to all Certificateholders of such recommendation and the
related report on the Certificate Administrator’s Website, and by mail (or through the DTC system, as applicable), and shall
conduct the solicitation of votes of all Certificates in such regard. Subsequently, upon (i) the written direction of Holders of
Sequential Pay Certificates evidencing at least a majority of the aggregate Voting Rights (taking into account the application
of any Realized Losses and Appraisal Reduction Amounts to notionally reduce the respective Certificate Balances) (which vote shall
occur not more than 180 days from the date the Certificate Administrator posts such recommendation on the Certificate Administrator’s
Website; provided that if such written direction is not provided within 180 days of the posting of the initial request for
a vote to terminate and replace the Special Servicer, then such written direction shall have no force and effect) and (ii) receipt
of a Rating Agency Confirmation from each Rating Agency with respect to the Certificates and, if such successor Special Servicer
shall also specially service a Serviced Whole Loan, any class of related Serviced Companion Loan Securities, by the Trustee following
satisfaction of the foregoing clause (i), the Trustee shall (x) terminate all of the rights and obligations of the Special Servicer
under this Agreement and appoint a successor Special Servicer approved by the Certificateholders; provided such termination
is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and other compensation,
reimbursement of advances and other rights set forth in this Agreement which survive termination and (y) promptly notify such outgoing
Special Servicer of the effective date of such termination. The reasonable out-of-pocket costs and expenses associated with administering
such vote shall be an Additional Trust Fund Expense. If the Trustee does not receive at least 50% of the requested votes, then
the Trustee shall not remove the Special Servicer. Prior to the appointment of any replacement special servicer, such replacement
special servicer shall have agreed to succeed to the obligations of the Special

 

     -262-

     

    

 

Servicer under this Agreement and to act as the
Special Servicer’s successor hereunder. No penalty or fee shall be payable to the terminated Special Servicer with respect
to any termination pursuant to this Section 3.22(c). Notwithstanding the foregoing, the Certificateholder’s direction
to remove the applicable Special Servicer shall not apply to any Serviced AB Whole Loan for which the holder of the related AB
Subordinate Companion Loan is not subject to a Potomac Mills Control Appraisal Period.

 

(d)       If
a Control Termination Event has occurred and is continuing and upon (a) the written direction of holders of Sequential Pay Certificates
evidencing not less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally
reduce the Certificate Balances of the Certificates pursuant to Section 4.08 of this Agreement) of the Sequential Pay Certificates
requesting a vote to replace the Special Servicer with a new special servicer designated in such written direction, (b) payment
by such holders to the Certificate Administrator of the reasonable fees and expenses (including any legal fees and any Rating Agency
fees and expenses) to be incurred by the Certificate Administrator in connection with administering such vote and (c) delivery
by such holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation from each Rating Agency with respect
to the Certificates and, if such successor Special Servicer shall also specially service a Serviced Whole Loan, any class of related
Serviced Companion Loan Securities, the Certificate Administrator shall promptly provide written notice to all Certificateholders
of such request by posting such notice on the Certificate Administrator’s Website, and by mail (or through the DTC system,
as applicable), and conduct the solicitation of votes of all Certificates in such regard. Subsequently, if a Control Termination
Event has occurred and is continuing, upon the written direction of (i) holders of Sequential Pay Certificates evidencing at least
75% of a Certificateholder Quorum of Certificates or (ii) holders of Non-Reduced Certificates evidencing more than 50% of the Voting
Rights of each Class of Non-Reduced Certificates, the Trustee shall (x) terminate all of the rights and obligations of the Special
Servicer under this Agreement and appoint the successor Special Servicer designated by such Certificateholders, provided
such termination is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and
other compensation, reimbursement of advances and other rights set forth in this Agreement which survive termination and (y) promptly
notify such outgoing Special Servicer of the effective date of such termination; provided that if such written direction
is not provided within 180 days of the notice from the Certificate Administrator of the request for a vote to terminate and replace
the Special Servicer, then such written direction shall have no force and effect. The reasonable fees and out-of-pocket costs associated
with administering such vote shall be an Additional Trust Fund Expense. The Certificate Administrator shall include on each Distribution
Date Statement a statement that each Certificateholder and Certificate Owner may access notices on the Certificate Administrator’s
Website and each Certificateholder and Certificate Owner may register to receive email notifications when such notices are posted
on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement
from the requesting Certificateholders for the reasonable expenses of posting such notices.

 

(e)       The
Trustee shall, promptly after receiving any removal notice pursuant to Section 3.22(b) of this Agreement or direction to
terminate pursuant to Section 3.22(c) or Section 3.22(d) of this Agreement, so notify the Certificate Administrator,
the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly

 

     -263-

     

    

 

post such notice
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). The termination of the
Special Servicer and appointment of a successor Special Servicer pursuant to this Section 3.22 shall not be effective until
(i) the Trustee receives from each Rating Agency a Rating Agency Confirmation or, if such successor Special Servicer shall also
specially service a Serviced Whole Loan, a Serviced Companion Loan Rating Agency Confirmation, (ii) the successor special servicer
has assumed all of its responsibilities, duties and liabilities hereunder pursuant to a writing reasonably satisfactory to the
Trustee, (iii) receipt by the Trustee of an Opinion of Counsel to the effect that (x) the designation of such replacement to serve
as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the terms of this Agreement and
(z) this Agreement will be enforceable against such replacement in accordance with its terms, (iv) the replacement Special Servicer
certifies that such replacement special servicer satisfies all related qualifications set forth in the Intercreditor Agreement
relating to such Serviced Companion Loan and (v) receipt by the Certificate Administrator (with a confirmation of such receipt
delivered to the Trustee) of notice and information required to be delivered by the successor Special Servicer under Section
10.03 of this Agreement. Any successor Special Servicer shall make the representations and warranties provided for in Section
2.04(b) of this Agreement mutatis mutandis. In no event may a successor Special Servicer be a current or former Operating
Advisor or any Affiliate of such current or former Operating Advisor or a current or former Asset Representations Reviewer. Further,
such successor shall be a Person that (i) satisfies all of the eligibility requirements applicable to the Special Servicer contained
in this Agreement, (ii) is not the Operating Advisor, the Asset Representations Reviewer or an affiliate of the Operating Advisor
or the Asset Representations Reviewer, (iii) is not obligated or allowed to pay the Operating Advisor any fees or otherwise compensate
the Operating Advisor (x) in respect of its obligations under this Agreement or (y) for the appointment of the successor Special
Servicer or the recommendation by the Operating Advisor for the replacement Special Servicer to become the Special Servicer, (iv)
is not entitled to receive any compensation from the Operating Advisor other than compensation that is not material and is unrelated
to the Operating Advisor’s recommendation that such party be appointed as the replacement special servicer, (v) is not entitled
to receive any fee from the Operating Advisor for its appointment as successor Special Servicer, in each case, unless expressly
approved by 100% of the Certificateholders, (vi) is not a special servicer that has been cited by Moody’s as having servicing
concerns as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch
status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable
servicer prior to the time of determination, (vii) currently has a special servicer rating of at least “CSS3” from
Fitch, and (viii) either (A) has a then current ranking by Morningstar equal to or higher than “MOR CS3” as a special
servicer or (B)(1) such special servicer is acting as special servicer in a commercial mortgage loan securitization that was rated
by a Rating Agency within the twelve month period prior to the date of determination and (2) Morningstar has not qualified, downgraded
or withdrawn the then-current rating or ratings of one or more classes of certificates citing servicing concerns with the special
servicer as the sole or material factor in such rating action. In addition, any replacement Special Servicer that will service
any Serviced Whole Loan shall meet any requirements specified in the related Intercreditor Agreement or, if applicable, the related
Other Pooling and Servicing Agreement.

 

The existing Special Servicer shall
be deemed to have been removed simultaneously with such designated Person’s becoming the Special Servicer hereunder;

 

     -264-

     

    

 

provided,
that the Special Servicer removed pursuant to this Section shall be entitled to receive, and shall have received, all amounts accrued
or owing to it under this Agreement on or prior to the effective date of such resignation and it shall continue to be entitled
to any rights that accrued prior to the date of such resignation (including the right to receive all fees, expenses and other amounts
accrued or owing to it under this Agreement, plus the right to receive any Workout Fee specified in Section 3.12(b) of this
Agreement if the Special Servicer is terminated and any indemnification rights that the Special Servicer is entitled to pursuant
to Section 6.03(a) of this Agreement) notwithstanding any such removal. Such removed Special Servicer shall cooperate with
the Trustee and the replacement Special Servicer in effecting the termination of the resigning Special Servicer’s responsibilities
and rights hereunder, including without limitation the transfer within two Business Days to the successor Special Servicer for
administration by it of all cash amounts that are thereafter received with respect to the Mortgage Loans and, if applicable, Whole
Loans.

 

(f)       The
appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations
to make Advances as set forth herein; provided, that neither the Trustee nor the Master Servicer shall be liable for any
actions or any inaction of such successor Special Servicer. Any termination fee payable to the terminated Special Servicer (and
it is acknowledged that there is no such fee payable in the event of a termination for breach of this Agreement) shall be paid
by the Certificateholders or the Directing Holder, as applicable, so terminating the Special Servicer and shall not in any event
be an expense of the Trust Fund or any Serviced Companion Loan Noteholder (unless such Serviced Companion Loan Noteholder is the
Directing Holder).

 

(g)       If
a replacement special servicer is appointed with respect to a Serviced Whole Loan or any related Serviced REO Property in accordance
with this Section 3.22 such that there are multiple parties acting as Special Servicer hereunder, then, unless the context
clearly requires otherwise: (i) when used in the context of imposing duties and obligations on the Special Servicer hereunder or
the performance of such duties and obligations, the term “Special Servicer” shall mean the applicable Serviced Whole
Loan Special Servicer, insofar as such duties and obligations relate to the subject Serviced Whole Loan or any related Serviced
REO Property, and shall mean the General Special Servicer (as defined below in clause (h)), in all other cases (provided,
that in Section 3.14 and Article VII of this Agreement, the term “Special Servicer” shall mean each of
the Serviced Whole Loan Special Servicers and the General Special Servicer); (ii) when used in the context of identifying the recipient
of any information, funds, documents, instruments and/or other items, the term “Special Servicer” shall mean the applicable
Serviced Whole Loan Special Servicer, insofar as such information, funds, documents, instruments and/or other items relate to the
subject Serviced Whole Loan or any related Serviced REO Property, and shall mean the General Special Servicer, in all other cases;
(iii) when used in the context of granting the Special Servicer the right to purchase Defaulted Mortgage Loans pursuant to Section
3.16 of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (iv) when
used in the context of granting the Special Servicer the right to purchase all of the Mortgage Loans and all other property held
by the Trust Fund pursuant to Section 9.01 of this Agreement, the term “Special Servicer” shall mean the General
Special Servicer only; (v) when used in the context of the Special Servicer being replaced pursuant to this Section 3.22
by the applicable Directing Holder, the term “Special Servicer” shall mean the General Special Servicer or the
Serviced Whole Loan Special Servicer, if applicable; (vi) when

 

     -265-

     

    

 

used in the context of granting the Special Servicer any protections,
limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer” shall mean each of the
Serviced Whole Loan Special Servicers and the General Special Servicer; and (vii) when used in the context of requiring indemnification
from, imposing liability on, or exercising any remedies against, the Special Servicer for any breach of a representation, warranty
or covenant hereunder or for any negligence, bad faith or willful misconduct in the performance of duties and obligations hereunder
or any negligent disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any of the
foregoing, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer or the General
Special Servicer, as applicable.

 

(h)       References
in this Section 3.22 to “General Special Servicer” mean the Person performing the duties and obligations of
special servicer with respect to the Mortgage Pool (exclusive of any Whole Loan or related REO Property as to which a different
Serviced Whole Loan Special Servicer has been appointed with respect thereto).

 

(i)       An
AB Whole Loan Controlling Holder shall have the right, prior to the occurrence and continuance of a Potomac Mills Control Appraisal
Period, to replace the applicable Special Servicer solely with respect to the related AB Whole Loan, so long as (A) each Rating
Agency delivers a Rating Agency Confirmation; (B) the successor special servicer has assumed in writing (from and after the date
such successor special servicer becomes the Special Servicer) all of the responsibilities, duties and liabilities of such Special
Servicer under this Agreement from and after the date it becomes the applicable Special Servicer as they relate to any AB Whole
Loan pursuant to an assumption agreement reasonably satisfactory to the Certificate Administrator; and (C) the Certificate Administrator
shall have received an opinion of counsel reasonably satisfactory to the Certificate Administrator to the effect that (x) the designation
of such replacement to serve as a Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by
the terms of this Agreement with respect to any AB Whole Loan, and (z) subject to customary qualifications and exceptions, this
Agreement will be enforceable against such replacement in accordance with the terms hereof.

 

(j)       No
penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section
3.22. All costs and expenses of any such termination made without cause shall be paid by the Controlling Class Certificateholders.

 

Notwithstanding anything to the contrary
contained in this Section 3.22, with respect to any Excluded Special Servicer Mortgage Loan, if any, the Special Servicer
shall resign with respect to such Excluded Special Servicer Mortgage Loan. Prior to the occurrence and continuance of a Control
Termination Event, if the Excluded Special Servicer Mortgage Loan is not also an Excluded Mortgage Loan, the Controlling Class
Representative shall appoint (and replace with or without cause) the Excluded Special Servicer, as successor to the resigning Special
Servicer, for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. If such Excluded Special Servicer
Mortgage Loan is also an Excluded Mortgage Loan, the largest Controlling Class Certificateholder (by Certificate Balance) that
is not an Excluded Controlling Class Holder shall appoint (and replace with or without cause) the Excluded Special Servicer for
the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. If a Control Termination Event has occurred
and is continuing, neither the Controlling Class Representative nor any other Controlling Class Certificateholder

 

     -266-

     

    

 

shall be entitled
to remove or replace the Excluded Special Servicer with respect to any Excluded Special Servicer Mortgage Loan. If a Control Termination
Event has occurred and is continuing and prior to a Consultation Termination Event, the largest Controlling Class Certificateholder
that is not an Excluded Controlling Class Certificateholder shall have the right to appoint the Excluded Special Servicer.

 

If a Consultation Termination Event
has occurred and is continuing, upon resignation of the Special Servicer with respect to an Excluded Special Servicer Mortgage
Loan, such resigning Special Servicer shall use reasonable efforts to appoint the related Excluded Special Servicer. The Special
Servicer shall not have any liability with respect to the actions or inactions of the applicable Excluded Special Servicer or with
respect to the identity of the applicable Excluded Special Servicer.

 

If at any time the Special Servicer
that had acted as the Special Servicer for a Excluded Special Servicer Mortgage Loan prior to it becoming a Excluded Special Servicer
Mortgage Loan is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged Property becoming
REO Property) with respect to an Excluded Special Servicer Mortgage Loan, (1) the related Excluded Special Servicer shall resign,
(2) the related Mortgage Loan shall no longer be an Excluded Special Servicer Mortgage Loan, (3) such Special Servicer shall become
the Special Servicer again for such related Mortgage Loan and (4) such original Special Servicer shall be entitled to all special
servicing compensation with respect to such Mortgage Loan earned during such time on and after such Mortgage Loan is no longer
an Excluded Special Servicer Mortgage Loan.

 

The Excluded Special Servicer shall
perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Mortgage Loan and will be entitled
to all special servicing compensation with respect to such Excluded Special Servicer Mortgage Loan earned during such time as the
related Mortgage Loan is an Excluded Special Servicer Mortgage Loan (provided that the Special Servicer shall remain entitled
to all other special servicing compensation with respect all Mortgage Loans and Serviced Whole Loans that are not Excluded Special
Servicer Mortgage Loans during such time).

 

If a Servicing Officer or Special Servicing
Officer, as applicable, of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer, as applicable, has
actual knowledge that a Mortgage Loan is no longer an Excluded Mortgage Loan, an Excluded Controlling Class Mortgage Loan or an
Excluded Special Servicer Mortgage Loan, as applicable, the Master Servicer, the related Excluded Special Servicer or Special Servicer,
as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

Section 3.23       Transfer
of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report. (a) Upon the
occurrence of any event specified in the definition of Specially Serviced Loan with respect to any Mortgage Loan (other than
any Non-Serviced Mortgage Loan) or Serviced Whole Loan of which the Master Servicer may have notice, the Master Servicer
shall promptly give notice thereof to the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor, the Asset Representations Reviewer, the related Mortgage Loan Seller, if no Consultation Termination Event has
occurred and is continuing, the Directing Holder and, if applicable, the related Serviced Companion Loan Noteholders and
shall use efforts in accordance with the Servicing Standard to provide the

 

     -267-

     

    

 

Special Servicer with all information, documents
(but excluding the original documents constituting the Mortgage File) and records (including records stored electronically)
relating to such Mortgage Loan or Serviced Whole Loan, as applicable, and reasonably requested by the Special Servicer to
enable it to assume its duties hereunder with respect thereto without acting through a sub-servicer. The Master Servicer
shall use efforts in accordance with the Servicing Standard to comply with the preceding sentence within five Business Days
of the date it has notice of the occurrence of any event specified in the definition of Specially Serviced Loan and in any
event shall continue to act as Master Servicer and administrator of such Mortgage Loan or Serviced Whole Loan, until the
Special Servicer has commenced the servicing of such Mortgage Loan or Serviced Whole Loan, which shall occur upon the receipt
by the Special Servicer of the information, documents and records referred to in the preceding sentence. With respect to each
Mortgage Loan or Serviced Whole Loan that becomes a Specially Serviced Loan, the Master Servicer shall instruct the related
Borrower to continue to remit all payments in respect of such Mortgage Loan or Serviced Whole Loan to the Master Servicer.
The Master Servicer shall forward any notices it would otherwise send to the Borrower of a Specially Serviced Loan to the
Special Servicer, who shall send such notice to the related Borrower.

 

Upon determining that a Specially Serviced
Loan has become a Corrected Mortgage Loan, the Special Servicer shall immediately give notice thereof to the Master Servicer, and
upon giving such notice, such Mortgage Loan or Serviced Whole Loan shall cease to be a Specially Serviced Loan in accordance with
the first proviso of the definition of Specially Serviced Loan, the Special Servicer’s obligation to service such Mortgage
Loan or Serviced Whole Loan shall terminate and the obligations of the Master Servicer to service and administer such Mortgage
Loan or Serviced Whole Loan as a Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced Loan shall resume.

 

(b)       In
servicing any Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within
the definition of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are in the
possession of the Special Servicer) and copies of any additional related Mortgage Loan information, including correspondence with
the related Borrower, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer as
well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer.

 

(c)       Not
later than two Business Days preceding each date on which the Master Servicer is required to furnish a report under Section
3.13(a) of this Agreement to the Certificate Administrator, the Special Servicer shall deliver to the Certificate Administrator,
with a copy to the Trustee, the Operating Advisor, the Asset Representations Reviewer and the Master Servicer, a written statement
describing, on a loan by loan basis, (i) the amount of all payments on account of interest received on each Specially Serviced
Loan, the amount of all payments on account of principal, including Principal Prepayments, on each Specially Serviced Loan, the
amount of Net Insurance Proceeds and Net Liquidation Proceeds received with respect to each Specially Serviced Loan, and with respect
to REO Properties, the amount of net income or net loss, as determined from management of a trade or business on, the furnishing
or rendering of a non-customary service to the tenants of, or the receipt of any rental income that does not constitute Rents from
Real Property with respect to the Serviced REO Property relating to each applicable Specially Serviced Loan, in each case in accordance
with Section 3.15 of this Agreement (it

 

     -268-

     

    

 

being understood and agreed that to the extent this information is provided in accordance
with Section 3.13(g) of this Agreement, this Section 3.23(c) shall be deemed to be satisfied) and (ii) such additional
information relating to the Specially Serviced Loans as the Master Servicer, the Certificate Administrator or the Trustee reasonably
request, to enable it to perform its duties under this Agreement. Such statement and information shall be furnished to the Master
Servicer in writing and/or in such electronic media as is acceptable to the Master Servicer.

 

(d)       Notwithstanding
the provisions of the preceding Section 3.23(c), the Master Servicer shall maintain ongoing payment records with respect
to each of the Specially Serviced Loans relating to a Mortgage Loan that it is servicing and shall provide the Special Servicer
and the Operating Advisor with any information reasonably required by the Special Servicer or the Operating Advisor to perform
its duties under this Agreement. The Special Servicer shall provide the Master Servicer with any information reasonably required
by the Master Servicer to perform its duties under this Agreement.

 

(e)       No
later than 60 days after a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan, the Special Servicer shall deliver
to the Master Servicer, the Controlling Class Representative (only if no Consultation Termination Event has occurred and is continuing),
with respect to the Potomac Mills Whole Loan, the Potomac Mills Subordinate Controlling Noteholder (but only for so long as no
Potomac Mills Control Appraisal Period has occurred and is continuing), with respect to any related Serviced Companion Loan, to
the extent the related Serviced Companion Loan has been included in a securitization transaction, to the master servicer of such
securitization into which the related Serviced Companion Loan has been sold or to the holder of the related Serviced Companion
Loan, the applicable Servicing Shift Companion Loan Directing Holder, the Operating Advisor (but only if a Control Termination
Event has occurred and is continuing), the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement), each related Serviced Companion Loan Noteholder,
and upon request, the Underwriters and the Initial Purchasers, a report (the “Asset Status Report”) with respect
to such Mortgage Loan or Serviced Whole Loan and the related Mortgaged Property; provided, the Special Servicer shall not
be required to deliver an Asset Status Report to the Directing Holder if the Special Servicer and the Directing Holder are the
same entity. A summary of each Asset Status Report shall be provided to the Certificate Administrator and the Trustee. Such Asset
Status Report shall set forth the following information to the extent reasonably determinable:

 

(i)    
   summary of the status of such Specially Serviced Loan and any negotiations with the related Borrower;

 

(ii)       a
discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the Servicing
Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other
collateral for the related Mortgage Loan or Serviced Whole Loan and whether outside legal counsel has been retained;

 

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

 

     -269-

     

    

 

(iv)      (A)
the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Mortgage Loan or Serviced
REO Property), (B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or
are being considered by the Special Servicer in connection with the proposed or taken actions;

 

(v)       the
status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Mortgage Loan, any proposed
workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults
under the related Mortgage Loan or Serviced Whole Loan;

 

(vi)      a
description of any amendment, modification or waiver of a material term of any ground lease (or, with respect to a leasehold interest
that is a space lease or an air rights lease, any such space lease or air rights lease) or franchise agreement;

 

(vii)     the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii)    an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net
present value calculation (including the applicable Calculation Rate used) and all related assumptions;

 

(ix)       the
appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together
with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an
explanation of those adjustments; and

 

(x)       such
other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

For so long as no Control Termination
Event has occurred and is continuing, if within 10 Business Days of receiving an Asset Status Report, the Directing Holder does
not disapprove such Asset Status Report in writing, the Directing Holder will be deemed to have approved such Asset Status Report
and the Special Servicer shall implement the recommended action as outlined in such Asset Status Report; provided, that
such Special Servicer may not take any action that is contrary to applicable law, this Agreement, the Servicing Standard (taking
into consideration the best interests of all the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced
Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into
account the subordinate nature of such Subordinate Companion Loan)), the terms of the applicable Loan Documents or any related
Intercreditor Agreement. For so long as

 

     -270-

     

    

 

no Control Termination Event has occurred and is continuing, if the Directing Holder disapproves
such Asset Status Report within such 10 Business Day period, the Special Servicer will revise such Asset Status Report and deliver
to the Directing Holder, the Master Servicer, the 17g-5 Information Provider (who shall promptly post such report to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and each related Serviced Companion
Loan Noteholder, a new Asset Status Report as soon as practicable, but in no event later than 30 days after such disapproval. The
Special Servicer shall revise such Asset Status Report as described above in this Section 3.23(e) until the Directing Holder
fails to disapprove such revised Asset Status Report in writing within 10 Business Days of receiving such revised Asset Status
Report or until the Special Servicer makes a determination consistent with the Servicing Standard, that such objection is not in
the best interests of all the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan
Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan)). In any event, for so long as no Control Termination Event has occurred
and is continuing, if the Directing Holder does not approve an Asset Status Report within 60 Business Days from the first submission
of an Asset Status Report, the Special Servicer may act upon the most recently submitted form of Asset Status Report if consistent
with the Servicing Standard. The Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered
and implement such report, provided such report shall have been prepared, reviewed and not rejected pursuant to the terms
of this Section, and in particular, shall modify and resubmit such Asset Status Report to the Directing Holder (with a copy to
the Trustee and the Certificate Administrator) if (i) the estimated sales proceeds, foreclosure proceeds, workout or restructure
terms or anticipated debt forgiveness varies materially from the amount on which the original report was based or (ii) the related
Borrower becomes the subject of bankruptcy proceedings. Notwithstanding the foregoing, the Special Servicer (i) may, following
the occurrence of an extraordinary event with respect to the related Mortgaged Property, take any action set forth in such Asset
Status Report before the expiration of a 10 Business Day period if the Special Servicer has reasonably determined that failure
to take such action would materially and adversely affect the interests of the Certificateholders and, with respect to any Serviced
Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), and it has made a reasonable effort
to contact the Directing Holder and, if any Serviced Whole Loan is involved, the related Serviced Companion Loan Noteholders and
(ii) in any case, shall determine whether such affirmative disapproval is not in the best interests of all the Certificateholders
and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such
Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any
Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion
Loan)) pursuant to the Servicing Standard, and, upon making such determination, shall implement the recommended action outlined
in the Asset Status Report. The Asset Status Report is not intended to replace or satisfy any specific consent or approval right
which the Directing Holder may have. Any Asset Status Report delivered with respect to an Excluded Controlling Class

 

     -271-

     

    

 

Mortgage Loan
shall be sent via email (or such other electronic means mutually acceptable to the parties) in one or more separate files labeled
by the Special Servicer “Excluded Information” followed by the applicable loan number and loan name to cmbsexcludedinformation@wellsfargo.com.

 

The Special Servicer shall have the
authority to meet with the Borrower for any Specially Serviced Loan and take such actions consistent with the Servicing Standard
and the related Asset Status Report. The Special Servicer shall not take any action inconsistent with the related Asset Status
Report, unless such action would be required in order to act in accordance with the Servicing Standard, this Agreement, applicable
law or the related Loan Documents.

 

During the period when a Control Termination
Event has occurred and is continuing, the Special Servicer shall consult on a non-binding basis with the Operating Advisor in connection
with each Asset Status Report prior to finalizing and executing such Asset Status Report and the Operating Advisor shall propose,
by written notice, alternative courses of action within 10 days of receipt of each Asset Status Report to the extent the Operating
Advisor determines such alternatives to be in the best interest of the Certificateholders (including any Certificateholders that
were previously included in the Control Eligible Certificates), as a collective whole as if such Certificateholders constituted
a single lender. This determination shall be made pursuant to the Operating Advisor Standard. The Special Servicer shall consider
any such proposals from the Operating Advisor and determine whether any changes to its proposed Asset Status Report should be made,
such determination being made in accordance with the Servicing Standard and the other terms of this Agreement. In addition, with
respect to a Serviced Whole Loan, such Asset Status Reports are subject to any non-binding consultation rights, if any, that the
holders of the related Pari Passu Companion Loans have pursuant to the related Intercreditor Agreement.

 

During the period when a Control Termination
Event has occurred and is continuing and for so long as no Consultation Termination Event has occurred and is continuing, the Special
Servicer shall consult on a non-binding basis with the Directing Holder in connection with each Asset Status Report prior to finalizing
and executing such Asset Status Report and the Directing Holder shall have the right to propose, by written notice, alternative
courses of action within 10 days of receipt of each Asset Status Report. The Special Servicer shall consider any such proposals
from the Directing Holder and determine whether any changes to its proposed Asset Status Report should be made, such determination
being made in accordance with the Servicing Standard and the other terms of this Agreement.

 

If neither the Operating Advisor nor
the Directing Holder proposes alternative courses of action within 10 days after receipt of such Asset Status Report, the Special
Servicer shall implement the Asset Status Report as proposed by the Special Servicer.

 

Notwithstanding anything to the contrary
herein, if a Consultation Termination Event has occurred and is continuing, the Directing Holder shall have no right to receive
any Asset Status Report or otherwise consult with the Special Servicer with respect to any matter set forth therein. If a Control
Termination Event has occurred and is continuing, the Directing Holder shall have no right to consent to any Asset Status Report
under this Section 3.23.

 

     -272-

     

    

 

No direction, advice, consent, approval
or disapproval of the Directing Holder or Operating Advisor shall (a) require, permit or cause the Special Servicer to violate
the terms of a Specially Serviced Loan, any related Intercreditor Agreement, applicable law or any provision of this Agreement,
including, but not limited to, Section 3.09, Section 3.16, Section 3.18 and Section 3.25 and the Special
Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status of the Lower-Tier
REMIC and the Upper-Tier REMIC and the Grantor Trust status of the Grantor Trust, or (b) result in the imposition of a “prohibited
transaction” or “contribution” tax under the REMIC Provisions, or (c) expose the Master Servicer, the Special
Servicer, the Depositor, the Trust Fund, the Certificate Administrator, the Paying Agent, the Operating Advisor, the Trustee or
their respective officers, directors, employees or agents to any claim, suit or liability or (d) materially expand the scope of
the Special Servicer’s, Certificate Administrator’s, Trustee’s or the Master Servicer’s responsibilities
under this Agreement. The Special Servicer shall not be required to follow any direction of the Directing Holder described in this
paragraph.

 

Notwithstanding the foregoing, with
respect to a Serviced Subordinate Companion Loan, the applicable Special Servicer shall prepare an Asset Status Report for any
Serviced AB Whole Loan, within 60 days upon it becoming a Specially Serviced Loan pursuant to this Agreement and the related Intercreditor
Agreement and, prior to the occurrence and continuance of a Potomac Mills Control Appraisal Period, the Controlling Class Representative
will have no approval rights over any such Asset Status Report, and the consent or approval rights with respect to such Asset Status
Report shall be as set forth in the related Intercreditor Agreement.

 

(f)       Unless
a Control Termination Event has occurred and is continuing, the Special Servicer shall deliver to the Operating Advisor only each
Final Asset Status Report.

 

Section 3.24 Special
Instructions for the Master Servicer and/or Special Servicer. (a) Prior to taking any action with respect to a Mortgage Loan
or a Serviced Whole Loan secured by Mortgaged Properties located in a “one-action” state, the Master Servicer or Special
Servicer, as applicable, shall consult with legal counsel, the fees and expenses of which shall be an expense of the Trust Fund
(and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of
the related Intercreditor Agreement).

 

(b)       The
Master Servicer shall send written notice to each Borrower (other than with respect to a Non-Serviced Mortgage Loan) and the related
Manager and clearing bank relating to a Mortgage Loan (other than with respect to a Non-Serviced Mortgage Loan) that it is servicing
that, if applicable, it and/or the Trustee has been appointed as the “Designee” of the “Lender” under any
related Lock-Box Agreement.

 

(c)       Without
limiting the obligations of the Master Servicer hereunder with respect to the enforcement of a Borrower’s obligations under
the related Loan Documents, the Master Servicer agrees that it shall, in accordance with the Servicing Standard, enforce the provisions
of the Loan Documents relating to the Mortgage Loans (other than with respect to a Non-Serviced Mortgage Loan) that it is servicing
with respect to the collection of Prepayment Premiums and Yield Maintenance Charges.

 

     -273-

     

    

 

(d)       If
a Rating Agency shall charge a fee in connection with providing a Rating Agency Confirmation, the Master Servicer shall require
the related Borrower (other than with respect to a Non-Serviced Mortgage Loan) to pay such fee to the extent not inconsistent with
the applicable Loan Documents. If such fee remains unpaid, such fee shall be an expense of the Trust Fund (allocated as an Additional
Trust Fund Expense in the same manner as Realized Losses as set forth in Section 4.01(e) of this Agreement) and, (1) in
the case of a Serviced Pari Passu Whole Loan with a Serviced Pari Passu Companion Loan (but not a Subordinate Companion Loan),
allocated in accordance with the allocation provisions of the related Intercreditor Agreement, the costs of which may be advanced
as a Servicing Advance.

 

(e)       The
Master Servicer shall, in accordance with the Servicing Standard, use commercially reasonable efforts to exercise on behalf of
the Trust any right of the Trust to recover any amounts owed by the Serviced Companion Loan Noteholders to the Trust Fund pursuant
to the related Intercreditor Agreement (but in the case of any Serviced Subordinate Companion Loan, subject to Section 1.02).
The cost of such enforcement on behalf of the Trust shall be paid and reimbursable as a Servicing Advance.

 

(f)       With
respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan with a Stated Principal Balance equal
to or greater than the lesser of 5% of the Stated Principal Balance of all Mortgage Loans held by the Trust Fund and $35,000,000,
or with respect to any Mortgage Loan that is one of the ten largest Mortgage Loans based on Stated Principal Balance, to the extent
not inconsistent with the related Mortgage Loan or Serviced Whole Loan, the Master Servicer shall not consent to a change of franchise
affiliation with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) serviced
hereunder or the property manager with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced
Mortgage Loan) serviced hereunder unless the Master Servicer obtains a Rating Agency Confirmation relating to the Certificates
and Serviced Companion Loan Securities, if any.

 

Section 3.25 Certain
Rights and Obligations of the Master Servicer and/or the Special Servicer. (a) In addition to its rights and obligations with
respect to Specially Serviced Loans, the Special Servicer has the right, whether or not the applicable Mortgage Loan (other than
a Non-Serviced Mortgage Loan) is a Specially Serviced Loan, to process or approve (i) certain modifications to the extent described
under Section 3.26 of this Agreement and (ii) certain waivers of due-on-sale or due-on-encumbrance clauses as described above
under Section 3.09 of this Agreement. With respect to Performing Loans (other than Non-Serviced Mortgage Loans), the Master
Servicer shall notify the Special Servicer of any request for approval (a “Request for Approval”) received
relating to the Special Servicer’s above-referenced processing or approval rights and, unless the Special Servicer and the
Master Servicer mutually agree that the Master Servicer shall process such request, the Master Servicer shall take no further
action, and shall have no obligation to take any further action other than to cooperate with the Special Servicer to the extent
required pursuant to the terms of this Agreement, with respect to such borrower request. If the Special Servicer and the Master
Servicer mutually agree that the Master Servicer shall process such borrower request, the Master Servicer shall prepare and forward
to the Special Servicer its written recommendation and analysis and any other information or documents reasonably requested by
the Special Servicer (to the extent such information or documents are in the Master Servicer’s possession). Subject to Section
3.09(h) of

 

     -274-

     

    

 

this Agreement, the Special Servicer shall have 15 Business Days (from the date that the Special Servicer receives the information
it requested from the Master Servicer) to analyze and make a recommendation with respect to a Request for Approval with respect
to a Performing Loan and, prior to the end of such 15 Business Day period, for so long as no Control Termination Event has occurred
and is continuing, is required to notify the Directing Holder and each Serviced Companion Loan Noteholder of such Request for Approval
and its recommendation with respect thereto. Following such notice, the Directing Holder shall have 10 Business Days from the date
it receives the Special Servicer recommendation and any other information it may reasonably request to approve any recommendation
of the Special Servicer relating to any Request for Approval. In any event, if the Directing Holder does not respond to a Request
for Approval by 5 p.m. on the 10th Business Day after such request, the Special Servicer or the Master Servicer, as applicable,
may deem such Request for Approval or recommendation, as the case may be, approved by the Directing Holder and if the Special Servicer
does not respond to a Request for Approval within the required 15 Business Days (or such longer period as provided under a related
Intercreditor Agreement but not less than five (5) Business Days after the time period set forth therein for Directing Holder approval),
the Master Servicer may deem its recommendation approved by the Special Servicer. With respect to a Specially Serviced Loan, the
Special Servicer must notify the Directing Holder of any Request for Approval received relating to the Directing Holder’s
above-referenced approval rights and its recommendation with respect thereto. The Directing Holder shall have 10 Business Days
(after receipt of all information reasonably requested) to approve any recommendation of the Special Servicer relating to any such
Request for Approval. In any event, if the Directing Holder does not respond to any such Request for Approval by 5 p.m. on the
10th Business Day after such request, the Special Servicer may deem its recommendation approved by the Directing Holder. Notwithstanding
the foregoing, (i) with respect to any Whole Loan, the procedure and timing for approval by the Directing Holder (to the extent
it is the related Companion Loan Noteholder) of the related Request for Approval shall be governed by the terms of the related
Intercreditor Agreement and (ii) if the Special Servicer determines that immediate action is necessary to protect the interests
of the Certificateholders and, with respect to any Serviced Whole Loan, the Certificateholders and the related Serviced Companion
Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan) and the Special Servicer has made a reasonable effort to contact the Directing
Holder, it need not wait for a response from the Directing Holder.

 

(b)       Notwithstanding
any other provision of this Agreement, neither the Master Servicer nor the Special Servicer shall be required to take or refrain
from taking any action pursuant to instructions from the Directing Holder or a Non-Directing Holder, or due to any failure to approve
an action by the Directing Holder or a Non-Directing Holder, or due to any objection by the Directing Holder or a Non-Directing
Holder that would (i) cause any one of them to violate applicable law, the terms of any Loan Documents, any Intercreditor Agreement,
including the Servicing Standard, or the REMIC Provisions of the Code, (ii) expose the Master Servicer, the Special Servicer, the
Depositor, the Paying Agent, a Mortgage Loan Seller, the Trust Fund, the Operating Advisor, the Asset Representations Reviewer,
the Trustee, the Certificate Administrator (in any of its capacities), or the Custodian or their respective Affiliates, officers,
directors, employees or agents to any claim, suit or liability, (iii) materially expand the

 

     -275-

     

    

 

scope of the Master Servicer’s
or the Special Servicer’s responsibilities, or (iv) cause the Master Servicer or the Special Servicer to act, or fail to
act, in a manner that is not in the best interests of the Certificateholders.

 

(c)       The
Master Servicer and the Special Servicer, as applicable, shall discuss with the Directing Holder, on a monthly basis, the performance
of any Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan, which is delinquent, has been placed on a “Watch
List” or has been identified by the Master Servicer or the Special Servicer as exhibiting deteriorating performance.

 

Section 3.26       Modification,
Waiver, Amendment and Consents. (a) Subject to Sections 3.25, 3.26(f) and 3.27, and, if applicable,
each Intercreditor Agreement, (i) with respect to any Mortgage Loan that is not a Specially Serviced Loan and actions that do
not involve Major Decisions or Special Servicer Decisions (other than the items listed in clause (e)(i) and clause
(e)(ii) of Special Servicer Decisions, which the Master Servicer shall process, subject to the Special Servicer’s
consent or deemed consent as set forth in Section 3.09 and Section 3.26(n)), the Master Servicer or (i)(A) with
respect to any Specially Serviced Loans or (B) as to Major Decisions or Special Servicer Decisions (other than the items
listed in clause (e)(i) and clause (e)(ii) of Special Servicer Decisions, which the Master Servicer shall
process, subject to the Special Servicer’s consent or deemed consent as set forth in Section 3.09 and Section
3.26(m)) irrespective of whether such Mortgage Loan is a Specially Serviced Loan, in each case subject to the rights of
the Directing Holder and, in the case of the Special Servicer, consultation with the Operating Advisor (if no Control
Termination Event has occurred and is continuing and to the extent the Operating Advisor has consultation rights pursuant to Section
3.23(e), Section 3.31 and Section 6.07 of this Agreement), may modify, waive, amend, consent or take such
other action with respect to any term of any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan
if such modification, waiver, amendment, consent or other action (A) is consistent with the Servicing Standard and (B) would
not constitute a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury
Regulations Section 1.860G-2(b) and would not otherwise cause an Adverse REMIC Event; provided, however, that
notwithstanding the foregoing, the Master Servicer and Special Servicer may mutually agree as set forth in Section 3.25 that
the Master Servicer will process any of the foregoing matters that are Major Decisions or Special Servicer Decisions with
respect to any Mortgage Loan that is not a Specially Serviced Loan. Each of the Master Servicer and the Special Servicer may
conclusively rely on an Opinion of Counsel in meeting this requirement. In order to meet the foregoing requirements, in the
case of a release of real property collateral securing a Mortgage Loan, the Master Servicer or Special Servicer, as
applicable, shall observe the REMIC requirements of the Code with respect to a required payment of principal if the
loan-to-value ratio immediately after the release exceeds 125% with respect to the related real property collateral. In
connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the related
Mortgage or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power of
eminent domain or condemnation, if the Loan Documents require the Master Servicer or the Special Servicer, as applicable, to
calculate (or to approve the calculation of the related Borrower of) the loan-to-value ratio of the remaining Mortgaged
Property or Mortgaged Properties or the fair market value of the real property constituting the remaining Mortgaged Property
or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage Loan or Serviced

 

     -276-

     

    

 

Whole Loan, then such
calculation shall, unless permitted by the REMIC provisions, exclude the value of any personal property and going concern
value, if any as determined by an appropriate third party. If, following any such release or taking, the loan-to-value ratio
as so calculated is greater than 125%, the Master Servicer or Special Servicer, as applicable, shall require payment of
principal by a “qualified amount” as determined under Revenue Procedure 2010-30 or successor provisions, unless
the related Borrower provides an Opinion of Counsel that if such amount is not paid the related Mortgage Loan will not fail
to be a Qualified Mortgage.

 

(b)       Neither
the Master Servicer nor the Special Servicer may extend the Maturity Date of any Mortgage Loan, Serviced Whole Loan or Specially
Serviced Loan beyond the date that is the date occurring later than the earlier of (1) five years prior to the Rated Final Distribution
Date and (2) in the case of a Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan secured solely or primarily by the
related Borrower’s interest in a ground lease (or, with respect to a leasehold interest where the Borrower is the lessee
and that is a space lease or an air rights lease, such space lease or air rights lease), the date that is 20 years prior to the
expiration date of such ground lease (or, with respect to a leasehold interest where the Borrower is the lessee and that is a space
lease or an air rights lease, such space lease or air rights lease) (or 10 years prior to the expiration date of such lease if
the Master Servicer or the Special Servicer, as applicable gives due consideration to the remaining term of such ground lease (or,
with respect to a leasehold interest where the Borrower is the lessee and that is a space lease or an air rights lease, such space
lease or air rights lease) and such extension is in the best interest of the Certificateholders and, with respect to a Serviced
Whole Loan, the related Serviced Companion Loan Noteholder (as a collective whole as if such Certificateholders and (with respect
to a Serviced Whole Loan) Serviced Companion Loan Noteholder constituted a single lender (and with respect to any Serviced Whole
Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan))
and, if no Control Termination Event has occurred and is continuing, with the consent of the Directing Holder).

 

(c)       Neither
the Master Servicer nor the Special Servicer shall permit any Borrower to add or substitute any collateral for an outstanding Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, which collateral constitutes real property, unless the Master
Servicer or the Special Servicer, as applicable, shall have obtained a Rating Agency Confirmation relating to the Certificates
and Serviced Companion Loan Securities, if any.

 

(d)       Any
payment of interest, which is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes
hereof, including, without limitation, calculating monthly distributions to Certificateholders or, if applicable, Serviced Companion
Loan Noteholders, be added to the unpaid principal balance of the related Mortgage Loan or Serviced Whole Loan, notwithstanding
that the terms of such Mortgage Loan or Serviced Whole Loan or such modification, waiver or amendment so permit.

 

(e)       Except
for waivers of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments of the Mortgage
Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loans in accordance with this Section 3.26 or Section
3.27 of this Agreement (with respect to Serviced Whole Loans) shall be in writing.

 

     -277-

     

    

 

(f)        The
Master Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Directing
Holder (other than if a Consultation Termination Event has occurred and is continuing), the Operating Advisor (only if a Control
Termination Event has occurred and is continuing), the Depositor, the related Serviced Companion Loan Noteholder (if any) and the
17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement), in writing, of any modification, waiver, material consent or amendment of any term of any Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and the date thereof, and shall deliver to the Custodian
for deposit in the related Mortgage File, an original counterpart of the agreement relating to such modification, waiver, material
consent or amendment, promptly (and in any event within 10 Business Days) following the execution thereof.

 

(g)       The
Master Servicer or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by a Borrower
for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant
to the terms of the instruments evidencing or securing the related Mortgage Loan or Serviced Whole Loan and is permitted by the
terms of this Agreement and applicable law, require that such Borrower pay to it (i) as additional servicing compensation, a reasonable
and customary fee for the additional services performed in connection with such request (provided that the charging of such
fee would not constitute a “significant modification” of the related Mortgage Loan or Serviced Whole Loan within the
meaning of Treasury Regulations Section 1.860G-2(b)), and (ii) any related costs and expenses incurred by it. In no event shall
the Master Servicer or the Special Servicer be entitled to payment for such fees or expenses unless such payment is collected from
the related Borrower.

 

(h)       Notwithstanding
the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant to the defeasance provisions
of any Mortgage Loan or Serviced Whole Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations
Section 1.860G-2(a)(8) and satisfies the conditions set forth in Section 3.09(g) of this Agreement.

 

(i)        Notwithstanding
anything herein or in the related Loan Documents to the contrary (but subject to the consent rights and process set forth in Section
6.07(a) with respect to Major Decisions or Special Servicer Decisions), the Master Servicer may permit the substitution of
direct, non-callable “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of
1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government agency
securities if such securities are eligible defeasance collateral under then current guidelines of the Rating Agencies) for any
Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan (or any portion thereof) in lieu of the defeasance collateral specified in the related Loan Documents; provided
that, the Master Servicer reasonably determines that allowing their use would not cause a default or event of default under the
related Loan Documents to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense
of the Borrower to the extent permitted under the Loan Documents) to the effect that such use would not be and would not constitute
a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations

 

     -278-

     

    

 

Section
1.860G-2(b) and would not otherwise cause an Adverse REMIC Event and provided, that the requirements set forth in Section
3.09(g) of this Agreement are satisfied.

 

(j)        If
required under the related Loan Documents or if otherwise consistent with the Servicing Standard, the Master Servicer shall establish
and maintain one or more accounts, which may be sub-accounts of the Collection Account (the “Defeasance Accounts”),
into which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged Property shall
be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Loan Documents. Each Defeasance
Account shall at all times be an Eligible Account. Notwithstanding the foregoing, in no event shall the Master Servicer permit
such amounts to be maintained in the Defeasance Account for a period in excess of 12 months, unless such amounts are reinvested
by the Master Servicer in “government securities” within the meaning of Section 2(a)(16) of the Investment Company
Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required
or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received by it from defeasance
collateral substituted for any Mortgaged Property into the Collection Account or, if a Serviced Whole Loan is involved, the Serviced
Whole Loan Collection Account and treat any such payments as payments made on the Mortgage Loan or Serviced Whole Loan, as applicable,
in advance of its Due Date in accordance with clause (a) of the definition of Principal Distribution Amount, and not as a prepayment
of the related Mortgage Loan or Serviced Whole Loan. Notwithstanding anything herein to the contrary, in no event shall the Master
Servicer permit such amounts to be maintained in the Collection Account or, if a Serviced Whole Loan is involved, the Serviced
Whole Loan Collection Account for a period in excess of 365 days.

 

(k)       Any
right to take any action, grant or withhold any consent or otherwise exercise any right, election or remedy afforded the Directing
Holder under this Agreement may, unless otherwise expressly provided herein to the contrary, be affirmatively waived by the Directing
Holder by written notice given to the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable.
Upon delivery of any such notice of waiver given by the Directing Holder, any time period (exclusive or otherwise) afforded the
Directing Holder to exercise any such right, make any such election or grant or withhold any such consent shall thereupon be deemed
to have expired with the same force and effect as if the specific time period set forth in this Agreement applicable thereto had
itself expired. If the Master Servicer or Special Servicer determines that a refusal to consent by the Directing Holder or any
advice from the Directing Holder would cause the Master Servicer or Special Servicer, as applicable, to violate applicable law,
the terms of the applicable Loan Documents, any related Intercreditor Agreements, the REMIC Provisions or the terms of this Agreement,
including without limitation, the Servicing Standard, the Master Servicer or Special Servicer shall disregard such refusal to consent
or advice and notify the Directing Holder, the Trustee, the Certificate Administrator, the related Serviced Companion Loan Noteholder
(if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement) of its determination, including a reasonably detailed explanation of the
basis therefor.

 

(l)        Any
modification, waiver or amendment of or consents or approvals relating to a Mortgage Loan or Serviced Whole Loan that is a Specially
Serviced Loan or

 

     -279-

     

    

 

Serviced REO Loan (i) shall be performed by the Special Servicer and not the Master Servicer, (ii) to the extent
provided in this Agreement and/or the applicable Intercreditor Agreement, shall be subject to the consent of the related Directing
Holder, and (iii) shall be structured so as to be consistent with the allocation and payment priorities in the related Loan Documents
and Intercreditor Agreement, if any, such that neither the Trust as holder of the Mortgage Loan nor a holder of any related Serviced
Companion Loan gains a priority over the other such holder that is not reflected in the related Loan Documents and Intercreditor
Agreement.

 

(m)      In
addition, with respect to a Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer, prior to taking action
with respect to any Major Decision (or making a determination not to take action with respect to a Major Decision) or any Special
Servicer Decision, shall refer the request to the Special Servicer, which shall process the request directly or, if mutually agreed
to by the Special Servicer and the Master Servicer, the Master Servicer shall (subject to the consent of the Special Servicer)
process such request (other than the items listed in clause(e)(i) and clause (e)(ii) of Special Servicer Decisions,
which the Master Servicer shall process, subject to the Special Servicer’s consent or deemed consent as set forth in Section
3.09 and Section 3.26(m)). If the Master Servicer processes such request, the Master Servicer shall prepare and submit
its written recommendation and analysis to the Special Servicer with all information in the Master Servicer’s possession
that the Special Servicer may reasonably request in order to withhold or grant its consent, and in all cases the Special Servicer
shall be entitled (subject to the consultation rights of the Operating Advisor or the consent or consultation rights of the Directing
Holder) to approve or disapprove any modification, waiver or amendment that constitutes a Major Decision or Special Servicer Decision.
When the Special Servicer’s processing and/or consent is required hereunder, such consent shall be deemed given 15 Business
Days, or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than five (5) Business
Days after the time period set forth therein for Directing Holder approval, (or in connection with an Acceptable Insurance Default,
90 days) after receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s
written analysis and recommendation with respect to such proposed action together with such other information reasonably required
by the Special Servicer. With respect to all Specially Serviced Loans and Performing Loans (other than Non-Serviced Mortgage Loans),
the Special Servicer shall, prior to consenting to such a proposed action of the Master Servicer, and prior to itself taking such
an action, obtain the written consent of the related Directing Holder, which consent shall be deemed given 10 Business Days after
receipt (or in connection with an Acceptable Insurance Default, 30 days) (unless earlier objected to) by such Directing Holder
of the Master Servicer’s and/or Special Servicer’s, as applicable, written analysis and recommendation with respect
to such action together with such other information reasonably required by such Directing Holder.

 

(n)       For
the avoidance of doubt, and without limiting the generality of the foregoing, any request for the disbursement of earnouts or holdback
amounts with respect to (i) any Specially Serviced Loan shall be processed by the Special Servicer and (ii) any Mortgage Loan listed
on Exhibit Y received by the Master Servicer shall be processed by the Master Servicer and submitted to the Special Servicer
for approval. For purposes of this Agreement, “disbursement of earnouts or holdback amounts” shall mean the disbursement
or funding to a borrower of previously unfunded, escrowed or otherwise reserved portions of the loan proceeds of the applicable
Mortgage Loan until certain conditions precedent thereto relating to the

 

     -280-

     

    

 

satisfaction of performance-related criteria (i.e.,
project reserve thresholds, lease-up requirements, sales requirements, etc.), as set forth in the applicable loan documents, have
been satisfied.

 

(o)       The
Master Servicer shall provide the Special Servicer with any notice that it receives relating to a default by the borrower under
a ground lease where the collateral for the Mortgage Loan is the ground lease, and the Special Servicer will determine in accordance
with the Servicing Standard whether to cure any borrower defaults relating to ground leases.

 

Section 3.27       Certain
Intercreditor Matters Relating to the Serviced Whole Loans. (a) With respect to Serviced Whole Loans, except for those
duties to be performed by, and notices to be furnished by, the Trustee under this Agreement, the Master Servicer or the
Special Servicer, as applicable, shall perform such duties and furnish such notices, reports and information on behalf of the
Trust Fund as may be the obligation of the Trust, or the obligation of the master servicer or the special servicer, as
applicable, following securitization, under the related Intercreditor Agreement.

 

(b)       The
Master Servicer shall maintain a register (the “Serviced Companion Loan Noteholder Register”) on which the Master
Servicer shall record the names and addresses of the Serviced Companion Loan Noteholders and wire transfer instructions for such
Serviced Companion Loan Noteholders from time to time, to the extent such information is provided in writing to the Master Servicer
by a Serviced Companion Loan Noteholder. Each Serviced Companion Loan Noteholder has agreed to inform the Master Servicer of its
name, address, taxpayer identification number and wiring instructions (to the extent the foregoing information is not already contained
in the related Intercreditor Agreement) and of any transfer thereof (together with any instruments of transfer). The name and address
of each initial Serviced Companion Loan Noteholder as of the Closing Date is set forth on Schedule VII hereto. The Master
Servicer shall be entitled to conclusively rely upon the information delivered by any Serviced Companion Loan Noteholder until
it receives notice of transfer or of any change in information.

 

In no event shall the Master Servicer
be obligated to pay any party the amounts payable to a Serviced Companion Loan Noteholder hereunder other than the Person listed
as the applicable Serviced Companion Loan Noteholder on the Serviced Companion Loan Noteholder Register. In the event that a Serviced
Companion Loan Noteholder transfers the related Serviced Companion Loan without notice to the Master Servicer, the Master Servicer
shall have no liability whatsoever for any misdirected payment on such Serviced Companion Loan and shall have no obligation to
recover and redirect such payment.

 

The Master Servicer shall promptly
provide the names and addresses of any Serviced Companion Loan Noteholder to any party hereto, any related Companion Loan Noteholder
or any successor thereto upon written request, and any such party or successor may, without further investigation, conclusively
rely upon such information. The Master Servicer shall have no liability to any Person for the provision of any such names and addresses.

 

(c)       The
Directing Holder shall not owe any fiduciary duty to the Trustee, any Master Servicer, any Special Servicer, any Certificateholder
(including the Controlling Class Representative, if applicable) or any noteholder of a Serviced Whole Loan. The Directing

 

     -281-

     

    

 

Holder
will not have any liability to the Certificateholders (including the Controlling Class Representative, if applicable) or any other
noteholder of a Serviced Whole Loan, as applicable, for any action taken, or for refraining from the taking of any action or the
giving of any consent, pursuant to this Agreement, or for errors in judgment.

 

(d)       With
respect to any Serviced Whole Loan, the Directing Holder shall be entitled to exercise the consent rights, cure rights and purchase
rights, as applicable, to the extent set forth in the applicable Intercreditor Agreement, in accordance with the terms of the related
Intercreditor Agreement and this Agreement.

 

(e)       The
Special Servicer (if any Serviced Companion Loan is a Specially Serviced Loan or has become a Serviced REO Loan) or the Master
Servicer (otherwise), as applicable, shall take all actions relating to the servicing and/or administration of, and (subject to
Section 3.13 and Section 3.17 of this Agreement and the following paragraph) the preparation and delivery of reports
and other information with respect to, the Serviced Whole Loan related to any Serviced Companion Loan or any related Serviced REO
Property required to be performed by the holder of the related Mortgage Loan or contemplated to be performed by a servicer, in
any case pursuant to and as required by each related Intercreditor Agreement and/or any related mezzanine intercreditor agreement
existing on the Closing Date and any related Intercreditor Agreement or mezzanine intercreditor agreement not existing on the Closing
Date that is provided to the Master Servicer or Special Servicer, as applicable. In addition notwithstanding anything herein to
the contrary, the following considerations shall apply with respect to the servicing of a Serviced Companion Loan:

 

(i)        none
of the Master Servicer, the Special Servicer or the Trustee shall make any P&I Advance with respect to the Serviced Companion
Loan; and

 

(ii)       the
Master Servicer and the Special Servicer shall each consult with and obtain the consent of the related Serviced Companion Loan
Noteholder(s) to the extent required by the related Intercreditor Agreement.

 

The Master Servicer or Special Servicer,
as applicable, shall timely provide to each related Serviced Companion Loan Noteholder any reports or notices required to be delivered
to such Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement, and the Special Servicer shall reasonably
cooperate with the Master Servicer and the Master Servicer shall reasonably cooperate with the Special Servicer in preparing/delivering
any such report or notice with respect to special servicing matters.

 

If any Serviced Companion Loan or any
portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust” (within the meaning
of the Grantor Trust Provisions), then neither the Master Servicer nor the Special Servicer shall knowingly take any action that
would result in the equivalent of an Adverse REMIC Event with respect to such REMIC or adversely affect the tax status of such
grantor trust as a grantor trust.

 

The parties hereto acknowledge that
a Serviced Companion Loan Noteholder shall not (1) owe any fiduciary duty to the Trustee, the Certificate Administrator, the Master
Servicer, the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders for
any action taken, or for refraining from the taking of any action

 

     -282-

     

    

 

pursuant to the related Intercreditor Agreement or the giving
of any consent or for errors in judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed
its understanding that a Serviced Companion Loan Noteholder (i) may take or refrain from taking actions that favor its interests
or the interests of its affiliates over the Certificateholders, (ii) may have special relationships and interests that conflict
with the interests of the Certificateholders and shall be deemed to have agreed to take no action against a Serviced Companion
Loan Noteholder or any of its officers, directors, employees, principals or agents as a result of such special relationships or
conflicts, and (iii) shall not be liable by reason of its having acted or refrained from acting solely in its interest or in the
interest of its affiliates.

 

The parties hereto recognize and acknowledge
the respective rights of each Serviced Companion Loan Noteholder under the related Intercreditor Agreement. Each of the rights
of a Serviced Companion Loan Noteholder under or contemplated by this Section 3.27(e) may be exercisable by a designee thereof
on its behalf; provided that the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee are
provided with written notice by the related Serviced Companion Loan Noteholder of such designation (upon which such party may conclusively
rely) and the contact details of the designee.

 

Notwithstanding anything herein or
in the Intercreditor Agreement to the contrary, no direction or objection by the Serviced Companion Loan Noteholder may require
or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable
law, this Agreement, any Intercreditor Agreement or the REMIC Provisions, including without limitation the Master Servicer’s
or Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special
Servicer, the Depositor, a Mortgage Loan Seller, the Operating Advisor, the Asset Representations Reviewer, the Paying Agent, the
Trust Fund, the Certificate Administrator (in any of its capacities) or the Trustee to liability, or materially expand the scope
of the Master Servicer’s or Special Servicer’s responsibilities hereunder.

 

Any reference to servicing any of the
Mortgage Loans in accordance with any of the related Loan Documents (including the related Mortgage Note and Mortgage) shall also
mean, in the case of a Serviced Whole Loan, in accordance with the related Intercreditor Agreement.

 

To the extent not otherwise expressly
included herein, any provisions required to be included herein pursuant to any Intercreditor Agreement for a Serviced Whole Loan
or a Non-Serviced Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those provisions
as if set forth herein in full.

 

For purposes of exercising any rights
that the Directing Holder of the Mortgage Note for any Mortgage Loan in a Serviced Whole Loan may have under the related Intercreditor
Agreement, the Directing Holder shall be the designee of the Trust, as such noteholder, and the Trustee shall, upon request, take
such actions as may be necessary under the related Intercreditor Agreement to effect such designation. The Certificate Administrator
shall provide notice of the identity of the Controlling Class Representative (to the extent the Certificate Administrator has received
notice of a change in the identity of the Controlling Class Representative), upon request, to the other parties to the related
Intercreditor Agreement, to the extent the identity and contact

 

     -283-

     

    

 

information of such parties to such Intercreditor Agreement are
actually known to the Certificate Administrator.

 

All parties hereto further acknowledge
and agree that any AB Whole Loan Controlling Holder will have the right to replace the applicable Special Servicer solely with
respect to the related Serviced AB Whole Loan and shall be entitled to exercise all approval rights of the Directing Holder regarding
any Asset Status Report in respect of the Mortgage Loan or related REO Property, without regard to the occurrence of any Control
Termination Event or Consultation Termination Event with respect to the related Serviced AB Whole Loan, to the extent provided
for herein and in the related Intercreditor Agreement. As of the Closing Date, the AB Whole Loan Controlling Holder of the Potomac
Mills Whole Loan is Teachers Insurance and Annuity Association of America, a New York corporation.

 

(f)       With
respect to a Non-Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above described information
in Section 3.13(c) and Section 3.13(d) hereof to the same Persons as described above in Section 3.13(c) and
Section 3.13(d) and according to the same time frames as described above in Section 3.13(c) and Section 3.13(d),
to the extent such Master Servicer has timely received such information from the Other Servicer under the Other Pooling and Servicing
Agreement.

 

Promptly following the Closing Date,
the Certificate Administrator shall send written notice substantially in the form of Exhibit EE hereto, accompanied by a
copy of an executed version of this Agreement, with respect to each Non-Serviced Mortgage Loan to each applicable Other Servicer,
Other Special Servicer and Other Trustee stating that, as of the Closing Date, the Trustee is the holder of the applicable Non-Serviced
Mortgage Loan and directing each such recipient to remit to the Master Servicer no later than one (1) Business Day after each Determination
Date all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer no
later than one (1) Business Day after each Determination Date all reports, statements, documents, communications and other information
that are to be forwarded, delivered or otherwise made available to, the holder of the applicable Non-Serviced Mortgage Loan under
the related Intercreditor Agreement and Other Pooling and Servicing Agreement. Such notice shall also provide contact information
for the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Directing Holder, the 17g-5 Information
Provider and the Rating Agencies.

 

With respect to a Non-Serviced Mortgage
Loan, if the applicable Other Servicer, Other Special Servicer or Other Trustee shall be replaced in accordance with the terms
of the related Other Pooling and Servicing Agreement, promptly upon notice thereof, the applicable party to this Agreement that
receives such notice shall, upon request, acknowledge such successor as the successor to the Other Servicer, Other Special Servicer
or Other Trustee, as the case may be.

 

With respect to each Serviced Whole
Loan, the Master Servicer or the Special Servicer, as applicable, shall provide each Companion Loan Noteholder and, if applicable,
related Non- Directing Holder (or its designee or representative), within the same time frame and to the same extent it is required
to provide such information and materials to the Certificateholders or the Directing Holder, as applicable, hereunder with (1)
copies of each financial statement received by the Master Servicer pursuant to the terms of the related Loan

 

     -284-

     

    

 

Documents, (2) copies
of any notice of default sent to the Borrower and (3) subject to the terms of the Loan Documents, copies of any other documents
or information relating to the Serviced Whole Loan (including, without limitation, property inspection reports, loan servicing
statements, Borrower requests and asset status reports) that the Master Servicer delivers to the related Directing Holder and copies
of any other notice, information or report that it is required to provide to the Directing Holder pursuant to this Agreement with
respect to any Major Decision or with respect to any “major decisions” or “major actions” as set forth
in the related Intercreditor Agreement or the implementation of any recommended actions outlined in an Asset Status Report relating
to such Serviced Whole Loan. Any copies to be furnished by the Master Servicer or the Special Servicer may be furnished by hard
copy or electronic means.

 

(g)       With
respect to each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous
term defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement,
the Master Servicer, the Special Servicer, the Trustee and the Custodian, as applicable, shall reasonably cooperate with the Other
Asset Representations Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such asset review
by providing the Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested by
the Other Asset Representations Reviewer or such other requesting party (not at its own expense or the expense of the Trust but
at the expense of the related mortgage loan seller, such Other Asset Representations Reviewer or such other requesting party to
the Other Pooling and Servicing Agreement), but only to the extent that (i) Other Asset Representations Reviewer or such other
requesting party has not been able to obtain such documents from the related mortgage loan seller or any party to the related Other
Pooling and Servicing Agreement, and (ii) such documents are in the possession of the Master Servicer, the Special Servicer, the
Trustee or the Custodian, as the case may be. For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the
Trustee or the Custodian (i) shall have any further obligations with respect to any such asset review nor shall any such party
be bound by the results of any such asset review, or (ii) shall be obligated to provide such documents if providing such documents,
in its reasonable determination, would be a violation of this Agreement or any related Intercreditor Agreement.

 

(h)       With
respect to the Potomac Mills Mortgage Loan, the Master Servicer or the applicable Special Servicer shall provide access to, any
information relating to the Mortgage Loan, the related Borrower or the Mortgaged Property as the holder of the Potomac Mills Subordinate
Companion Loan may reasonably request and would be customarily in the possession of, or collected or known by, the Master Servicer
or applicable Special Servicer of mortgage loans similar to the Mortgage Loan and, in any event, all information that is required
to be provided to holders of the securities issued by the Trust Fund that includes other Mortgage Notes but not limited to standard
CREFC® reports and Asset Status Reports, provided that if an interest in the Serviced Subordinate Companion Loan
or the holder of the Serviced Subordinate Companion Loan is held by the related borrower or a Borrower Party, then the holder of
the Serviced Subordinate Companion Loan shall not be entitled to receive the Asset Status Report or any other information relating
to the applicable Special Servicer’s workout strategy.

 

(i)        At
any time that the holder of the Serviced Subordinate Companion Loan is not the Potomac Mills Whole Loan Directing Holder, (i) the
applicable Special Servicer shall

 

     -285-

     

    

 

be required to provide copies to the holder of the Serviced Subordinate Companion Loan of any
notice, information and report that is required to be provided to the Directing Holder pursuant to this Agreement with respect
to any Major Decisions to be taken with respect to the Potomac Mills Whole Loan or the implementation of any recommended action
outlined in an Asset Status Report relating to the Potomac Mills Whole Loan within the same time frame such notice, information
and report is required to be provided to the Directing Holder (for this purpose, without regard to whether such items are actually
required to be provided to the Directing Holder under this Agreement due to the occurrence of a Control Termination Event or a
Consultation Termination Event), and (ii) the applicable Special Servicer will be required to consult with the holder of the Serviced
Subordinate Companion Loan on a strictly non-binding basis, to the extent having received such notices, information and reports,
the holder of the Serviced Subordinate Companion Loan requests consultation with respect to any such Major Decisions or the implementation
of any recommended actions outlined in an Asset Status Report, and consider alternative actions recommended by the holder of the
Serviced Subordinate Companion Loan; provided that after the expiration of a period of ten (10) Business Days from the delivery
to the holder of the Serviced Subordinate Companion Loan by the applicable Special Servicer of written notice of a proposed action,
together with copies of the notice, information and reports, the applicable Special Servicer shall no longer be obligated to consult
with the holder of the Serviced Subordinate Companion Loan, whether or not the holder of the Serviced Subordinate Companion Loan
has responded within such ten (10) Business Day period.

 

Section 3.28       Directing
Holder Contact with the Master Servicer and the Special Servicer. Each of the Master Servicer and the Special Servicer
shall, not more frequently than once per month, without charge, make a knowledgeable Servicing Officer via telephone
available during normal business hours to verbally answer questions from the Directing Holder (for so long as no Consultation
Termination Event has occurred) and the Operating Advisor (for so long as a Control Termination Event has occurred and is
continuing) regarding the performance and servicing of the Mortgage Loans and/or REO Properties for which the Master Servicer
or the Special Servicer, as the case may be, is responsible.

 

Section
3.29       Controlling Class Certificateholders and the Controlling Class Representative;
Certain Rights and Powers of the Directing Holder. (a) Each Certificateholder and Certificate Owner of a Control Eligible
Certificate is hereby deemed to have agreed by virtue of its purchase of such Certificate (or beneficial ownership interest
in such Certificate) to provide its name and address to the Certificate Registrar and to notify the Certificate Registrar of
the transfer of any Control Eligible Certificate (or the beneficial ownership of any Control Eligible Certificate), the
selection of a Controlling Class Representative or the resignation or removal thereof. Any such Certificateholder (or
Certificate Owner) or its designee at any time appointed Controlling Class Representative is hereby deemed to have agreed by
virtue of its purchase of a Control Eligible Certificate (or the beneficial ownership interest in a Control Eligible
Certificate) to notify the Certificate Registrar when such Certificateholder (or Certificate Owner) or designee is
appointed Controlling Class Representative and when it is removed or resigns. Upon receipt of such notice, the Certificate
Registrar shall notify the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor, the Operating
Advisor, the Asset Representations Reviewer, the Trustee, each Serviced Companion Loan Noteholder of the identity of the
Controlling Class Representative, any resignation or removal thereof and/or any new Holder or Certificate Owner of a Control
Eligible Certificate.

 

     -286-

     

    

 

On the Closing Date, the initial Controlling
Class Representative shall deliver a certification substantially in the form of Exhibit L-1G to this Agreement. Upon the
resignation or removal of the existing Controlling Class Representative, any successor Controlling Class Representative shall also
deliver a certification substantially in the form of Exhibit L-1G to this Agreement prior to being recognized as the new
Controlling Class Representative.

 

In addition, upon the request of the
Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or, for so long as no
Consultation Termination Event has occurred, the Directing Holder, the Certificate Registrar shall promptly (but no later than
five (5) Business Days after such request) provide to the requesting party the identity of the then-current Controlling Class and
a list of the Holders of Certificates of the Controlling Class. However, if any Controlling Class Certificateholder is listed as
being the Depository, then the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following
such request) request from the Depository, the list of Certificate Owners of the Controlling Class, and the Certificate Administrator
shall provide such list to the requesting party promptly upon receipt; provided that, if any Controlling Class Certificateholder
is listed as the Depository and the Certificate Administrator has actual knowledge of the identity of the related Certificate Owner,
then the Certificate Administrator shall include such Certificate Owner in the list provided to any requesting party pursuant to
first sentence of this paragraph. The Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Directing
Holder shall be entitled to conclusively rely on any such information so provided. Any expenses incurred in connection with obtaining
such information shall be at the expense of the requesting party, except that if (i) such expenses arise in connection with an
event as to which the Directing Holder (or Controlling Class Representative) has review, consent or consultation rights with respect
to an action taken by, or report prepared by, the requesting party pursuant to this Agreement or the related Other Pooling and
Servicing Agreement and (ii) the requesting party has not been notified of the identity of the Directing Holder (or Controlling
Class Representative) or reasonably believes that the identity of the Directing Holder (or Controlling Class Representative) has
changed, then such expenses shall be at the expense of the Trust.

 

To the extent the Master Servicer has
actual knowledge of any change in the identity of a Holder (or Certificate Owners) of the Controlling Class, then the Master Servicer
shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and
the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer.

 

(b)       Once
a Controlling Class Representative has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee,
the Certificate Administrator, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer, the Paying
Agent and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection unless
a majority of the Controlling Class Certificateholders, by Certificate Balance, or such Controlling Class Representative shall
have notified the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the
Asset Representations Reviewer, the Paying Agent and each other Controlling Class Certificateholder, in writing, of the resignation
of such Controlling Class Representative or the selection of a new Controlling Class Representative. Upon the resignation of a
Controlling Class Representative,

 

     -287-

     

    

 

the Certificate Administrator shall request the Controlling Class Certificateholders to select
a new Controlling Class Representative.

 

(c)       Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee, shall be entitled to rely on the most recent notification
with respect to the identity of the Controlling Class Certificateholder and the Controlling Class Representative.

 

(d)       The
Master Servicer, Special Servicer, Trustee, Operating Advisor and Asset Representations Reviewer shall be entitled to request that
the Certificate Administrator provide, and the Certificate Administrator shall promptly (but no later than five (5) Business Days
after such request) provide (i) for so long as no Consultation Termination Event has occurred, the identity of the Controlling
Class Representative, including names and addresses and, to the extent reasonably available, a list of Controlling Class Certificateholders
and (ii) confirmation as to whether a Control Termination Event or Consultation Termination Event has occurred in the 12 months
preceding any such request or any other period specified in such request. In addition to the foregoing, (i) within two (2) Business
Days of receiving notice of the selection of a new Controlling Class Representative or the existence of a new Controlling Class
Certificateholder or (ii) within ten (10) days of the commencement or cessation of any Consultation Termination Event or Control
Termination Event, the Certificate Administrator shall notify the Trustee, the Operating Advisor, the Asset Representations Reviewer,
the Master Servicer and the Special Servicer. Any expenses incurred in connection with obtaining such information shall be at the
expense of the requesting party, except that if such expenses arise in connection with an event as to which the Directing Holder
(or Controlling Class Representative) has review, consent or consultation rights with respect to an action taken by, or report
prepared by, the requesting party pursuant to this Agreement or the related Other Pooling and Servicing Agreement, then such expenses
shall be at the expense of the Trust.

 

At any time more than 50% of the Percentage
Interest of the Controlling Class Certificateholders direct the Certificate Administrator in writing to hold an election for a
Controlling Class Representative, the Certificate Administrator shall hold such election as soon as practicable at the expense
of such requesting Certificateholders.

 

(e)       If
to the extent the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate
Administrator shall notify the related Certificateholders of such Class (through the Depository) of such event.

 

(f)       Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing Holder may have special
relationships and interests that conflict with those of Holders of one or more Classes of Certificates or Companion Loan Noteholders;
(ii) the Directing Holder may act solely in the interests of the Holders of the Controlling Class (or, in the case of a Whole Loan,
in the interests of one or more Companion Loan Noteholders); (iii) the Directing Holder does not have any liability or duties to
the Holders of any Class of Certificates other than the Controlling Class; (iv) the Directing Holder may take actions that favor
the interests of the Directing Holder or one or more Classes of the Certificates including the Holders of the Controlling Class
(or, in the case of a Whole Loan, one or more Companion Loan Noteholders) over the interests of the Holders of one or more Classes
of

 

     -288-

     

    

 

Certificates and other Companion Loan Noteholders; and (v) the Directing Holder shall have no liability whatsoever to any Certificateholder,
the Trust, any Companion Loan Noteholder any party hereto or any other Person (including any Borrower under a Mortgage Loan) for
having so acted as set forth in clauses (i) through (iv) of this paragraph, and no Certificateholder or Companion Loan Noteholder
may take any action whatsoever against the Directing Holder or any director, officer, employee, agent or principal thereof for
having so acted.

 

(g)       The
Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business
Days of a request from the Master Servicer, Special Servicer, Trustee, the Operating Advisor, the Certificate Administrator or
any Certificateholder and provide such information to the requesting party.

 

(h)       At
any time when the most senior Class of Control Eligible Certificates is the Controlling Class, the Holder of more than 50% of the
Controlling Class (by Certificate Balance) may waive its right to act as, or appoint a representative to act as, the Controlling
Class Representative and to exercise any of the rights of the Controlling Class Representative or cause the exercise of any of
the rights of the Controlling Class Representative by irrevocable written notice delivered to the Depositor, Certificate Administrator,
Certificate Registrar, Trustee, Master Servicer, Special Servicer, Operating Advisor and Asset Representations Reviewer. Any such
waiver shall remain effective with respect to such Holder and the most senior Class of Control Eligible Certificates until such
time as that Certificateholder has (i) sold a majority of the most senior Class of Control Eligible Certificates (by Certificate
Balance) to an unaffiliated third party and (ii) certified to the Depositor, Certificate Administrator, Certificate Registrar,
Trustee, Master Servicer, Special Servicer, Operating Advisor and Asset Representations Reviewer, that (a) the transferor retains
no direct or indirect voting rights with respect to the most senior Class of Control Eligible Certificates that it does not own,
(b) there is no voting agreement between the transferee and the transferor and (c) the transferor retains no direct or indirect
controlling interest in the most senior Class of Control Eligible Certificates. During such waiver period a Consultation Termination
Event shall be deemed to exist and the rights of the Controlling Class to appoint a Controlling Class Representative and the rights
of the Controlling Class Representative shall not be operative (notwithstanding whether a Control Termination Event or a Consultation
Termination Event is or would otherwise then be in effect). Following any transfer of more than 50% of the most senior Class of
Control Eligible Certificates, the successor Holder of more than 50% of the most senior Class of Control Eligible Certificates,
if the most senior Class of Control Eligible Certificates is the Controlling Class (by Certificate Balance) shall again have the
right to act as, or appoint a representative to act as, the Controlling Class Representative without regard to any prior waiver
by the predecessor Certificateholder. The successor Certificateholder shall also have the right to irrevocably waive its right
to act as or appoint a Controlling Class Representative or to exercise any of the rights of the Controlling Class Representative
or cause the exercise of any of the rights of the Controlling Class Representative. No successor Certificateholder described above
shall have any consent rights with respect to any Mortgage Loan that became a Specially Serviced Loan prior to its acquisition
of a majority of the most senior Class of Control Eligible Certificates that had not also become a corrected loan prior to such
acquisition until such Mortgage Loan becomes a Corrected Mortgage Loan.

 

Section 3.30       Rating
Agency Confirmation. (a) Notwithstanding the terms of any related Mortgage Loan documents or other provisions of this
Agreement, if any action under any

 

     -289-

     

    

 

Mortgage Loan documents or this Agreement requires Rating Agency Confirmation as a
condition precedent to such action, if the party (the “Requesting Party”) attempting and/or required to
obtain such Rating Agency Confirmation from each Rating Agency has made a request to any Rating Agency for such Rating Agency
Confirmation and, within 10 Business Days of the Rating Agency Confirmation request being posted to the 17g-5 Information
Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that
such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such
Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5
Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request,
and, if it has not, promptly request the related Rating Agency Confirmation again (which may also be through direct
communication). The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC
No-Response Scenario.” Once the Requesting Party has sent a request for a Rating Agency Confirmation to the 17g-5
Information Provider, such Requesting Party, may, but shall not be obligated to send such request directly to the Rating
Agencies in accordance with the procedures set forth in Section 3.11.

 

If there is no response to such Rating
Agency Confirmation request within 5 Business Days of such second request in a RAC No-Response Scenario or if such Rating Agency
has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating
Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document requiring such Rating Agency Confirmation
or with respect to any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth
in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed not to apply (as if such requirement
did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then
take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior
to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be
consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such
condition shall be deemed not to apply (as if such requirement did not exist) if (i)(A) the applicable replacement master servicer
or special servicer has been appointed as a master servicer or special servicer, as applicable, on a transaction-level basis on
the Closing Date of a commercial mortgage loan securitization and, as of the date of such determination, is the master servicer
or special servicer, as applicable, of such securitization, with respect to which Moody’s rated one or more classes of certificates
and one or more classes of such certificates are still outstanding and rated by Moody’s and (B) Moody’s has not cited
servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of
the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated
by Moody’s in a commercial mortgage-backed securitization transaction serviced by the applicable master servicer or special
servicer prior to the time of determination, if Moody’s is the non-responding Rating Agency, (ii) the applicable replacement
master servicer or special servicer is rated at least “CMS3” (in the case of the master servicer) or “CSS3”
(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) either (1) such master servicer or
special servicer has a then-current ranking by Morningstar equal to or higher than “MOR CS3” as a master servicer or
special servicer or (2)

 

     -290-

     

    

 

the applicable replacement master servicer or special servicer, as applicable, confirms in writing that
(a) it is acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated
by an NRSRO within the 12 month period prior to the date of determination and (b) Morningstar has not qualified, downgraded or
withdrawn the then-current rating or ratings of one or more classes of commercial mortgage securities, citing servicing concerns
with the incoming master servicer or special servicer, as applicable, as the sole or material factor in such rating action, if
Morningstar is the non-responding Rating Agency.

 

Any Rating Agency Confirmation request
made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation
request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post
such request on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

Promptly following the Master Servicer’s
or Special Servicer’s determination to take any action discussed in this Section 3.30(a) following any requirement
to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master Servicer or
Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of the action taken
for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s
Website in accordance with Section 3.14(d) of this Agreement.

 

(b)       Notwithstanding
anything to the contrary in this Section 3.30, for purposes of the provisions of any Loan Document relating to defeasance
(including without limitation the type of collateral acceptable for use as defeasance collateral), release or substitution of any
collateral, any Rating Agency Confirmation requirement in the Loan Documents with respect to which the Master Servicer or Special
Servicer would have been required to make the determination described in Section 3.30(a), or to waive obtaining such a determination,
shall be deemed not to apply regardless of any such determination by the Requesting Party (or, if the Requesting Party is the related
Borrower, the Master Servicer (with respect to non-Specially Serviced Loans) or the Special Servicer (with respect to Specially
Serviced Loans and Serviced REO Loans), as applicable); provided, that the Requesting Party (or the Master Servicer or the
Special Servicer, as applicable) shall in any event review the other conditions required under the related Loan Documents with
respect to such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard that
such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.

 

(c)       For
all other matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall
deliver a Rating Agency Confirmation from each Rating Agency.

 

(d)       Notwithstanding
the terms of the related Loan Documents, the other provisions of this Agreement or the applicable Intercreditor Agreement, with
respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to the
servicing and administration of the related Whole Loan or any related REO

 

     -291-

     

    

 

Property (the “Relevant Action”) requires
delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except as set
forth below in this paragraph, such action shall also require delivery of a Serviced Companion Loan Rating Agency Confirmation
as a condition precedent to such action from each related Serviced Companion Loan Rating Agency. Each Serviced Companion Loan Rating
Agency Confirmation shall be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party
is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a
Serviced Companion Loan Rating Agency Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will
be permitted to be waived by the Master Servicer and the Special Servicer on, and will be deemed not to apply on, the same terms
and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided that the Master
Servicer or Special Servicer, as applicable, depending on which is seeking the subject Serviced Companion Loan Rating Agency Confirmation,
shall forward to one or more of its counterparts (i.e., the Other Servicer or Other Special Servicer, as applicable), the Other
17g-5 Information Provider, or such other party or parties as are agreed to by the Master Servicer or the Special Servicer, as
applicable, and the applicable parties for the related Other Securitization, at the expense of the Other Securitization to the
extent not borne by the related Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request
for such Serviced Companion Loan Rating Agency Confirmation, (ii) all materials forwarded to the 17g-5 Information Provider under
this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at approximately
the same time that such materials are forwarded to the 17g-5 Information Provider, and (iii) any other materials that the applicable
Serviced Companion Loan Rating Agency may reasonably request in connection with such Serviced Companion Loan Rating Agency Confirmation
promptly following receipt of such request from the Other Trustee.

 

The Certificate Administrator shall,
promptly following receipt of written request from the Master Servicer or the Special Servicer, as applicable, provide to the Master
Servicer or the Special Servicer, as applicable, the contact information for the Other Servicer, the Other Special Servicer, the
Other Trustee and the Other 17g-5 Information Provider for the Other Securitization, solely to the extent in its possession.

 

Section 3.31       Appointment and
Duties of the Operating Advisor.

 

(a)       Park
Bridge Lender Services LLC is hereby appointed to serve as the initial Operating Advisor.

 

(b)       The
Operating Advisor, as an independent contractor, shall review the Special Servicer’s operational practices in respect of
Specially Serviced Loans, consult, in certain circumstances with the Special Servicer and perform each other obligation of the
Operating Advisor as set forth in this Agreement solely on behalf of the Trust Fund and in the best interest of, and for the benefit
of, the Certificateholders and, with respect to any Serviced Whole Loan for the benefit of the related Companion Loan Noteholders
(as a collective whole as if such Certificateholders and Companion Loan Noteholders constituted a single lender (and with respect
to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate
Companion Loan)), and not any particular Class of Certificateholders (as determined by the Operating Advisor in the exercise of
its good

 

     -292-

     

    

 

faith and reasonable judgment), but without regard to any conflict of interest arising from any relationship that the
Operating Advisor or any of its affiliates may have with any of the Borrowers, the Mortgage Loan Seller, the Depositor, the Master
Servicer, the Special Servicer, the Asset Representations Reviewer, the Directing Holder or any of their affiliates (the “Operating
Advisor Standard”). The Operating Advisor shall not owe any fiduciary duty to the Master Servicer, the Special Servicer
or any other Person in connection with this Agreement. By purchasing a Certificate, Certificateholders are deemed to acknowledge
and agree that there could be multiple strategies to resolve any Specially Serviced Loan and that the goal of the Operating Advisor’s
participation is to provide additional oversight relating to the Special Servicer’s compliance with the Servicing Standard
in making its determinations as to which strategy to execute.

 

(c)       With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan and any Servicing Shift Mortgage Loan) or Serviced Whole
Loan (other than a Servicing Shift Whole Loan), if no Control Termination Event has occurred and is continuing, the Operating Advisor
shall:

 

(i)   
    promptly review all information available to Privileged Persons on the Certificate
Administrator’s Website relevant to the Operating Advisor’s obligations under this Agreement;

 

(ii)       promptly
review each Final Asset Status Report; and

 

(iii)      review
any Appraisal Reduction Amount and net present value calculations pursuant to Section 3.31(e) of this Agreement.

 

(d)       With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan or any Servicing Shift Mortgage Loan) or Serviced Whole
Loan (other than a Servicing Shift Whole Loan), while a Control Termination Event has occurred and is continuing, the Operating
Advisor shall:

 

(i)    
   consult (on a non-binding basis) with the Special Servicer in connection with any Major Decision pursuant
to Section 6.07 of this Agreement;

 

(ii)       review,
recalculate and verify the accuracy of any Appraisal Reduction Amount and net present value calculations pursuant to Section
3.31(f) of this Agreement;

 

(iii)      in
connection with the preparation of the Operating Advisor Annual Report (defined below), review, in accordance with the Operating
Advisor Standard, the Special Servicer’s operational practices on a Platform-Level Basis in respect of Specially Serviced
Loans in order to formulate an opinion as to whether or not those operational practices generally satisfy the Servicing Standard
with respect to the resolution and/or liquidation of the Specially Serviced Loans;

 

(iv)     within
120 days of the end of the prior calendar year (if any such Mortgage Loans were Specially Serviced Loans during the prior calendar
year), deliver an annual report setting forth the Operating Advisor’s assessment of the Special Servicer’s performance
of its duties under this Agreement on a Platform-Level Basis with respect to

 

     -293-

     

    

 

the resolution and liquidation of Specially Serviced
Loans during the prior calendar year (the “Operating Advisor Annual Report”) to the Trustee, the Master Servicer,
the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on the Certificate Administrator’s
Website), the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such
notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Each Operating
Advisor Annual Report shall be substantially in the form of Exhibit BB of this Agreement (which form may be modified or
altered as to either its organization or content by the Operating Advisor, subject to compliance of such form with the terms and
provisions of this Agreement) and shall be based on the Operating Advisor’s review of any annual compliance statement and
any assessment of compliance delivered to the Operating Advisor pursuant to Section 10.11 of this Agreement, as applicable,
any attestation report delivered to the Operating Advisor pursuant to Section 10.13 of this Agreement, any Asset Status
Report, other information (other than any communications between the Directing Holder and the Special Servicer that would be Privileged
Information) delivered to the Operating Advisor by the Special Servicer and oral communications with the Special Servicer; provided
that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any provision
of this Agreement. Notwithstanding the foregoing, with respect to any Serviced AB Whole Loan, no Operating Advisor Annual Report
will be permitted to include an assessment of the applicable Special Servicer’s performance in respect of such Serviced AB
Whole Loan until after the occurrence and during the continuance of a Potomac Mills Control Appraisal Period under the related
Intercreditor Agreement. Subject to the restrictions in this Agreement, including, without limitation, Section 3.31(b) of
this Agreement, each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the Servicing Standard
and (ii) from the Special Servicer’s obligations under this Agreement with respect to the resolution or liquidation of Specially
Serviced Loans and (B) comply with all of the confidentiality requirements applicable to the Operating Advisor described in this
Agreement. Promptly upon receipt of each Operating Advisor Annual Report, the Certificate Administrator shall post such Operating
Advisor Annual Report on the Certificate Administrator’s Website. Each of the Special Servicer and the Directing Holder (for
so long as no Consultation Termination Event has occurred) shall be given an opportunity to review any Operating Advisor Annual
Report at least five Business Days prior to its delivery to the Trustee and the Certificate Administrator; provided, that
the Operating Advisor shall have no obligation to consider any comments to such Operating Advisor Annual Report that are provided
by the Special Servicer or Directing Holder. Notwithstanding the foregoing, no Operating Advisor Annual Report shall be required
from the Operating Advisor with respect to the Special Servicer if during the prior calendar year no Asset Status Report was prepared
by the Special Servicer in connection with a Specially Serviced Loan or Serviced REO Property.

 

Notwithstanding anything in this Agreement
to the contrary (i) the Operating Advisor’s assessment of the Special Servicer’s performance shall be based on the
provisions of this Agreement, (ii) so long as Rialto Capital Advisors, LLC is acting as Special Servicer, it shall not be required
to provide its written policies and procedures to the Operating Advisor, except that, in the event the Operating Advisor’s
assessment determines that the Special Servicer has not materially performed its obligations under this Agreement with respect
to a particular

 

     -294-

     

    

 

Mortgage Loan, and Rialto Capital Advisors, LLC rebuts or defends such assessment based upon its compliance with
its written policies and procedures, Rialto Capital Advisors, LLC shall produce to the Operating Advisor the relevant portions
of Rialto Capital Advisors, LLC’s written policies and procedures, and (iii) the Operating Advisor’s assessment may
not take into account the fact that the Operating Advisor did not have access to the Rialto Capital Advisors, LLC written policies
and procedures. The Operating Advisor shall be permitted to review such portions of the policies and procedures but shall not be
permitted to retain hard copies. The Operating Advisor shall keep all information contained in the policies and procedures strictly
confidential, except (A) the Operating Advisor may disclose such information if (i) such information becomes generally available
and known to the public other than as a result of a disclosure directly or indirectly by the Operating Advisor, or (ii) such disclosure
is required by applicable law, rule, order or regulation (as demonstrated by evidence reasonably satisfactory to the Special Servicer)
and (B) the Operating Advisor may disclose a particular portion of the policies and procedures solely when necessary to support
specific conclusions (i) in the Operating Advisor Annual Report, or (ii) in connection with a recommendation by the Operating Advisor
to replace Rialto Capital Advisors, LLC as the Special Servicer pursuant to the provisions of this Agreement. Notwithstanding the
foregoing, the Operating Advisor will be permitted to share such information with its Affiliates and any subcontractors of the
Operating Advisor to the extent reasonably necessary to perform the Operating Advisor’s obligations under this Agreement
and provided such Operating Advisor affiliate and subcontractors agree in writing prior to receiving such information to
be bound by the same confidentiality provisions applicable to the Operating Advisor. Nothing set forth herein shall limit or affect
the scope of the Operating Advisor’s platform level review in connection with its preparation of the Operating Advisor Annual
Report, provided that the Operating Advisor’s access to or reliance upon Rialto Capital Advisors, LLC’s written
policies and procedures shall be subject to the terms of the immediately preceding sentence. Notwithstanding the foregoing, no
Operating Advisor Annual Report shall be required from the Operating Advisor with respect to the Special Servicer if during the
prior calendar year no Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced Loan or
REO Property.

 

(e)       With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan or any Servicing Shift Mortgage Loan) or Serviced Whole
Loan (other than a Servicing Shift Whole Loan), if no Control Termination Event has occurred and is continuing, the Special Servicer
will forward any Appraisal Reduction Amount and net present value calculations used in the Special Servicer’s determination
of what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan to the Operating Advisor
after such calculations have been finalized. The Operating Advisor shall review such calculations but may not opine on, or otherwise
call into question, such Appraisal Reduction Amount and/or net present value calculations (except that if the Operating Advisor
discovers a mathematical error contained in such calculations, then the Operating Advisor shall notify the Special Servicer and
the Controlling Class Representative (other than with respect to Excluded Mortgage Loans) of such error).

 

(f)       With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan or any Servicing Shift Mortgage Loan) or Serviced Whole
Loan (other than any Servicing Shift Whole Loan), while a Control Termination Event has occurred and is continuing, after the calculation
but prior to the utilization by the Special Servicer of any of the calculations

 

     -295-

     

    

 

related to (A) Appraisal Reduction Amounts or (B)
net present value, the Special Servicer shall forward such calculations, together with any supporting material or additional information
necessary in support thereof (including such additional information reasonably requested by the Operating Advisor to confirm the
mathematical accuracy of such calculations, but not including any Privileged Information), to the Operating Advisor promptly, but
in any event no later than 2 Business Days after finalizing the preparation of such calculations, and the Operating Advisor shall
promptly, but no later than 3 Business Days after receipt of such calculations and any supporting or additional materials, recalculate
and verify the accuracy of the mathematical calculations and the corresponding application of the non-discretionary portion of
the applicable formulas required to be utilized in connection with any such calculation.

 

In connection with this Section
3.31(f), if the Operating Advisor does not agree with the mathematical calculations or the application of the applicable non-discretionary
portions of the formula required to be utilized for such calculation, the Operating Advisor and Special Servicer shall consult
with each other in order to resolve any inaccuracy in the mathematical calculations or the application of the non-discretionary
portions of the related formula in arriving at those mathematical calculations or any disagreement within 5 Business Days of delivery
of such calculations to the Operating Advisor. If the Operating Advisor and Special Servicer are not able to resolve such inaccuracies
or disagreement prior to the end of such 5 Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator
of such disagreement and the Certificate Administrator shall examine the calculations and supporting materials provided by the
Special Servicer and the Operating Advisor and shall determine which calculation is to apply. In making such determination, the
Certificate Administrator may hire an independent third-party to assist with any such calculation at the expense of the Trust and
shall be entitled to conclusively rely on such third party’s determination (provided such third party has been selected with
reasonable care by the Certificate Administrator).

 

(g)       Subject
to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance with
the terms of Section 4.02(c) of this Agreement.

 

(h)       The
Operating Advisor shall keep all Privileged Information confidential and shall not disclose such Privileged Information to any
Person (including Certificateholders other than the Controlling Class Representative, other than (1) to the extent expressly required
by this Agreement, to the other parties to this Agreement with a notice indicating that such information is Privileged Information
or (2) pursuant to a Privileged Information Exception. Each party to this Agreement that received Privileged Information from the
Operating Advisor with a notice stating that such information is Privileged Information shall not disclose such Privileged Information
to any Person without the prior written consent of the Special Servicer, the Controlling Class Representative and the Directing
Holder other than pursuant to a Privileged Information Exception. Subject to the terms and conditions in this Agreement related
to Privileged Information, the Operating Advisor agrees that it shall use information received from the Special Servicer pursuant
to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder.

 

(i)       On
each Master Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts on
deposit in the Collection Account

 

     -296-

     

    

 

pursuant to Section 3.06 of this Agreement, as applicable. In addition, the Operating
Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor
has consultation rights. Each of the Operating Advisor Fee and the Operating Advisor Consulting Fee shall be payable from funds
on deposit in the Collection Account as provided in Section 3.06 of this Agreement, but with respect to the Operating Advisor
Consulting Fee only to the extent such Operating Advisor Consulting Fee is actually received from the related Borrower. When the
Operating Advisor has consultation rights with respect to a Major Decision under this Agreement, the Master Servicer or the Special
Servicer, as applicable, shall use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable
Operating Advisor Consulting Fee from the related Borrower in connection with such Major Decision, but only to the extent not prohibited
by the related Loan Documents. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the related Borrower if it determines that such full or partial waiver is in accordance with
the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer take any enforcement action with respect
to the collection of such Operating Advisor Consulting Fee other than requests for collection; provided that the Master
Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction.

 

Section 3.32        Delivery of Excluded
Information to the Certificate Administrator.

 

(a)       Any
Excluded Information that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate
Administrator for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator
via e-mail (or such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded
Information” followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance
of doubt, any information that is not appropriately labeled and delivered in accordance with this Section 3.32 shall not be separately
posted as Excluded Information on the Certificate Administrator’s Website, and any information appropriately labeled and
delivered to the Certificate Administrator pursuant to this Section shall be posted on the Certificate Administrator’s Website
under the “Excluded Information” section, as provided under Section 4.02(b). When so posted, Excluded Controlling
Class Holders shall be prohibited from the access of Excluded Information with respect to any Excluded Controlling Class Mortgage
Loans on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Mortgage Loan(s)). None
of the Master Servicer, the Special Servicer or the Operating Advisor shall have any obligations to separately label and deliver
any Excluded Information in accordance with this Section 3.32 until such party has received notice with respect to the related
Excluded Controlling Class Mortgage Loan in the form of Exhibit L-1E to this Agreement. Nothing set forth in this Agreement
shall prohibit the Controlling Class Representative or any Controlling Class Certificateholder from receiving, requesting or reviewing
any Excluded Information relating to any Excluded Controlling Class Mortgage Loan with respect to which the Controlling Class Representative
or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the Certificate
Administrator’s Website, such Controlling Class Representative or Controlling Class Certificateholder that is not a Borrower

 

     -297-

     

    

 

Party with respect to the related Excluded Controlling Class Mortgage Loan shall be permitted to obtain such information in accordance
with Section 3.14(c).

 

Article
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section 4.01        Distributions.
(a) On each Distribution Date, amounts held in the Lower-Tier Distribution Account shall be withdrawn (to the extent of the
Available Funds, including or reduced by, to the extent required by Section 3.05(e) of this Agreement, the Withheld
Amounts, plus any amount withdrawn from the Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this
Agreement) in the case of all Classes of Lower-Tier Regular Interests (such amount, the “Lower-Tier Distribution
Amount”). On each Distribution Date, distributions in respect of principal shall be deemed to have been made on
each Class of Lower-Tier Regular Interests in an amount equal to the amount of principal actually distributed on its
respective Corresponding Certificates as provided in Section 4.01(b) of this Agreement. As of any date, the principal
balance of each Lower-Tier Regular Interest shall equal the Lower-Tier Principal Balance thereof. On each Distribution Date,
distributions of interest made in respect of any Class of Regular Certificates on each Distribution Date pursuant to Section
4.01(b) or Section 9.01 of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC
to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement to
this Agreement; provided that each Lower-Tier Regular Interest shall be deemed to have received distributions in
respect of interest in an amount equal to the Interest Accrual Amount and Interest Shortfalls in respect of the Class X Strip
Rate of its Corresponding Component, in each case to the extent actually distributed to the related Class of Corresponding
Certificates thereon as provided in Section 4.01(b) of this Agreement.

 

All distributions of reimbursements
of Realized Losses and Additional Trust Fund Expenses made in respect of any Class of Sequential Pay Certificates on each Distribution
Date pursuant to Section 4.01(b) of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC
to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement to this
Agreement; provided, that distributions of reimbursements of Realized Losses and Additional Trust Fund Expenses shall be
made in sequential order of the priority set forth in this Section 4.01(a) for principal distributions, up to the amount
of Realized Losses and Additional Trust Fund Expenses previously allocated to a particular Lower-Tier Regular Interest corresponding
to such Class of Certificates.

 

On each Distribution Date, the Certificate
Administrator shall apply amounts related to each Prepayment Premium and Yield Maintenance Charge then on deposit in the Lower-Tier
Distribution Account and received during or prior to the related Collection Period to the Lower-Tier Regular Interests in proportion
to the amount of principal deemed distributed to each Class of Lower-Tier Regular Interests on such Distribution Date pursuant
to this Section 4.01(a).

 

     -298-

     

    

 

 

The Certificate Administrator shall
be deemed to deposit the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and any Yield Maintenance Charges
distributed to the Upper-Tier REMIC pursuant to this Section 4.01(a) into the Upper-Tier Distribution Account. Any amount
in respect of the Mortgage Pool that remains in the Lower-Tier Distribution Account on each Distribution Date after the deemed
distribution described in the preceding sentence shall be distributed to the Holders of the Class R Certificates (in respect of
the Class LTR Interest) (but only to the extent of such amount for such Distribution Date remaining in the Lower-Tier Distribution
Account, if any).

 

(b)          On
each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited
in the Upper-Tier Distribution Account in respect of such Distribution Date pursuant Section 4.01(a) of this Agreement,
and distribute such amount to the Holders of the Regular Certificates in the amounts and in the order of priority set forth below:

 

(i)            First,
to the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class X-E, Class X-F and Class X-G Certificates, in respect
of interest, up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution Amount for
such Classes; provided, however, if on any Distribution Date, the Available Funds are insufficient to pay in full
the total amount of interest to be paid to any of the Classes described in this clause First, the Available Funds available
for such Distribution Date shall be allocated among all those Classes up to an amount equal to, and pro rata in accordance
with, the respective Interest Distribution Amount for such Classes;

 

(ii)           Second,
to the Class A-1, Class A-SB, Class A-2 and Class A-3 Certificates, in reduction of the Certificate Balances thereof, in the following
priority:

 

(1)       first,
to the Class A-SB Certificates, in an amount up to the Principal Distribution Amount, until the Certificate Balance of such Class
is reduced to the Class A-SB Planned Principal Balance;

 

(2)       second,
to the Class A-1 Certificates, in an amount up to the Principal Distribution Amount less amounts of Principal Distribution Amount
distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(3)       third,
to the Class A-2 Certificates, in an amount up to the Principal Distribution Amount less amounts of Principal Distribution Amount
distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(4)       fourth,
to the Class A-3 Certificates, in an amount up to the Principal Distribution Amount less amounts of Principal Distribution Amount
distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero; and

 

(5)       fifth,
to the Class A-SB Certificates, in an amount up to the Principal Distribution Amount less amounts of Principal Distribution

 

     -299-

     

    

 

Amount
distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(iii)          Third,
to the Class A-1, Class A-SB, Class A-2 and Class A-3 Certificates, up to an amount equal to, and pro rata based upon, the
aggregate unreimbursed Realized Losses previously allocated to those Classes of Certificates;

 

(iv)          Fourth,
to the Class A-M Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(v)           Fifth,
to the Class A-M Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class A-M is reduced to zero;

 

(vi)          Sixth,
to the Class A-M Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(vii)         Seventh,
to the Class B Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(viii)        Eighth,
to the Class B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(ix)           Ninth,
to the Class B Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(x)            Tenth,
to the Class C Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xi)           Eleventh,
to the Class C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(xii)          Twelfth,
to the Class C Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xiii)         Thirteenth,
to the Class D Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xiv)         Fourteenth,
to the Class D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

     -300-

     

    

 

(xv)          Fifteenth,
to the Class D Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xvi)        Sixteenth,
to the Class E Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xvii)        Seventeenth,
to the Class E Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount,
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(xviii)       Eighteenth,
to the Class E Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xix)         Nineteenth,
to the Class F Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xx)          Twentieth,
to the Class F Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of
such Class is reduced to zero;

 

(xxi)         Twenty-first,
to the Class F Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;;

 

(xxii)        Twenty-second,
to the Class G Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xxiii)       Twenty-third,
to the Class G Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of
such Class is reduced to zero;

 

(xxiv)       Twenty-fourth,
to the Class G Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class; and

 

(xxv)        Twenty-fifth,
to the Class R Certificates (in respect of the Class UTR Interest), any amounts remaining in the Upper-Tier Distribution Account.

 

Notwithstanding the foregoing, on each
Distribution Date occurring on and after the Cross-Over Date, regardless of the allocation of principal payments described in priority
Second above, the Principal Distribution Amount for such Distribution Date will be distributed to the Class A-1, Class A-SB,
Class A-2 and Class A-3 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective
Certificate Balances, until the Certificate Balance of each such Class of Certificates is reduced to zero.

 

(c)            On
each Distribution Date, following the distribution from the Lower-Tier Distribution Account in respect of the Lower-Tier Regular
Interests pursuant to Section 4.01(a) of this Agreement, the Certificate Administrator shall make distributions of any Prepayment

 

     -301-

     

    

 

Premiums
and Yield Maintenance Charges received in the related Collection Period from amounts deposited in the Upper-Tier Distribution
Account pursuant to Section 3.05(f) of this Agreement, as follows:

 

Prepayment Premiums and Yield Maintenance
Charges received with respect to the Mortgage Loans shall be distributed to the Class A-1, Class A-SB, Class A-2, Class A-3, Class
A-M, Class B, Class C and Class D Certificates in an amount equal to, in the case of each such Class, the product of (a) a fraction,
not greater than one, the numerator of which is the amount distributed as principal to such Class on such Distribution Date, and
whose denominator is the total amount distributed as principal to the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class
B, Class C and Class D Certificates on such Distribution Date, (b) the Base Interest Fraction for the related Principal Prepayment
and such Class of Certificates and (c) the aggregate amount of the Prepayment Premiums or the Yield Maintenance Charges, as applicable,
collected on such Principal Prepayment during the related Collection Period.

 

Any Yield Maintenance Charges or Prepayment
Premiums collected during the related Collection Period remaining after such distributions described in the preceding paragraphs
(the “IO Group YM Distribution Amount”) shall be allocated and distributed in the following manner:

 

(i)            to
the Class X-A Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distributed on the Class A-1, Class A-SB, Class A-2 and Class A-3 Certificates on such Distribution Date and the denominator
of which is the total amount of principal distributed to the holders of the Class A-1 through Class D Certificates for such Distribution
Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(ii)           to
the Class X-B Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distributed on the Class A-M and Class B Certificates on such Distribution Date and the denominator of which is the
total amount of principal distributed to the holders of the Class A-1 through Class D Certificates for such Distribution Date,
multiplied by (b), the IO Group YM Distribution Amount; and

 

(iii)          to
the Class X-E Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class E Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(iv)          to
the Class X-F Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class F Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount; and

 

     -302-

     

    

 

(v)           to
the Class X-G Certificates, the IO Group YM Distribution Amount remaining after such distribution to the holders of the Class X-A,
Class X-B, Class X-E and Class X-F Certificates described in (i) through (iv) above.

 

(d)           On
each Distribution Date, the Certificate Administrator shall withdraw amounts from the Gain-on-Sale Reserve Account (or sub-account
thereof) and shall distribute such amounts in the following manner:

 

(i)             (A)
from amounts in the Gain-on-Sale Reserve Account allocable to a Mortgage Loan (other than a Mortgage Loan related to a Serviced
Whole Loan), to reimburse the Holders of the Regular Certificates (other than the Class X-A, Class X-B, Class X-E, Class X-F and
Class X-G Certificates) (in the same order as that set forth in Section 4.01(b) of this Agreement, up to an amount equal
to all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to them and unreimbursed after application
of Available Funds for such Distribution Date; and (B) from amounts in the Gain-on-Sale Reserve Account allocable to the Serviced
Whole Loans, first, in accordance with the terms of the related Intercreditor Agreement, and then, to the extent
allocated to the related Mortgage Loan, pursuant to the terms of such Intercreditor Agreement, to reimburse the Holders of the
Regular Certificates (other than Class X-A, Class X-B, Class X-E, Class X-F and Class X-G Certificates), up to an amount equal
to all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to them and unreimbursed after application
of Available Funds for such Distribution Date; and

 

(ii)            any
amounts remaining in the Gain-on-Sale Reserve Account after such distributions on any Distribution Date that (A) are allocable
to the Mortgage Loans, shall be held and maintained in such account and applied to offset future Realized Losses and Additional
Trust Fund Expenses from time to time; and (B) are allocable to the Serviced Companion Loans, shall be remitted within one Business
Day after each such Distribution Date by the Certificate Administrator to the Master Servicer (which shall remit to the Serviced
Companion Loan Noteholders in accordance with Section 3.05(h)). On any Distribution Date, amounts held in the Gain-on-Sale
Reserve Account (other than amounts allocable to any related Serviced Companion Loan pursuant to the terms of any related Intercreditor
Agreement) that exceed amounts reasonably required (as determined by the Certificate Administrator) to offset future Realized Losses
and Additional Trust Fund Expenses shall be distributed to the Holders of the Class R Certificates (in respect of the Class LTR
Interest) and upon termination of the Trust Fund, any amounts remaining in the Gain-on-Sale Reserve Account (other than amounts
allocable to any related Serviced Companion Loan pursuant to the terms of any related Intercreditor Agreement) shall be distributed
by the Certificate Administrator to the Class R Certificates (in respect of the Class LTR Interest). Amounts paid with respect
to the Mortgage Loans from the Gain-on-Sale Reserve Account pursuant to the preceding clauses (i) and (ii) shall first be deemed
to have been distributed to the Lower-Tier Regular Interests in reimbursement of Realized Losses and Additional Trust Fund Expenses
previously allocated thereto in the same manner as provided in Section 4.01(a) of this Agreement. Amounts paid from the
Gain-on-Sale Reserve Account will not reduce the Certificate Balances of any Class of Regular Certificates receiving such distributions.

 

     -303-

     

    

 

(e)            On
each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(b), the
Certificate Administrator shall calculate the amount, if any, of Realized Losses. Any allocation of Realized Losses to any Class
of Regular Certificates (other than the Class X-A, Class X-B, Class X-E, Class X-F and Class X-G Certificates) shall be made by
reducing the Certificate Balance thereof by the amount so allocated. Any Realized Losses so allocated to any Class of Regular Certificates
(other than the Class X-A, Class X-B, Class X-E, Class X-F and Class X-G Certificates) shall be allocated among the respective
Certificates of such Class in proportion to the Percentage Interests evidenced thereby. The allocation of Realized Losses shall
constitute an allocation of losses and other shortfalls experienced by the Trust Fund. Reimbursement of previously allocated Realized
Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate
Balance of the Class of Certificates in respect of which any such reimbursement is made. To the extent any Nonrecoverable Advances
(plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans and previously resulted in a reduction
of the Principal Distribution Amount are subsequently recovered on the related Mortgage Loan, the amount of such recovery will
be added to the Certificate Balance of the Classes of Regular Certificates (other than the Class X-A, Class X-B, Class X-E, Class
X-F and Class X-G Certificates) that previously were allocated Realized Losses, first, to the Class A-1, Class A-SB, Class
A-2 and Class A-3 Certificates, pro rata, then to the remainder of the Regular Certificates (other than the Class
X Certificates) in sequential order, in each case up to the amount of the unreimbursed Realized Losses allocated to such Class
of Certificates. If the Certificate Balance of any Class of Certificates is so increased, the amount of unreimbursed Realized Losses
of such Class of Certificates shall be decreased by such amount.

 

The Certificate Balances of each Class
of Sequential Pay Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any
Realized Losses allocated to such Class of Certificates with respect to such date. Any such write-offs will be applied to the Classes
of Sequential Pay Certificates in the following order, in each case until the Certificate Balance of such Class is reduced to zero:
first, to the Class G Certificates; second, to the Class F Certificates; third, to the Class E Certificates;
fourth, to the Class D Certificates; fifth, to the Class C Certificates; sixth, to the Class B Certificates;
seventh, to the Class A-M Certificates; and finally, to the Class A-1, Class A-SB, Class A-2 and Class A-3 Certificates,
pro rata, based on their respective Certificate Balances. Any amounts recovered in respect of amounts previously written
off as Realized Losses shall be distributed on the Classes of Sequential Pay Certificates as a recovery of Realized Losses previously
allocated to such Classes of Sequential Pay Certificates in reverse order of allocation of Realized Losses thereto in accordance
with Section 4.01(b) of this Agreement. Additional Trust Fund Expenses and shortfalls in Available Funds due to extraordinary
expenses of the Trust Fund (including indemnification expenses), a reduction in the Mortgage Rate on a Mortgage Loan by a bankruptcy
court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated
in the same manner as Realized Losses.

 

With respect to any Distribution Date,
any Realized Losses allocated pursuant to Section 3.06 of this Agreement with respect to such Distribution Date shall reduce
the Lower-Tier Principal Balances of the Lower-Tier Regular Interests as a write-off and shall be allocated among the Lower-Tier
Regular Interests in the same priority as the Class of Corresponding Certificates.

 

     -304-

     

    

 

(f)            All
amounts distributable to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated
pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

(g)           Except
as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate Administrator shall,
as soon as reasonably practicable within the month preceding the month in which the final distribution with respect to any Class
of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the effect that:

 

(A)          the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified, and

 

(B)           if
such final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after such Distribution
Date;

 

provided, that the Class R Certificates shall
remain outstanding until no other Class of Certificates or Lower-Tier Regular Interests are outstanding.

 

Any funds not distributed to any Holder
or Holders of such Classes of Certificates on such Distribution Date because of the failure of such Holder or Holders to tender
their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Holder or Holders.
If any Certificates as to which notice has been given pursuant to this Section 4.01(g) shall not have been surrendered for
cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Holders to surrender their Certificates for cancellation to receive the final distribution with
respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Holders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such
Holders shall be paid out of such funds. Subject to state laws regarding escheatment, if within two years after the second notice
any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator
all amounts distributable to the Holders thereof, and the Certificate Administrator

 

     -305-

     

    

 

shall
thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
hereunder and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund
and distribution of such amounts to the Holders of the Class R Certificates. No interest shall accrue or be payable to any Holder
on any amount held hereunder or by the Certificate Administrator as a result of such Holder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with this Section 4.01(g). Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

(h)           Shortfalls
in Available Funds resulting from Excess Prepayment Interest Shortfalls shall be allocated to, and Compensating Interest Payments
shall be deemed distributed to, each Class of Regular Certificates and, in each case, correspondingly to the respective Class of
Corresponding Lower-Tier Regular Interests, pro rata, based upon the Interest Accrual Amount distributable to each such
Class of Certificates prior to reduction by such Excess Prepayment Interest Shortfalls. Compensating Interest Payments shall be
deposited by the Master Servicer into the Collection Account on or prior to the Master Servicer Remittance Date.

 

(i)            On
the final Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate
Administrator who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that
it is servicing and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding
Master Servicer Remittance Date in accordance with Section 3.06(e)(v) of this Agreement.

 

(j)            On
each Distribution Date, any Excess Interest received with respect to each ARD Loan during the related Collection Period shall be
distributed to the Holders of the Class V Certificates from the Excess Interest Distribution Account established pursuant to Section
3.05(k). Any Excess Interest remaining in the Excess Interest Distribution Account on the final Distribution Date shall be
distributed to the Holders of the Class V Certificates.

 

Section 4.02 Statements
to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others. (a) On
each Distribution Date, the Certificate Administrator shall prepare and make available on the Certificate Administrator’s
Website to each Certificateholder a statement (substantially in the form set forth as Exhibit K to this Agreement and based
on the information set forth in (i) the CREFC® Investor Reporting Package (CREFC® IRP) prepared
by the Master Servicer (other than the CREFC® Special Servicer Loan File) and the other reports prepared by the
Master Servicer and Special Servicer relating to such Distribution Date, including the CREFC® Special Servicer
Loan File, upon which information the Certificate Administrator may conclusively rely, in accordance with CREFC®
guidelines and (ii) the CREFC® Reconciliation of Funds Template prepared by the Certificate Administrator) as to
distributions made on such Distribution Date (each, a “Distribution Date Statement”) setting forth (with respect
to each Class of Certificates) the following information:

 

(i)             the
Record Date, Interest Accrual Period and Determination Date for such Distribution Date;

 

     -306-

     

    

 

(ii)            the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Sequential Pay Certificates
in reduction of the Certificate Balance of those Certificates;

 

(iii)           the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Sequential Pay Certificates
allocable to (A) the Interest Accrual Amount, and/or (B) Interest Shortfalls;

 

(iv)           the
aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since the prior
Distribution Date (including, to the extent material, the general use of funds advanced and general source of funds for reimbursements);

 

(v)            the
aggregate amount of compensation paid to the Trustee, the Certificate Administrator, CREFC®, the Operating Advisor,
the Asset Representations Reviewer and servicing compensation paid to the Master Servicer and the Special Servicer for the related
Determination Date and any other fees or expenses accrued and paid from the Trust Fund;

 

(vi)           (A)
the Available Funds for the Distribution Date, (B) the total amount of all principal and/or interest distributions, as well as
any other distributions (other than Yield Maintenance Charges), properly made on or in respect of any Class of Regular Certificates
with respect to such Distribution Date and (C) any other cash flows received on the Mortgage Loans and applied to pay fees and
expenses (including the components of the Available Funds, or such other cash flows);

 

(vii)          the
amount of the distribution on the Distribution Date to the holders of any Class of Regular Certificates allocable to Prepayment
Premiums and Yield Maintenance Charges;

 

(viii)         the
accrued Interest Accrual Amount in respect of each Class of Regular Certificates for such Distribution Date;

 

(ix)           the
Pass-Through Rate for each Class of Regular Certificates for the Distribution Date and the next succeeding Distribution Date;

 

(x)            the
Principal Distribution Amount for the Distribution Date;

 

(xi)           the
aggregate Certificate Balance or aggregate Notional Amount, as the case may be, of each Class of Certificates (other than the Class
R Certificates), immediately before and immediately after such Distribution Date, separately identifying any reduction in the aggregate
Certificate Balance (or, if applicable, the aggregate Notional Amount) of each such Class as a result of the allocation of any
Realized Loss and/or Additional Trust Fund Expenses on such Distribution Date;

 

(xii)          the
fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate Balance,
and the denominator of which

 

     -307-

     

    

 

is the related initial aggregate Certificate Balance, for each Class of Regular Certificates immediately
following the Distribution Date;

 

(xiii)         the
amount of any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated during the related Collection Period on a
loan-by-loan basis and Cumulative Appraisal Reduction Amounts allocated during the related Collection Period on an aggregate basis;
and the total Appraisal Reduction Amounts and Collateral Deficiency Amounts as of such Distribution Date on a loan-by-loan basis;

 

(xiv)         the
number and related Stated Principal Balance of any Mortgage Loans modified, extended or waived on a loan-by-loan basis since the
previous Determination Date (including a description of any material modifications, extensions or waivers to Mortgage Loan terms,
fees, penalties or payments during the Collection Period or that have cumulatively become material over time);

 

(xv)          the
amount of any remaining unpaid Interest Shortfalls for each Class of Regular Certificates as of the Distribution Date;

 

(xvi)         an
loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment (other than Liquidation Proceeds and
Insurance Proceeds) during the related Collection Period and the amount of Principal Prepayment occurring, together with the aggregate
amount of Principal Prepayments made during the related Collection Period;

 

(xvii)        an
loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date;

 

(xviii)       the
amount of the distribution to the holders of each Class of Certificates on the Distribution Date attributable to reimbursement
of Realized Losses;

 

(xix)          as
to any Mortgage Loan repurchased by a Mortgage Loan Seller or otherwise liquidated or disposed of during the related Collection
Period, (A) the Loan Number of the related Mortgage Loan and (B) the amount of proceeds of any repurchase of a Mortgage Loan, Liquidation
Proceeds and/or other amounts, if any, received thereon during the related Collection Period and the portion thereof included in
the Available Funds for such Distribution Date;

 

(xx)           the
amount on deposit in each of the Interest Reserve Account and the Gain-on-Sale Reserve Account before and after giving effect to
the distribution made on such Distribution Date (and any material account activity since the prior Distribution Date);

 

(xxi)          the
then-current credit support levels for each Class of Sequential Pay Certificates;

 

(xxii)         [RESERVED]

 

     -308-

     

    

 

(xxiii)        with
respect to any REO Loan as to which the related Mortgaged Property became an REO Property during the preceding calendar month,
the city, state, property type, latest Debt Service Coverage Ratio and the current Stated Principal Balance;

 

(xxiv)       with
respect to any REO Property included in the Trust Fund at the close of business on the related Determination Date (A) the Loan
Number of the related Mortgage Loan and (B) the value of such REO Property based on the most recent Appraisal or valuation;

 

(xxv)        with
respect to any Serviced REO Property sold or otherwise disposed of during the related Collection Period and for which a Final Recovery
Determination has been made, (A) the Loan Number of the related Mortgage Loan, (B) the Realized Loss attributable to the related
Mortgage Loan, (C) the amount of sale proceeds and other amounts, if any, received in respect of such Serviced REO Property during
the related Collection Period and the portion thereof included in the Available Funds for such Distribution Date, (D) the date
of the Final Recovery Determination and (E) the balance of the Gain-on-Sale Reserve Account for such Distribution Date;

 

(xxvi)       the
amount of the distribution on the Distribution Date to the holders of the Class V and Class R Certificates;

 

(xxvii)      material
breaches of Mortgage Loan representations and warranties or any covenants under this Agreement of which the Certificate Administrator
has received or delivered written notice;

 

(xxviii)     the
identity of the Operating Advisor;

 

(xxix)        the
amount of Realized Losses, Additional Trust Fund Expenses and Interest Shortfalls, if any, incurred with respect to the Mortgage
Loans during the related Collection Period and in the aggregate for all prior Collection Periods (except to the extent reimbursed
or paid);

 

(xxx)         an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period;

 

(xxxi)        the
identity of the Controlling Class;

 

(xxxii)       the
identity of the Controlling Class Representative; and

 

(xxxiii)      such
other information as contemplated by Exhibit K to this Agreement.

 

In the case of information furnished
pursuant to sub-clauses (ii), (iii), (v), (vii), (viii), (xv) and (xviii) above, the amounts shall be expressed as a dollar amount
in the aggregate for all Certificates of each applicable Class and per $1,000 of original Certificate Balance or Notional Amount,
as the case may be.

 

The Certificate Administrator may omit
any information from the Distribution Date Statement that the Certificate Administrator regards as confidential, so long as such
information is not required to be disclosed pursuant to Item 1125 of Regulation AB. None of the

 

     -309-

     

    

 

Master
Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall be responsible for the accuracy or completeness
of any information supplied to it by a Borrower, the Depositor, any Sponsor, any party to this Agreement or a master servicer,
a special servicer or other similar party under an Other PSA or other third party that is included in any reports, statements,
materials or information prepared or provided by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator,
as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Master Servicer
or the Special Servicer without independent verification.

 

If and for so long as the Trust is
subject to the reporting requirements of the Exchange Act, no Distribution Date Statement that is part of any SEC filing shall
include references to the Rating Agencies or any ratings ascribed by any Rating Agency to any Class of Certificates.

 

On each Distribution Date, the Certificate
Administrator shall make available to each Holder of a Class R Certificate a copy of the reports made available to the other Certificateholders
on such Distribution Date and a statement setting forth the amounts, if any, actually distributed with respect to the Class R Certificates
on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent
that it provided substantially comparable information pursuant to any requirements of the Code as from time to time in force.

 

The Certificate Administrator has not
obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and posting
of such information to the Certificate Administrator’s Website.

 

Within a reasonable period of time
after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar
year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided to Certificateholders
pursuant to clauses (ii) and (iii) above as to the applicable Class, aggregated for such calendar year or applicable portion thereof
during which such person was a Certificateholder, together with such other information that the Certificate Administrator deems
necessary or desirable, or that a Certificateholder or Certificate Owner reasonably requests, to enable such Certificateholders
to prepare their federal income tax returns. Such information shall include the amount of original issue discount accrued on each
Class of Certificates held by Persons other than Holders exempted from the reporting requirements and information regarding the
expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant
to applicable requirements of the Code from time to time in force.

 

On each Distribution Date, the Certificate
Administrator shall deliver the related Distribution Date Statement to the Depositor in electronic format to psastatements@ccre.com
(or to such other address as the Depositor shall specify by written notice to the Certificate Administrator).

 

Upon receipt of any Asset Review Report
Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.04(e), the Certificate

 

     -310-

     

    

 

Administrator
shall include such summary in Item 1B on the Form 10-D in accordance with Section 10.04 for such period in which the Asset Review
Report Summary was delivered.

 

(b)        The
Certificate Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person (provided
that the Prospectus, the Distribution Date Statements and the SEC filings will be made available to the general public, and provided,
further that any Privileged Person that is a Borrower Party shall only be entitled to access documents made available to
the general public) the following items, in each case to the extent received by the Certificate Administrator:

 

(i)            the
following “deal documents”:

 

(A)       the
Prospectus;

 

(B)       this
Agreement, each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the
Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)       the
CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

(ii)           the
following “SEC EDGAR filings”:

 

(A)      any
reports on Forms 10-D, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through the
EDGAR system;

 

(iii)          the
following “periodic reports”:

 

(A)       the
Distribution Date Statements;

 

(B)       the
supplemental reports and the CREFC® data files identified as such in the definition of “CREFC®
Investor Reporting Package (CREFC® IRP)” (other than the CREFC® Loan Setup File), to the
extent it has received or prepared such report or file; and

 

(C)       all
Operating Advisor Annual Reports.

 

(iv)          the
following “additional documents”:

 

(A)       the
summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format; and

 

(B)       any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format;

 

     -311-

     

    

 

(v)           the
following “special notices”:

 

(A)      any
notice with respect to a release pursuant to Section 3.10(h);

 

(B)       all
Special Notices;

 

(C)       notice
of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(D)       notice
of final payment on the Certificates;

 

(E)       all
notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator;

 

(F)        notice
of termination or resignation of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee (and appointments of successors to the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee);

 

(G)       any
notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the related report
prepared by the Operating Advisor in connection with such recommendation;

 

(H)       any
notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer or the Operating
Advisor;

 

(I)       notice
of the Certificate Administrator’s determination that an Asset Review Trigger is in effect and any other notice required
to be delivered to the Certificateholders pursuant to Section 11.01;

 

(J)       any
and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Master Servicer’s, the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance
was (or, if made, would be) a Nonrecoverable Advance;

 

(K)       any
notice of the termination of the Trust;

 

(L)       any
notice of the occurrence and continuance of a Control Termination Event;

 

(M)       any
notice of the occurrence of a Consultation Termination Event;

 

(N)       any
notice of the occurrence of an Operating Advisor Termination Event;

 

(O)       any
notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

     -312-

     

    

 

(P)       any
Proposed Course of Action Notice;

 

(Q)       all
of the annual compliance statements and annual assessments as to compliance delivered to the Certificate Administrator since the
Closing Date pursuant to Section 10.11 and Section 10.12 of this Agreement; and

 

(R)       all
of the annual independent public accountants’ servicing reports caused to be delivered to the Certificate Administrator since
the Closing Date pursuant to Section 10.13 of this Agreement;

 

(vi)          the
Investor Q&A Forum; and

 

(vii)         solely
to Certificateholders and Certificate Owners, the Investor Registry.

 

Notwithstanding the foregoing, all
Excluded Information shall be made available under a separate tab or heading designated “Excluded Information” (and
not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged Persons other
than Excluded Controlling Class Holders (unless loan-by-loan segregation is later performed by the Certificate Administrator in
which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded Controlling
Class Mortgage Loans).

 

Any Person that is a Borrower Party
shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to the general public:
the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the SEC filings on the Certificate Administrator’s
Website, and (b) in the case of the Controlling Class Representative or a Controlling Class Certificateholder, if any such Person
becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator and the Trustee in physical form of an investor certification substantially in the forms of Exhibit
L-1D and Exhibit L-1E and upon delivery to the Certificate Administrator in physical form of an investor certification
substantially in the form of Exhibit L-1F, which shall include each of the user ID’s for the Certificate Administrator’s
website associated with such Excluded Controlling Class Holder, all information (other than Excluded Information) available on
the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded
Controlling Class Mortgage Loans).

 

In the case of the Controlling Class
Representative or a Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of an investor
certification substantially in the form of Exhibit L-1B hereto, such Controlling Class Representative or Controlling Class
Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each rely on (i) an investor certification
in the form of Exhibit L-1B hereto from the Controlling Class Representative or a Controlling Class Certificateholder to
the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor certification in the form of Exhibit
L-1D hereto from the Controlling Class Representative or a Controlling Class Certificateholder to the effect that such

 

     -313-

     

    

 

Person
is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Mortgage Loan(s). In the event
the Controlling Class Representative or a Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such
party shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
and the Trustee in writing substantially in the form of Exhibit L-1E that such party is an Excluded Controlling Class Holder
and identify the Excluded Controlling Class Mortgage Loan(s) and thereafter shall not be entitled to any Excluded Information
related to such Excluded Controlling Class Mortgage Loan(s) and made available on the Certificate Administrator’s Website.
With respect to any Excluded Information, each of the Master Servicer, the Special Servicer and the Operating Advisor shall mark
or label such information as “Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate
Administrator shall segregate on the Certificate Administrator’s Website such Excluded Information (and may be segregated
on loan-by-loan basis) from information relating to other Mortgage Loans. Notwithstanding anything herein to the contrary, each
of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively
assume that the Controlling Class Representative and all beneficial owners of the Certificates of the Controlling Class are not
Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer, the Operating Advisor
or the Certificate Administrator, as applicable, has received such notice from the Controlling Class Representative or a Controlling
Class Certificateholder that it has become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer,
the Operating Advisor or the Certificate Administrator shall be liable for any communication to the Controlling Class Representative
or Controlling Class Certificateholder or disclosure of Excluded Information if the Master Servicer, the Special Servicer, the
Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written notice that the related Mortgage
Loan is an Excluded Controlling Class Mortgage Loan (including, in the case of an Asset Status Report or Final Asset Status Report
delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and/or any failure to
label any such information provided to the Certificate Administrator).

 

Each of the Master Servicer, the Special
Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on (i) any written notice
from the Controlling Class Representative or a Controlling Class Certificateholder that it is no longer an Excluded Controlling
Class Holder and (ii) any certification delivered by the Controlling Class Representative or a Controlling Class Certificateholder,
as applicable, substantially in the form of Exhibit L1-B that such Person is no longer an Excluded Controlling Class Holder.
To the extent the Controlling Class Representative or a Controlling Class Certificateholder receives access pursuant to this Agreement
to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information,
such Controlling Class Representative or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not
directly or indirectly provide any information related to the Excluded Controlling Class Mortgage Loan to the related Borrower
or to any Excluded Controlling Class Holder or (A) any employees or personnel of such Controlling Class Representative or Controlling
Class Certificateholder or any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged
Property or (B) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related

 

     -314-

     

    

 

Borrower,
and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the
obligations described in clause (i) above.

 

The Certificate Administrator makes
no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor.
In addition, the Certificate Administrator may disclaim responsibility for any information distributed by the Certificate Administrator
for which it is not the original source. The Certificate Administrator shall not be responsible for the accuracy or completeness
of any information supplied to it by the Master Servicer or Special Servicer that is included in any reports, statements, materials
or information prepared or provided by the Master Servicer or Special Servicer, as applicable, and the Certificate Administrator
shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports without
any duty or obligation to recompute, verify or re-evaluate any of the amounts or other information stated therein. In connection
with providing access to the Certificate Administrator’s Internet website, the Certificate Administrator may require registration
and the acceptance of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance
herewith. Notwithstanding anything herein to the contrary, the Certificate Administrator shall not be liable for any Excluded Information
to the extent such information was included in the Asset Status Report or the Final Asset Status Report delivered to the Certificate
Administrator for posting to the Certificate Administrator’s Website and not properly identified as Excluded Information.

 

The Certificate Administrator shall
have no any liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s Website of any
information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant to this Agreement
if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower Party.

 

The provisions in this Section shall
not limit the Master Servicer’s ability to make accessible certain information regarding the Mortgage Loans at a website
maintained by the Master Servicer.

 

(c)       The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor Q&A
Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders and Certificate
Owners who are Privileged Persons may (A) submit questions to the Certificate Administrator relating to the Distribution Date Statement,
(B) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available
pursuant to this Section 4.02(c), the Mortgage Loans or the Mortgaged Properties (other than a Non-Serviced Mortgage Loan
or related Mortgaged Properties) and (C) submit questions to the Operating Advisor relating to the Operating Advisor Annual Reports
or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or
not referenced in any Operating Advisor Annual Reports or other reports prepared by the Operating Advisor (collectively, “Inquiries”),
and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers thereto.
Upon receipt of an Inquiry for the Master Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator
shall forward the Inquiry to the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (and in the case
of an inquiry relating to a Non-Serviced Mortgage Loan, to the

 

     -315-

     

    

 

applicable
party under the Other Pooling and Servicing Agreement) in each case within a commercially reasonable period following receipt
thereof. Following receipt of an Inquiry, the Certificate Administrator, the Master Servicer, the Special Servicer (other than
with respect to the Non-Serviced Mortgage Loans or related Mortgaged Properties) or the Operating Advisor, as applicable, unless
it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Master Servicer, Special
Servicer or the Operating Advisor shall be sent by email to the Certificate Administrator. The Certificate Administrator shall
post (within a commercially reasonable period following preparation or receipt of such answer, as the case may be) such Inquiry
and the related answer to the Investor Q&A Forum. If the Certificate Administrator, the Master Servicer, the Special Servicer
or the Operating Advisor determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope outlined above,
(ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders, (iii) answering any
Inquiry would be in violation of applicable law, this Agreement or the applicable Loan Documents, (iv) answering any Inquiry would
materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the
Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (v) answering such inquiry would require the disclosure
of Privileged Information (subject to the Privileged Information Exception), (vi) answering such inquiry would or is reasonably
expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product or (vii) answering any
Inquiry is otherwise not advisable for any reason, it shall not be required to answer such Inquiry and, in the case of the Master
Servicer, the Special Servicer or the Operating Advisor, shall promptly notify the Certificate Administrator, and the Certificate
Administrator shall not post such Inquiry on the Investor Q&A Forum. In addition, no party shall post or otherwise disclose
information known to such party to be Privileged Information as part of its response to any Inquiry. The Certificate Administrator
shall notify the Person who submitted such Inquiry if the Inquiry will not be answered. The Certificate Administrator shall not
be required to post to the Investor Q&A Forum any Inquiry or answer thereto that the Certificate Administrator determines,
in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum will not reflect questions, answers
and other communications between the Certificate Administrator or other Person which are not submitted via the Investor Q&A
Forum. In addition, no party is permitted to post or otherwise disclose direct communication with the Directing Holder as part
of its response to any questions. In the case of an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate Administrator
shall make reasonable efforts to obtain an answer from the related non-serviced master servicer or the related non-serviced special
servicer, as applicable; provided that the Certificate Administrator shall not be responsible for the content of such answer
or any delay or failure to obtain such answer.

 

(d)       The
Certificate Administrator shall make available to any Certificateholder and Certificate Owner, the Investor Registry. The “Investor
Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders
and Certificate Owners can register and thereafter obtain contact information with respect to any other Certificateholder or Certificate
Owner that has so registered. Any person registering to use the Investor Registry will be required to certify that (a) it is a
Certificateholder or a Certificate Owner and (b) it grants authorization to the Certificate Administrator to make its name and
contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered
Certificateholders and registered Certificate Owners. Such Person shall then be asked to enter certain mandatory fields

 

     -316-

     

    

 

such
as the individual’s name, the company name and email address, as well as certain optional fields such as address, phone,
and Class(es) of Certificates owned. If any Certificateholder or Certificate Owner notifies the Certificate Administrator that
it wishes to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate
Administrator shall promptly remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying
or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any
information thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor
Registry.

 

(e)       The
Master Servicer may at its sole cost and expense, but is not required to, make any of the reports or files it delivers pursuant
to this Agreement available on the Master Servicer’s website only with the use of a password, in which case the Master Servicer
shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed
to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder
who requests such password, provided that any such Certificateholder or prospective Certificateholder, as the case may be,
has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection with
providing access to the Master Servicer’s website, the Master Servicer may require registration and the acceptance of a disclaimer
and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Master
Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure
of such information, and which may provide indemnification to the Master Servicer for any liability or damage that may arise therefrom.
The Master Servicer shall not be liable for dissemination of this information in accordance with this Agreement, provided
that such information otherwise meets the requirements set forth herein with respect to the form and substance of such information
or reports. The Master Servicer shall be entitled to attach to any report provided pursuant to this subsection, any reasonable
disclaimer with respect to information provided, or any assumptions required to be made by such report. Notwithstanding anything
herein to the contrary, the Master Servicer may, at its sole cost and expense, make available by electronic media, bulletin board
service or Internet website any reports or other information the Master Servicer is required or permitted to provide to any Borrower
with respect to such Borrower’s Mortgage Loan or Serviced Whole Loan to the extent such action does not conflict with the
terms of this Agreement, the terms of the related Loan Documents or applicable law. If the Master Servicer is required to deliver
any statement, report or other information under any provision of this Agreement, then, the Master Servicer may satisfy such obligation
by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement, report or information
in a commonly used electronic format, or (z) making such statement, report or information available on its website, unless this
Agreement expressly specifies a particular method of delivery; provided that all reports required to be delivered to the
Certificate Administrator shall be delivered in accordance with clause (x) or (y) or, upon request, clause (z).

 

(f)       Subject
to Section 3.13, the Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Master
Servicer) provide the Master Servicer with such information in its possession regarding the Specially Serviced Loans and REO Properties
as may be reasonably necessary for the Master Servicer to prepare each report

 

     -317-

     

    

 

and
any supplemental information to be provided by the Master Servicer to the Certificate Administrator. Neither the Certificate Administrator
nor the Depositor shall have any obligation to recompute, verify or recalculate the information provided thereto by the Master
Servicer. Unless the Certificate Administrator has actual knowledge that any report or file received from the Master Servicer
contains erroneous information, the Certificate Administrator is authorized to rely thereon in calculating and making distributions
to Certificateholders and allocating Realized Losses, to the Certificates in accordance with Section 4.01 of this Agreement
and preparing the statements to Certificateholders required by Section 4.02(a) of this Agreement.

 

(g)       As
soon as reasonably practicable, upon the written request of and at the expense of any Certificateholder, the Certificate Administrator
shall provide the requesting Certificateholder with such information that is in the Certificate Administrator’s possession
or can reasonably be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes of satisfying
applicable reporting requirements under Rule 144A under the Securities Act. Neither the Certificate Registrar nor the Certificate
Administrator shall have any responsibility for the sufficiency under Rule 144A or any other securities laws of any available information
so furnished to any person including any prospective purchaser of a Certificate or any interest therein, nor for the content or
accuracy of any information so furnished which was prepared or delivered to them by another.

 

(h)       The
Certificate Administrator shall make available at its offices, during normal business hours, upon not less than two Business Days
prior notice, for review by any Privileged Person and any Serviced Companion Loan Noteholder that is a Privileged Person (solely
with respect to items (ii) and (iii), to the extent such information relates to the related Serviced Companion Loan), originals
or copies of documents relating to the Mortgage Loans and any related REO Properties to the extent in its possession, including,
without limitation, the following items (except to the extent prohibited by applicable law or under any of the related Loan Documents):

 

(i)         any
and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the environmental
testing contemplated by Section 3.10(f) of this Agreement revealed that neither of the conditions set forth in clauses (i)
and (ii) thereof was satisfied;

 

(ii)        the
most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls have been made
available by the related Borrower) and/or lease summaries and retail sales information, if any, received from the Master Servicer
or the Special Servicer in respect to each Mortgaged Property;

 

(iii)       the
Mortgage File, including any and all modifications, waivers and amendments of the terms of a Mortgage Loan or Serviced Whole Loan
entered into by the Master Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and

 

(iv)      any
other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A under the Securities Act.

 

     -318-

     

    

 

The Certificate Administrator may require
a Privileged Person to execute a confidentiality agreement prior to granting access to such information, which may be in the form
of a “click-through” confirmation. Copies of any and all of the foregoing items will be available from the Certificate
Administrator upon request. The Certificate Administrator will be permitted to require payment by the requesting party (other than
a Rating Agency) of a sum sufficient to cover the reasonable costs and expenses of making such information available and providing
any copies thereof. The Certificate Administrator’s obligation under this Section 4.02(h) to make available any document
is subject to the Certificate Administrator’s receipt of such document.

 

The Certificate Administrator shall
not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

(i)         The
Depositor hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such other vendor
chosen by the Depositor that submits to the Certificate Administrator a certification substantially in the form of Exhibit L-2
to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made
available pursuant to this Section 4.02 to Privileged Persons.

 

Section 4.03 Compliance
with Withholding Requirements. Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with
all federal withholding requirements with respect to payments to Certificateholders and other payees of interest, original
issue discount or other amounts that the Paying Agent reasonably believes are applicable under the Code. The consent of
Certificateholders or payees shall not be required for any such withholding. If the Paying Agent or its agent withholds any
amount from interest, original issue discount payments or other amounts or advances thereof to any Certificateholder or payee
pursuant to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder
or payee. Any amount so withheld shall be treated as having been distributed to such Certificateholder for all purposes of
this Agreement.

 

Section 4.04 REMIC
Compliance. (a) The parties intend that each of the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and that
the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify it as, a “real
estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions at all times any
Certificates are outstanding, and the provisions hereof shall be interpreted consistently with this intention. In furtherance
of such intention, the Certificate Administrator shall, to the extent permitted by applicable law, act as agent, and is
hereby appointed to act as agent, of each such Trust REMIC and shall on behalf of each such Trust REMIC:

 

(i)         make
or cause to be made an election, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, to be treated as a REMIC on
Form 1066 for its first taxable year, in accordance with the REMIC Provisions;

 

(ii)        prepare
and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall sign), all required
Tax Returns for the Lower-Tier REMIC and the Upper-Tier REMIC, using a calendar year as the taxable year for each of such Trust
REMIC as required by the REMIC Provisions and other applicable federal, state or local income tax laws;

 

     -319-

     

    

 

(iii)       prepare
and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and local tax authorities
all information reports as and when required to be provided to them in accordance with the REMIC Provisions;

 

(iv)       if
the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii) of this Section
4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier REMIC and the Upper-Tier
REMIC as a REMIC or is otherwise required by the Code, prepare and file or distribute, or cause to be prepared and signed and filed
or distributed, such documents with or to such Persons when and as required by the REMIC Provisions or the Code or comparable provisions
of state and local law;

 

(v)        within
30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC and the Upper-Tier REMIC
on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish or cause to be furnished to the IRS, on Form 8811 or as
otherwise may be required by the Code, the name, title and address of the person that the Certificateholders may contact for tax
information relating thereto (and the Certificate Administrator shall act as the representative of the Upper-Tier REMIC for this
purpose), together with such additional information as may be required by such Form, and shall update such information at the time
or times and in the manner required by the Code (and the Depositor agrees within 10 Business Days of the Closing Date to provide
any information reasonably requested by the Master Servicer, the Special Servicer or the Certificate Administrator and necessary
to make such filing); and

 

(vi)       maintain
such records relating to the Lower-Tier REMIC and the Upper-Tier REMIC as may be necessary to prepare the foregoing returns, schedules,
statements or information, such records, for federal income tax purposes, to be maintained on a calendar year and on an accrual
basis.

 

The Holder of the largest Percentage
Interest in the Class R Certificates shall be the tax matters person pursuant to Treasury Regulations Section 1.860F-4(d) and the
“partnership representative” (within the meaning of Code Section 6223, to the extent such provision applies to the
Trust REMICs) of each Trust REMIC. If more than one Holder shall hold an equal Percentage Interest in the Class R Certificates
larger than that held by any other Holder, the first such Holder to have acquired such Class R Certificates shall be such tax matters
person and “partnership representative”. The Certificate Administrator shall act as attorney-in-fact and agent for
the tax matters person and “partnership representative” of the Lower-Tier REMIC and the Upper-Tier REMIC, and each
Holder of a Percentage Interest in the Class R Certificates, by acceptance hereof, is deemed to have consented to the Certificate
Administrator’s appointment in such capacities and agrees to execute any documents required to give effect thereto, and any
fees and expenses incurred by the Certificate Administrator in connection with any audit or administrative or judicial proceeding
shall be paid by the Trust Fund.

 

The Certificate Administrator shall
not intentionally take any action or intentionally omit to take any action if, in taking or omitting to take such action, the Certificate
Administrator has actual knowledge that such action or omission (as the case may be) would

 

     -320-

     

    

 

cause
the termination of the REMIC status of the Lower-Tier REMIC or the Upper-Tier REMIC or the imposition of tax on the Lower-Tier
REMIC or the Upper-Tier REMIC (other than a tax on income expressly permitted to be received by the terms of this Agreement).
Notwithstanding any provision of this paragraph to the contrary, the Certificate Administrator shall not be required to take any
action that the Certificate Administrator in good faith believes to be inconsistent with any other provision of this Agreement,
nor shall the Certificate Administrator be deemed in violation of this paragraph if it takes any action expressly required or
authorized by any other provision of this Agreement, and the Certificate Administrator shall have no responsibility or liability
with respect to any act or omission of the Depositor, the Trustee, the Master Servicer or the Special Servicer which does not
enable the Certificate Administrator to comply with any of clauses (i) through (vi) of the first paragraph of this Section
4.04(a) or which results in any action contemplated by clauses (i) or (ii) of the next succeeding sentence. In this regard
the Certificate Administrator shall (i) exercise reasonable care not to allow the occurrence of any “prohibited transactions”
within the meaning of Section 860F(a) of the Code, unless the party seeking such action shall have delivered to the Certificate
Administrator an Opinion of Counsel (at such party’s expense) that such occurrence would not (A) result in a taxable gain,
(B) otherwise subject the Lower-Tier REMIC or the Upper-Tier REMIC to tax (other than a tax at the highest marginal corporate
tax rate on net income from foreclosure property), or (C) cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify
as a REMIC; and (ii) exercise reasonable care not to allow the Trust Fund to receive any contributions, or any income from the
performance of services or from assets not permitted under the REMIC Provisions to be held by a REMIC (provided, that the
receipt of any income expressly permitted or contemplated by the terms of this Agreement shall not be deemed to violate this clause).
None of the Master Servicer, the Special Servicer, the Trustee or the Depositor shall be (i) permitted to take any action that
the Certificate Administrator would not be permitted to take pursuant to the preceding two sentences or (ii) responsible or liable
(except in connection with taking any act or omission referred to in the two preceding sentences or the following sentence) for
any failure by the Certificate Administrator to comply with the provisions of this Section 4.04. The Depositor, the Trustee,
the Master Servicer and the Special Servicer shall cooperate in a timely manner with the Certificate Administrator in supplying
any information within the Depositor’s, the Trustee’s, the Master Servicer’s or the Special Servicer’s
control (other than any confidential information) that is reasonably necessary to enable the Certificate Administrator to perform
its duties under this Section 4.04.

 

The Certificate Administrator shall
be responsible for the preparation of IRS Form W-9, if requested. The Trustee shall be entitled to rely on any information contained
therein and is hereby directed to execute such IRS Form W-9; provided, that the Certificate Administrator shall be directed
to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by applicable Treasury Regulations.

 

The Certificate Administrator’s
authority under this Agreement includes the authority to make, and the Certificate Administrator is hereby directed to make, any
elections allowed under the Code (i) to avoid the application of Section 6221 (or successor provisions) to any REMIC and (ii) to
avoid payment by any Trust REMIC under Section 6225 (or successor provisions) of any tax, penalty, interest or other amount imposed
under the Code that would otherwise be imposed on any Holder of any Class R Certificate, past or present. A Holder of any Class
R Certificate agrees, by acquiring such interest, to any such elections and to the Certificate

 

     -321-

     

    

 

Administrator’s
acting as agent for any tax matters person or other representative of a REMIC that can be designated under the Code.

 

(b)       The
following assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating
the original yield to maturity and original issue discount with respect to the Regular Certificates: (i) each Mortgage Loan will
pay principal and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates, provided
that the Mortgage Loans will prepay in accordance with the Prepayment Assumption; (ii) none of the Sole Certificateholder, the
Master Servicer, the Special Servicer and the Certificateholder owning a majority of the Percentage Interests in the Controlling
Class will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust Fund;
and (iii) no Mortgage Loan is repurchased by a Mortgage Loan Seller pursuant to the terms of the related Mortgage Loan Purchase
Agreement.

 

Section 4.05 Imposition
of Tax on the Trust Fund. If any tax, including interest, penalties or assessments, additional amounts or additions to tax,
is imposed on the Lower-Tier REMIC or the Upper-Tier REMIC, such tax shall be charged against amounts otherwise distributable
to the Holders of the Certificates; provided that any taxes imposed on any net income from foreclosure property pursuant
to Section 860G(d) of the Code or any similar tax imposed by a state or local jurisdiction shall instead be treated as an expense
of the related Serviced REO Property in determining Net REO Proceeds with respect to the Serviced REO Property (and until such
taxes are paid, the Special Servicer from time to time shall withdraw from amounts in the REO Account (and, in the case of any
Serviced Whole Loan, from amounts in the Serviced Whole Loan REO Account) allocable to the Mortgage Loans and transfer to the
Certificate Administrator amounts reasonably determined by the Certificate Administrator to be necessary to pay such taxes, which
the Certificate Administrator shall maintain in a separate, non-interest-bearing account, and the Certificate Administrator shall
send to the Special Servicer for deposit in the REO Account (or, if applicable, the Serviced Whole Loan REO Account) the excess
determined by the Certificate Administrator from time to time of the amount in such account over the amount necessary to pay such
taxes) and shall be paid therefrom; provided that any such tax imposed on net income from foreclosure property that exceeds
the amount in any such reserve shall be retained from Available Funds as provided in Section 3.06(a)(xii) or, in the case
of any Serviced Whole Loan, in Section 3.06(b)(xiii), and the next sentence. Except as provided in the preceding sentence,
the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from Available Funds sufficient
funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by the applicable REMIC (but such
authorization shall not prevent the Trustee from contesting, at the expense of the Trust Fund or in the case of a Serviced Whole
Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the related Mortgage Loan and any related
Serviced Pari Passu Companion Loan (based on their respective outstanding principal balances)) any such tax in appropriate proceedings,
and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The Certificate Administrator
is hereby authorized to and shall segregate or cause to be segregated, into a separate non-interest bearing account, (i) the net
income allocable to the Mortgage Loans from any “prohibited transaction” under Section 860F(a) of the Code or (ii)
the amount of any contribution to the Lower-Tier REMIC or the Upper-Tier REMIC after the Startup Day that is subject to tax under
Section 860G(d) of the Code and use such income or amount, to the extent necessary, to pay such tax (and return the balance thereof,
if any, to the

 

     -322-

     

    

 

Collection
Account, the Lower-Tier Distribution Account or the Upper-Tier Distribution Account). To the extent that any such tax is paid
to the IRS, the Certificate Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders
of the Class R Certificates, as the case may be, and shall distribute such retained amounts to the Holders of Regular Certificates,
or the Trustee as Holder of the Lower-Tier Regular Interests, until they are fully reimbursed and then to the Holders of the Class
R Certificates. Neither the Master Servicer, the Special Servicer, the Certificate Administrator, nor the Trustee shall be responsible
for any taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC except to the extent such tax is attributable to a breach
of a representation or warranty or the negligence or willful misconduct of the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee or an act or omission of the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee in contravention of this Agreement, provided, further, that such breach, act or omission could result
in liability under Section 6.03 of this Agreement, in the case of the Master Servicer, Section 4.04 of this Agreement,
in the case of the Trustee or Section 4.04 of this Agreement, in the case of the Certificate Administrator in accordance
with the standard of liability set forth in those sections. Notwithstanding anything in this Agreement to the contrary, in each
such case, the Master Servicer or the Special Servicer shall not be responsible for the Trustee’s or the Certificate Administrator’s
breaches, acts or omissions, the Trustee shall not be responsible for the breaches, acts or omissions of the Certificate Administrator,
the Master Servicer or the Special Servicer and the Certificate Administrator shall not be responsible for the breaches, acts
or omissions of the Trustee, the Master Servicer or the Special Servicer.

 

Section 4.06 Remittances.
On the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer with respect to the
Mortgage Loans that it is servicing shall:

 

(i)         remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to Prepayment Premiums and
Yield Maintenance Charges, and, for deposit in accordance with Section 3.05(i) of this Agreement, Gain-on-Sale Proceeds,
in each case received by the Master Servicer in its Collection Period preceding such Distribution Date;

 

(ii)        remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the aggregate of the Available
Funds for such Distribution Date;

 

(iii)       remit
to the Certificate Administrator for deposit in the Excess Interest Distribution Account an amount equal to the Excess Interest
for the benefit of the Class V Certificateholders received by the Master Servicer in the Collection Period preceding such Distribution
Date; and

 

(iv)       remit
to CREFC® the CREFC® Intellectual Property Royalty License Fee.

 

Section 4.07 P&I
Advances. (a) On or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall
in the case of all Mortgage Loans either (i) remit to the Certificate Administrator for deposit into the Lower-Tier Distribution
Account, as applicable, from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in
respect of the related Distribution Date, (ii) apply

 

     -323-

     

    

 

amounts
held in the Collection Account or the applicable Serviced Whole Loan Collection Account for future distribution to Certificateholders
in subsequent months in discharge of any such obligation to make P&I Advances; provided, that such amounts in the applicable
Serviced Whole Loan Collection Account shall only be applied up to the related Mortgage Loan’s pro rata share of
the amounts held therein on such date, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating
the total amount of P&I Advances to be made by the Master Servicer, except that the portion of such P&I Advance equal
to the CREFC® Intellectual Property Royalty License Fee for each such Mortgage Loan shall not be remitted to the
Certificate Administrator but shall instead be remitted to CREFC®. Any amounts held in the Collection Account or
any Serviced Whole Loan Collection Account, as applicable, for future distribution and so used to make P&I Advances shall
be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Collection
Account or the applicable Serviced Whole Loan Collection Account, as applicable, on or before the next succeeding P&I Advance
Determination Date (to the extent not previously replaced through either (x) the deposit of Late Collections of the delinquent
principal and/or interest in respect of which such P&I Advances were made or (y) the deposit of Periodic Payments collected
prior to the expiration of any applicable grace period that ends after the P&I Advance Determination Date in respect of which
such P&I Advances were made). The Master Servicer shall notify the Trustee and the Certificate Administrator of (i) the aggregate
amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such Distribution
Date, on or before the P&I Advance Determination Date. If the Master Servicer fails to make a required P&I Advance by
3:00 p.m. (New York City time) on any Master Servicer Remittance Date, then the Trustee shall make such P&I Advance pursuant
to Section 7.06 of this Agreement by 12:00 noon (New York City time) on the related Distribution Date, in each case unless
the Master Servicer shall have cured such failure (and shall have provided written notice of such cure to the Trustee) by 11:00
a.m. (New York City time) on such Distribution Date or the Trustee determines that such P&I Advance, if made, would be a Nonrecoverable
Advance. Neither the Master Servicer nor the Trustee shall be required to make principal or interest advances with respect to
any delinquent payment amounts due on any Companion Loan. If the Master Servicer or the Trustee makes a P&I Advance with respect
to any Mortgage Loan that is part of a Whole Loan with a related Serviced Companion Loan or Non-Serviced Companion Loan, then
it shall provide written notice to the related Other Servicer, Other Special Servicer and Other Trustee of the amount of such
P&I Advance with respect to such Mortgage Loan within two (2) Business Days of making such P&I Advance.

 

(b)       Subject
to Section 4.07(c) and 4.07(d) below, the aggregate amount of P&I Advances to be made by the Master Servicer
with respect to any Distribution Date shall equal the aggregate of: (i) the Periodic Payments (net of related Servicing Fees and,
in the case of any Non-Serviced Mortgage Loan, a fee accruing at the related Non-Serviced Primary Servicing Fee Rate) that were
due on the Mortgage Loans (including the Non-Serviced Mortgage Loans) and any REO Loan (other than any portion of an REO Loan related
to a Companion Loan) during the related Collection Period and delinquent as of the P&I Advance Determination Date (or not advanced
by any Sub Servicer on behalf of the Master Servicer) and (ii) with respect to each Mortgage Loan delinquent in respect of its
Balloon Payment as of the Master Servicer Remittance Date (including any REO Loan (other than any portion of an REO Loan related
to a Companion Loan) as to which the related Balloon Payment would have been past due), an amount equal to the Assumed Scheduled
Payment therefor. Subject to subsection (c) below, the

 

     -324-

     

    

 

obligation
of the Master Servicer to make such P&I Advances, with respect to the Mortgage Loans that it is servicing, is mandatory, and
with respect to any applicable Mortgage Loan or REO Loan, shall continue until (but not including) the Distribution Date on which
Liquidation Proceeds or REO Proceeds, if any, are to be distributed. The Periodic Payment or Assumed Scheduled Payment shall be
reduced, for purposes of P&I Advances, by any modifications pursuant to Section 3.26 of this Agreement or otherwise
and by any reductions by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers.

 

(c)        Notwithstanding
anything herein to the contrary, no P&I Advance shall be required hereunder if the Master Servicer, the Special Servicer or
the Trustee, as applicable, determines that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In
addition, neither the Master Servicer nor the Trustee shall make any P&I Advance to the extent that it has received written
notice that the Special Servicer has determined that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance.
In making such recoverability determination, the Master Servicer, the Special Servicer and the Trustee, as applicable, will be
entitled to (i) give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect
to other Mortgage Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer
or the Trustee, as applicable, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only
for the P&I Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed
Reimbursement Amount which is being or may be deferred or delayed, (ii) consider (among other things) the obligations of the Borrower
under the terms of the related Mortgage Loan (or the Whole Loan, as applicable) as it may have been modified, (iii) consider (among
other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified
by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer)
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, (iv) estimate and consider
(consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer) (among other things) future
expenses and (v) estimate and consider (among other things) the timing of recoveries.

 

The Master Servicer, the Special Servicer
and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances for purposes of nonrecoverability
determinations as if such Unliquidated Advances were unreimbursed P&I Advances. None of the Master Servicer or Trustee shall
make any P&I Advances with respect to delinquent amounts due on any Companion Loan. If an Appraisal of the related Mortgaged
Property shall not have been obtained within the prior 9-month period (and the Master Servicer and the Trustee shall each request
any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such an Appraisal
shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination of
the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master Servicer or the Trustee,
as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Master Servicer,
the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination that such
Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an

 

     -325-

     

    

 

Appraisal
for such purpose at the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions
of the related Intercreditor Agreement).

 

Any such determination by the Master
Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable, has made a Nonrecoverable P&I
Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced by
a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Special
Servicer, any related Serviced Pari Passu Companion Loan holder(s), the Controlling Class Representative (but only if no Consultation
Termination Event has occurred and is continuing) and the Depositor and, in the case of the Trustee, by a certificate of a Responsible
Officer of the Trustee, delivered to the Depositor, the Controlling Class Representative (but only if no Consultation Termination
Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator, the Master Servicer and the Special
Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master Servicer, Special
Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied by, to the extent
available, income and expense statements, rent rolls, occupancy status, property inspections and other information used by the
Master Servicer, Special Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal
or any Updated Appraisal); provided, that the Special Servicer may, at its option, make a determination in accordance with
the Servicing Standard, that any P&I Advance previously made or proposed to be made is nonrecoverable and shall deliver to
the Master Servicer, the Controlling Class Representative (but only if no Consultation Termination Event has occurred and is continuing),
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), notice of such determination, together with a certificate of a Servicing Officer and the supporting information
described above. Any such determination shall be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee.

 

Any such Person may update or change
its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any such other
authorized Person from making a determination, that a P&I Advance constitutes, or would constitute, a Nonrecoverable Advance)
and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense
of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions of the related Intercreditor Agreement),
any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such determination
as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders.

 

Notwithstanding the above, (i) the
Trustee shall be entitled to rely conclusively on and be bound by any determination by the Master Servicer or the Special Servicer,
as applicable, that a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the Master Servicer shall be
entitled to rely conclusively on and be bound by any determination of the Special Servicer that a P&I Advance, if made, would
be a Nonrecoverable P&I Advance (but this statement shall not be construed to entitle the Special Servicer to reverse any other
authorized Person’s determination, or to prohibit any such other authorized Person from making

 

     -326-

     

    

 

a
determination that an advance constitutes, or would constitute a Nonrecoverable Advance). The Trustee, in determining whether
or not a P&I Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance
shall use its good faith business judgment. The Special Servicer shall promptly furnish the Master Servicer and the Trustee with
any information in its possession regarding the Specially Serviced Loans and REO Properties as each such party may reasonably
request for purposes of making recoverability determinations.

 

(d)       In
connection with the recovery of any P&I Advance out of the Collection Account pursuant to Section 3.06(a) of this Agreement
or any Serviced Whole Loan Collection Account pursuant to Section 3.06(b) of this Agreement, the Master Servicer shall be
entitled to pay itself or the Trustee, as the case may be (in reverse of such order with respect to any Mortgage Loan or REO Property)
out of any amounts then on deposit in the Collection Account or the applicable Serviced Whole Loan Collection Account (subject
to the provisions of Section 3.06) (to the extent amounts therein relate to the Mortgage Loans, taking into account the
related Intercreditor Agreement), interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such
P&I Advance from the date made to but not including the date of reimbursement with respect to the Mortgage Loan that the Master
Servicer is servicing; provided, however, that no interest will accrue on any P&I Advance (i) made with respect
to a Mortgage Loan until after the related Due Date has passed and any applicable Grace Period has expired or (ii) if the related
Periodic Payment is received after the Determination Date but on or prior to the Business Day immediately prior to the related
Distribution Date. The Master Servicer shall reimburse itself or the Trustee, as the case may be, for any outstanding P&I Advance
as soon as practicably possible after funds available for such purpose are deposited in the Collection Account or the applicable
Serviced Whole Loan Collection Account with respect to the Mortgage Loan that the Master Servicer is servicing.

 

Notwithstanding anything to the contrary
contained in Section 4.06 of this Agreement, (i) neither the Master Servicer nor the Trustee shall make an advance for Excess
Interest, Yield Maintenance Charges or Penalty Charges and (ii) if the Master Servicer receives notice of an Appraisal Reduction
Event and the related Appraisal Reduction Amount, the interest portion of any P&I Advance with respect to a Mortgage Loan (other
than a Non-Serviced Mortgage Loan) as to which there has been an Appraisal Reduction Amount shall be an amount equal to the product
of (x) the amount required to be advanced without giving effect to the Appraisal Reduction Amount and (y) a fraction, the numerator
of which is the Stated Principal Balance of such Mortgage Loan as of the immediately preceding Determination Date less any Appraisal
Reduction Amount applicable to such Mortgage Loan and the denominator of which is the Stated Principal Balance of such Mortgage
Loan as of such Determination Date. All P&I Advances for any Mortgage Loans that have been modified shall be calculated on
the basis of their terms as modified. With respect to any Non-Serviced Mortgage Loan, if the Master Servicer or the Trustee, as
applicable, does not receive notice of an Appraisal Reduction Event and the related Appraisal Reduction Amount from the related
Other Servicer, then the Master Servicer or the Trustee, as applicable, shall have no obligation to proportionately reduce the
interest portion of any P&I Advance required to be made by the Master Servicer or the Trustee, as applicable. With respect
to any Non-Serviced Companion Loan that has already been securitized prior to the Closing Date, the Certificate Administrator,
on behalf of the Trust, shall notify each Other Servicer and each Other Trustee of a Non-Serviced Mortgage Loan that (a)

 

     -327-

     

    

 

such
Non-Serviced Mortgage Loan has been included in this Trust and (b) upon (i) the existence of an Appraisal Reduction Event and/or
(ii) the related calculation of any Appraisal Reduction Amount (or receipt of notice of any such calculation), such Other Servicer
shall provide the Master Servicer (who shall promptly provide to the Special Servicer (who shall promptly forward, prior to a
Consultation Termination Event, to the Directing Holder) and the Trustee with prompt notice of the existence of any such Appraisal
Reduction Event and/or any such Appraisal Reduction Amount once calculated. With respect to any Serviced Companion Loan, the Master
Servicer shall notify the related Other Servicer and Other Trustee of the existence of an Appraisal Reduction Event and any related
Appraisal Reduction Amount. The Master Servicer shall be deemed to have delivered notice of any such Appraisal Reduction Event
and any related Appraisal Reduction Amount if the Master Servicer includes such event and/or amount in its monthly servicer statements
provided to the other servicer.

 

The portion of any Insurance Proceeds
and Net Liquidation Proceeds in respect of a Mortgage Loan or any REO Loan allocable to principal shall equal the total amount
of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Certificate Administrator or the Trustee pursuant to this Agreement and (ii) a portion thereof
equal to the interest component of the Periodic Payment(s), as accrued at the related Net Mortgage Rate from the date as to which
interest was last paid by the Borrower up to but not including the Due Date in the Collection Period in which such proceeds are
received; provided, if the interest portion(s) of one or more P&I Advances with respect of such Mortgage Loan or REO
Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds to be
applied to interest shall be reduced by the aggregate amount of such reductions and the portion of such Net Liquidation Proceeds
to be applied to principal shall be increased by such amount, and if the amount of the Net Liquidation Proceeds to be applied to
principal has been applied to pay the principal of such Mortgage Loan or REO Loan in full, any remaining Net Liquidation Proceeds
shall then be applied to pay any remaining accrued and unpaid interest of such Mortgage Loan or REO Loan.

 

(e)       With
respect to any Non-Serviced Mortgage Loan, the Master Servicer, the Special Servicer and the Trustee will each be permitted to
make its determination that the Master Servicer or the Trustee has made a P&I Advance on such Mortgage Loan that is a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to
such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made by the Other Servicer (or
any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to
such Non-Serviced Mortgage Loan, if any) under the Other Pooling and Servicing Agreement (or any pooling and servicing agreement
with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage
Loan, if any). If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance
with respect to any Non-Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to any Non-Serviced Mortgage
Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the
Trustee, as applicable, shall provide the Other Servicer (and any master servicer with respect to a commercial mortgage securitization
holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any), the Other

 

     -328-

     

    

 

Special
Servicer and Other Trustee with written notice of such determination, promptly and in any event within two (2) Business Days after
such determination or such longer time period permitted by the applicable Intercreditor Agreement. If the Master Servicer receives
written notice from an Other Servicer (or any master servicer with respect to a commercial mortgage securitization holding another
Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any) that it has determined, with respect to the related
Non-Serviced Companion Loan, that any proposed advance of principal and/or interest with respect to the related Non-Serviced Companion
Loan would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest,
such determination shall not be binding on the Certificateholders, the Master Servicer or the Trustee; provided that, with
respect to each Non-Serviced Whole Loan, each of the Master Servicer and the Trustee shall be entitled to conclusively rely on
any such nonrecoverability determination.

 

If the Master Servicer receives notice
from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage securitizations, it shall promptly
notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or master servicer with respect to each commercial
mortgage securitization that holds a Non-Serviced Companion Loan related to a Non-Serviced Mortgage Loan, if any.

 

(f)        With
respect to any Serviced Whole Loan that has a Serviced Companion Loan, the Master Servicer and the Special Servicer will be permitted
to make its determination that the Master Servicer or the Trustee has made a P&I Advance on the related Mortgage Loan that
is a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance
with respect to such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made in respect
of the related Serviced Companion Loan, by the master servicer under the related Other Pooling and Servicing Agreement. If the
Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance with respect to
such Serviced Whole Loan, if made, or any outstanding P&I Advance with respect to any such Mortgage Loan previously made, would
be, or is, as applicable, a Nonrecoverable Advance or if the Master Servicer, the Special Servicer or the Trustee, as applicable,
subsequently determines that a proposed Servicing Advance would be a Nonrecoverable Advance or an outstanding Servicing Advance
is or would be a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall provide the Other Servicer, Other
Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement with written notice of such determination,
promptly and in any event within two (2) Business Days after such determination or such longer time period permitted by the applicable
Intercreditor Agreement. If the Master Servicer receives written notice from any master servicer under any such Other Pooling and
Servicing Agreement that such master servicer has determined, with respect to the related Serviced Companion Loan, that any proposed
advance of principal and/or interest with respect to such Serviced Companion Loan would be, or any outstanding advance of principal
and interest is, a nonrecoverable advance of principal and/or interest, such determination shall not be binding on the Certificateholders,
the Master Servicer or the Trustee; provided that, with respect to each Non-Serviced Whole Loan, each of the Master Servicer
and the Trustee shall be entitled to conclusively rely on any such nonrecoverability determination.

 

     -329-

     

    

 

(g)       If
the applicable Master Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial
mortgage securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or
master servicer with respect to each commercial mortgage securitization that holds a Serviced Pari Passu Companion Loan related
to any Serviced Whole Loan, if any.

 

(h)       The
Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes to the extent
permitted pursuant to Section 3.06 of this Agreement together with any related Advance Interest Amount in respect of such
P&I Advances to the extent permitted pursuant to Section 3.06 of this Agreement and the Master Servicer and the Special
Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Borrowers
to the extent permitted by applicable law and the related Mortgage Loan and this Agreement.

 

Section 4.08 Appraisal
Reductions; Collateral Deficiency Amounts. (a) For purposes of (x) determining the Non-Reduced Certificates, the
Controlling Class and whether a Control Termination Event has occurred and is continuing and (y) determining the Voting
Rights of the related Classes for purposes of removal of the Special Servicer, Appraisal Reduction Amounts allocated to the
Mortgage Loans will be allocated to each Class of Sequential Pay Certificates in reverse sequential order to notionally
reduce the related Certificate Balances until the Certificate Balance of each such Class of Certificates is reduced to zero
(i.e., first, to the Class G Certificates, second, to the Class F Certificates, third, to the
Class E Certificates, fourth, to the Class D Certificates, fifth, to the Class C Certificates, sixth, to
the Class B Certificates, seventh, to the Class A-M Certificates and ninth, to the Class A-1, Class A-SB, Class
A-2 and Class A-3 Certificates, pro rata, based on their Certificate Balances).

 

As of the first Determination Date
following a Mortgage Loan (other than a Non-Serviced Mortgage Loan) becoming an AB Modified Loan, the Special Servicer shall calculate
whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal
obtained by the Special Servicer with respect to such Mortgage Loan, and all other information relevant to a Collateral Deficiency
Amount determination. Upon obtaining knowledge or receipt of notice by the Special Servicer that a Non-Serviced Mortgage Loan has
become an AB Modified Loan, the Special Servicer shall (i) promptly request from the related Other Servicer, Other Special Servicer
and Other Trustee the most recent appraisal with respect to such AB Modified Loan, in addition to all other information reasonably
required by the Special Servicer to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan,
and (ii) as of the first Determination Date following receipt by the Special Servicer of the appraisal and any other information
set forth in the immediately preceding clause (i) that the Special Servicer reasonably expects to receive, calculate whether a
Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained
by the Other Special Servicer with respect to such Non-Serviced Mortgage Loan, and all other information relevant to a Collateral
Deficiency Amount determination. Upon obtaining knowledge or receipt of notice by any other party to this Agreement that a Non-Serviced
Mortgage Loan has become an AB Modified Loan, such party shall promptly notify the Special Servicer thereof. The Master Servicer,
upon reasonable prior written request, shall provide the Special Servicer with information in its possession that is reasonably
required to calculate or recalculate any Collateral Deficiency

 

     -330-

     

    

 

Amount.
Upon reasonable prior written request, the Master Servicer shall use reasonable efforts to assist the Special Servicer in obtaining
information reasonably required to calculate or recalculate any Collateral Deficiency Amount with respect to a Non-Serviced Mortgage
Loan in the event that the Special Servicer is unsuccessful in obtaining such information from the related Other Servicer, Other
Special Servicer or Other Trustee. None of the Master Servicer, the Trustee or the Certificate Administrator shall calculate or
verify any Collateral Deficiency Amount.

 

For purposes of determining the Controlling
Class and whether a Control Termination Event has occurred and is continuing, Collateral Deficiency Amounts allocated to an AB
Modified Loan will be allocated to each Class of Control Eligible Certificates in reverse sequential order to notionally reduce
the related Certificate Balances until the Certificate Balance of each such Class of Certificates is reduced to zero. For the avoidance
of doubt, for purposes of determining the Controlling Class or the occurrence of a Control Termination Event, any Class of Control
Eligible Certificates shall be allocated both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts
(the sum of which shall constitute the applicable Cumulative Appraisal Reduction Amount), in accordance with this Section 4.08(a).

 

With respect to (i) any Appraisal Reduction
Amount calculated for the purposes of determining the Non-Reduced Certificates and (ii) any Appraisal Reduction Amount or Collateral
Deficiency Amount calculated for purposes of determining the Controlling Class or the occurrence of a Control Termination Event,
the appraised value of the related Mortgaged Property shall be determined on an “as is” basis.

 

The Special Servicer shall notify the
Certificate Administrator of the amount of any Appraisal Reduction Amount (which notification shall be made by delivery of the
CREFC® Loan Periodic Update File in accordance with Section 3.13(a), any Collateral Deficiency Amount and
any resulting Cumulative Appraisal Amount allocated to each Mortgage Loan, AB Modified Loan or Serviced Whole Loan, if any (which
notification shall be satisfied through delivery of such information included in the CREFC® Loan Periodic Update
File and the CREFC® Appraisal Reduction Amount Template included in the CREFC® Investor Reporting
Package, or such report mutually agreed upon between Master Servicer and Certificate Administrator, which shall be delivered simultaneously
with the CREFC® Loan Periodic Update File in accordance with Section 3.13(a)). Based on information in its
possession, the Certificate Administrator shall determine from time to time which Class of Certificates is the Controlling Class.
Promptly upon its determination of a change in the Controlling Class, the Certificate Administrator shall notify the Master Servicer,
the Special Servicer and the Operating Advisor of such event, including the identity and contact information of the new Controlling
Class Certificateholder (the cost of obtaining such information from the Depository being an expense of the Trust).

 

(b)       The
Holders of the majority (by Certificate Balance) of any Class of Control Eligible Certificates whose aggregate Certificate Balance,
as notionally reduced by Appraisal Reduction Amounts or Collateral Deficiency Amounts allocated thereto, is less than 25% of the
initial Certificate Principal Balance of such Class (such Class, an “Appraised-Out Class”) as a result of an
allocation of an Appraisal Reduction Amount or Collateral Deficiency Amount in respect of such Class shall have the right, at their
sole expense, to require the Special Servicer to order a second Appraisal of any Mortgage Loan for which an Appraisal Reduction

 

     -331-

     

    

 

Event
has occurred or as to which there exists a Collateral Deficiency Amount (such Holders, the “Requesting Holders”),
and use its reasonable efforts to obtain an Appraisal prepared on an “as-is” basis by an MAI appraiser reasonably
acceptable to the Special Servicer within 30 days from receipt of the Requesting Holders’ written request. Any Appraised-Out
Class for which the Requesting Holders are challenging the Appraisal Reduction Amount or Collateral Deficiency Amount determination
shall not exercise any rights of the Controlling Class until such time, if any, as such Class is reinstated as the Controlling
Class and the rights of the Controlling Class will be exercised by the most senior Control Eligible Certificates, if any, during
such period.

 

In addition, the Requesting Holders
of any Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional
appraisal of any Mortgage Loan for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral Deficiency
Amount if an event has occurred at or with regard to the related Mortgaged Property or Mortgaged Properties that would have a material
effect on its appraised value, and the Special Servicer shall use reasonable efforts to obtain an Appraisal prepared on an “as-is”
basis by an MAI appraiser reasonably acceptable to the Special Servicer within 60 days from receipt of the Requesting Holders’
written request; provided that the Special Servicer shall not be required to obtain such appraisal if it determines in accordance
with the Servicing Standard that no events at or with regard to the related Mortgaged Property or Mortgaged Properties have occurred
that would have a material effect on the appraised value of the related Mortgaged Property or Mortgaged Properties. The right of
the holders of an Appraised-Out Class to require the Special Servicer to order an additional appraisal as described in this paragraph
shall be limited to no more frequently than once in any 9-month period with respect to any Mortgage Loan.

 

Upon receipt of any such second Appraisal,
the Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment of such second
Appraisal, any recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount is warranted and, if so warranted
shall recalculate such Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, based upon such second Appraisal
and receipt of information reasonably requested by the Special Servicer from the Master Servicer to the extent such information
is in the possession of the Master Servicer and is reasonably necessary to make such recalculation. If required by any such recalculation,
the Appraised-Out Class shall be reinstated as the Controlling Class.

 

Appraisals that are permitted to be
obtained by the Special Servicer at the request of holders of an Appraised-Out Class shall be in addition to any appraisals that
the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this Agreement without regard
to any appraisal requests made by any holder of an Appraised-Out Class.

 

(c)       An
appraisal for any Mortgage Loan that has not been brought current for at least three consecutive Periodic Payments (or paid in
full, liquidated, repurchased or otherwise disposed of) will be updated (i) every 9 months and (ii) upon the Special Servicer’s
determination that the value of the related Mortgaged Property has materially changed, in each case, for so long as an Appraisal
Reduction Event or Collateral Deficiency Amount exists.

 

     -332-

     

    

 

(d)       Notwithstanding
the foregoing, within 60 days after an Appraisal Reduction Event (or in the case of an Appraisal Reduction Event occurring by reason
of clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction Event) (i) with respect to Mortgage Loans
(other than Non-Serviced Mortgage Loans) or applicable Serviced Whole Loans having a Stated Principal Balance of $2,000,000 or
higher, the Special Servicer shall order and use commercially reasonable efforts to obtain an Updated Appraisal or (ii) with respect
to Mortgage Loans (other than Non-Serviced Mortgage Loans) or applicable Serviced Whole Loans having a Stated Principal Balance
of less than $2,000,000, the Special Servicer, at its option, shall (A) provide a Small Loan Appraisal Estimate within the same
time period as an Appraisal would otherwise be required and such Small Loan Appraisal Estimate shall be used in lieu of an Updated
Appraisal to calculate the Appraisal Reduction Amount for such Mortgage Loans or applicable Serviced Whole Loans; or (B) order
and use commercially reasonable efforts to obtain an Updated Appraisal.

 

(e)       Upon
reasonable request, the Special Servicer shall deliver by electronic mail to the Master Servicer any information in its possession
that is reasonably required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount, using reasonable
efforts to deliver such information, within four (4) Business Days following such request (which request shall be made promptly,
but in no event later than ten (10) Business Days, after the Special Servicer’s receipt and delivery to the Master Servicer
of the applicable Appraisal or preparation of the applicable internal valuation); provided, however, that the Master
Servicer’s failure to timely make such request shall not relieve the Special Servicer of its obligation to use reasonable
efforts to provide such information to the Master Servicer. The Special Servicer shall not calculate Appraisal Reduction Amounts.

 

On the first Distribution Date occurring
at least 10 Business Days after the receipt of an Updated Appraisal or completion of a Small Loan Appraisal Estimate, as applicable,
the Special Servicer shall adjust the Appraisal Reduction Amount to take into account such Updated Appraisal or Small Loan Appraisal
Estimate, as applicable. Each Appraisal Reduction Amount shall also be adjusted to take into account any subsequent Small Loan
Appraisal Estimate or Updated Appraisal, as applicable, and any letter updates, as of the date of each such subsequent Small Loan
Appraisal Estimate, Updated Appraisal or letter update, as applicable. Such report shall also be forwarded by the Master Servicer
(or the Special Servicer if the related Mortgage Loan is a Specially Serviced Loan), to the extent the related Serviced Companion
Loan has been included in a securitization transaction, to the master servicer of such securitization into which the related Serviced
Companion Loan has been sold, or to the holder of any related Serviced Companion Loan by the Master Servicer (or the Special Servicer
if the related Mortgage Loan is a Specially Serviced Loan).

 

Section 4.09 Grantor
Trust Reporting. (a) The Certificate Administrator shall maintain adequate books and records to account for the separate
entitlements of the Grantor Trust.

 

(b)       The
parties intend that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions thereof
shall be interpreted consistently with this intention. In furtherance of such intention, none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to take advantage
of market fluctuations or so as to improve the rate of return
of the

 

     -333-

     

    

 

 Class V Certificates, and shall otherwise comply with Treasury Regulations Section 301.7701-4(c). Within 30 days of the
Closing Date, the Certificate Administrator shall obtain a taxpayer identification number for the Grantor Trust on IRS Form SS-4.
The Certificate Administrator shall file or cause to be filed with the IRS Form 1041, Form 1099 or such other form as may be applicable
and shall furnish or cause to be furnished to the Holders of the Class V Certificates their allocable share of income and expense
with respect to the Class V Specific Grantor Trust Assets and proceeds thereof, as such amounts are received or accrue, as applicable.

 

(c)        (i)
The Grantor Trust is a WHFIT that is a WHMT. The Certificate Administrator shall report as required under the WHFIT Regulations
to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so is provided to the Certificate
Administrator on a timely basis. The Certificate Administrator is hereby directed to assume that Hare & Co. is the only “middleman”
as defined by the WHFIT Regulations unless the Depositor provides the Certificate Administrator with the identities of other “middlemen”
that are Certificateholders. The Certificate Administrator shall be entitled to indemnification in accordance with the terms of
this Agreement in the event that the IRS makes a determination that the first sentence of this paragraph is incorrect.

 

(ii)        The
Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method,
except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under
no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make
available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually. In addition, the
Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information
to any Certificateholder, unless requested by the Certificateholder.

 

(iii)       The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any
penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the Certificate
Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator. Each owner
of a class of securities representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance of its
interest in such class of securities, will be deemed to have agreed to provide the Certificate Administrator with information regarding
any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information regarding
any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial owner thereof or the Depositor,
the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

To the extent required by the WHFIT
Regulations, the Certificate Administrator shall use reasonable efforts to publish on the Certificate Administrator’s Website
the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so published will represent the Rule 144A CUSIPs.
The Certificate Administrator shall make reasonable good faith efforts to keep the website accurate and updated to the extent CUSIPs
have been received. Absent the receipt of a CUSIP, the Certificate Administrator will use a reasonable identifier number in lieu

 

     -334-

     

    

 

of
a CUSIP. The Certificate Administrator shall not be liable for investor reporting delays that result from the receipt of inaccurate
or untimely CUSIP information.

 

Section 4.10 Secure
Data Room. (a) The Certificate Administrator shall create the Secure Data
Room and the Depositor shall, upon receipt of each Mortgage Loan Seller’s Diligence File Certification, deliver to the
Certificate Administrator within 120 days following the Closing Date an electronic copy of the Diligence Files for the
Mortgage Loans that have been uploaded by the Mortgage Loan Sellers to the Intralinks Site. Upon receipt thereof, the
Certificate Administrator shall promptly upload the contents of each Diligence File to the Secure Data Room. Access to the
Secure Data Room shall be granted by the Certificate Administrator to (i) the Asset Representations Reviewer and (ii) any
other Person at the direction of the Depositor, in each case, upon the occurrence of an Affirmative Asset Review Vote and
receipt by the Certificate Administrator of a certification substantially in the form of Exhibit KK hereto (which
shall be sent via email to trustadministrationgroup@wellsfargo.com or submitted electronically via the Certificate
Administrator’s website). In no case whatsoever shall Certificateholders be permitted to access the Secure Data Room.
For the avoidance of doubt, the Certificate Administrator shall be under no obligation to post any documents or information
to the Secure Data Room other than the contents of the Diligence Files initially delivered to it by the Depositor.

 

(b)       The
Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether the type,
number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates to the transaction
or confirm that all documents and information constituting any Diligence File have actually been delivered to the Certificate Administrator.
In no case shall the Certificate Administrator be deemed to have obtained actual or constructive knowledge of the contents of,
or information contained in, any Diligence File by virtue of posting such Diligence File to the Secure Data Room. In the event
that any document or information is posted in error, the Certificate Administrator may remove such document or information from
the Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic copies of any
document or information provided to it for posting to the Secure Data Room. The Certificate Administrator shall not be responsible
or held liable for any other Person’s use or dissemination of the documents or information contained on the Secure Data Room;
provided that such event or occurrence is not also a result of its own negligence, bad faith or willful misconduct. The
Certificate Administrator shall not be required to restrict access to the Secure Data Room on a loan-by-loan basis and any Person
with access to the Secure Data Room shall covenant to access only the information necessary to perform its duties and responsibilities
under this Agreement.

 

(c)       Upon
the resignation or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator shall
transfer electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor,
and all costs and expenses associated with the transfer of the Diligence Files shall be payable as part of the costs and expenses
associated with the transfer of its responsibilities upon the resignation or removal of the Certificate Administrator pursuant
to Section 8.07. Following the date on which any Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed
from the Trust, the Master Servicer or the Special Servicer, as applicable, may direct the Certificate

 

     -335-

     

    

 

Administrator
in writing to delete the Diligence File related to such Mortgage Loan from the Secure Data Room; provided that absent such
direction, the Certificate Administrator shall not be obligated to delete any Diligence File from the Secure Data Room. Following
the termination of the Trust pursuant to Section 9.01, the Certificate Administrator shall be permitted to delete all files from
the Secure Data Room. Upon deletion, in no event shall the Certificate Administrator be obligated to reproduce or retrieve such
deleted files.

 

Article
V

THE CERTIFICATES

 

Section 5.01 The
Certificates. (a) The Certificates consist of the Class A-1 Certificates, the Class A-SB Certificates, the Class A-2
Certificates, the Class A-3 Certificates, the Class A-M Certificates, the Class X-A Certificates, the Class X-B Certificates,
the Class X-E Certificates, the Class X-F Certificates, the Class X-G Certificates, the Class B Certificates, the Class C
Certificates, the Class D Certificates, the Class E Certificates, the Class F Certificates, the Class G Certificates, the
Class V Certificates and the Class R Certificates.

 

The Class A-1, Class A-SB, Class A-2,
Class A-3, Class A-M, Class X-A, Class X-B, Class X-E, Class X-F, Class X-G, Class B, Class C, Class D, Class E, Class F, Class
G, Class V and Class R Certificates will be substantially in the forms for such Class of Certificates as set forth next to such
Classes in the Table of Exhibits to this Agreement. The Certificates of each Class (other than the Class V and Class R Certificates)
will be issuable in registered form only, in minimum denominations of authorized Certificate Balance or Notional Amount, as applicable,
as described in the succeeding table, and multiples of $l in excess thereof (or such lesser amount if the Certificate Balance or
Notional Amount, as applicable, is not a multiple of $1). With respect to any Certificate or any beneficial interest in a Certificate,
the “Denomination” thereof shall be (i) the amount (A) set forth on the face thereof or (B) in the case of any Global
Certificate, set forth on a schedule attached thereto or, in the case of any beneficial interest in a Global Certificate, the amount
set forth on the books and records of the related Depository Participant or indirect participating brokerage firm, as applicable,
(ii) expressed in terms of Certificate Balance or Notional Amount, as applicable, and (iii) be in an authorized denomination, as
set forth below.

 

	Class 
	 	Minimum

                                         Denomination 
	 	Aggregate
                                         Denomination of

                                         all Certificates of Class 

	A-1 	 	$   10,000	 	$   30,937,000
	A-SB 	 	$   10,000	 	$   33,226,000
	A-2 	 	$   10,000	 	$ 220,000,000
	A-3 	 	$   10,000	 	$ 267,118,000
	X-A 	 	$ 100,000	 	$ 551,281,000
	X-B 	 	$ 100,000	 	$   98,443,000
	A-M 	 	$   10,000	 	$   59,066,000
	B 	 	$   10,000	 	$   39,377,000
	C 	 	$   10,000	 	$   37,408,000
	X-E 	 	$ 100,000	 	$   19,689,000
	X-F 	 	$ 100,000	 	$     7,875,000
	X-G 	 	$ 100,000	 	$   30,517,880
	D 	 	$ 100,000	 	$   42,331,000

 

     -336-

     

    

 

	Class 
	 	Minimum

                                         Denomination 
	 	Aggregate
                                         Denomination of

                                         all Certificates of Class 

	E 	 	$ 100,000	 	$   19,689,000
	F 	 	$ 100,000	 	$     7,875,000
	G 	 	$ 100,000	 	$   30,517,880

 

Each Certificate will share ratably
in all rights of the related Class.

 

The Class V and Class R Certificates
will each be issuable in one or more Individual Certificates in minimum denominations of 5% Percentage Interests and integral multiples
of a 1% Percentage Interest in excess thereof and together aggregating the entire 100% Percentage Interest in each such Class.

 

The Global Certificates shall be issued
as one or more certificates registered in the name of a nominee designated by the Depository, and Certificate Owners shall hold
interests in the Global Certificates through the book-entry facilities of the Depository in the minimum Denominations and aggregate
Denominations and Classes as set forth above.

 

The Global Certificates shall in all
respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated and delivered hereunder.

 

(b)       Except
insofar as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent and the Trustee
may for all purposes (including the making of payments due on the Global Certificates and the giving of notice to Holders thereof)
deal with the Depository as the authorized representative of the Certificate Owners with respect to the Global Certificates for
the purposes of exercising the rights of Certificateholders hereunder; provided, that, for purposes of transmitting communications
pursuant to Section 5.05(a) of this Agreement, to the extent that the Depositor has provided the Certificate Administrator
with the names of Certificate Owners (even if such Certificateholders hold their Certificates through the Depository) the Certificate
Administrator shall provide such information to such Certificate Owners directly. The rights of Certificate Owners with respect
to Global Certificates shall be limited to those established by law and agreements between such Certificateholders and the Depository
and Depository Participants. Except as set forth in Section 5.01(e) below, Certificate Owners of Global Certificates shall
not be entitled to physical certificates for the Global Certificates as to which they are the Certificate Owners. Requests and
directions from, and votes of, the Depository as Holder of the Global Certificates shall not be deemed inconsistent if they are
made with respect to different Certificate Owners. Subject to the restrictions on transfer set forth in this Section 5.01
of this Agreement and Applicable Procedures, the holder of a beneficial interest in a Private Global Certificate may request that
the Certificate Administrator cause the Depository (or any Agent Member) to notify the Certificate Registrar and the Certificate
Custodian in writing of a request for transfer or exchange of such beneficial interest for an Individual Certificate or Certificates.
Upon receipt of such a request and payment by the related Certificate Owner of any attendant expenses, the Certificate Administrator
shall cause the issuance and delivery of such Individual Certificates. The Certificate Registrar may establish a reasonable record
date in connection with solicitations of consents from or voting by Certificateholders and give notice to the Depository of such
record date. Without the written consent of the Certificate Registrar, no Global Certificate may be

 

     -337-

     

    

 

transferred
by the Depository except to a successor Depository that agrees to hold the Global Certificates for the account of the Certificate
Owners.

 

(c)       Any
of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted
or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may be required
to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Certificates
are admitted to trading, or to conform to general usage.

 

(d)       The
Global Certificates (i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s
instructions on behalf of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered
in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect:

 

“Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Certificate Registrar
for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in
such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other
entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.”

 

The Global Certificates may be deposited
with such other Depository as the Certificate Registrar may from time to time designate, and shall bear such legend as may be appropriate.

 

(e)        If
(i) the Depository advises the Certificate Administrator in writing that the Depository is no longer willing or able properly to
discharge its responsibilities as Depository, and the Certificate Administrator and the Depositor are unable to locate a qualified
successor within 90 days of such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding
to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding
it is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates of such Class, the Certificate
Administrator shall notify the affected Certificate Owner or Owners through the Depository of the occurrence of such event and
the availability of Individual Certificates to such Certificate Owners requesting them. Upon surrender to the Certificate Administrator
of Global Certificates by the Depository, accompanied by registration instructions from the Depository for registration of transfer,
the Certificate Administrator shall issue the Individual Certificates. Neither the Trustee, the Certificate Administrator, the
Certificate Registrar, the Master Servicer, the Special Servicer nor the Depositor shall be liable for any actions taken by the
Depository or its nominee, including, without limitation, any delay in delivery of such instructions. Upon the issuance of Individual
Certificates, the Trustee, the Certificate Administrator, the Certificate

 

     -338-

     

    

 

Registrar
and the Master Servicer shall recognize the Holders of Individual Certificates as Certificateholders hereunder.

 

(f)         If
the Trustee, its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted or
have been directed to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the Certificates,
and the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer have been advised by counsel that in
connection with such proceeding it is necessary or appropriate for the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer may in their sole discretion determine that the Certificates represented by the Global Certificates shall
no longer be represented by such Global Certificates. In such event, the Certificate Administrator or the Authenticating Agent
will execute and authenticate and the Certificate Registrar will deliver, in exchange for such Global Certificates, Individual
Certificates (and if the Certificate Administrator or the Certificate Custodian has in its possession Individual Certificates previously
executed, the Authenticating Agent will authenticate and the Certificate Registrar will deliver such Certificates) in a Denomination
equal to the aggregate Denomination of such Global Certificates.

 

(g)       If
the Trust Fund ceases to be subject to Section 13 or 15(d) of the Exchange Act, the Certificate Administrator shall make available
to each Holder and Certificate Owner of a Class of Certificates, upon request of such a Holder, information, to the extent such
information is in its possession, substantially equivalent in scope to the information currently filed by the Certificate Administrator
with the Commission pursuant to the Exchange Act, plus additional information required to be provided for securities qualifying
for resales under Rule 144A under the Act.

 

For so long as the Class V or Class
R Certificates remain outstanding, none of the Depositor, the Trustee or the Certificate Registrar shall take any action which
would cause the Trust Fund to fail to be subject to Section 15(d) of the Exchange Act.

 

(h)       Each
Certificate may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed and
authenticated by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor.
All Certificates shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating
Agent by an authorized officer or signatory. Certificates bearing the signature of an individual who was at any time the proper
officer or signatory of the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating
Agent, notwithstanding that such individual has ceased to hold such office or position prior to the delivery of such Certificates
or did not hold such office or position at the date of such Certificates. No Certificate shall be entitled to any benefit under
this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form
set forth in Exhibits A-1 through A-21 executed by the Authenticating Agent by manual signature, and such certificate
of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication.

 

     -339-

     

    

 

(i)         If,
in connection with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated distribution
to the Depository based on the expected receipt of any monthly payment based on information set forth in any report of the Master
Servicer or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be or which is paid on
the last two Business Days preceding such Distribution Date, and the related Borrower fails to make such payments at such time,
the Certificate Administrator shall use commercially reasonable efforts to cause the Depository to make the revised distribution
on a timely basis on such Distribution Date. The Trustee, the Certificate Administrator (in any of its capacities), the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer shall not be liable or held responsible
for any resulting delay (or claims by the Depository resulting therefrom) in the making of such distribution to Certificateholders.
Any out-of-pocket costs incurred by the Certificate Administrator as a consequence of a Borrower failing to make such payments
shall be reimbursable to the Certificate Administrator as an expense of the Trust Fund.

 

Section 5.02 Registration,
Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be kept at its offices
books (the “Certificate Register”) for the registration, transfer and exchange of Certificates (the
Certificate Administrator, in such capacity, being the “Certificate Registrar”). The Depositor, the
Trustee, the Master Servicer and the Special Servicer shall have the right to inspect the Certificate Register or to obtain a
copy thereof at all reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar as to the
information set forth in the Certificate Register. The names and addresses of all Certificateholders and the names and
addresses of the transferees of any Certificates shall be registered in the Certificate Register; provided, in no
event shall the Certificate Registrar be required to maintain in the Certificate Register the names of the individual
Participants holding beneficial interests in the Trust Fund through the Depository. The Person in whose name any Certificate
is so registered shall be deemed and treated as the sole owner and Holder thereof for all purposes of this Agreement and the
Depositor, Certificate Registrar, the Master Servicer, Special Servicer, the Trustee, the Certificate Administrator, any
Paying Agent and any agent of any of them shall not be affected by any notice or knowledge to the contrary. An Individual
Certificate is transferable or exchangeable only upon the surrender of such Certificate to the Certificate Registrar at its
offices together with an assignment and transfer (executed by the Holder or his duly authorized attorney), subject to the
requirements of Section 5.01(h) and Sections 5.02(c), (d), (e), (f), (g), (h) and (i)
of this Agreement. Upon request of the Certificate Administrator, the Certificate Registrar shall provide the Certificate
Administrator with the names, addresses and Percentage Interests of the Holders.

 

(b)       Upon
surrender for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement, the Certificate Administrator shall execute and
the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates
in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered. Such Certificates shall be delivered
by the Certificate Registrar in accordance with Section 5.02(e) of this Agreement. Each Certificate surrendered for registration
of transfer shall be canceled and subsequently destroyed by the Certificate Registrar. Each new Certificate issued pursuant to
this Section 5.02 shall be registered in the name of any Person as the transferring

 

     -340-

     

    

 

Holder
may request, subject to the provisions of Sections 5.01(h) and 5.02(c), (d), (e), (f), (g),
(h) and (i) of this Agreement.

 

(c)        In
addition to the provisions of Sections 5.01(h) and 5.02(d), (e), (f), (g), (h) and (i)
of this Agreement and the rules of the Depository, the exchange, transfer and registration of transfer of Private Certificates
that are Individual Certificates or beneficial interests in the Private Global Certificates shall be subject to the following restrictions:

 

(i)         Transfers
between Holders of Individual Certificates. With respect to the transfer and registration of transfer of an Individual Certificate
representing an interest in a Class of Private Certificates to a transferee that takes delivery in the form of an Individual Certificate
(other than transfers of the Class V and Class R Certificates, which may be made only in accordance with Section 5.02(i)
of this Agreement):

 

(A)       Other
than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register the transfer
of such Individual Certificate if the requested transfer is being made by a transferee who has provided the Certificate Registrar
with an Investment Representation Letter substantially in the form of Exhibit D-1 to this Agreement (an “Investment
Representation Letter”), to the effect that the transfer is being made to a Qualified Institutional Buyer in accordance
with Rule 144A;

 

(B)       The
Certificate Registrar shall register the transfer of such Individual Certificate pursuant to Regulation S after the expiration
of the Restricted Period if (1) the transferor has provided the Certificate Registrar with a Regulation S Transfer Certificate
substantially in the form of Exhibit G to this Agreement (a “Regulation S Transfer Certificate”), and
(2) the transferee furnishes to the Certificate Registrar an Investment Representation Letter; or

 

(C)       The
Certificate Registrar shall register the transfer of such Individual Certificate if prior to the transfer such transferee furnishes
to the Certificate Registrar (1) an Investment Representation Letter to the effect that the transfer is being made to an Institutional
Accredited Investor or to an Affiliated Person in accordance with an applicable exemption under the Act, and (2) in the case of
a transfer to an Affiliated Person, an opinion of counsel acceptable to the Certificate Registrar that such transfer is in compliance
with the Act;

 

and, in each case, the Certificate Registrar
shall register the transfer of such Individual Certificate only if prior to the transfer the transferee furnishes to the Certificate
Registrar a written undertaking by the transferor to reimburse the Trust Fund for any costs incurred by it in connection with the
proposed transfer. In addition, the Certificate Registrar may, as a condition of the registration of any such transfer, require
the transferor to furnish such other certificates, legal opinions or other information (at the transferor’s expense) as the
Certificate Registrar may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption from,
or in a commercial mortgage-backed securitization transaction not subject to, the registration requirements of the Act and other
applicable laws.

 

     -341-

     

    

 

(ii)        Transfers
within the Private Global Certificates. Notwithstanding any provision to the contrary herein, so long as a Private Global Certificate
remains outstanding and is held by or on behalf of the Depository, transfers within such Global Certificate shall only be made
in accordance with this Section 5.02(c)(ii).

 

(A)       Rule
144A Global Certificate to Regulation S Global Certificate During the Restricted Period. If, during the Restricted Period,
a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in
such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such Certificate Owner may, in addition to complying with all applicable rules and procedures
of the Depository and Clearstream or Euroclear applicable to transfers by their respective participants (the “Applicable
Procedures”), transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such
Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(A). Upon receipt by
the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures
from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s
account a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial interest
in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Agent Member and the Euroclear or Clearstream account, as the case may be, to be credited
with, and the account of the Agent Member to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit
H to this Agreement given by the Certificate Owner of such interest, the Certificate Registrar shall instruct the Depository
or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred and, concurrently with such reduction, to increase
the Denomination of the Regulation S Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global
Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions
(who shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the ease may be) a beneficial interest
in the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A Global
Certificate was reduced upon such transfer.

 

(B)       Rule
144A Global Certificate to Regulation S Global Certificate After the Restricted Period. If, after the Restricted Period, a
Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in such
Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the
transfer of such beneficial interest for

 

     -342-

     

    

 

an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance
with the provisions of this Section 5.02(c)(ii)(B). Upon receipt by the Certificate Registrar at the Corporate Trust Office
of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar
to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation S Global
Certificate in an amount equal to the Denomination of the beneficial interest in the Rule 144A Global Certificate to be transferred,
(2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent
Member and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account, as
the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest, and (3)
a certificate in the form of Exhibit I to this Agreement given by the Certificate Owner of such interest, the Certificate
Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A
Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred
and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate by the aggregate Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or cause to be credited to the
account of the Person specified in such instructions a beneficial interest in the Regulation S Global Certificate having a Denomination
equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.

 

(C)       Regulation
S Global Certificate to Rule 144A Global Certificate. If the Certificate Owner of an interest in a Regulation S Global Certificate
wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate to a Person who wishes to take delivery
thereof in the form of a beneficial interest in the related Rule 144A Global Certificate, such Certificate Owner may, in addition
to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial
interest in such Rule 144A Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(C). Upon
receipt by the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable
Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent
Member’s account a beneficial interest in the Rule 144A Global Certificate in an amount equal to the Denomination of the
beneficial interest in the Regulation S Global Certificate to be transferred, (2) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the Agent Member to be credited with, and the account of
the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may
be, to be debited for, such beneficial interest, and (3) with respect to a transfer of a beneficial interest in a Regulation S
Global Certificate for a beneficial interest in the related Rule 144A Global Certificate (i) during the

 

     -343-

     

    

 

Restricted Period, a certificate
in the form of Exhibit J to this Agreement given by the holder of such beneficial interest or (ii) after the Restricted
Period, an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified Institutional
Buyer, the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination
of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Regulation S Global Certificate
to be transferred, and, concurrently with such reduction, to increase the Denomination of the Rule 144A Global Certificate by the
aggregate Denomination of the beneficial interest in the Regulation S Global Certificate to be so transferred, and to credit or
cause to be credited to the account of the Person specified in such instructions a beneficial interest in such Rule 144A Global
Certificate having a Denomination equal to the amount by which the Denomination of the Regulation S Global Certificate was reduced
upon such transfer.

 

(iii)       Transfers
from the Private Global Certificates to Individual Certificates. Any and all transfers from a Private Global Certificate to
a transferee wishing to take delivery in the form of an Individual Certificate will require the transferee to take delivery subject
to the restrictions on the transfer of such Individual Certificate described in a legend set forth on the face of such Certificate
substantially in the form of Exhibit F to this Agreement (the “Securities Legend”), and such transferee
agrees that it will transfer such Individual Certificate only as provided therein and herein. No such transfer shall be made and
the Certificate Registrar shall not register any such transfer unless such transfer is made in accordance with this Section
5.02(c)(iii).

 

(A)       Transfers
of a beneficial interest in a Private Global Certificate to an Institutional Accredited Investor will require delivery in the form
of an Individual Certificate and the Certificate Registrar shall register such transfer only upon compliance with the provisions
of Section 5.02(c)(i)(C) of this Agreement.

 

(B)       Transfers
of a beneficial interest in a Private Global Certificate to a Qualified Institutional Buyer or a Regulation S Investor wishing
to take delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only upon compliance
with the provisions of Section 5.02(c)(i)(A) or (B) of this Agreement, respectively.

 

(C)       Notwithstanding
the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual Certificate pursuant
to Subparagraph (B) above shall be made prior to the expiration of the Restricted Period.

 

Upon acceptance for exchange or transfer of
a beneficial interest in a Private Global Certificate for an Individual Certificate, as provided herein, the Certificate Registrar
shall endorse on the schedule affixed to the related Private Global Certificate (or on a continuation of such schedule affixed
to such Private Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer
and a decrease in the Denomination of such Private Global Certificate equal to the

 

     -344-

     

    

 

Denomination of such Individual Certificate
issued in exchange therefor or upon transfer thereof. Unless determined otherwise by the Certificate Registrar and the Depositor
in accordance with applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial interest in the
Private Global Certificate shall bear the Securities Legend.

 

(iv)       Transfers
of Individual Certificates to the Private Global Certificates. If a Holder of an Individual Certificate wishes at any time
to transfer such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected only in accordance with
the Applicable Procedures and this Section 5.02(c)(iv). Upon receipt by the Certificate Registrar at the Corporate Trust
Office of (l) the Individual Certificate to be transferred with an assignment and transfer pursuant to Section 5.05(a) of
this Agreement, (2) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the
Certificate Registrar to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in such
Regulation S Global Certificate or such Rule 144A Global Certificate, as the case may be, in an amount equal to the Denomination
of the Individual Certificate to be so transferred, (3) a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Agent Member and, in the case of any transfer pursuant to Regulation S, the Euroclear
or Clearstream account, as the case may be, to be credited with such beneficial interest, and (4) (x) an Investment Representation
Letter from the transferee and, if delivery is to be taken in the form of a beneficial interest in the Regulation S Global Certificate,
a Regulation S Transfer Certificate from the transferor or (y) an Investment Representation Letter from the transferee to the effect
that such transferee is a Qualified Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the
Rule 144A Global Certificate, the Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual
Certificate for the Denomination of the Individual Certificate not so transferred, registered in the name of the Holder or the
Holder’s transferee (as instructed by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate
Custodian, as applicable, to increase the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate,
as the case may be, by the Denomination of the Individual Certificate to be so transferred, and to credit or cause to be credited
to the account of the Person specified in such instructions who, in the case of any increase in the Regulation S Global Certificate
during the Restricted Period, shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the case
may be, a corresponding Denomination of the Rule 144A Global Certificate or the Regulation S Global Certificate, as the case may
be.

 

It is the intent of the foregoing that under
no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional Buyer take delivery in the form
of a beneficial interest in a Private Global Certificate, other than the initial transfer from the Initial Purchasers to an initial
investor.

 

(v)        All
Transfers. An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates, an exchange
of an Individual Certificate or

 

     -345-

     

    

 

Certificates for a beneficial interest in a Global Certificate and an exchange of an Individual
Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such exchange is made
in anticipation of subsequent transfer, and, in the case of the Global Certificates, so long as the Global Certificates remain
outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02 and in
accordance with the rules of the Depository and Applicable Procedures.

 

(d)        If
Certificates are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend, the Certificates
so issued shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement of Certificates
bearing the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates so issued
shall bear the Securities Legend, or the Securities Legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an opinion of counsel (at the expense of the party requesting
the removal of such legend) familiar with United States securities laws, as may be reasonably required by the Certificate Registrar,
that neither the Securities Legend nor the restrictions on transfers set forth therein are required to ensure that transfers of
any Certificate comply with the provisions of Rule 144A or Rule 144 under the Act or that such Certificate is not a “restricted
security” within the meaning of Rule 144 under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar
shall execute and deliver a Certificate that does not bear the Securities Legend.

 

(e)        Subject
to the restrictions on transfer and exchange set forth in Section 5.01(i) and in this Section 5.02, the Holder of
any Individual Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any authorized denomination)
by surrendering such Certificate at the office of the Certificate Administrator or at the office of any transfer agent appointed
as provided under this Agreement, together with an instrument of assignment or transfer (executed by the Holder or its duly authorized
attorney), in the case of transfer, and a written request for exchange, in the case of exchange. Following a proper request for
transfer or exchange, the Certificate Registrar shall, within five Business Days of such request if made at such office of the
Certificate Administrator or within ten Business Days if made at the office of a transfer agent (other than the Certificate Registrar),
execute and deliver at the office of the Certificate Administrator or at the office of such transfer agent, as the case may be,
to the transferee (in the case of transfer) or Holder (in the case of exchange) or send by first-class mail (at the risk of the
transferee in the case of transfer or Holder in the case of exchange) to such address as the transferee or Holder, as applicable,
may request, an Individual Certificate or Certificates, as the case may require, for a like aggregate Denomination and in such
Denomination or Denominations as may be requested. The presentation for transfer or exchange of any Individual Certificate shall
not be valid unless made at the office of the Certificate Administrator or at the office of a transfer agent by the registered
Holder in person, or by a duly authorized attorney-in-fact. The Certificate Registrar may decline to accept any request for an
exchange or registration of transfer of any Certificate during the period of 15 days preceding any Distribution Date.

 

(f)        An
Individual Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global Certificate
pursuant to Section 5.01 of this

 

     -346-

     

    

 

Agreement)
or a beneficial interest in a Private Global Certificate may only be transferred to Eligible Investors, as described herein. In
the event that a Responsible Officer of the Certificate Registrar has actual knowledge that such an Individual Certificate or
beneficial interest in a Private Global Certificate is being held by or for the benefit of a Person who is not an Eligible Investor,
or that such holding is unlawful under the laws of a relevant jurisdiction, then the Certificate Registrar shall have the right
to void such transfer, if permitted under applicable law, or to require the investor to sell such Individual Certificate or beneficial
interest in a Private Global Certificate to an Eligible Investor within fourteen days after notice of such determination and each
Certificateholder by its acceptance of a Certificate authorizes the Certificate Registrar to take such action.

 

(g)        Subject
to the provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates shall be limited
to transfers of such Global Certificates in whole, but not in part, to nominees of the Depository or to a successor of the Depository
or such successor’s nominee.

 

(h)        No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in this Section 5.02 other than for transfers to Institutional Accredited Investors, as provided
herein. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund
for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions,
submitted by the transferor or transferee to the Certificate Registrar as provided herein) incurred by the Certificate Registrar
in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover
any tax, expense or other governmental charge payable in connection with any such transfer.

 

(i)         Subject
to Section 5.02(e) of this Agreement, transfers of the Class V or Class R Certificates may be made only in accordance with
this Section 5.02(i). The Certificate Registrar shall register the transfer of a Class R Certificate only if (x) the transferor
has advised the Certificate Registrar in writing that such Certificate is being transferred to a Qualified Institutional Buyer
and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment Representation Letter. The Certificate
Registrar shall register the transfer of a Class V Certificate only if (x) the transferor has advised the Certificate Registrar
in writing that such Certificate is being transferred to a Qualified Institutional Buyer or an Affiliated Person or an Institutional
Accredited Investor and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment Representation
Letter. In addition, the Certificate Registrar may as a condition of the registration of any such transfer require the transferor
to furnish such other certifications, legal opinions or other information (at the transferor’s expense) as it may reasonably
require to confirm that the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Act and other applicable laws.

 

(j)         No
transfer, sale, pledge or other disposition of any Class of Private Certificates or interest therein shall be made unless that
transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Act and any
applicable state securities laws, or is otherwise made in accordance with the Act and such state securities laws. Neither the Depositor,
the Master Servicer, the Certificate Administrator, the Trustee nor

 

     -347-

     

    

 

the
Certificate Registrar are obligated to register or qualify the Private Certificates under the Act or any other securities law
or to take any action not otherwise required under this Agreement to permit the transfer of such Private Certificates without
registration or qualification. Any Certificateholder desiring to effect such a transfer shall, and does hereby agree to, indemnify
the Depositor, the Master Servicer, the Certificate Administrator, the Trustee and the Certificate Registrar, against any loss,
liability or expense that may result if the transfer is not so exempt or is not made in accordance with such federal and state
laws.

 

(k)        No
transfer of any Class E, Class F, Class G, Class V or Class R Certificate (each, a “Restricted Certificate”)
shall be made to (i) an employee benefit plan subject to the fiduciary responsibility provisions of ERISA, or Section 4975 of the
Code, or a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local law (“Similar
Law”) which is to a material extent similar to the foregoing provisions of ERISA or the Code (each, a “Plan”)
or (ii) a collective investment fund whose underlying assets include Plan assets by reason of a Plan’s investment in the
collective investment fund pursuant to U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of
ERISA, other than (with respect to transfer of Restricted Certificates other than the Class V or Class R Certificates), an insurance
company using the assets of its general account under circumstances whereby such purchase and the subsequent holding of such Certificate
by such insurance company would be exempt from the “prohibited transaction” provisions of Sections 406 and 407 of ERISA
and Code Section 4975 under Sections I and III of PTCE 95-60, or a substantially similar exemption under Similar Law. Each prospective
transferee of a Restricted Certificate shall either (A) deliver to the Depositor, the Certificate Registrar and the Certificate
Administrator, a transfer or representation letter, substantially in the form of Exhibit D-2 to this Agreement, stating
that the prospective transferee is not a Person referred to in (i) or (ii) above or (B) if the transferee is such an entity specified
in (i) or (ii) above (except in the case of a Class V or Class R Certificate, which may not be transferred unless the transferee
represents it is not such an entity), such entity, at its own expense, shall provide any opinion of counsel, officers’ certificates
or agreements as may be required by, and in form and substance satisfactory to, the Depositor, the Certificate Administrator and
the Certificate Registrar, to the effect that the purchase and holding of the Certificates by or on behalf of a Plan will not constitute
or result in a non-exempt prohibited transaction within the meaning of Sections 406 and 407 of ERISA and Section 4975 of the Code,
and will not subject the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the
Depositor, the Certificate Administrator, the Trustee or the Certificate Registrar to any obligation or liability. None of the
Certificate Administrator or the Certificate Registrar shall register a Class V or Class R Certificate in any Person’s name
unless such Person has provided the letter referred to in clause (A) of the preceding sentence. The transferee of a beneficial
interest in a Global Certificate that is a Restricted Certificate shall be deemed to represent that it is not a Plan or a Person
acting on behalf of any Plan or using the assets of any Plan to acquire such interest other than (with respect to transfers of
beneficial interests in Global Certificates which are Restricted Certificates other than the Class V and Class R Certificates)
an insurance company using the assets of its general account under circumstances whereby such transfer to such insurance company
would be exempt from the “prohibited transaction” provisions of Sections 406 and 407 of ERISA and Section 4975 of the
Code under Sections I and III of PTCE 95-60, or a substantially similar exemption under Similar Law. Any transfer of a Restricted
Certificate that would violate or result in a non-exempt prohibited

 

     -348-

     

    

 

transaction
under ERISA or Section 4975 of the Code or Similar Law shall be deemed absolutely null and void ab initio.

 

(l)         Each
Person who has or acquires any Ownership Interest shall be deemed by the acceptance or acquisition of such Ownership Interest to
have agreed to be bound by the following provisions and the rights of each Person acquiring any Ownership Interest are expressly
subject to the following provisions:

 

(i)         Each
Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Ownership
Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such Ownership Interest) as a Permitted Transferee. Any acquisition described in the first sentence
of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person
who is not a Permitted Transferee shall be void and of no effect, and the immediately preceding owner who was a Permitted Transferee
shall be restored to registered and beneficial ownership of the Ownership Interest as fully as possible.

 

(ii)         No
Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without the express
written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and such proposed
Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer of any Ownership
Interest, the Certificate Registrar shall, as a condition to such consent, (x) require delivery to it in form and substance satisfactory
to it, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor an affidavit in substantially
the form attached as Exhibit C-1 (a “Transferee Affidavit”) of the proposed transferee (A) that such
proposed transferee is a Permitted Transferee and (B) stating that (i) the proposed transferee historically has paid its debts
as they have come due and intends to do so in the future, (ii) the proposed transferee understands that, as the holder of an Ownership
Interest, it may incur liabilities in excess of cash flows generated by the residual interest, (iii) the proposed transferee intends
to pay taxes associated with holding the Ownership Interest as they become due, (iv) the proposed transferee will not transfer
the Ownership Interest to any Person that does not provide a Transferee Affidavit or as to which the proposed transferee has actual
knowledge that such Person is not a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman)
for a Person that is not a Permitted Transferee, (v) the proposed transferee will not cause income from the Class R Certificate
to be attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of
the proposed transferee or any other U.S. Person and (vi) the proposed transferee expressly agrees to be bound by and to abide
by the provisions of this Section 5.02(l) and (y) other than in connection with the initial issuance of the Class R Certificates,
require a statement from the proposed transferor substantially in the form attached as Exhibit C-2 (the “Transferor
Letter”), that the proposed transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee
and has

 

     -349-

     

    

 

no actual knowledge or reason to know that the proposed transferee’s statements in the Transferee Affidavit are false.

 

(iii)       Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the Certificate
Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed transferee
shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, that the Certificate
Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee is a Permitted
Transferee.

 

Neither the Certificate Administrator
nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any restriction
or transfer imposed under Article V of this Agreement or under applicable law with respect to any transfer of any Certificate
(including, without limitation, the Securities Legend), or any interest therein, other than to require delivery of the certification(s)
and/or opinions of counsel described in Article V applicable with respect to changes in registration of record ownership
of Certificates in the Certificate Register. The Certificate Administrator and the Certificate Registrar shall have no liability
for transfers, including transfers made through the book-entry facilities of the Depository or between or among Depository Participants
or Certificate Owners made in violation of applicable restrictions.

 

Upon written notice to the Certificate
Registrar, or upon the Certificate Registrar having actual knowledge, that there has occurred a Transfer to any Person that is
a Disqualified Organization or an agent thereof (including a broker, nominee, or middleman) in contravention of the foregoing restrictions,
and in any event not later than 60 days after a request for information from the transferor of such Ownership Interest, or such
agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS and the transferor of such Ownership
Interest or such agent such information necessary to the application of Section 860E(e) of the Code as may be required by the Code,
including, but not limited to, the present value of the total anticipated excess inclusions with respect to such Class R Certificate
(or portion thereof) for periods after such Transfer. At the election of the Certificate Registrar and the Certificate Administrator,
the Certificate Registrar and the Certificate Administrator may charge a reasonable fee for computing and furnishing such information
to the transferor or to such agent referred to above; provided that such Persons shall in no event be excused from furnishing
such information.

 

Section 5.03 Mutilated,
Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or
the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and
(ii) there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and the
Certificate Administrator harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate
Registrar that such Certificate has been acquired by a bona fide purchaser, the Certificate Administrator or the
Authenticating Agent shall execute and authenticate and the Certificate Registrar shall deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of the same Class and of like tenor and
Percentage Interest. Upon the issuance of any new Certificate under this Section 5.03, the Certificate Registrar may
require the payment of a sum sufficient to cover

 

     -350-

     

    

 

any
tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.03 shall
constitute complete and indefeasible evidence of ownership of the corresponding interest in the Trust Fund, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.04 Appointment
of Paying Agent. The Certificate Administrator may appoint a paying agent (a “Paying Agent”) for the
purpose of making distributions to Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate
Administrator shall cause such Paying Agent, if other than the Certificate Administrator, the Trustee or the Master Servicer,
to execute and deliver to the Master Servicer and the Trustee an instrument in which such Paying Agent shall agree with the
Master Servicer and the Trustee that such Paying Agent will hold all sums held by it for the payment to Certificateholders in
trust for the benefit of the Certificateholders entitled thereto until such sums have been paid to the Certificateholders or
disposed of as otherwise provided herein. The initial Paying Agent shall be the Certificate Administrator. Except for the
Certificate Administrator, as the initial Paying Agent, the Paying Agent shall at all times be an entity having a long-term
unsecured debt rating of at least “A2” by Moody’s and “A” from Fitch, or shall be otherwise
acceptable to each Rating Agency, as confirmed by a receipt of a Rating Agency Confirmation.

 

Section 5.05 Access
to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder (for purposes
of this Section 5.05, an “Applicant”) applies in writing to the Certificate Registrar, and such
application states that the Applicant desires to communicate with other Certificateholders with respect to its rights under
this Agreement, the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, afford such
Certificateholder (at such Certificateholder’s sole cost and expense) access during normal business hours to a current
list of the Certificateholders related to the Class of Certificates held by such Certificateholder.

 

Any Certificateholder or Certificate
Owner wishing to communicate with other Certificateholders and Certificate Owners regarding the exercise of its rights under the
terms of this Agreement (such party, a “Requesting Investor”) may deliver a written request (a “Communication
Request”) signed by an authorized representative of the Requesting Investor to the Certificate Administrator. Any Communication
Request shall contain the method other Certificateholders and Certificate Owners should use to contact the Requesting Investor,
and, if the Requesting Investors is not the registered holder of a Class of Certificates, then the Communication Request must contain
(i) a written certification from the Requesting Investor that it is a beneficial owner of a class of certificates, and (ii) one
of the following forms of documentation evidencing its beneficial ownership in such class of certificates: (A) a trade confirmation,
(B) an account statement, (C) a medallion stamp guaranteed letter from a broker or dealer stating the Requesting Investor is the
beneficial owner, or (D) a document acceptable to the Certificate Administrator that is similar to any of the documents identified
in clauses (A) through (C). The Certificate Administrator shall not be permitted to require any information other than the foregoing
in verifying a Certificateholder’s or Certificate Owner’s identity in connection with a Communication Request. Requesting
Investors will be responsible for their own expenses in making any Communication Request, but will not be required to bear any

 

     -351-

     

    

 

expenses
of the Certificate Administrator. Upon receipt of such request, the Certificate Administrator shall furnish or cause to be furnished
to such Applicant a list of the names and addresses of the Certificateholders as of the most recent Record Date.

 

(b)       Every
Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate Registrar
that the Certificate Administrator and the Certificate Registrar shall not be held accountable in any way by reason of the disclosure
of any information as to the names and addresses of the Certificateholders hereunder, regardless of the source from which such
information was derived.

 

(c)       Upon
the written request of any Certifying Certificateholder that (a) states that such Certificateholder desires the Certificate Administrator
to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted by other Certificateholders,
setting forth the relevant contact information and briefly stating the reason for the requested contact and (b) provides a copy
of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator shall deliver such Special
Notice to all Certificateholders at their respective addresses appearing on the Certificate Register. The costs and expenses of
the Certificate Administrator associated with delivering with any such Special Notice shall be borne by the party requesting such
Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither the Certificate Administrator
nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special Notice to Certificateholders,
regardless of the information set forth in such Special Notice.

 

Section 5.06 Actions
of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Certificateholders in person or by agent duly appointed in writing;
and except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Certificate Administrator and the Trustee and, when required, to the Master Servicer. Proof of execution of
any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and
conclusive in favor of the Certificate Administrator, the Trustee and the Master Servicer, if made in the manner provided in
this Section.

 

(b)       The
fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner
which the Certificate Administrator or the Trustee deems sufficient.

 

(c)        Any
request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder
of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of
anything done, or omitted to be done, by the Certificate Administrator or the Trustee or the Master Servicer in reliance thereon,
whether or not notation of such action is made upon such Certificate.

 

(d)        The
Certificate Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred to in
this Section 5.06 as it shall deem necessary.

 

     -352-

     

    

 

Section 5.07 Rule
144A Information. The Certificate Administrator shall, upon request of any Certifying Certificateholder that is a Holder
of a Private Certificate or any beneficial owner of such a Certificate, furnish to such Holder or beneficial owner or a
prospective purchaser designated by such Holder or beneficial owner who is a Qualified Institutional Buyer the information
required to be delivered under Rule 144A(d)(4) under the Act, to the extent such information has been provided to the
Certificate Administrator and has been identified as Rule 144A information (which shall include all information on the
Certificate Administrator’s Website and all information currently required to be made available to Certificateholders,
as well as any other specifically identified information herein), if at the time of such request periodic reports are not
being filed with respect to the Trust under Section 13 or Section 15(d) of the Exchange Act.

 

Section 5.08 Voting Procedures.

 

With respect to any matters submitted
to Certificateholders for a vote, the Certificate Administrator shall administer such vote through the Depository with respect
to Book-Entry Certificates and directly with registered Holders by mail with respect to Definitive Certificates. In each case,
such vote shall be administered in accordance with the following procedures, unless different procedures are otherwise described
herein with respect to a specific vote:

 

(a)        Any
matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator. Such
notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice
and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders
of Definitive Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website. Notices delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually
receives the notice and ballot.

 

(b)        In
connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings in
the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its
vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by
the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not
be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the
Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking into
consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and shall
be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.

 

     -353-

     

    

 

(c)        The
Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator
shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible
or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall not be counted.
Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of the vote.
Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition and
the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.08(a) above. The Certificate Administrator
shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds with the date
such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent manifest error,
re-tabulate the votes or conduct a new vote for the same proposition.

 

(d)       Any
and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall be borne
by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or answer
questions other than process-related questions regarding the administration of the vote.

 

(e)        If
any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration of the
Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote and
the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.

 

Article
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING HOLDER, THE OPERATING ADVISOR AND THE ASSET REPRESENTATIONS
REVIEWER

 

Section 6.01 Liability
of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this
Agreement.

 

Section 6.02 Merger
or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer or the
Operating Advisor. Subject to the following paragraph, each of the Master Servicer and the Special Servicers shall keep
in full effect its existence, rights and good standing as a national banking association under the laws of the United States,
a limited liability company in good standing under the laws of the State of Delaware and a limited liability company in good
standing under the laws of the State of Iowa, respectively, and shall not jeopardize its ability to do business in each
jurisdiction in which the Mortgaged Properties securing the Mortgage Loans that it is servicing are located or to protect the
validity and enforceability of this Agreement, the Certificates or any of such Mortgage Loans

 

     -354-

     

    

 

that
it is servicing and to perform its respective duties under this Agreement. In addition, subject to the following paragraph, the
Operating Advisor and the Asset Representations Reviewer shall keep in full effect its existence, rights and good standing as
a limited liability company under the laws of the State of New York and shall not jeopardize its ability to do business in each
jurisdiction in which the Mortgaged Properties are located or to protect the validity and enforceability of this Agreement, the
Certificates or any of such Mortgage Loans and to perform its respective duties under this Agreement.

 

Each of the Master Servicer, the Special
Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged or consolidated with or into
any Person, or transfer all or substantially all of its assets to any Person, in which case any Person into which the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged or consolidated,
or any Person resulting from any merger or consolidation to which the Master Servicer, the Special Servicer, the Depositor, the
Operating Advisor or the Asset Representations Reviewer is a party, or any Person succeeding to the business of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer shall be the successor of the
Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer, as applicable,
hereunder, and shall be deemed to have assumed all of the liabilities of the Master Servicer, the Special Servicer, the Depositor,
the Operating Advisor or the Asset Representations Reviewer, as applicable, hereunder, if each of the Rating Agencies has provided
a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any; provided that
none of the Master Servicer, the Special Servicer or the Operating Advisor shall be required to obtain a Rating Agency Confirmation
from any Rating Agency if the Master Servicer, Special Servicer or Operating Advisor, as applicable, is merged into or consolidated
with a Qualified Affiliate or transfers all or substantially all of its assets to a Qualified Affiliate; provided, further,
if the Master Servicer, the Special Servicer or the Operating Advisor enters into a merger and the Master Servicer, the Special
Servicer or the Operating Advisor, as applicable, is the surviving entity under applicable law, the Master Servicer, the Special
Servicer or the Operating Advisor, as applicable, shall not, as a result of the merger, be required to provide a Rating Agency
Confirmation or obtain the consent of the Depositor. Notwithstanding the foregoing, no Master Servicer, Special Servicer, the Operating
Advisor or the Asset Representations Reviewer may remain the Master Servicer, Special Servicer, the Operating Advisor or the Asset
Representations Reviewer, as applicable, under this Agreement after (x) being merged or consolidated with or into any Person that
is a Prohibited Party, or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited
Party, except to the extent (i) the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer,
as applicable, is the surviving entity of such merger, consolidation or transfer and has been and continues to be in compliance
with its Regulation AB reporting obligations hereunder or (ii) the Depositor consents to such merger, consolidation or transfer,
which consent shall not be unreasonably withheld. The Asset Representations Reviewer shall keep in full effect its existence and
rights as an entity under the laws of the jurisdiction of its organization, and shall be in compliance with the laws of all jurisdictions
to the extent necessary to perform its duties under this Agreement. Any Person into which the Asset Representations Reviewer may
be merged or consolidated, or any Person resulting from any merger or consolidation to which the Asset Representations Reviewer
shall be a party, or any Person succeeding to the business of the Asset Representations Reviewer, shall be

 

     -355-

     

    

 

the
successor of the Asset Representations Reviewer hereunder, and shall be deemed to have assumed all of the liabilities and obligations
of such Asset Representations Reviewer hereunder, without the execution or filing of any paper or any further act on the part
of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the Trustee
has received a Rating Agency Confirmation with respect to such successor or surviving Person.

 

Section 6.03 Limitation
on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer and Others. (a) None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer nor any Affiliates, partners, shareholders, directors, officers, employees, members, managers,
representatives or agents (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor or the Asset Representations Reviewer shall be under any liability to the Trust Fund, the
Certificateholders, any Serviced Companion Loan Noteholders, any party hereto or any third party beneficiary for any action
taken, or for refraining from the taking of any action, in good faith pursuant to this Agreement (including actions taken or
not taken at the direction of any Directing Holder), or for errors in judgment; provided, that this provision shall
not protect the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer, or any Affiliate, representative, member, manager, director, officer, employee or agent (including sub-servicers)
of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer,
against any breach of warranties or representations made herein, or against any liability which would otherwise be imposed by
reason of willful misconduct, bad faith or negligence (or in the case of (x) the Master Servicer or Special Servicer, by
reason of any specific liability imposed hereunder for a breach of the Servicing Standard, (y) the Operating Advisor, by
reason of any specific liability imposed hereunder for a breach of the Operating Advisor Standard or (z) the Asset
Representations Reviewer, by reason of any specific liability imposed hereunder for a breach of the Asset Review Standard) in
the performance of duties or by reason of negligent disregard of obligations or duties hereunder. The Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any Affiliate, representative,
member, manager, director, officer, employee or agent (including sub-servicers) of the Depositor, the Master Servicer, the
Special Servicer or the Operating Advisor may rely in good faith on any document of any kind which, prima facie, is
properly executed and submitted by any appropriate Person respecting any matters arising hereunder. In addition, in no event
shall the Depositor be obligated to cause any party to perform or comply with the obligations to remit the
CREFC® Intellectual Property Royalty License Fee to CREFC®, to report any such
CREFC® Intellectual Property Royalty License Fee so paid or to make available any Distribution Date Statement
to the general public (or in particular, CREFC®).

 

The Trust Fund and each Serviced Companion
Loan Noteholder shall be indemnified and held harmless by each of the Master Servicer, the Special Servicer and the Operating Advisor
(severally and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred in connection with
any claim, loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement or the Certificates, incurred by
the Trust Fund or such Serviced Companion Loan Noteholder, as applicable, by reason of willful misconduct, bad faith, fraud or
negligence in the performance of duties hereunder, or by reason of negligent disregard of obligations and duties thereunder, on
the part of such indemnifying party.

 

     -356-

     

    

 

The Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any Affiliates, directors, officers, employees,
members, managers, representatives and agents (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor and the Asset Representations Reviewer shall be indemnified and held harmless by the Trust Fund for any loss,
liability or expense (including legal fees and expenses) incurred in connection with any claim, loss, penalty, fine, foreclosure,
judgment, liability or legal action relating to this Agreement or the Certificates, other than any loss, liability or expense (including
legal fees and expenses) (i) incurred by such party by reason of willful misconduct, bad faith, fraud or negligence in the performance
of duties hereunder or by reason of negligent disregard of obligations and duties thereunder or (ii) in the case of the Depositor
and any of its Affiliates, directors, officers, representatives, members, managers, employees and agents, incurred in connection
with any violation by any of them of any state or federal securities law; provided that such indemnified parties shall be
paid out of the Collection Account in accordance with Section 3.06(a) of this Agreement; provided, further,
that if such matter relates directly to any Serviced Whole Loan, such indemnified parties shall be paid first out of the
applicable Serviced Whole Loan Collection Account (allocated in accordance with the expense allocation provision of the related
Intercreditor Agreement), and then, if funds therein are insufficient, out of the Collection Account; provided that
the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify
the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights
under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the
related Serviced Companion Loans from the related Companion Loan Noteholders.

 

The Depositor shall indemnify the Operating
Advisor (both in its capacity as Operating Advisor and individually) and each of its Affiliates and each of its directors, officers,
employees, representatives and agents, and hold each of them harmless against any and all claims, losses, damages, penalties, fines,
forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that such indemnified party
may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred
by such indemnified party in any action or proceeding between the Depositor and such indemnified party or between such indemnified
party and any third party or otherwise) resulting from the Depositor’s willful misconduct, bad faith, fraud or negligence
in the performance of each of its duties hereunder or by reason of negligent disregard of its respective obligations and duties
hereunder.

 

The Operating Advisor shall indemnify
the Depositor (both in its capacity as Depositor and individually) and each of its Affiliates and each of its directors, officers,
employees, representatives and agents, and hold each of them harmless against any and all claims, losses, damages, penalties, fines,
forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that such indemnified party
may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred
by such indemnified party in any action or proceeding between the Operating Advisor and such indemnified party or between such
indemnified party and any third party or otherwise) resulting from the Operating Advisor’s willful misconduct, bad faith,
fraud or negligence in the performance of each of its duties hereunder or by reason of negligent disregard of its respective obligations
and duties hereunder.

 

     -357-

     

    

 

The Asset Representations Reviewer
agrees to indemnify the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Depositor, the Operating
Advisor and the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them
harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs (including,
without limitation, reasonable fees and disbursements of counsel incurred in connection with the enforcement of the Asset Representations
Reviewer’s indemnification obligation) judgments, and any other costs, liabilities, fees and expenses that any of them may
sustain arising from or as a result of any willful misconduct, bad faith or negligence of the Asset Representations Reviewer, in
the performance of its obligations and duties under this Agreement or by reason of negligent disregard by the Asset Representations
Reviewer of its duties and obligations hereunder or by reason of breach of any representations or warranties made herein; provided
that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor or the Depositor, as the case may be, shall immediately notify the Asset Representations
Reviewer if a claim is made by a third party with respect to this Agreement or the Mortgage Loans entitling the Trust to indemnification
hereunder, whereupon the Asset Representations Reviewer shall assume the defense of such claim (with counsel reasonably satisfactory
to the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor)
and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree
which may be entered against it or them in respect of such claim. Any failure to so notify the Asset Representations Reviewer shall
not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Asset
Representations Reviewer’s defense of such claim is materially prejudiced thereby.

 

(b)        None
of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer shall
be under any obligation to appear in, prosecute or defend any legal action that (i) is not incidental to its respective duties
under this Agreement or (ii) in its opinion may expose it to any expense or liability not recoverable from the Trust Fund; provided,
that each of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may in its discretion undertake
any such action that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto
and the interests of the Certificateholders and holders of Serviced Companion Loan Securities, if applicable, hereunder. In such
event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities
of the Trust Fund and the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be entitled to be
reimbursed therefor from the Collection Account in accordance with Section 3.06(a) of this Agreement) no later than 60 days
after submitting such expenses or costs for reimbursement, provided that a failure to reimburse such parties within such
60 days will not affect or limit such parties’ rights to receive reimbursement hereunder; provided, further,
that in the case of any Serviced Whole Loan, such amounts shall be allocated in accordance with the expense allocation provision
of the related Intercreditor Agreement, and such parties shall be entitled to be reimbursed first, from the applicable Serviced
Whole Loan Collection Account and then, from the Collection Account, all in accordance with Section 3.06(a) of this
Agreement and the related Intercreditor Agreement.

 

     -358-

     

    

 

(c)        The
terms of this Section 6.03 shall survive the termination of any party hereto or of this Agreement.

 

Section 6.04 Limitation
on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the Master Servicer,
the Special Servicer and the Operating Advisor. (a) Each of the Master Servicer, the Special Servicer and the Operating
Advisor may assign their respective rights and delegate their respective duties and obligations under this Agreement in
connection with the sale or transfer of a substantial portion of their commercial mortgage servicing, asset management or
(solely with respect to the Operating Advisor) commercial mortgage surveillance, portfolio, provided that: (i) the
purchaser or transferee accepting such assignment and delegation (A) shall be an established mortgage finance institution,
bank or mortgage servicing institution (or, in the case of the Operating Advisor, an Eligible Operating Advisor), organized
and doing business under the laws of the United States of America, any state of the United States of America or the District
of Columbia, authorized under such laws to perform the duties of the Master Servicer, Special Servicer or Operating Advisor
or a Person resulting from a merger, consolidation or succession that is permitted under Section 6.02 of this
Agreement, (B) shall be acceptable to each Rating Agency as confirmed in a Rating Agency Confirmation delivered to the
Trustee and the Certificate Administrator relating to the Certificates and Serviced Companion Loan Securities, if any, (C)
shall execute and deliver to the Trustee and the Certificate Administrator an agreement that contains an assumption by such
Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by the
Master Servicer, Special Servicer or Operating Advisor, as applicable under this Agreement from and after the date of such
agreement and (D) shall not be a Prohibited Party; (ii) the Master Servicer, the Special Servicer or the Operating Advisor
shall not be released from its obligations under this Agreement that arose prior to the effective date of such assignment and
delegation under this Section 6.04; (iii) the rate at which the Servicing Compensation, Special Servicing Compensation
or Operating Advisor Fee, as applicable (or any component thereof) is calculated shall not exceed the rate then in effect and
(iv) the resigning Master Servicer, Special Servicer or Operating Advisor, as applicable, shall be responsible for the
reasonable costs and expenses of each other party hereto and the Rating Agencies in connection with such transfer.
Upon acceptance of such assignment and delegation, the purchaser or transferee shall be the successor Master Servicer,
Special Servicer or Operating Advisor, as applicable, hereunder.

 

(b)        Except
as provided in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer, the Special Servicer and
the Operating Advisor shall not resign from its respective obligations and duties hereby imposed on it except (i) upon determination
that such duties hereunder are no longer permissible under applicable law, (ii) in connection with the assignment of rights and
delegation of duties as set forth in Section 6.04(a), or (iii) solely with respect to the Operating Advisor, pursuant to
Section 6.04(e). Any such determination described in clause (i) above permitting the resignation of the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning
Master Servicer’s, Special Servicer’s or Operating Advisor’s expense) to such effect delivered to the Trustee
and the Certificate Administrator.

 

(c)        The
Trustee shall be permitted to remove the Master Servicer or the Special Servicer upon a Master Servicer Termination Event or Special
Servicer Termination

 

     -359-

     

    

 

Event,
as applicable. Without limiting the generality of the succeeding paragraph, no such removal shall be effective unless and until
(i) the Master Servicer or the Special Servicer has been paid any unpaid Servicing Compensation or Special Servicing Compensation,
as applicable, unreimbursed Advances (including Advance Interest Amounts thereon to which it is entitled) and all other amounts
to which the Master Servicer or the Special Servicer is entitled hereunder to the extent such amounts accrue prior to such effective
date and (ii) with respect to a resignation by the Master Servicer, the successor Master Servicer has deposited into the Investment
Accounts from which amounts were withdrawn to reimburse the terminated Master Servicer, an amount equal to the amounts so withdrawn,
to the extent such amounts would not have been permitted to be withdrawn except pursuant to this paragraph, in which case the
successor Master Servicer shall, immediately upon deposit, have the same right of reimbursement or payment as the terminated Master
Servicer had immediately prior to its termination without regard to the operation of this paragraph.

 

(d)        No
resignation or removal of the Master Servicer, the Special Servicer or the Operating Advisor as contemplated by the preceding paragraphs
of this Section 6.04 shall become effective until the Trustee or a successor Master Servicer, Special Servicer or Operating
Advisor shall have assumed the resigning or terminated Master Servicer’s, Special Servicer’s or Operating Advisor’s
responsibilities, duties, liabilities and obligations hereunder. If no successor Master Servicer, Special Servicer or Operating
Advisor can be obtained to perform such obligations for the same compensation to which the terminated Master Servicer, Special
Servicer or Operating Advisor would have been entitled, additional amounts payable to such successor Master Servicer, Special Servicer
or Operating Advisor shall be treated as Realized Losses.

 

(e)        The
Operating Advisor shall have the right to resign without cost or expense upon the occurrence of the Early Termination Notice Date.
The Operating Advisor shall provide all of the parties to this Agreement and the Controlling Class Representative 30 days prior
written notice of any such resignation pursuant to this Section 6.04(e). If the Operating Advisor resigns pursuant to this
Section 6.04(e), then no replacement Operating Advisor shall be appointed. The resigning Operating Advisor shall be entitled,
and subject, to any rights and obligations that accrued under this Agreement prior to the date of any such resignation (including
accrued and unpaid compensation) and any indemnifications rights arising out of events occurring prior to such resignation.

 

The Operating Advisor may resign from
its obligations and duties hereby imposed on it (a) upon thirty (30) days’ prior written notice to the Depositor, the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer and the Controlling
Class Representative, if applicable, and (b) upon the appointment of, and the acceptance of such appointment by, a successor Operating
Advisor that is an Eligible Operating Advisor and receipt by the Trustee of Rating Agency Confirmation from each Rating Agency.
No such resignation by the Operating Advisor shall become effective until the replacement Operating Advisor shall have assumed
the resigning Operating Advisor’s responsibilities and obligations. The resigning Operating Advisor shall pay all costs and
expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer of
its duties pursuant to this Section 6.04(e).

 

Section 6.05 Rights
of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer. Solely with respect to their
performance of their respective

 

     -360-

     

    

 

duties
under this Agreement, the Master Servicer and the Special Servicer shall afford the Depositor, the Underwriters, the Initial Purchasers,
the Certificate Administrator, the Trustee and the Rating Agencies, upon reasonable notice, during normal business hours access
to all records maintained by it in respect of its rights and obligations hereunder and access to its officers responsible for
such obligations. Upon written request, the Master Servicer and/or the Special Servicer, as applicable, shall furnish to the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee its most recent publicly available financial
statements (or, with respect to the Master Servicer, those of its ultimate parent) and such other non-proprietary information
as the Master Servicer or the Special Servicer, as the case may be, shall determine in its sole and absolute discretion as it
possesses, which is relevant to the performance of its duties hereunder and which it is not prohibited by applicable law or contract
from disclosing. The Depositor may, but is not obligated to, enforce the obligations of the Master Servicer or the Special Servicer
hereunder which are in default and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation
of such Person hereunder or exercise any rights of such Person hereunder, provided that the Master Servicer and the Special
Servicer shall not be relieved of any of its obligations hereunder by virtue of such performance by the Depositor or its designee.
If the Depositor or its designee undertakes any such action, it will be reimbursed by the Trust Fund from the Collection Accounts
(or with respect to a Serviced Whole Loan, to the extent such reimbursement is allocable to such Serviced Whole Loan Collection
Account), as provided in Section 3.06 and Section 6.03(a) hereof to the extent not recoverable from the Master Servicer
or Special Servicer, as applicable. None of the Depositor, the Certificate Administrator, the Trustee, the Master Servicer (solely
with respect to any action or failure to act by the Special Servicer) or the Special Servicer (solely with respect to any action
or failure to act by the Master Servicer) shall have any responsibility or liability for any action or failure to act by the Master
Servicer or the Special Servicer and no such party is obligated to monitor or supervise the performance of the Master Servicer
or the Special Servicer under this Agreement or otherwise. Neither the Master Servicer nor the Special Servicer shall be under
any obligation to disclose confidential or proprietary information pursuant to this Section.

 

Section 6.06 The
Master Servicer or Special Servicer as Owners of a Certificate. The Master Servicer or an Affiliate of the Master Servicer,
or the Special Servicer or an Affiliate of the Special Servicer, may become the Holder (or with respect to a Global Certificate,
Certificate Owner) of any Certificate with the same rights it would have if it were not the Master Servicer or the Special Servicer
or an Affiliate thereof. If, at any time during which the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer is the Holder or Certificate Owner of any Certificate, the Master Servicer or the Special Servicer
proposes to take action (including for this purpose, omitting to take action) that (i) is not expressly prohibited by the terms
hereof and would not, in the Master Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing
Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith judgment,
be considered by other Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may, but will not
be required to, seek the approval of the Certificateholders to such action (or inaction) by delivering to the Certificate Administrator
a written notice that (i) states that it is delivered pursuant to this Section 6.06, (ii) identifies the Percentage Interest
in each Class of Certificates beneficially owned by the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer and (iii) describes in reasonable detail the action (or inaction) that the Master Servicer or
the Special Servicer proposes to take (or refrain

 

     -361-

     

    

 

from
taking). The Certificate Administrator, upon receipt of such notice, shall forward it to the Certificateholders (other than the
Master Servicer and its Affiliates or the Special Servicer and its Affiliates, as appropriate) together with such instructions
for response as the Certificate Administrator shall reasonably determine. If at any time Certificateholders holding a majority
of the Voting Rights of all Certificateholders and, if no Control Termination Event has occurred and is continuing, the applicable
Directing Holder (calculated without regard to the Certificates beneficially owned by the Master Servicer or its Affiliates or
the Special Servicer or its Affiliates, as applicable) shall have consented in writing to the proposal described in the written
notice, and if the Master Servicer or the Special Servicer shall act as proposed in the written notice, such action shall be deemed
to comply with the Servicing Standard. The Certificate Administrator shall be entitled to reimbursement from the Master Servicer
or the Special Servicer, as applicable, of the reasonable expenses of the Certificate Administrator incurred pursuant to this
paragraph. It is not the intent of the foregoing provision that the Master Servicer or the Special Servicer be permitted to invoke
the procedure set forth herein with respect to routine servicing matters arising hereunder, except in the case of unusual circumstances.

 

Section 6.07 The
Directing Holder. (a) For so long as no Control Termination Event has occurred and is continuing, the Directing Holder
shall be entitled to advise (1) the Special Servicer with respect to all Specially Serviced Loans, (2) the Special Servicer
with respect to Performing Loans as to all matters for which the Master Servicer must obtain the consent or deemed consent of
the Special Servicer (other than with respect to Special Servicer Decisions) or for which the Special Servicer shall process,
and (3) the Special Servicer with respect to all Mortgage Loans for which an extension of maturity is being considered by the
Special Servicer or by the Master Servicer subject to consent or deemed consent of the Special Servicer, and notwithstanding
anything herein to the contrary, except as set forth in, and in any event subject to the second and third paragraphs of this Section
6.07, both (a) the Master Servicer, solely to the extent it is permitted to take any action constituting a Major Decision
or Special Servicer Decision as set forth in Section 3.26 hereof, shall not be permitted to take any action
constituting a Major Decision or Special Servicer Decision unless it has obtained the prior written consent of the Special
Servicer and (b) for so long as no Control Termination Event has occurred and is continuing, the Special Servicer shall not
be permitted to consent to the Master Servicer’s taking any of the following actions nor will the Special Servicer
itself be permitted to take any action constituting a Major Decision as to which the Controlling Class Representative has
objected in writing within ten (10) Business Days (or 30 days with respect to clause (j) of the definition of “Major
Decision”) after receipt of the written recommendation and analysis (provided that if such written objection has
not been received by the Special Servicer within such ten (10) Business Day period (or 30 days with respect to clause (j) of
the definition of “Major Decision” or such longer period provided for in any related Intercreditor Agreement but
not less than five (5) Business Days after the time period set forth therein for Directing Holder approval), then the
Controlling Class Representative will be deemed to have approved such action); provided that, if the Special Servicer
or Master Servicer (if the Master Servicer is otherwise authorized by this Agreement to take such action), as applicable,
determines that immediate action, with respect to the foregoing matters, or any other matter requiring consent of the
Controlling Class Representative (if no Control Termination Event has occurred and is continuing) in this Agreement,
is necessary to protect the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related
Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced
Companion Loan

 

     -362-

     

    

 

Noteholders
constituted a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into
account the subordinate nature of such Subordinate Companion Loan) and the Special Servicer has made a reasonable effort to contact
the Controlling Class Representative, the Master Servicer or the Special Servicer, as the case may be, may take any such action
without waiting for the Controlling Class Representative’s response; provided, however, that the failure of
the Controlling Class Representative or the Operating Advisor to respond will not relieve the Special Servicer from seeking consent
of or consulting with, as applicable, the Controlling Class Representative or the Operating Advisor on any future matters with
respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan. Similarly, with respect to a Serviced
AB Whole Loan, if the Special Servicer or Master Servicer (if the Master Servicer is otherwise authorized by this Agreement to
take such action), as applicable, determines that immediate action, with respect to the foregoing matters, is necessary to protect
the related Mortgaged Property or the interests of the Certificateholders and the related Serviced Companion Loan Noteholders
(as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single
lender and taking into account the subordinate nature of the related Subordinate Companion Loan) and the Special Servicer has
made a reasonable effort to contact the Directing Holder, the Master Servicer or the Special Servicer, as the case may be, may
take any such action without waiting for the Directing Holder’s response; provided, however, that the failure
of the Directing Holder to respond will not relieve the Special Servicer from seeking consent of or consulting with, as applicable,
the Directing Holder on any future matters with respect to the applicable Serviced AB Whole Loan. The Special Servicer is not
required to obtain the consent of the Directing Holder for any Major Decision if a Control Termination Event has occurred and
is continuing; provided that, if a Control Termination Event has occurred and is continuing, the Special Servicer shall
consult with the Operating Advisor in connection with any Major Decision and consider alternative actions recommended by the Operating
Advisor; provided, further, that, if a Control Termination Event has occurred and is continuing but no Consultation
Termination Event has occurred and is continuing, the Special Servicer shall consult with the Directing Holder in connection with
any Major Decision and any other matters set forth in this Agreement as to which the consent or approval of the Directing Holder
would have been required or as to which the Directing Holder would have had the right to advise or direct the Special Servicer
or the Master Servicer if no Control Termination Event had occurred and was continuing and consider alternative actions recommended
by the Directing Holder; provided, further, that such consultation with the Directing Holder or the Operating Advisor
is not binding on the Special Servicer.

 

In addition, for so long as no Control
Termination Event has occurred and is continuing, the Directing Holder may direct the Special Servicer to take, or to refrain from
taking, such other actions with respect to a Mortgage Loan as the Directing Holder may deem advisable or as to which provision
is otherwise made herein; provided that, notwithstanding anything herein to the contrary, no such direction, and no objection
contemplated by the preceding paragraph or this paragraph, may require or cause the Master Servicer or the Special Servicer, as
applicable, to violate any provision of any Mortgage Loan, applicable law, this Agreement, any Intercreditor Agreement or the REMIC
Provisions, including without limitation the Special Servicer’s obligation to act in accordance with the Servicing Standard,
or expose the Master Servicer, the Special Servicer, the Paying Agent, the Trust Fund, the Certificate

 

     -363-

     

    

 

Administrator
or the Trustee to liability, or materially expand the scope of the Special Servicer’s responsibilities hereunder.

 

If the Special Servicer or Master Servicer,
as applicable, determines that a refusal to consent by the Directing Holder, or any advice from the Directing Holder, would otherwise
cause the Special Servicer or Master Servicer, as applicable, to violate the terms of any Mortgage Loan, any Intercreditor Agreement,
applicable law, the REMIC Provisions or this Agreement, including without limitation, the Servicing Standard, the Special Servicer
or Master Servicer, as applicable, shall disregard such refusal to consent or advice and notify the Directing Holder, the Trustee,
the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) of its determination, including
a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the Master Servicer
or Special Servicer in accordance with the direction of or approval of the Directing Holder that does not violate any law or the
Servicing Standard or any other provisions of this Agreement or any Intercreditor Agreement will not result in any liability on
the part of the Master Servicer or the Special Servicer.

 

Notwithstanding anything to the contrary
contained in this Agreement, with respect to the Non-Serviced Mortgage Loans, (i) at all times when no Consultation Termination
Event has occurred, the Controlling Class Representative shall be entitled to the rights of the “Non-Directing Holder”
(or similar term) under the related Intercreditor Agreement and (ii) at no time shall the Operating Advisor be entitled to the
rights of the “Non-Directing Holder” (or similar term) under the related Intercreditor Agreement.

 

Notwithstanding anything to the contrary
contained in this Agreement, with respect to any Serviced AB Whole Loan, (i) prior to the occurrence of a Potomac Mills Control
Appraisal Period with respect to the related Serviced Subordinate Companion Loan, (i) the Potomac Mills Subordinate Controlling
Noteholder shall be entitled to the rights of the “Directing Holder” (or similar term) under the related Intercreditor
Agreement and the Controlling Class Representative shall have no rights as a “Directing Holder” (or similar term) under
the related Intercreditor Agreement and (ii) prior to the occurrence and continuance of a Potomac Mills Control Appraisal Period,
the consent of the Potomac Mills Subordinate Controlling Noteholder shall be obtained by the applicable Special Servicer with respect
to any Major Decision. However, during a a Potomac Mills Control Appraisal Period with respect to any Serviced AB Whole Loan, the
Controlling Class Representative will have the same rights with respect to such Serviced AB Whole Loan as it has for the other
Mortgage Loans included in the Trust Fund pursuant to this Agreement.

 

The Directing Holder shall have no
liability to the Trust Fund, any party to this Agreement, any Certificateholders or any other Person for any action taken, or for
refraining from the taking of any action, or for errors in judgment; provided that the Directing Holder shall not be protected
against any liability to a Controlling Class Certificateholder that would otherwise be imposed by reason of willful misfeasance
or bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations or duties.

 

(b)        Notwithstanding
anything to the contrary contained herein (i) if a Control Termination Event has occurred and is continuing, the Directing Holder
shall have no right to

 

     -364-

     

    

 

consent
to any action taken or not taken by any party to this Agreement; (ii) if a Control Termination Event has occurred and is continuing
but no Consultation Termination Event has occurred, the Directing Holder shall remain entitled to receive any notices, reports
or information to which it is entitled pursuant to this Agreement, and the Master Servicer, Special Servicer and any other applicable
party shall consult with the Directing Holder in connection with any action to be taken or refrained from taking to the extent
set forth herein; and (iii) if a Consultation Termination Event has occurred, the Directing Holder shall have no consultation
or consent rights hereunder and no right to receive any notices, reports or information (other than notices, Voting Rights given
to all Certificateholders and rights to receive reports or information required to be delivered to all Certificateholders) or
any other rights as Directing Holder.

 

(c)        The
Master Servicer, the Special Servicer, the Trustee or the Operating Advisor, may from time to time request that the Certificate
Administrator provide the name of the then-current Directing Holder for any applicable Mortgage Loan or Serviced Whole Loan. Upon
such request, the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following such request)
provide the name of the then-current Directing Holder to the Master Servicer, the Special Servicer, the Trustee or the Operating
Advisor, but only to the extent the Certificate Administrator has actual knowledge of the identity of the then-current Directing
Holder; provided that if the Certificate Administrator does not have actual knowledge of the identity of the then-current
Directing Holder, then (i) the Certificate Administrator shall determine which Class is the Controlling Class and (ii) the Certificate
Administrator shall promptly (but in no event more than five (5) Business Days following such request) request from the Depository,
the list of Certificate Owners of the Controlling Class, and the Certificate Administrator shall provide such list to the Master
Servicer, the Special Servicer, the Trustee or the Operating Advisor. Any expenses incurred in connection with obtaining such information
shall be at the expense of the requesting party, except that if (i) such expenses arise in connection with an event as to which
the Directing Holder (or Controlling Class Representative) has review, consent or consultation rights with respect to an action
taken by, or report prepared by, the requesting party pursuant to this Agreement or in connection with a request made by the Operating
Advisor in connection with its obligation under this Agreement to deliver a copy of its Operating Advisor Annual Report to the
Controlling Class Representative and (ii) the requesting party has not been notified of the identity of the Directing Holder (or
Controlling Class Representative) or reasonably believes that the identity of the Directing Holder (or Controlling Class Representative)
has changed, then such expenses shall be at the expense of the Trust. The Master Servicer, the Special Servicer, the Trustee and
the Operating Advisor, shall be entitled to conclusively rely on any such information so provided.

 

To the extent the Master Servicer or
the Special Servicer has written notice of any change in the identity of a Directing Holder or the list of Holders (or Certificate
Owners, if applicable) of the Controlling Class, then the Master Servicer or the Special Servicer, as applicable, shall promptly
notify the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer and the Special Servicer thereof,
who may rely conclusively on such notice from the Master Servicer or the Special Servicer, as applicable.

 

     -365-

     

    

 

Section 6.08 Rights
of Non-Directing Holders. With respect to each Serviced Whole Loan, the Master Servicer or the Special Servicer, as applicable,
shall:

 

(a)        consult
with the related Non-Directing Holder (or its designee or representative) on a strictly non-binding basis, to the extent that such
Non-Directing Holder (or its designee or representative) requests consultation with respect to any “major decision”
or “major action” set forth in the related Intercreditor Agreement or the implementation of any recommended actions
outlined in an Asset Status Report relating to the Serviced Whole Loan, and to consider alternative actions recommended by such
Non-Directing Holder (or its designee or representative); provided, that after the expiration of a period of ten (10) Business
Days from the delivery to the related Non-Directing Holder (or its designee or representative) of written notice of a proposed
action, together with copies of the related notice, information or report, the Master Servicer or Special Servicer, as applicable,
shall no longer be obligated to consult with the applicable Non-Directing Holder (or its designee or representative) (unless the
Master Servicer or Special Servicer, as applicable, proposes a new course of action that is materially different from the action
previously proposed, in which case such ten (10) Business Day period shall begin anew from the date of such proposal and delivery
of all information relating thereto). Notwithstanding the foregoing non-binding consultation rights of the Non-Directing Holder,
the Master Servicer or the Special Servicer, as applicable, may take any “major decision” or “major action”
set forth in the related Intercreditor Agreement or any action set forth in the Asset Status Report before the expiration of the
aforementioned ten (10) Business Day period if the Master Servicer or the Special Servicer, as applicable, determines that immediate
action with respect thereto is necessary to protect the interests of the Certificateholder and the related Companion Loan Noteholder.
Unless specified otherwise in the related Intercreditor Agreement, neither the Master Servicer or the Special Servicer shall be
obligated at any time to follow or take any alternative actions recommended by the Non-Directing Holder; and

 

(b)        in
addition to the foregoing non-binding consultation rights, if provided for in the related Intercreditor Agreement, the Non-Directing
Holder shall have the right to annual conference calls with the Master Servicer or the Special Servicer at the offices of the Master
Servicer or the Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master Servicer
or the Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

Article
VII

SERVICER AND OPERATING ADVISOR TERMINATION

 

Section 7.01 Servicer
Termination Events. (a) “Master Servicer Termination Event,” wherever used herein, means any one of the
following events:

 

(i)         any
failure by the Master Servicer (A) to make any deposit required to the Collection Account or the Serviced Whole Loan Collection
Account for any Serviced Whole Loan on the day and by the time such deposit was first required to be made under the terms of this
Agreement, which failure is not remedied within two Business Days, (B) to deposit into, or remit to the Certificate Administrator
for deposit into, any Distribution Account any amount required to be so deposited or remitted (including,

 

     -366-

     

    

 

without limitation, any
required P&I Advance, unless the Master Servicer determines such P&I Advance is a Nonrecoverable Advance), which failure
is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date (provided, that to the extent the Master
Servicer does not timely make such remittance to the Certificate Administrator, the Master Servicer shall pay the Certificate Administrator
for the account of the Certificate Administrator interest on any amount not timely remitted at the Prime Rate from and including
the applicable required remittance date to, but not including, the date such remittance is actually made), or (C) to remit to any
holder of a Serviced Companion Loan, as and when required by this Agreement or any related Intercreditor Agreement, any amount
required to be so remitted (which failure continues for two Business Days);

 

(ii)        any
failure on the part of the Master Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of 30 days (15 days in the case of the Master Servicer’s
failure to make a Servicing Advance or 45 days in the case of failure to pay the premium for any insurance policy required to be
force placed by the Master Servicer pursuant to this Agreement or in any event such reasonable shorter period of time as is necessary
to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments or a lapse
in any required insurance coverage) after the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Master Servicer, by (a) any other party hereto, with a copy to each other party to this Agreement,
(b) the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less than 25% of such Class or (c)
an affected Serviced Companion Loan Noteholder; provided, if such failure is capable of being cured and the Master Servicer
is diligently pursuing such cure, such 15-, 30- or 45-day period, as applicable, will be extended an additional 30 days;

 

(iii)       any
breach on the part of the Master Servicer of any representation or warranty contained in Section 2.04(a) of this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be
remedied, shall have been given (a) to the Master Servicer by any party hereto or (b) to the Master Servicer, the Special Servicer,
the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less
than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided, if such breach is capable of
being cured and the Master Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30 days;

 

(iv)       a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer and such
decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

     -367-

     

    

 

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

 

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

 

(vii)      (a)
Moody’s has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed
one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and
such qualification, downgrade or withdrawal or “watch status” placement shall not have been withdrawn by Moody’s
within sixty (60) days of such event), and, in the case of either of clause (A) or (B), publicly citing servicing concerns with
the Master Servicer as the sole or a material factor in such rating action, (b) either (A) the Master Servicer has failed to maintain
a ranking by Morningstar equal to or higher than “MOR CS3” as a master servicer and such ranking is not reinstated
within 60 days of such event (if the Master Servicer has or had a Morningstar ranking on or after the Closing Date) or (B) if the
Master Servicer has not been ranked by Morningstar on or after the Closing Date, and Morningstar has (1) qualified, downgraded
or withdrawn its rating or ratings of one or more classes of Certificates or (2) within the prior 12 months, placed one or more
classes of Certificates on “watch status” in contemplation of rating downgrade or withdrawal and, in the case of either
of clauses (1) or (2), has publicly cited servicing concerns with the Master Servicer as the sole or material factor in such rating
action (and such qualification, downgrade, withdrawal or “watch status” placement has not been withdrawn by Morningstar
within 60 days of such event), or (c) the Master Servicer is no longer rated at least “CMS3” by Fitch and such Master
Servicer is not reinstated to at least that rating within 60 days of the delisting; or

 

(viii)     subject
to Section 10.16(c), any failure by the Master Servicer to deliver (a) any Exchange Act reporting items required to be delivered
by the Master Servicer to the Trustee or the Certificate Administrator under Article X (other than items to be delivered
by a Mortgage Loan Seller Sub-Servicer) by the time required under Article X after any applicable grace periods (including
the five Business Day period specified in clause (y) below) or (b) any Exchange Act reporting items that a primary servicer, sub-servicer
or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained by the Master Servicer
(but excluding any Mortgage Loan Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated if it
defaults in accordance with the provision of this clause (viii));

 

then, and in each and every such case, so long as a Master
Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of (x) the Holders of at
least 25% of the aggregate Voting Rights of all Certificates or (y) the Depositor with respect to clause (viii) above upon five
(5) Business Days’ notice, shall, terminate all of the rights and obligations of the Master Servicer (other than as set forth
in Section 7.01(d)). In the case of

 

     -368-

     

    

 

clause (vii), the Certificate Administrator shall be required to notify Certificateholders
and Serviced Companion Loan Noteholders of such Master Servicer Termination Event and request whether such Certificateholders and,
if applicable, Serviced Companion Loan Noteholders favor such termination.

 

Notwithstanding the foregoing, with
respect to the Potomac Mills Whole Loan, if any Servicer Termination Event has occurred (A) with respect to the Master Servicer
that affects the holder of the Serviced Subordinate Companion Loan, and the Master Servicer is not otherwise terminated under this
Agreement, then the holder of the Serviced Subordinate Companion Loan or its designees (if the holder of the Serviced Subordinate
Companion Loan is the Potomac Mills Whole Loan Directing Holder) shall be entitled to direct the Trustee to appoint a sub-servicer
solely with respect to the Mortgage Loan (or if the Mortgage Loan is currently being sub-serviced, to replace the current sub-servicer,
but only if such original sub-servicer is in default under the related sub-servicing agreement); and (B) the appointment (or replacement)
of a sub-servicer with respect to the Mortgage Loan, as contemplated in clause (A) above, will in any event be subject to written
confirmation from each Rating Agency that such appointment would not, in and of itself, cause a downgrade, qualification or withdrawal
of the then-current ratings assigned to the securities issued in connection with any securitization.

 

If the Master Servicer is also the
Special Servicer and the Master Servicer is terminated as provided in this Section 7.01, then the Master Servicer shall
also be terminated as Special Servicer.

 

If the Master Servicer receives notice
of termination under this Section 7.01(a) solely due to a Master Servicer Termination Event under Section 7.01(a)(vii)
and if the Master Servicer provides the Trustee with the appropriate “request for proposal” materials within five (5)
Business Days following such termination notice, then the Master Servicer shall continue to serve as Master Servicer hereunder
until a successor Master Servicer is selected in accordance with this Section 7.01(a). Upon receipt of the “request
for proposal” materials, the Trustee shall promptly thereafter (using such “request for proposal” materials provided
by the Master Servicer) solicit good faith bids for the rights to service the Mortgage Loans and Serviced Companion Loans under
this Agreement from at least three (3) Persons qualified to act as Master Servicer hereunder in accordance with Section 6.02
and 7.02 of this Agreement (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified
Bidders cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders; provided that,
at the Trustee’s request, the Master Servicer shall supply the Trustee with the names of Persons from whom to solicit such
bids; and provided, further, that the Trustee shall not be responsible if less than three (3) or no Qualified Bidders
submit bids for the right to service the Mortgage Loans and Serviced Companion Loans under this Agreement. The bid proposal shall
require any Successful Bidder (as defined below), as a condition of such bid, to enter into this Agreement as successor Master
Servicer, and to agree to be bound by the terms hereof, within 45 days after the notice of termination of the Master Servicer.
The materials provided to the Trustee shall provide for soliciting bids: (i) on the basis of such successor Master Servicer retaining
all Sub-Servicers to continue the primary servicing of the Mortgage Loans and Serviced Companion Loans pursuant to the terms of
the respective Sub-Servicing Agreements and entering into a Sub-Servicing Agreement with the terminated Master Servicer to service
each of the Mortgage Loans and Serviced Companion Loans for which it was the Master Servicer and not subject to a Sub-

 

     -369-

     

    

 

Servicing
Agreement at a sub-servicing fee rate per annum equal to, for each Mortgage Loan and Serviced Companion Loan serviced, the excess
of the related Servicing Fee Rate minus the related Excess Servicing Fee Rate (each, a “Servicing Retained Bid”);
and (ii) on the basis of terminating each Sub-Servicing Agreement and Sub-Servicer that it is permitted to terminate in accordance
with Section 3.01(c) of this Agreement (each, a “Servicing Released Bid”). The Trustee shall select
the Qualified Bidder with the highest cash Servicing Retained Bid (or, if none, the highest cash Servicing Released Bid from any
Person qualified to act as a Master Servicer) (the “Successful Bidder”) to act as successor Master Servicer
hereunder; provided, that if the Trustee does not receive a Rating Agency Confirmation in accordance with the procedures
set forth in Section 3.30 of this Agreement with respect to such Successful Bidder, then the Trustee shall repeat the bid
process described above (but subject to the above described 45 day time period) until such Rating Agency Confirmation is obtained.
The Trustee shall direct the Successful Bidder to enter into this Agreement as successor Master Servicer pursuant to the terms
hereof no later than 45 days after notice of the termination of the Master Servicer; provided, that the initial Master
Servicer may request and obtain, with the prior written consent of the Directing Holder, an additional 20 days for such sale and
assumption to be completed so long as the initial Master Servicer delivers to the Trustee an Officer’s Certificate stating
that the sale and assumption of the right to service the Mortgage Loans and Serviced Companion Loans cannot be completed in the
initial 45-day period and specifying the reasons therefor.

 

Upon the assignment and acceptance
of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by the Successful Bidder,
the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing Retained Bid, to the Master Servicer
to be terminated pursuant to this Section 7.01(a), the amount of such cash bid received from the Successful Bidder (net
of “out of pocket” expenses incurred in connection with obtaining such bid and transferring servicing) and (ii) if
the successful bid was a Servicing Released Bid, to the Master Servicer and each terminated Sub-Servicer its respective Bid Allocation.

 

The Master Servicer to be terminated
pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses incurred in connection with the attempt
to sell its rights to service the Mortgage Loans and Serviced Companion Loans, which expenses are not reimbursed to the party that
incurred such expenses pursuant to the preceding paragraph.

 

If the Successful Bidder has not entered
into this Agreement as successor Master Servicer within the above described time period or no Successful Bidder was identified
within the above described time period, the Master Servicer to be terminated pursuant to Section 7.01(a) of this Agreement
shall reimburse the Trustee for all reasonable “out of pocket” expenses incurred by the Trustee in connection with
such bid process and the Trustee shall have no further obligations under this Section 7.01(a). The Trustee thereafter may
act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02 of this Agreement.

 

Notwithstanding anything to the contrary
in this Article VII, if the Master Servicer shall timely deliver the notice and request for proposal materials referred
to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be effective in connection with
a Master Servicer Termination Event under Section 7.01(a)(vii) of this Agreement, and the Master Servicer shall continue
to perform as such and to collect the servicing fee until the conclusion of the process described in this Section 7.01(a).

 

     -370-

     

    

 

(b)       “Special
Servicer Termination Event,” wherever used herein, means any one of the following events:

 

(i)         any
failure by the Special Servicer to deposit into the REO Account at or within the time specified by this Agreement and such failure
continues unremedied for two Business Days, or any failure by the Special Servicer to remit to Master Servicer for deposit into,
the Collection Account (or, in the case of a Serviced Whole Loan, the related Serviced Whole Loan Collection Account) any amount
required to be so remitted by the Special Servicer pursuant to, and at the time specified by, the terms of this Agreement; provided,
that the failure of the Special Servicer to remit such amount to the Master Servicer shall not be a Special Servicer Termination
Event if such failure is remedied within two Business Days and if the Special Servicer has compensated the Master Servicer for
any loss of income on such amount suffered by the Master Servicer due to and caused by the late remittance of the Special Servicer
and reimburse the Trust for any resulting Advance Interest Amount due to the Master Servicer;

 

(ii)        any
failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of 30 days (45 days in the case of failure to pay
the premium for any insurance policy required to be force placed by the Special Servicer pursuant to this Agreement or in any event
such reasonable shorter period of time as is necessary to avoid the commencement of foreclosure proceedings for any lien relating
to unpaid real estate taxes or assessments or a lapse in any required insurance coverage) after the date on which written notice
of such failure, requiring the same to be remedied, shall have been given to the Special Servicer, by (a) any other party hereto,
with a copy to each other party to this Agreement, (b) the Holders of Certificates of any Class evidencing Percentage Interests
aggregating not less than 25% of such Class or (c) an affected Serviced Companion Loan Noteholder; provided, if such failure
is capable of being cured and the Special Servicer is diligently pursuing such cure, such 30- or 45-day period, as applicable,
will be extended an additional 30 days;

 

(iii)       any
breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(b) of this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be
remedied, shall have been given (a) to the Special Servicer by any party hereto, or (b) to the Master Servicer, the Special Servicer,
the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less
than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided, if such breach is capable of
being cured and the Special Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30 days;

 

(iv)       a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or

 

     -371-

     

    

 

liquidation of its affairs, shall have been entered against the Special Servicer and such
decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

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

 

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

 

(vii)      (a)
Moody’s has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed
one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and
such qualification, downgrade or withdrawal or “watch status” placement shall not have been withdrawn by Moody’s
within sixty (60) days of such event), and, in the case of either of clause (A) or (B), publicly citing servicing concerns with
the Special Servicer as the sole or a material factor in such rating action, (b) either (A) the Special Servicer has failed to
maintain a ranking by Morningstar equal to or higher than “MOR CS3” as a special servicer and such ranking is not reinstated
within 60 days of such event (if the Special Servicer has or had a Morningstar ranking on or after the Closing Date) or (B) if
the Special Servicer has not been ranked by Morningstar on or after the Closing Date, and Morningstar has (1) qualified, downgraded
or withdrawn its rating or ratings of one or more classes of commercial mortgage securities or (2) within the prior 12 months,
placed one or more classes of commercial mortgage securities on “watch status” in contemplation of rating downgrade
or withdrawal and, in the case of either of clauses (1) or (2), has publicly cited servicing concerns with the Special Servicer
as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch status”
placement has not been withdrawn by Morningstar within 60 days of such event), or (c) the Special Servicer is no longer rated at
least “CSS3” by Fitch and such Special Servicer is not reinstated to at least that rating within 60 days of the delisting;
or

 

(viii)     subject
to Section 10.16(c), any failure by the Special Servicer to deliver (a) any Exchange Act reporting items required to be
delivered by the Special Servicer to the Trustee or the Certificate Administrator under Article X by the time required under
Article X after any applicable grace periods (including the five Business Day period specified in clause (z) below) or (b)
any Exchange Act reporting items that a primary servicer, sub-servicer or Servicing Function Participant (such entity, the “Sub-Servicing
Entity”) retained by the Special Servicer (but excluding any Mortgage Loan Seller Sub-Servicer) is required to deliver
(any Sub-Servicing Entity shall be terminated if it defaults in accordance with the provision of this clause (viii).

 

then, and in each and every such case, so long as a Special
Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of (x) the Holders of at
least

 

     -372-

     

    

 

25% of the aggregate Voting Rights of all Certificates, (y) for so long as no Control Termination Event has occurred and
is continuing, the Directing Holder or (z) the Depositor with respect to clause (viii) above upon five (5) Business Days’
notice, shall, terminate all of the rights and obligations of the Special Servicer (other than the rights to indemnification provided
in Section 6.03(a) of this Agreement and compensation provided in Section 3.12(b) of this Agreement). In the case
of clause (vii) above, the Trustee shall, upon actual knowledge by a Responsible Officer of such Special Servicer Termination Event,
be required to notify the Special Servicer and the Certificate Administrator, and the Certificate Administrator, upon receipt of
such notice or upon actual knowledge by a Responsible Officer of such Special Servicer Termination Event, shall notify the Certificateholders
and Serviced Companion Loan Noteholders of such Special Servicer Termination Event and request whether such Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders favor such termination.

 

(c)        Notwithstanding
Section 7.01(a), (i) if any Master Servicer Termination Event occurs that affects a Serviced Companion Loan and the Master
Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion Loan Security qualifies, downgrades
or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing concerns with the Master Servicer as
the sole or a material factor in such rating action and that rating action is not withdrawn within 60 days, then the Trustee, at
the direction of the Companion Loan Noteholder, shall direct the Master Servicer to appoint a sub-servicer (or if a sub-servicer
is then sub-servicing such Serviced Whole Loan, to appoint a new sub-servicer to service such Serviced Whole Loan, but only if
such existing sub-servicer is in default after any applicable cure periods under the related sub-servicing agreement, and the Master
Servicer shall be permitted to terminate the sub-servicing agreement due to such default) with respect all of the rights and obligations
of the Master Servicer under this Agreement related to such Serviced Whole Loan. The Master Servicer shall appoint a replacement
sub-servicer with respect to such Serviced Whole Loan; provided, that such sub-servicer meets the eligibility requirements
of a successor master servicer under Section 7.02 (including receipt of a Rating Agency Confirmation relating to the Certificates
and Serviced Companion Loan Securities, if any) and the eligibility requirements of each Other Pooling and Servicing Agreement.

 

(d)        Notwithstanding
Section 7.01(b), (i) if any Special Servicer Termination Event occurs that affects a Serviced Companion Loan and the Special
Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion Loan Security qualifies, downgrades
or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing concerns with the Special Servicer
as the sole or a material factor in such rating action and that rating action is not withdrawn within 60 days, then the Trustee,
at the direction of the Companion Loan Noteholder, shall terminate the Special Servicer with respect to the related Serviced Whole
Loan only, but no other Mortgage Loan.

 

(e)        If
the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating
Party”) shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated
Party”), terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loans and the proceeds
thereof, other than any rights the Terminated Party has to Excess Servicing Fees, any rights it has hereunder as a Certificateholder
and any rights or obligations that accrued prior to the date of

 

     -373-

     

    

 

such
termination (including the right to receive all amounts accrued or owing to it under this Agreement, plus interest at the Reimbursement
Rate on such amounts until received to the extent such amounts bear interest as provided in this Agreement, with respect to periods
prior to the date of such termination and the right to the benefits of Section 6.03 of this Agreement notwithstanding any
such termination), and with respect to the Special Servicer, the right to receive any Workout Fee subsequent to its termination
as Special Servicer, pursuant to Section 3.12(b) of this Agreement. No successor Special Servicer shall be entitled to
such Workout Fee received by the terminated Special Servicer. On or after the receipt by the Terminated Party of such written
notice, all of its authority and power under this Agreement, whether with respect to the Certificates (except that the Terminated
Party shall retain its rights as a Certificateholder if and to the extent that it is a Certificateholder), the Mortgage Loans,
the Serviced Companion Loans or otherwise, shall pass to and be vested in the Terminating Party pursuant to and under this Section
and, without limitation, the Terminating Party is hereby authorized and empowered to execute and deliver, on behalf of and at
the expense of the Terminated Party, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do
or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether
to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, or otherwise. The Master Servicer
and the Special Servicer each agree in the event it is terminated pursuant to this Section 7.01 to promptly (and in any
event no later than ten Business Days subsequent to such notice) provide, at its own expense, the Terminating Party with all documents
and records requested by the Terminating Party to enable the Terminating Party to assume its functions hereunder, and to cooperate
with the Terminating Party and the successor to its responsibilities hereunder in effecting the termination of its responsibilities
and rights hereunder, including, without limitation, the transfer to the successor Master Servicer or Special Servicer or the
Terminating Party, as applicable, for administration by it of all cash amounts which shall at the time be or should have been
credited by the Master Servicer or the Special Servicer to the Collection Account, the applicable Serviced Whole Loan Collection
Account, any REO Account, the Loss of Value Reserve Fund, any Gain-on-Sale Reserve Account, Lock-Box Account or Cash Collateral
Account or which shall thereafter be received with respect to the Mortgage Loans, and shall promptly provide the Terminating Party
or such successor Master Servicer or successor Special Servicer (which may include the Trustee) all documents and records reasonably
requested by it, such documents and records to be provided in such form as the Terminating Party or such successor Master Servicer
or Special Servicer shall reasonably request (including electronic form), to enable it to assume the Master Servicer’s or
Special Servicer’s function hereunder. All reasonable costs and expenses of the Terminating Party (including the cost of
obtaining a Rating Agency Confirmation and any applicable indemnity) or the successor Master Servicer or successor Special Servicer
incurred in connection with transferring the Mortgage Files to the successor Master Servicer or Special Servicer and amending
this Agreement to reflect such succession as successor Master Servicer or successor Special Servicer pursuant to this Section
7.01 shall be paid by the predecessor Master Servicer or the Special Servicer, as applicable, upon presentation of reasonable
documentation of such costs and expenses. If the predecessor Master Servicer or Special Servicer (as the case may be) has not
reimbursed the Terminating Party or the successor Master Servicer or Special Servicer for such expenses within 90 days after the
presentation of reasonable documentation, such expense shall be reimbursed by the Trust Fund; provided that the Terminated
Party shall not thereby be relieved of its liability for such expenses. If and to the extent that the Terminated Party has not
reimbursed such costs and expenses, the Terminating

 

     -374-

     

    

 

Party shall have an affirmative obligation to take all reasonable actions
to collect such expenses on behalf of the Trust Fund.

 

In no event shall the Trustee or the
Certificate Administrator be deemed to have knowledge of, or be aware of, any Master Servicer Termination Event or Special Servicer
Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, has received
written notice thereof or has actual knowledge thereof.

 

Section 7.02 Trustee
to Act; Appointment of Successor. Upon the receipt of a notice of termination by the Master Servicer or the Special Servicer
pursuant to Section 7.01 of this Agreement, the Terminating Party (subject to Section 7.01(a) and Section 7.01(c))
shall be its successor, until a successor is appointed by the Directing Holder as provided in this Section 7.02 or Section
3.22(b), as applicable, in all respects in its capacity as the Master Servicer or the Special Servicer under this Agreement
and the transactions set forth or provided for herein and, except as provided herein, shall be subject to all the responsibilities,
duties, limitations on liability and liabilities relating thereto and arising thereafter placed on the Master Servicer or Special
Servicer by the terms and provisions hereof, provided, that (i) the Terminating Party shall have no responsibilities, duties,
liabilities or obligations with respect to any act or omission of the Master Servicer or Special Servicer and (ii) any failure
to perform, or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide,
or delay in providing, records, tapes, disks, information or monies shall not be considered a termination event for such successor
hereunder. The Trustee, as successor Master Servicer or successor Special Servicer, shall be indemnified to the full extent provided
to the Master Servicer or Special Servicer, as applicable, under this Agreement prior to the Master Servicer’s or the Special
Servicer’s termination. The appointment of a successor Master Servicer or successor Special Servicer shall not affect any
liability of the predecessor Master Servicer or Special Servicer which may have arisen prior to its termination as the Master
Servicer or the Special Servicer. The Terminating Party shall not be liable for any of the representations and warranties of the
Master Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions of the predecessor
Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment by the Master
Servicer pursuant to Section 3.07 hereunder nor shall the Trustee be required to purchase any Mortgage Loan or any Serviced
Companion Loan hereunder. As compensation therefor, the Terminating Party as successor Master Servicer or successor Special Servicer
shall be entitled to the Servicing Compensation or Special Servicing Compensation, as applicable, and all funds relating to the
Mortgage Loans or the Serviced Companion Loans that accrue after the date of the Terminating Party’s succession to which
such predecessor Master Servicer or Special Servicer would have been entitled if such predecessor Master Servicer or Special Servicer,
as applicable, had continued to act hereunder. If any Advances made by the Master Servicer or the Trustee shall at any time be
outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay Advances and interest
hereunder shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid interest thereon), until such
Advances and interest shall have been repaid in full. Notwithstanding the above, the Trustee may, if it shall be unwilling to
so act, or shall if it is unable to so act or if the Holders of Certificates entitled to (i) in the case of the Master Servicer,
at least 25% of the aggregate Voting

 

     -375-

     

    

 

Rights
(or, for so long as no Control Termination Event has occurred and is continuing, the Controlling Class Representative), or (ii)
in the case of the Special Servicer, at least 25% of the aggregate Voting Rights (or, for so long as no Control Termination Event
has occurred and is continuing, the Directing Holder), so request in writing to the Trustee, or, with respect to a Serviced Whole
Loan, if an affected Serviced Companion Loan Noteholder so requests in writing to the Trustee, or if the Trustee is not an “approved”
servicer by any of the Rating Agencies for mortgage pools similar to the Trust Fund, promptly appoint, or petition a court of
competent jurisdiction to appoint, any established mortgage loan servicing institution that, for so long as no Control Termination
Event has occurred and is continuing, has been approved by the Directing Holder (which approval shall not be unreasonably withheld)
to act as the successor to the Master Servicer or Special Servicer, as applicable, hereunder in the assumption of all or any part
of the responsibilities, duties or liabilities of the Master Servicer or Special Servicer hereunder; provided that the
Trustee shall obtain a Rating Agency Confirmation with respect to the Certificates and any Serviced Companion Loan Securities.
No appointment of a successor to the Master Servicer or Special Servicer hereunder shall be effective until the assumption by
such successor of all the Master Servicer’s or Special Servicer’s responsibilities, duties and liabilities hereunder,
which appointment has been approved, if no Control Termination Event has occurred and is continuing, by the Directing Holder,
such approval not to be unreasonably withheld. Pending appointment of a successor to the Master Servicer (or the Special Servicer
if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited by law from so acting,
the Trustee shall act in such capacity as hereinabove provided. Pending the appointment of a successor to the Special Servicer,
the Trustee shall act in such capacity. In connection with such appointment and assumption described herein, the Trustee may make
such arrangements for the compensation of such successor out of payments on Mortgage Loans, Serviced Companion Loans or otherwise
as it and such successor shall agree; provided, that no such compensation shall be in excess of that permitted to the Terminated
Party hereunder, unless no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party
hereunder, in which case additional amounts shall be paid to such successor and such amounts in excess of that permitted the Terminated
Party shall be treated as Realized Losses. Any successor Special Servicer shall be subject to the rights of the Directing Holder
under Section 3.22(b) of this Agreement. The Depositor, the Trustee, the Master Servicer or Special Servicer and such successor
shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.

 

If the Trustee or an Affiliate acts
pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer, it may reduce the Master Servicer’s
Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor Master Servicer would otherwise
be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning or terminated Master
Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the Master Servicer’s Excess
Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified
successor Master Servicer that meets the requirements of this Section 7.02.

 

Section 7.03 Notification
to Certificateholders and Other Persons. (a) Upon its receipt of written notice of any termination pursuant to Section
7.01 above or appointment of a successor to the Master Servicer or the Special Servicer, the Certificate Administrator
shall give prompt written notice thereof to Certificateholders at their respective addresses appearing in the

 

     -376-

     

    

 

Certificate
Register, the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement), the Operating Advisor, the Asset Representations Reviewer and to each Serviced
Companion Loan Noteholder at its address appearing in the Serviced Companion Loan Noteholder Register.

 

(b)        Within
30 days after the occurrence of any Servicer Termination Event, Operating Advisor Termination Event or Asset Representations Reviewer
Termination Event of which a Responsible Officer of the Trustee has actual knowledge, the Trustee shall transmit by mail to the
Depositor, the Certificate Administrator (who shall then notify all Holders of Certificates), the 17g-5 Information Provider (who
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement),
and each Serviced Companion Loan Noteholder, notice of such Servicer Termination Event, Operating Advisor Termination Event or
Asset Representations Reviewer Termination Event, unless such Servicer Termination Event, Operating Advisor Termination Event or
Asset Representations Reviewer Termination Event shall have been cured or waived.

 

Section 7.04 Other
Remedies of Trustee. During the continuance of any Servicer Termination Event, so long as the Servicer Termination Event
shall not have been remedied, the Trustee, in addition to the rights specified in Section 7.01 of this Agreement,
shall have the right, in its own name as Trustee of an express trust, to take all actions now or hereafter existing at law,
in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies,
of the Certificateholders and, in the case of any Serviced Companion Loan, of the related Serviced Companion Loan Noteholders
(including the institution and prosecution of all judicial, administrative and other proceedings and the filing of proofs of
claim and debt in connection therewith). In such event, the legal fees, expenses and costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities of the Trust Fund (and, in the case of any Serviced Whole Loan,
such amounts shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement).
Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any
other remedy, and each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to
exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Servicer
Termination Event.

 

Section 7.05 Waiver
of Past Servicer Termination Events and Operating Advisor Termination Events; Termination. The Holders of Certificates
evidencing not less than 66-2/3% of the aggregate Voting Rights of the Certificates may, together with each affected Serviced
Companion Loan Noteholder (to the extent they are adversely affected by such Servicer Termination Event or Operating Advisor
Termination Event, as applicable), on behalf of all Holders of Certificates waive any termination event with respect to the
Master Servicer, the Special Servicer or the Operating Advisor in the performance of its obligations hereunder and its
consequences, except a termination event with respect to making any required deposits (including, with respect to the Master
Servicer, P&I Advances) to or payments from the Collection Account, any Serviced Whole Loan Collection Account or the
Lower-Tier Distribution Account, or in remitting payments as received, in each case in accordance with this Agreement. Upon
any such waiver of a past termination event, such termination event shall cease to exist, and any Servicer Termination Event
or Operating Advisor Termination Event

 

     -377-

     

    

 

arising
therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent
or other termination event or impair any right consequent thereon. Notwithstanding the foregoing, a Master Servicer Termination
Event under Section 7.01(a)(vii) or a Special Servicer Termination Event under Section 7.01(b)(vii) of this Agreement
may be waived only with the consent of the Depositor.

 

Section 7.06 Trustee
as Maker of Advances. If the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such
failure remains uncured, the Trustee shall perform such obligations (x) within five Business Days of the Master Servicer
Termination Event resulting from such failure by the Master Servicer with respect to Servicing Advances to the extent a
Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by
12:00 noon (New York City time) on the related Distribution Date with respect to P&I Advances pursuant to the
Trustee’s receipt of notice of failure pursuant to Section 4.07(a) of this Agreement unless the Trustee has
received notice that such failure has been cured by 11:00 a.m. on such Distribution Date. With respect to any such Advance
made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights with respect to Advances
hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and interest on each Advance at
the Reimbursement Rate, and rights to determine that a proposed Advance is a Nonrecoverable Advance (without regard to any
impairment of any such rights of reimbursement caused by the Master Servicer’s failure to perform its obligations
hereunder); provided, that if Advances made by the Trustee and the Master Servicer shall at any time be outstanding,
or any interest on any Advance shall be accrued and unpaid, all amounts available to repay such Advances and the interest
thereon hereunder shall be applied entirely to the Advances outstanding to the Trustee, until such Advances shall have been
repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer for such
Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect to a Nonrecoverable Advance or
any determination of nonrecoverability in connection therewith by the Master Servicer hereunder.

 

Section 7.07 Termination
of the Operating Advisor. (a) An “Operating Advisor Termination Event” means any one of the following events
whether any such event shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body:

 

(i)         any
failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or the material
breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a period of 30 days
after the date on which written notice of such failure shall have been given to the Operating Advisor by any party hereto or to
the Operating Advisor, the Certificate Administrator and the Trustee by the Holders of Certificates having greater than 25% of
the aggregate Voting Rights; provided, that with respect to any such failure which is not curable within such 30-day period,
the Operating Advisor shall have an additional cure period of thirty (30) days to effect such cure so long as it has commenced
to cure such failure within the initial 30-day period and has provided the Trustee and the Certificate Administrator with an Officer’s
Certificate certifying that it has diligently pursued, and is continuing to pursue, such cure;

 

     -378-

     

    

 

(ii)        any
failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure shall continue unremedied
for a period of 30 days;

 

(iii)       any
failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a period of 30
days;

 

(iv)       a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall have remained
in force undischarged or unstayed for a period of 60 days;

 

(v)       the
Operating Advisor shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency,
readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the
Operating Advisor or of or relating to all or substantially all of its property; or

 

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

 

Upon receipt by the Certificate Administrator
of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator shall promptly provide written
notice to all Certificateholders by posting such notice on the Certificate Administrator’s Website and by mail, unless the
Certificate Administrator has received notice that it has been remedied. If an Operating Advisor Termination Event has occurred
then, and in each and every such case, so long as such Operating Advisor Termination Event shall not have been remedied, either
(i) the Trustee may or (ii) upon the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights
of each Class of Regular Certificates, the Trustee shall, terminate all of the rights and obligations of the Operating Advisor
under this Agreement, other than rights and obligations accrued prior to such termination, including the right to receive all amounts
accrued and owing to it under this Agreement, and other than indemnification rights (arising out of events occurring prior to such
termination), by notice in writing to the Operating Advisor; provided that no such termination shall be effective until
a successor Operating Advisor has been appointed and has assumed all of the obligations of the Operating Advisor under this Agreement.
Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Certificate
Administrator and the Trustee of any Operating Advisor Termination Event of which the Depositor has actual knowledge.

 

(b)       Upon
(i) the written direction of holders of Certificates evidencing not less than 15% of the aggregate Voting Rights requesting a vote
to terminate and replace the Operating Advisor with a proposed successor Operating Advisor that is an Eligible Operating Advisor
and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees

 

     -379-

     

    

 

and
expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator
shall promptly provide written notice thereof to the Operating Advisor and to all Certificateholders by (i) posting such notice
on the Certificate Administrator’s Website and (ii) mail at their addresses appearing in the Certificate Register. Upon
the written direction of Holders of Certificates evidencing more than 50% of the Voting Rights that exercise their right to vote
(provided that Holders of at least 50% of the Voting Rights exercise their right to vote), the Trustee shall terminate
all of the rights and obligations of the Operating Advisor with respect to the Mortgage Loans under this Agreement by notice in
writing to the Operating Advisor, other than rights and obligations accrued prior to such termination including the right to receive
all amounts accrued and owing to it under this Agreement and other than indemnification rights arising out of events occurring
prior to such termination. The provisions set forth in the foregoing sentences of this Section 7.07(b) shall be binding
upon and inure to the benefit of solely the Certificateholders and the Trustee as between each other. The Operating Advisor shall
not have any cause of action based upon or arising from any breach or alleged breach of such provisions other than may arise,
as a result of the failure to comply with the above described voting procedures. As between the Operating Advisor, on the one
hand, and the Certificateholders, on the other, the Certificateholders shall be entitled in their sole discretion to vote for
the termination or not vote for the termination of the Operating Advisor.

 

(c)       On
or after the receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of its authority
and power under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall execute any
and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate to effect
the purposes of such notice of termination. As soon as practicable, but in no event later than 15 Business Days after (1) the Operating
Advisor resigns pursuant to Section 6.04(a) of this Agreement or (2) the Certificate Administrator delivers such written
notice of termination to the Operating Advisor, the Trustee shall upon the written direction of Holders of Certificates evidencing
not less than 25% of the Voting Rights of each Class of Regular Certificates of each Class of Certificates appoint a successor
Operating Advisor that is an Eligible Operating Advisor, which successor Operating Advisor may be an Affiliate of the Trustee and
shall be the proposed Operating Advisor in the case of a termination pursuant to Section 7.07(b) of this Agreement; provided,
that if the Trustee is acting as the successor Master Servicer or successor Special Servicer, neither the Trustee nor any of its
Affiliates shall be the successor Operating Advisor. The Trustee shall provide written notice of the appointment of a successor
Operating Advisor to the Master Servicer, the Special Servicer and the Certificate Administrator (and the Certificate Administrator
shall promptly provide such notice to the Controlling Class Representative, each Serviced Companion Loan Noteholder and each Certificateholder)
within one Business Day of such appointment. The Operating Advisor shall not at any time be the Depositor, the Master Servicer,
the Special Servicer, a Mortgage Loan Seller, an Other Depositor, an Other Servicer, an Other Special Servicer or an Affiliate
of any of them. If any of such entities becomes the Operating Advisor, including by means of an Affiliation arising after the date
hereof, the Operating Advisor shall immediately resign or cause an assignment under Section 6.04 of this Agreement and the
Trustee shall upon the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of each Class
of Certificates appoint a successor Operating Advisor subject to and in accordance with this Section 7.07(c), which successor
Operating Advisor may be an Affiliate of the Trustee.

 

     -380-

     

    

 

(d)       Upon
any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as
possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor,
the Certificateholders, any Serviced Companion Loan Noteholder and, if no Consultation Termination Event has occurred and is continuing,
the Controlling Class Representative and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement). If the Operating Advisor is terminated, all of
its rights and obligations under this Agreement shall terminate, other than any rights or obligations that accrued prior to the
date of such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than
indemnification rights (arising out of events occurring prior to such termination).

 

(e)       If
there are no Classes of Certificates outstanding other than the Control Eligible Certificates, the Class V Certificates and the
Class R Certificates, then all of the rights and obligations of the Operating Advisor under this Agreement shall terminate without
payment of any termination fee (other than any rights or obligations that accrued prior to the date of such termination (including
accrued and unpaid compensation) and other than indemnification rights arising out of events occurring prior to such termination).
If the Operating Advisor is terminated pursuant to this Section 7.07(e), then no replacement Operating Advisor shall be
appointed. The Trustee shall provide the Operating Advisor with prompt notice upon its termination pursuant to this Section
7.07(e).

 

Article
VIII

CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR

 

Section 8.01 Duties
of Trustee and Certificate Administrator. (a) Each of the Trustee and the Certificate Administrator undertakes to perform
such duties and only such duties as are specifically set forth in this Agreement and no permissive right of the Trustee shall
be construed as a duty. During the continuance of a Servicer Termination Event of which a Responsible Officer of the Trustee has
actual knowledge, the Trustee, subject to the provisions of Section 7.02 and 7.05 of this Agreement shall exercise
such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise, as
a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)       The
Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are specifically
required to be furnished pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically
governed by the terms of Article II, the Diligence Files, any CREFC® reports and any information delivered for posting
to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website), shall examine them to determine
whether they conform on their face to the requirements of this Agreement; provided, that, the Trustee or the Certificate
Administrator, as applicable, shall not be responsible for the accuracy or content of any such resolution, certificate, statement,
opinion, report, document, order or other instrument provided to it hereunder. If any such instrument is found not to

 

     -381-

     

    

 

conform
on its face to the requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator, as applicable,
shall request the provider of such instrument to have the instrument corrected, and if the instrument is not corrected to such
Trustee’s or such Certificate Administrator’s reasonable satisfaction, such Trustee or such Certificate Administrator
will provide notice thereof to the Certificateholders.

 

(c)        None
of the Trustee, the Certificate Administrator or any of their officers, directors, employees, agents or “control” persons
within the meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided that,
subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve the Trustee, the
Certificate Administrator or any such person, from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct or its own bad faith; and provided, further, that:

 

(i)          The
Trustee’s and the Certificate Administrator’s duties and obligations shall be determined solely by the express provisions
of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance of such duties
and obligations as are specifically set forth in regard to such party in this Agreement, no implied covenants or obligations shall
be read into this Agreement against the Trustee or the Certificate Administrator and, in the absence of bad faith on the part of
the Trustee or the Certificate Administrator, as the case may be, the Trustee and the Certificate Administrator may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any resolutions, certificates,
statements, reports, opinions, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator,
as the case may be, that conform on their face to the requirements of this Agreement to the extent set forth herein without responsibility
for investigating the contents thereof;

 

(ii)        Reserved;

 

(iii)        Neither
the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 25% of the
Percentage Interests (or such other higher or lower percentage as is specified herein) of each affected Class, or of the aggregate
Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee or the Certificate Administrator, as the case may be, or exercising any trust or power conferred upon the Trustee
or the Certificate Administrator, as the case may be, under this Agreement;

 

(iv)       Neither
the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, agents or control persons shall
be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not an Affiliate of the
Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate Administrator,
respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations

 

     -382-

     

    

 

Reviewer or any other Person, including,
without limitation, in connection with actions taken pursuant to this Agreement;

 

(v)        Neither
the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal action
which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this Agreement (and,
if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund (and, in the case of any
Whole Loan, any such costs and expenses shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement), and the Trustee or the Certificate Administrator, as applicable, shall be entitled, as provided in Section 3.06
hereof, to be reimbursed therefor from amounts on deposit in the Collection Account (and with respect to any Serviced Whole Loan,
the related Serviced Whole Loan Collection Account) or the Distribution Account and identified on the Trust Ledger, unless such
legal action arises out of the negligence or bad faith of the Trustee or Certificate Administrator, as applicable, or any breach
of a representation or warranty of the Trustee or Certificate Administrator, as applicable, contained herein; and

 

(vi)       Neither
the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of any Person
upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless a Responsible
Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such act, failure or breach. Neither
the Trustee nor the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s or the Special
Servicer’s failure to provide scheduled reports, certificates and statements when and as required to be delivered to the
Trustee or Certificate Administrator, as applicable, pursuant to this Agreement.

 

None of the provisions contained in
this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate Administrator, in its capacity as
Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the Trustee or the Certificate Administrator,
as the case may be, the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it, and none of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate Administrator,
as the case may be, to perform, or be responsible for the manner of performance of, any of the obligations of the Master Servicer,
the Special Servicer, the Asset Representations Reviewer or the Operating Advisor under this Agreement, except, in the case of
the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties, powers
and privileges of, the Master Servicer or the Special Servicer in accordance with the terms of this Agreement. Neither the Trustee
nor the Certificate Administrator shall be required to post any surety or bond of any kind in connection with its performance of
its obligations under this Agreement and neither the Trustee nor the Certificate Administrator shall be liable for any loss on
any investment of funds pursuant to this Agreement. Notwithstanding any other provision hereof, when acting as the Master Servicer
or Special Servicer hereunder, the Trustee shall comply with the Servicing Standard.

 

     -383-

     

    

 

Section 8.02 Certain
Matters Affecting the Trustee and the Certificate Administrator. (a) Except as otherwise provided in Section 8.01
of this Agreement:

 

(i)         The
Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine
and to have been signed or presented by the proper party or parties and neither the Trustee nor the Certificate Administrator shall
have any responsibility to ascertain or confirm the genuineness of any such party or parties;

 

(ii)         Each
of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance with the written advice of such counsel or such Opinion of Counsel;

 

(iii)       (A)
Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested
in it by this Agreement or to make any investigation of matters arising hereunder or institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to the provisions
of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator, as the case
may be, security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as the case may be, against
the costs, expenses and liabilities which may be incurred therein or thereby, provided that nothing contained herein shall
relieve the Trustee of the obligations, upon the occurrence of a Servicer Termination Event (which has not been cured or waived)
of which a Responsible Officer of the Trustee has actual knowledge, to exercise such of the rights and powers vested in it by this
Agreement, and to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs; and (B) the right of the Trustee and the Certificate Administrator
to perform any discretionary act enumerated in this Agreement shall not be construed as a duty, and the Trustee or the Certificate
Administrator, as the case may be, shall not be answerable for other than its own negligence or willful misconduct or bad faith
in the performance of any such act;

 

(iv)       None
of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or “control”
persons within the meaning of the Act shall be personally liable (A) for an error of judgment made in good faith by a Responsible
Officer of the Trustee or the Certificate Administrator, as the case may be, unless it shall be proved that the Trustee or the
Certificate Administrator, as the case may be, was negligent in ascertaining the pertinent facts or (B) for any action taken, suffered
or omitted by it in good faith and reasonably believed by the Trustee or the Certificate Administrator, as the case may be, to
be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

     -384-

     

    

 

(v)        Neither
the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper
or document, unless requested in writing to do so by Holders of Certificates entitled to greater than 25% (or such other percentage
as is specified herein) of the Percentage Interests of each affected Class; provided, that if the payment within a reasonable
time to the Trustee or the Certificate Administrator, as the case may be, of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, as the case may be,
not reasonably assured to the Trustee or the Certificate Administrator, as the case may be, by the security afforded to it by the
terms of this Agreement, the Trustee or the Certificate Administrator, as the case may be, may require indemnity reasonably satisfactory
to it from such requesting Holders against such cost, expense or liability as a condition to taking any such action. The reasonable
expense of every such investigation shall be paid by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable,
if a Servicer Termination Event or Operating Advisor Termination Event shall have occurred and be continuing relating to the Master
Servicer, the Special Servicer or the Operating Advisor, respectively, and otherwise by the Certificateholders requesting the investigation;

 

(vi)       The
Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder and the Trustee and the Certificate
Administrator may perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys but shall
not be relieved of the obligations hereunder; provided, that the Trustee or the Certificate Administrator, as the case may
be, may not perform any duties hereunder through any Person that is a Prohibited Party; and

 

(vii)      Other
than in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee or the Certificate
Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever
(including, but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable, has been advised
of the likelihood of such loss or damage and regardless of the form of action.

 

(viii)     In
no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own
negligence, bad faith or willful misconduct;

 

(ix)       Except
as otherwise expressly set forth in this Agreement, Wells Fargo Bank acting in any particular capacity hereunder will not be deemed
to be imputed with knowledge of (a) Wells Fargo Bank, acting in a capacity that is unrelated to the transactions contemplated by
this Agreement, or (b) Wells Fargo Bank, acting in any other capacity hereunder, except, in the case of either clause (a) or clause
(b), where some or all of the obligations performed in such capacities are performed by one or more employees within the same group
or division of Wells Fargo Bank, or where the groups or divisions responsible for performing the obligations in such capacities
have one or more of the same Responsible Officers; provided, however, the knowledge of employees performing solely

 

     -385-

     

    

 

special servicing functions shall not be imputed to employees performing solely master servicing functions, and the knowledge of
employees performing solely master servicing functions shall not be imputed to employees performing solely special servicing functions;
and

 

(x)        Nothing
herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable law.

 

(b)       Following
the Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any provision of this
Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator shall have received
an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution) to the effect
that the inclusion of such assets in the Trust Fund will not cause an Adverse REMIC Event or cause the Grantor Trust to fail to
qualify as a grantor trust.

 

(c)        All
rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate Administrator,
may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial or other proceeding
relating thereto, and any such suit, action or proceeding instituted by the Trustee and the Certificate Administrator shall be
brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

(d)        Neither
the Trustee nor the Certificate Administrator shall have a duty to conduct any affirmative investigation as to the occurrence of
any condition requiring the repurchase of any Mortgage Loan by any Mortgage Loan Seller pursuant to this Agreement or the eligibility
of any Mortgage Loan for purposes of this Agreement.

 

(e)        Neither
the Trustee nor the Certificate Administrator shall be under any obligation to monitor repurchase activity or to independently
determine which Repurchase Requests remain unresolved.

 

(f)         Each
of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and indemnities
afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including,
without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating Agent).

 

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

 

     -386-

     

    

 

Section 8.03 Trustee
and Certificate Administrator Not Liable for Certificates or Mortgage Loans. The recitals contained herein and in the
Certificates shall not be taken as the statements of the Trustee, the Certificate Administrator, the Operating Advisor, the
Asset Representations Reviewer, the Master Servicer, or the Special Servicer and the Trustee, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer assume no
responsibility for their correctness. The Trustee, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer, the Master Servicer and the Special Servicer make no representations or warranties as to the
validity or sufficiency of this Agreement, of the Certificates or any offering document used to offer the Certificates for
sale or the validity, enforceability or sufficiency of any Mortgage Loan, or related document. Neither the Trustee nor the
Certificate Administrator shall at any time have any responsibility or liability for or with respect to the legality,
validity and enforceability of any Mortgage, any Mortgage Loan, or the perfection and priority of any Mortgage or the
maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Fund or its ability
to generate the payments to be distributed to Certificateholders under this Agreement. Without limiting the foregoing,
neither the Trustee nor the Certificate Administrator shall be liable or responsible for: (i) the existence, condition and
ownership of any Mortgaged Property; (ii) the existence of any hazard or other insurance thereon (other than if the Trustee
shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement) or
the enforceability thereof; (iii) the existence of any Mortgage Loan or the contents of the related Mortgage File on any
computer or other record thereof (other than if the Trustee shall assume the duties of the Master Servicer or the Special
Servicer pursuant to Section 7.02 of this Agreement); (iv) the validity of the assignment of any Mortgage Loan to the
Trust Fund or of any intervening assignment; (v) the completeness of any Mortgage File; the performance or enforcement of any
Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section
7.02 of this Agreement); (vi) the compliance by the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor or the Asset Representations Reviewer with any warranty or representation made under this Agreement or in any related
document or the accuracy of any such warranty or representation prior to the Trustee’s receipt of written notice or
other discovery of any non-compliance therewith or any breach thereof; (vii) any investment of monies by or at the direction
of the Master Servicer or any loss resulting therefrom, the acts or omissions of any of the Depositor, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer (other
than if the Trustee shall assume the duties of the Certificate Administrator, the Master Servicer or Special Servicer
pursuant to Section 7.02 of this Agreement) or any sub-servicer or any Borrower; any action of the Master Servicer or
Special Servicer (other than if the Trustee shall assume the duties of the Master Servicer or Special Servicer pursuant to Section
7.02 of this Agreement) or any sub-servicer taken in the name of the Trustee, except to the extent such action is taken
at the express written direction of the Trustee; (viii) the failure of the Master Servicer or the Special Servicer or any
sub-servicer to act or perform any duties required of them on behalf of the Trust Fund or the Trustee hereunder; or (ix) any
action by or omission of the Trustee or the Certificate Administrator taken at the instruction of the Master Servicer or the
Special Servicer (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant
to Section 7.02 of this Agreement) unless the taking of such action is not permitted by the express terms of this
Agreement; provided, that the foregoing shall not relieve the Trustee or the Certificate Administrator of their
respective obligations to perform their duties as specifically set

 

     -387-

     

    

 

forth
in this Agreement. The Trustee or the Certificate Administrator shall not be accountable for the use or application by the Depositor,
the Certificate Administrator (in the case of the Trustee only), the Trustee (in the case of the Certificate Administrator only),
the Master Servicer or the Special Servicer of any of the Certificates or of the proceeds of such Certificates, or for the use
or application of any funds paid to the Depositor, the Certificate Administrator (in the case of the Trustee only), the Trustee
(in the case of the Certificate Administrator only), the Master Servicer or the Special Servicer in respect of the assignment
of the Mortgage Loans or deposited in or withdrawn from the Collection Accounts, any Serviced Whole Loan Collection Account, the
Lower-Tier Distribution Account, the Upper-Tier Distribution Account, the Excess Interest Distribution Account, the Lock-Box Account,
the Cash Collateral Account, the Reserve Accounts, the Interest Reserve Account, any REO Account or any Gain-on-Sale Reserve Account
or any other account maintained by or on behalf of the Certificate Administrator, the Master Servicer or the Special Servicer,
other than any funds held by the Trustee or the Certificate Administrator. Neither the Trustee nor the Certificate Administrator
shall have any responsibility for filing any financing or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to it hereunder (unless the Trustee shall have become
the successor Master Servicer) or to record this Agreement. In making any calculation hereunder which includes as a component
thereof the payment or distribution of interest for a stated period at a stated rate “to the extent permitted by applicable
law,” the Trustee or the Certificate Administrator, as the case may be, shall assume that such payment is so permitted unless
a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, has actual knowledge, or receives an
Opinion of Counsel (at the expense of the Person asserting the impermissibility) to the effect, that such payment is not permitted
by applicable law. The Depositor is not obligated to monitor or supervise the performance of the Trustee or the Certificate Administrator
under this Agreement or otherwise.

 

Section 8.04 Trustee
and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any agent of the
Trustee or the Certificate Administrator in its individual capacity or any other capacity may become the owner or pledgee of
Certificates, and may deal with the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer, the Initial Purchasers and the Underwriters in banking transactions, with the same rights it would have if it were
not Trustee, Certificate Administrator or such agent, as the case may be.

 

Section 8.05 Payment
of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification. (a) On each Distribution
Date, prior to the distribution of amounts to the Certificateholders, the Certificate Administrator shall be entitled to
withdraw and pay the Trustee and itself its respective portion of the Certificate Administrator/Trustee Fee, as reasonable
compensation from amounts remitted to the Lower-Tier Distribution Account (which shall not be limited by any provision of law
in regard to the compensation of a trustee of an express trust), for all services rendered in the execution of the trusts
hereby created and in the exercise and performance of any of the powers and duties of the Trustee and the Certificate
Administrator at the Certificate Administrator/Trustee Fee Rate. The Trustee’s fee shall be paid as a portion of the
Certificate Administrator/Trustee Fee and shall equal $290 per month.

 

(b)        If
the Trustee assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant to or otherwise
arising from the resignation or

 

     -388-

     

    

 

removal
of the Master Servicer or the Special Servicer, the Trustee shall be entitled to the compensation to which the Master Servicer
or the Special Servicer, as the case may be, would have been entitled (other than the rights of the Special Servicer to receive
any Workout Fee specified in Section 3.12(b) of this Agreement if the Special Servicer is terminated).

 

(c)        The
Trustee, the Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator
pursuant to and in accordance with any of the provisions of this Agreement (including the reasonable compensation and the expenses
and disbursements of its counsel and of all persons not regularly in its employ), which the Certificate Administrator will be entitled
to withdraw from the Distribution Accounts prior to the distribution to Certificateholders to the extent set forth herein and to
the extent such payments are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations
Section 1.860G-1(b)(iii) except any such expense, disbursement or advance as may arise from its negligence, willful misconduct
or bad faith; provided, that, subject to the last paragraph of Section 8.01 and Section 8.02(a)(iii) of this
Agreement, the Trustee, the Custodian or the Certificate Administrator shall not refuse to perform any of their respective duties
hereunder solely as a result of the failure to be paid their respective portion of the Certificate Administrator/Trustee Fee, or
the Trustee’s, Custodian’s or Certificate Administrator’s previously-incurred expenses, as applicable. The term
“unanticipated expenses incurred by the REMIC” shall include any fees, expenses and disbursement of any separate Trustee
or co-Trustee appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably anticipated as
of the Closing Date and are attributable to the Lower-Tier REMIC, the Upper-Tier REMIC and the losses, liabilities, damages, claims
or expenses (including reasonable attorneys’ fees) incurred or advanced by an Indemnified Party in connection with any litigation
arising out of this Agreement attributable to the Lower-Tier REMIC, the Upper-Tier REMIC or the Grantor Trust, including, without
limitation, under Section 2.03, Section 3.10, the third paragraph of Section 3.11, Section 4.05 and
Section 7.01 of this Agreement.

 

The Master Servicer and the Special
Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements and advances incurred or
made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the Special Servicer,
respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer or Special Servicer
(except in the case of removal of the Special Servicer without cause), as applicable, in accordance with any of the provisions
of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel and all other persons not regularly
in its employ), except any such expense, disbursement or advance as may arise from the negligence, willful misconduct or bad faith
of the Trustee.

 

(d)        Each
of the Certificate Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Master Servicer and the Special
Servicer (each, for purposes of this Section 8.05(d), an “Indemnifying Party”) shall (severally and not
jointly) indemnify the Trustee (both in its capacity as Trustee and individually) and the Certificate Administrator (in its capacity
as Certificate Administrator, Custodian, Paying Agent and individually) and each of their Affiliates and each of the partners,
shareholders, members, managers, directors, officers,

 

     -389-

     

    

 

employees,
representatives and agents of the Trustee and the Certificate Administrator and each of their Affiliates (each, for purposes of
this Section 8.05(d), an “Indemnified Party”), and hold each of them harmless against any and all claims,
losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees
and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without limitation, reasonable
fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party
and the Indemnified Party or between the Indemnified Party and any third party or otherwise) resulting from each such Indemnifying
Party’s respective willful misconduct, bad faith, fraud or negligence in the performance of each of its respective duties
hereunder or by reason of negligent disregard of its respective obligations and duties hereunder (including in the case of the
Master Servicer, any agent of the Master Servicer or sub-servicer).

 

The Trust Fund shall indemnify each
Indemnified Party and the Custodian from, and hold it harmless against, any and all losses, liabilities, damages, penalties, fines,
forfeitures, judgments, claims or unanticipated expenses (including, without limitation, reasonable fees and disbursements of counsel
incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between
the Indemnified Party and any third party or otherwise) arising in respect of this Agreement, the Mortgage Loans or the Certificates
other than (i) resulting from the willful misconduct, bad faith, fraud or negligence of the Indemnified Party or the Custodian,
as applicable, in the performance of its obligations and duties under this Agreement, (ii) by reason of its negligent disregard
of those obligations or duties, or as may arise from a breach of any representation or warranty of the Indemnified Party or the
Custodian, as applicable, made in this Agreement and (iii) as to which such Indemnified Party or the Custodian, as applicable,
is entitled to indemnification pursuant to this Section 8.05(d). The right of reimbursement of the Indemnified Parties under
this Section 8.05(d) shall be senior to the rights of all Certificateholders.

 

(e)        Notwithstanding
anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement or the resignation,
removal or termination of the Trustee or the Certificate Administrator, as the case may be, regarding rights accrued prior to such
resignation, removal or termination and (with respect to any acts or omissions during its respective tenures) the resignation,
removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator, the Certificate
Registrar or the Custodian.

 

(f)         This
Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses, disbursements,
advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental matter.

 

(g)        Each
of the Certificate Administrator, the Custodian, the Paying Agent and the Trustee (in each case with respect to itself only, for
purposes of this Section 8.05(g), an “Indemnifying Party A”) shall (severally and not jointly) indemnify
the Trust Fund, the Depositor, the Master Servicer, the Special Servicer and each other, and each of their respective Affiliates
and each of the partners, shareholders, members, managers, directors, officers, employees, representatives and agents of the Master
Servicer and the Special Servicer and their respective Affiliates (each, for purposes of this Section 8.05(g), an “Indemnified
Party A”), and

 

     -390-

     

    

 

hold
each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related
costs, judgments, and any other costs, fees and expenses that the Indemnified Party A may sustain in connection with this Agreement
(including, without limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party A in any action
or proceeding between the Indemnifying Party A and the Indemnified Party A or between the Indemnified Party A and any third party
or otherwise) resulting from the applicable Indemnifying Party A’s willful misconduct, bad faith, fraud or negligence in
the performance of its duties hereunder or by reason of negligent disregard of its obligations and duties hereunder.

 

(h)        The
Certificate Administrator (for purposes of this Section 8.05(h), the “Indemnifying Party B”) shall, solely
in its capacity as the 17g-5 Information Provider, indemnify each Mortgage Loan Seller and Cantor Fitzgerald & Co. (each, for
purposes of this Section 8.05(h), an “Indemnified Party B”), and hold each of them harmless against any
and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other
costs, fees and expenses that the Indemnified Party B may sustain in connection with this Agreement (including, without limitation
reasonable fees and disbursements of counsel incurred by the Indemnified Party B in any action or proceeding between the Indemnifying
Party B and the Indemnified Party B or between the Indemnified Party B and any third party or otherwise) related to (i) the applicable
Indemnifying Party B’s willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or by
reason of negligent disregard of its obligations and duties hereunder or (ii) a determination by any Rating Agency that it cannot
reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to
the extent caused by any such willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or
by reason of negligent disregard referred to in clause (i) above by the Indemnifying Party B.

 

Section 8.06 Eligibility
Requirements for Trustee and Certificate Administrator. The Trustee and Certificate Administrator hereunder shall at all
times:

 

(i)         be
a corporation, national bank, national banking association or a trust company organized and doing business under the laws of any
state or the United States of America,

 

(ii)        be
authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement,

 

(iii)       have
a combined capital and surplus of at least $100,000,000,

 

(iv)       be
subject to supervision or examination by federal or state authority and shall not be an Affiliate of the Master Servicer or the
Special Servicer (except, in the case of the Trustee, during any period when the Trustee has assumed the duties of the Master Servicer
or Special Servicer, as the case may be, pursuant to Section 7.02 of this Agreement), and

 

(v)        not
be a Prohibited Party,

 

(vi)       be
an institution insured by the Federal Deposit Insurance Corporation, and

 

     -391-

     

    

 

(vii)      have
a rating on its long-term senior unsecured debt of at least “A2” by Moody’s and “A” by Fitch; provided
that the trustee will not become ineligible to serve based on a failure to satisfy such rating requirements as long as it maintains
a long-term unsecured debt rating of no less than “Baa2” by Moody’s and “BBB” by Fitch, and its short-term
debt obligations have a short-term rating of not less than “P-2” from Moody’s and “F1” by Fitch,
and the master servicer maintains a rating of at least “A2” by Moody’s and “A+” by Fitch, or such
other rating with respect to which the Rating Agencies have provided a Rating Agency Confirmation.

 

Notwithstanding the foregoing, if the
Trustee or the Certificate Administrator meets the provisions of clauses (i) through (iii), (v) and (vi) above, but does not meet
the provisions of clause (iv) above, the Trustee or the Certificate Administrator, as the case may be, shall be deemed to meet
the provisions of such clause (iv) if it appoints a fiscal agent as a back-up liquidity provider, provided that such fiscal
agent meets the provisions of clauses (i) through (vi) above and shall have assumed in writing all obligations of the Trustee or
the Certificate Administrator, as the case may be, to make Advances under this Agreement as and when required of the Trustee or
the Certificate Administrator, as the case may be. If a corporation or association publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for purposes of this Section the
combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If the place of business from which the Trustee administers the Trust Fund is a state
or local jurisdiction that imposes a tax on the Trust Fund or the net income of any Trust REMIC (other than a tax corresponding
to a tax imposed under the REMIC Provisions) the Trustee shall elect either to (i) resign immediately in the manner and with the
effect specified in Section 8.07 of this Agreement, (ii) pay such tax and continue as Trustee or (iii) administer the Trust
Fund from a state and local jurisdiction that does not impose such a tax. If at any time the Trustee or the Certificate Administrator
shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Certificate Administrator, as
the case may be, shall resign immediately in the manner and with the effect specified in Section 8.07 of this Agreement.

 

Section 8.07 Resignation
and Removal of Trustee and Certificate Administrator. The Trustee and the Certificate Administrator may at any time
resign and be discharged from the trusts hereby created by giving written notice thereof to the Trustee, the Depositor, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer, the Directing Holder and the 17g-5 Information Provider (who shall promptly post such notice
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Upon notice of
resignation from the Trustee, the Depositor shall promptly appoint a successor trustee, the appointment of which is subject
to the requirements contained in Section 8.06 of this Agreement and shall be, if no Control Termination Event has
occurred and is continuing, reasonably acceptable to the Directing Holder. Upon notice of resignation from the Certificate
Administrator, the Trustee shall promptly appoint a successor certificate administrator, the appointment of which is subject
to the requirements contained in Section 8.06 of this Agreement. If no successor trustee or certificate administrator
shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the
resigning Trustee or Certificate Administrator, as the case may be, may petition any court of competent jurisdiction for the

 

     -392-

     

    

 

appointment
of a successor and such petition shall be an expense of the Trust. Subject to the foregoing sentence the resigning Trustee or
the Certificate Administrator, as applicable, shall bear all reasonable out of pocket costs and expenses of each other party hereto
and each Rating Agency in connection with its resignation.

 

If at any time the Trustee or the Certificate
Administrator shall cease to be eligible in accordance with the provisions of Section 8.06 of this Agreement and shall fail
to resign after written request therefor by the Depositor or the Master Servicer, or if at any time the Trustee or the Certificate
Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the
Certificate Administrator, as the case may be (or of its property), shall be appointed, or any public officer shall take charge
or control of the Trustee or the Certificate Administrator, as the case may be (or of its property or affairs), for the purpose
of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator (if different than the Trustee)
shall fail (other than by reason of the failure of either the Master Servicer or the Special Servicer to timely perform its obligations
hereunder or as a result of other circumstances beyond the Trustee’s or Certificate Administrator’s, as applicable,
reasonable control), to timely publish any report to be delivered, published or otherwise made available by the Certificate Administrator
pursuant to Section 4.02 and such failure shall continue unremedied for a period of five (5) days, or if the Certificate
Administrator fails to make distributions required pursuant to Section 4.01 or Section 9.01, then the Depositor or
the Master Servicer may remove the Trustee or the Certificate Administrator, as the case may be, and the Depositor or the Master
Servicer shall promptly appoint a successor by written instrument, which shall be delivered to the Trustee or the Certificate Administrator,
as the case may be, so removed and to the successor. If no successor trustee or certificate administrator shall have been so appointed
and have accepted appointment within 180 days after the giving of such notice of removal, the removed Trustee or Certificate Administrator
may petition any court of competent jurisdiction for the appointment of a successor trustee or certificate administrator, as applicable
and such petition shall be an expense of the Trust.

 

The Holders of Certificates entitled
to at least 50% of the Voting Rights may, with cause (at any time) or without cause (at any time with 30 days’ prior written
notice), remove the Trustee or the Certificate Administrator and appoint a successor by written instrument or instruments, in eight
originals, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered
to each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Trustee, the Certificate Administrator and the successor trustee or certificate administrator, as applicable.

 

In addition, if the Trustee or the
Certificate Administrator is terminated without cause, the terminating party shall pay all of the expenses of the Trustee or the
Certificate Administrator, as the case may be, necessary to affect the transfer of its responsibilities to the successor.

 

If the Trustee is terminated or removed
pursuant to this Section 8.07, all of its rights and obligations under this Agreement and in and to the Mortgage Loans shall
be terminated, other than any rights or obligations that accrued prior to the date of such termination or removal (including the
right to receive all fees, expenses, indemnities, and other amounts accrued or owing to it under this Agreement, plus interest
at the Reimbursement Rate on all such

 

     -393-

     

    

 

amounts
until received to the extent such amounts bear interest as provided in this Agreement, with respect to periods prior to the date
of such termination or removal).

 

If the Certificate Administrator is
terminated or removed pursuant to this Section 8.07, (i) all of its rights and obligations under this Agreement and in and
to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such termination
or removal (including the right to receive all fees, indemnities, expenses and other amounts accrued or owing to it under this
Agreement with respect to periods prior to the date of such termination or removal) and (ii) such resignation, termination, or
removal shall be effective with respect to each of its other capacities hereunder except its capacity as Custodian (but including,
without limitation, its capacities as Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating Agent).

 

Upon the resignation, assignment, or
transfer of the Trustee or its business to a successor, or upon the termination of the Trustee, (i) the outgoing Trustee, at its
own expense without right to reimbursement therefor, shall (a) endorse the original executed Mortgage Note for each Mortgage Loan
(to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing Trustee), without recourse,
representation or warranty, express or implied, to the order of the successor, as trustee for the registered holders of CFCRE 2016-C6
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6 or in blank, and (b) in the case of the other assignable
Loan Documents (to the extent such other Loan Documents were assigned to the outgoing Trustee), assign and record such Loan Documents
to such successor, and such successor shall review the documents delivered to it or to the Custodian with respect to each Mortgage
Loan, and certify in writing that, as to each Mortgage Loan then subject to this Agreement, such endorsement and assignment has
been made; (ii) if any original executed Mortgage Note for a Mortgage Loan was not endorsed to the outgoing Trustee, the Custodian
shall deliver such Mortgage Note to the successor trustee and the Custodian shall cooperate with any successor trustee to ensure
that such Mortgage Note is endorsed (without recourse, representation or warranty, express or implied) to the order of the successor
trustee, as trustee for the registered holders of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C6 or in blank. If any assignable Loan Document (other than the Mortgage Note) was not assigned to the outgoing Trustee or
if the Trustee is removed pursuant to Section 8.07 without cause, with respect to the Loan Documents identified in clause
(b) of the preceding sentence, the Custodian shall deliver such Loan Document to the successor trustee and, if appropriate, such
Loan Documents shall be recorded at the expense of the Trust (i) prior to the occurrence and continuance of a Control Termination
Event, with the consent of the Controlling Class Representative, (ii) after the occurrence and continuance of a Control Termination
Event but prior to the occurrence of a Consultation Termination Event, after consultation with the Controlling Class Representative
and the Operating Advisor and (iii) after the occurrence of a Consultation Termination Event, after consultation with the Operating
Advisor and the reasonable cooperation (as determined by the Depositor) of the Depositor.

 

Section 8.08 Successor
Trustee and Certificate Administrator. (a) Any successor trustee or certificate administrator shall execute, acknowledge
and deliver to the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer, the Certificate
Administrator (or in the case of a successor certificate administrator, to the

 

     -394-

     

    

 

predecessor
Certificate Administrator) and the Trustee, as the case may be, instruments accepting their appointment hereunder, and thereupon
the resignation or removal of the predecessor Trustee or Certificate Administrator, as applicable, shall become effective and
such successor, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with the like effect as if originally named as Trustee or Certificate Administrator,
as applicable, herein; provided that such successor shall satisfy the requirements contained in Section 8.06 of
this Agreement. The predecessor Trustee or Certificate Administrator, as applicable, shall deliver to its successor all Mortgage
Files and related documents and statements held by it hereunder, and the Depositor and the predecessor Trustee or Certificate
Administrator, as applicable, shall execute and deliver such instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor all such rights, powers, duties and obligations. No successor
trustee or certificate administrator, as the case may be, shall accept appointment as provided in this Section 8.08 unless
at the time of such acceptance such successor shall be eligible under the provisions of Section 8.06 of this Agreement.

 

Upon acceptance of appointment by a
successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the succession of such Trustee hereunder
to all Holders of Certificates at their addresses as shown in the Certificate Register. If the Depositor fails to mail such notice
within 10 days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed
at the expense of the Depositor.

 

(b)       Any
successor trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section 8.06
hereof.

 

(c)        Neither
the Asset Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate administrator.

 

Section 8.09 Merger
or Consolidation of Trustee or Certificate Administrator. Any Person into which the Trustee or the Certificate
Administrator may be merged or converted or with which it may be consolidated or any Person resulting from any merger,
conversion or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person succeeding
to all or substantially all of the corporate trust business of the Trustee or the Certificate Administrator, shall be the
successor of the Trustee or the Certificate Administrator, as the case may be, hereunder; provided that such Person
shall be eligible under the provisions of Section 8.06 of this Agreement without the execution or filing of any paper
or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. The Trustee or
the Certificate Administrator, as applicable, shall notify the other parties hereto of any such event, and the Certificate
Administrator shall post notice of such merger or consolidation to the Certificate Administrator’s Website in
accordance with Section 3.14(d) of this Agreement and provide notice of such event to the 17g-5 Information Provider
(who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of
this Agreement).

 

Section 8.10 Appointment
of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof, at any time, for the purpose of meeting
any legal requirements of any jurisdiction in which any part of the Trust Fund or property securing the same may at the time
be located or for enforcement actions or where a conflict of interest arises, the Depositor

 

     -395-

     

    

 

and
the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved
by the Trustee to act (at the expense of the Trust) as co-Trustee or co-Trustees, jointly with the Trustee, or separate Trustee
or separate Trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title
to the Trust Fund, or any part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties,
obligations, rights and trusts as the Depositor and the Trustee may consider necessary or desirable. If the Depositor shall not
have joined in such appointment within 15 days after the receipt by it of a request so to do, or in case a Servicer Termination
Event shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment. Except as required
by applicable law, the appointment of a co-Trustee or separate Trustee shall not relieve the Trustee of its responsibilities,
obligations and liabilities hereunder. No co-Trustee or separate Trustee hereunder shall be required to meet the terms of eligibility
as a successor Trustee under Section 8.06 hereunder and no notice to Holders of Certificates of the appointment of co-Trustee(s)
or separate Trustee(s) shall be required under Section 8.08 hereof.

 

In the case of any appointment of a
co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred or imposed
upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate Trustee or co-Trustee
jointly (it being understood that such separate Trustee or co-Trustee is not authorized to act separately without the Trustee joining
in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed
(whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent or unqualified
to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the
Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such separate Trustee or co-Trustee
solely at the direction of the Trustee.

 

No Trustee under this Agreement shall
be personally liable by reason of any act or omission of any other trustee under this Agreement. The Depositor and the Trustee
acting jointly may at any time accept the resignation of or remove any separate Trustee or co-Trustee, or if the separate Trustee
or co-Trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove any separate Trustee
or co-Trustee.

 

Any notice, request or other writing
given to the Trustee shall be deemed to have been given to each of the then separate Trustees and co-Trustees, as effectively as
if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall refer to this Agreement and the
conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate Trustee and co-Trustee,
upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment,
either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically
including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to,
the Trustee. In no event shall any such separate Trustee or co-Trustee be entitled to any provision relating to the conduct of,
affecting the liability of or affording protection to such separate Trustee or co-Trustee that imposes a standard of conduct less
stringent than that imposed by the Trustee hereunder, affording greater protection than that afforded to the Trustee hereunder
or providing a greater limit on liability than that provided to the Trustee hereunder.

 

     -396-

     

    

 

Any separate Trustee
or co-Trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
Trustee.

 

Article
IX

TERMINATION

 

Section
9.01   Termination. (a) The respective obligations and responsibilities of the Master Servicer, the Special Servicer,
the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee
created hereby with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain
payments and to send certain notices to Certificateholders as hereinafter set forth) shall terminate upon payment (or
provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on
behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required hereunder to be so
paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property
held by the Trust Fund in accordance with Section 9.01(c) of this Agreement; (ii) the exchange by the Sole
Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of this Agreement; and
(iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or
(b) the liquidation and disposition pursuant to this Agreement of the last asset held by the Trust Fund; provided,
that in no event shall the trust created hereby continue beyond the expiration of twenty-one years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on
the date hereof.

 

For purposes of this
Section 9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant to Section
9.01(g), and then the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Special
Servicer and the Master Servicer, in that order, shall have the option to terminate the Trust Fund pursuant to subsection (c).
For purposes of this Section 9.01, the Controlling Class Representative with the consent of the Holders of the Controlling
Class, shall act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the
Trust.

 

(b)       The
Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Trust Fund shall be sold or
otherwise disposed of in connection therewith, only pursuant to a “plan of complete liquidation” within the meaning
of Section 860F(a)(4)(A) of the Code providing for the actions contemplated by the provisions hereof and pursuant to which the
applicable Notice of Termination is given, and requiring that the Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall
terminate on a Distribution Date occurring not more than 90 days following the date of adoption of the plan of complete liquidation.
For purposes of this Section 9.01(b), the Notice of Termination given pursuant to Section 9.01(c) of this Agreement
shall constitute the adoption of the plan of complete liquidation as of the date such notice is given, which date shall be specified
by the

 

     -397-

     

    

 

Certificate Administrator in the final federal income tax returns of the Upper-Tier REMIC and the Lower-Tier REMIC. Notwithstanding
the termination of the Lower-Tier REMIC or the Upper-Tier REMIC or the Trust Fund, the Certificate Administrator shall be responsible
for filing the final Tax Returns for each Trust REMIC and for the Grantor Trust for the period ending with such termination, and
shall retain books and records with respect to the Trust REMICs and the Grantor Trust for the same period of retention for which
it maintains its own tax returns or such other reasonable period. The Trustee shall sign all Tax Returns and other reports required
by this Section.

 

(c)       The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

(i)         100%
of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of principal);

 

(ii)        the
fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination
Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the
last day of the month preceding such Distribution Date;

 

(iii)       all
unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related
Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination
Date (less any P&I Advances previously made on account of interest); and

 

(iv)       the
aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
Property Royalty License Fees and Trust Fund expenses.

 

If the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer purchases all
of the Mortgage Loans and all property acquired in respect of any Mortgage Loan remaining in the Trust Fund in accordance with
this Section 9.01(c), the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the
Master Servicer or the Special Servicer, as applicable, shall deposit in the Lower-Tier Distribution Account, as applicable, not
later than the Master Servicer Remittance Date relating to the Anticipated Termination Date on which the final distribution on
the Certificates is to occur, an amount in immediately available funds equal to the above-described purchase price (exclusive of
any portion thereof payable to any Person other than the

 

     -398-

     

    

 

Certificateholders pursuant to Section 3.05(a) of this Agreement,
which portion shall be deposited in the Collection Account). In addition, the Master Servicer shall transfer to the Certificate
Administrator for deposit in the Lower-Tier Distribution Account, as applicable, all amounts required to be transferred thereto
on the Master Servicer Remittance Date from the Collection Account, together with any other amounts on deposit in the Collection
Account that would otherwise be held for future distribution. Upon confirmation by the Master Servicer in writing that it has transferred
all such amounts to the Certificate Administrator, the Custodian shall release or cause to be released to the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer, as applicable,
the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished
to it by such purchasing party as shall be necessary to effectuate transfer of the Mortgage Loans and all property acquired in
respect of any Mortgage Loan remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Article
IX.

 

As a condition to the
purchase of the assets of the Trust Fund pursuant to this Section 9.01(c), the purchaser shall deliver to the Trustee and
the Certificate Administrator an Opinion of Counsel, which shall be at the expense of such purchaser, stating that such termination
will be a “qualified liquidation” under Section 860F(a)(4)(A) of the Code. All costs and expenses incurred by any and
all parties to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the
Trust Fund pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder. The Trustee
and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser
pursuant to this subsection (c).

 

(d)       If
the Trust Fund has not been previously terminated pursuant to subsection (c) of this Section 9.01, the Certificate
Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator reasonably anticipates,
based on information with respect to the Mortgage Loans previously provided to it, that the final distribution will be made to
the Holders of outstanding Regular Certificates, notwithstanding that such distribution may be insufficient to distribute in full
the Certificate Balance of each Class of Certificates, together with amounts required to be distributed on such Distribution Date
pursuant to Section 4.01(b) of this Agreement; provided, that, if no such Classes of Certificates are then outstanding,
the final distribution shall be made (i) to the Holders of the Class R Certificates (in respect of the Class LTR Interest) of any
amount remaining in the Collection Accounts, the Lower-Tier Distribution Account, and (ii) to the Holders of the Class R Certificates
(in respect of the Class UTR Interest) of any amount remaining in the Upper-Tier Distribution Account.

 

(e)       Notice
of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate Administrator to Certificateholders
(with a copy to the Trustee, the Master Servicer, the Special Servicer, the Mortgage Loan Sellers, the Operating Advisor, the Asset
Representations Reviewer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall
promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement)),
at their addresses shown in the Certificate Registrar not more than 30 days, and not less than ten days, prior to the Anticipated
Termination Date. The notice mailed by the Certificate Administrator to Certificateholders shall:

 

     -399-

     

    

 

(i)         specify
the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates of the Classes
specified therein;

 

(ii)        specify
the amount of any such final distribution, if known; and

 

(iii)       state
that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates at the office
of the Paying Agent therein specified.

 

If the Trust Fund is not terminated on
any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly mail notice thereof to each Certificateholder.

 

(f)       Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01 shall
not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator hereunder and the transfer of such amounts to a successor certificate administrator and (ii) the termination of the
Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder
on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with this Section 9.01. Any amounts remaining in the Excess Interest Distribution Account representing Excess
Interest shall be distributed to the Holders of the Class V Certificates.

 

(g)       Following
the date on which the Class X-A Notional Amount and the Class X-B Notional Amount and the aggregate Certificate Balance of the
Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights
of the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder”
and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) by giving written notice to all the parties hereto no later than 60 days
prior to the anticipated date of exchange; provided that such Sole Certificateholder pays to the Certificate

 

     -400-

     

    

 

Administrator
as additional compensation an amount equal to one day of interest calculated at the Prime Rate on the aggregate Certificate Balance
of the Sequential Pay Certificates as of the first day of the current calendar month and such Sole Certificateholder pays to the
Master Servicer as additional compensation an amount equal to (i) the product of (a) the Prime Rate, (b) the aggregate Certificate
Balance of the then outstanding Certificates (other than any Class of Class X Certificates, the Class V Certificates and the Class
R Certificates) as of the date of the exchange and (c) three, divided by (ii) 360, for the Mortgage Loans and any REO Properties
remaining in the Trust Fund and such payments shall be treated as made by the Sole Certificateholder directly to the Certificate
Administrator and the Master Servicer and not through or by either of the Trust REMICs; provided, further, that if
the Holders of the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates have assigned their Voting Rights
to the “Sole Certificateholder”, then the Sole Certificateholder may exchange the Class E, Class F and Class G Certificates
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a),
and the Holders of the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates shall be entitled to exchange
those Certificates for consideration in an amount to be agreed by the Sole Certificateholder and the Holders of the Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates (the “Class X Payoff Amount”); provided, that the Class
X Payoff Amount shall consist solely of cash or other assets otherwise payable or deliverable by the Trust to the Sole Certificateholder
and to no other Person. If the Sole Certificateholder elects to exchange all of the then-outstanding Certificates (other than (i)
the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder has only taken an assignment
of the Voting Rights of the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition
of “Sole Certificateholder” and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund in accordance with the preceding sentence, such Sole Certificateholder, not later than the
Distribution Date on which the final distribution on the Certificates is to occur, shall deposit in the Collection Account an amount
in immediately available funds equal to all amounts due and owing to the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor and the Trustee hereunder through the date of the liquidation of the Trust
Fund that may be withdrawn from the Collection Account, or an escrow account acceptable to the respective parties hereto, pursuant
to Section 3.06(a) of this Agreement or that may be withdrawn from the Distribution Accounts pursuant to Section 3.06(g)
of this Agreement, but only to the extent that such amounts are not already on deposit in the Collection Account. In addition,
the Master Servicer shall transfer all amounts required to be transferred to the Certificate Administrator for deposit in the Lower-Tier
Distribution Account on such Servicer Remittance Date from the Collection Account pursuant to Section 3.05 of this Agreement. Upon
confirmation from the Certificate Administrator that such final deposits have been made and following the surrender of all the
then-outstanding Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if
the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) on the final Distribution Date to the Certificate Administrator, the Custodian shall (i) upon receipt of a Request
for Release from the Master Servicer, release to the Sole Certificateholder or any designee thereof, the Mortgage Files for the
remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished to it by the Sole Certificateholder
as shall be necessary to effectuate

 

     -401-

     

    

 

transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund and (ii) if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder”, upon receipt of the Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates, release the Class X Payoff Amount to the Holders of the Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates, and the Trust Fund shall be liquidated in accordance with this Article IX; provided,
that the release of the Class X Payoff Amount to the Holders of the Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates shall be deemed to be delivery of the Class X Payoff Amount by the Trust to the Sole Certificateholder and by the
Sole Certificateholder to the Holders of the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates. The remaining
Mortgage Loans and REO Properties are deemed distributed to the Sole Certificateholder in liquidation of the Trust Fund pursuant
to this Article IX. Solely for federal income tax purposes, the Sole Certificateholder shall be deemed to have purchased the assets
of the Lower-Tier REMIC for an amount equal to the remaining Certificate Balance of its Certificates (other than the Class V and
Class R Certificates), plus accrued, unpaid interest with respect thereto, and the Certificate Administrator shall credit such
amounts against amounts distributable in respect of the Lower-Tier Regular Interests and such Certificates.

 

(h)      
[Reserved].

 

(i)        The
duties of the Operating Advisor under this Agreement will terminate, without cost or expense to the Operating Advisor, upon termination
of the Issuing Entity.

 

Article
X

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
10.01   Intent of the Parties; Reasonableness. Except with respect to Section 10.08, Section 10.11, Section
10.13, Section 10.14, Section 10.15, Section 10.16 and Section 10.17, the parties hereto
acknowledge and agree that the purpose of this Article X is to facilitate compliance by the Depositor (and any Other
Depositor of any Other Securitization that includes a Serviced Companion Loan) with the provisions of Regulation AB and
related rules and regulations of the Commission. None of the Depositor, the Certificate Administrator or the Trustee shall
exercise its rights to request delivery of information or other performance under these provisions other than in reasonable
good faith, or for purposes other than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and, in
each case, the rules and regulations of the Commission thereunder. The parties to this Agreement acknowledge that
interpretations of the requirements of Regulation AB may change over time due to interpretive guidance provided by the
Commission or its staff, and agree to comply, subject to Section 10.02, with reasonable requests made by the Depositor
(or any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced Companion Loan), the
Certificate Administrator or the Trustee in reasonable good faith for delivery of information under these provisions on the
basis of such evolving interpretations of Regulation AB (to the extent such interpretations require compliance and are not
“grandfathered” and do not mandate compliance). In connection with the CFCRE 2016-C6 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2016-C6 and any Other Securitization subject to Regulation AB that
includes a Serviced

 

     -402-

     

    

 

Companion Loan, subject to the preceding sentence, each of the
parties to this Agreement shall cooperate fully with the Depositor, the Certificate Administrator, the Trustee and any Other Depositor
or Other Trustee of any Other Securitization that includes a Serviced Companion Loan, as applicable, to deliver or make available
to the Depositor, the Certificate Administrator, the Trustee and any such Other Depositor or Other Trustee, as applicable (including
any of their assignees or designees), any and all information in its possession and necessary in the reasonable good faith determination
of the Depositor, the Certificate Administrator, the Trustee or such Other Depositor or Other Trustee, as applicable, to permit
the Depositor or such Other Depositor, as applicable, to comply with the provisions of Regulation AB, together with such disclosure
relating to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate
Administrator and the Trustee, as applicable, and any Servicing Function Participant, or the Servicing of the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) (or, if applicable, the related Serviced Companion Loan), reasonably believed by the Depositor,
the Certificate Administrator, the Trustee or the related Other Depositor or the related Other Trustee, as applicable, in good
faith to be necessary in order to effect such compliance. Each party to this Agreement shall have a reasonable period of time to
comply with any written request made under this Section 10.01, but in any event, shall, upon reasonable advance written
request, provide information in sufficient time to allow the Depositor, the Certificate Administrator or the Trustee, as applicable,
to satisfy any related filing requirements.

 

For purposes of this
Article X, to the extent any party has an obligation to exercise commercially reasonable efforts to cause a third party
to perform, such party hereunder shall not be required to bring any legal action against such third party in connection with such
obligation.

 

Section
10.02   Notification Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan. (a)
Any other provision of this Article X to the contrary notwithstanding, including, without limitation, any deadlines
for delivery set forth in this Article X, in connection with the requirements contained in this Article X that
provide for the delivery of information and other items to, and the cooperation with, the Other Depositor and Other Trustee
of any Other Securitization that includes a Serviced Companion Loan and is subject to Regulation AB, no party hereunder shall
be obligated to provide any such items to or cooperate with such Other Depositor or Other Trustee until the Other Depositor
or Other Trustee of such Other Securitization has provided each party hereto with not less than 10 Business Days’ (or
such shorter period as required for such Other Depositor or Other Trustee to comply with related filing obligations, provided
that (i) such Other Depositor or Other Trustee, as applicable, has provided written notice as soon as reasonably practicable
and, concurrently with such written notice, obtained verbal confirmation of receipt of such written notice, in each case, in
accordance with Section 11.05 of this Agreement and (ii) such period shall not be less than 3 Business Days’) written
notice (which shall only be required to be delivered once) stating that such Other Securitization is subject to Regulation AB
and that the Other Securitization is subject to Exchange Act reporting, and (ii) specifying in reasonable detail the
information and other items requested to be delivered (insofar as such information or other items are not expressly
identified herein); provided, that if Exchange Act reporting is being requested, such Other Depositor or Other Trustee
is only required to provide a single written notice to such effect. Any reasonable cost and expense of the Master Servicer,
Special Servicer, Operating Advisor, the Asset

 

     -403-

     

    

 

Representations Reviewer, Trustee and Certificate Administrator in
cooperating with such Other Depositor or Other Trustee of such Other Securitization (above and beyond their expressed duties
hereunder) shall be the responsibility of such Other Depositor or Other Securitization. The parties hereto shall have the
right to request written confirmation from the Other Depositor or Other Trustee of such Other Securitization as to whether
Regulation AB or the Exchange Act requires the delivery of the items identified in this Article X to such Other
Depositor and Other Trustee of such Other Securitization prior to providing any of the reports or other information required
to be delivered under this Article X in connection therewith and if any such party makes such a request, then (i) upon
such requesting party’s receipt of such written confirmation, such requesting party shall comply with the deadlines for
delivery set forth in this Article X with respect to such Other Securitization and (ii) until such requesting
party’s receipt of such written confirmation, such party shall not be required to deliver such items. The parties
hereunder shall also have the right to require that such Other Depositor provide them with the contact details of such Other
Depositor, Other Trustee and any other parties to the Other Pooling and Servicing Agreement relating to such Other
Securitization.

 

(b)       Each
of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written
request given in accordance with the terms of Section 10.02(a) above, and subject to a right of the Master Servicer, the
Special Servicer, the Certificate Administrator or the Trustee, as the case may be, to review and approve such disclosure materials,
permit a holder of a related Serviced Companion Loan to use such party’s description contained in the Prospectus (updated
as appropriate by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable) for inclusion
in the disclosure materials relating to any securitization of a Serviced Companion Loan.

 

(c)       The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given
in accordance with the terms of Section 10.02(a) above, shall each timely provide (to the extent the reasonable out-of-pocket
cost thereof is paid or caused to be paid by the requesting party) to the Other Depositor and any underwriters with respect to
any Other Securitization that includes a Serviced Companion Loan such opinion(s) of counsel, certifications and/or indemnification
agreement(s) with respect to the updated description referred in Section 10.02(b) with respect to such party, substantially
identical to those, if any, delivered by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as the case may be, or their respective counsel, in connection with the information concerning such party in the Prospectus and/or
any other disclosure materials relating to this Trust (updated as deemed appropriate by the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, or their respective legal counsel, as the case may be). Neither the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee shall be obligated to deliver any such item with respect to
the securitization of a Serviced Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

(d)       Each
of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request
given in accordance with the terms of Section 10.02(a) above, shall provide (to the extent the reasonable out-of-pocket
cost thereof is paid or caused to be paid by the applicable party set forth below in this Section 10.02(d)) to the Other
Depositor and the Other Trustee under the Other Pooling and Servicing

 

     -404-

     

    

 

Agreement related to any Other Securitization the following:
(i) any information (including, but not limited to, disclosure information) required for such Other Securitization to comply in
a timely manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel,
certifications and/or indemnification agreement(s) with respect to such information that are substantially similar to those delivered
by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, or their respective
counsel, in connection with the information concerning such party in the Prospectus and/or any other disclosure materials relating
to this Trust.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization in connection with the closing of this CFCRE 2016-C6 Mortgage Trust
securitization transaction, the reasonable out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification
agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as the case may be, pursuant to this Section 10.02(d) shall be paid or caused to be paid (pursuant to a payment arrangement
reasonably acceptable to the delivering party and the receiving party and agreed to as a condition precedent to delivery of such
items) by the applicable mortgage loan seller that transferred the related Serviced Companion Loan to the related Other Depositor
for inclusion in such Other Securitization.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization as a result of the termination, removal, resignation or any other
replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the
out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on
behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant
to this Section 10.02(d) shall be paid or caused to be paid by the same party or parties required to pay the costs and expenses
relating to such termination, removal, resignation or other replacement pursuant to this Agreement.

 

Section
10.03   Information to be Provided by the Master Servicer and the Special Servicer. (a) For so long as the Trust is
subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a
Serviced Companion Loan is subject to the reporting requirements of the Exchange Act (in addition to any requirements
contained in Section 10.09) in connection with the succession to the Master Servicer, Special Servicer or any
Servicing Function Participant (if such Servicing Function Participant is a servicer as contemplated by Item 1108(a)(2) of
Regulation AB) as servicer or Sub-Servicer under or as contemplated by this Agreement or any related Other Pooling and
Servicing Agreement by any Person (i) into which the Master Servicer, Special Servicer or such Servicing Function Participant
may be merged or consolidated, (ii) which may be appointed as a sub-servicer (other than the appointment of a Mortgage Loan
Seller Sub-Servicer) by a Master Servicer or Special Servicer, or (iii) that is appointed as a successor Master Servicer or
successor Special Servicer pursuant to Section 3.22 or Section 7.02, the Master Servicer, the Special Servicer
or any Servicing Function Participant (with respect to the foregoing clauses (i) and (ii)) or the successor Master
Servicer or the successor Special Servicer (with respect to the foregoing clause (iii)) shall, as a condition to such
succession and at the reasonable expense of the same party or parties required to pay the costs and expenses relating to such
succession pursuant to this

 

     -405-

     

    

 

Agreement, provide to the Depositor and to any Other Depositor related to any Other
Securitization that includes a Serviced Companion Loan, at least 5 Business Days (other than a succession or appointment
pursuant to Section 7.01(b) for which notice shall be delivered as soon as reasonably practicable) prior to the
effective date of such succession or appointment as long as such disclosure prior to such effective date would not be
violative of any applicable law or confidentiality agreement, otherwise no later than the second Business Day after such
effective date, but in no event later than the time required pursuant to Section 10.09, (x) written notice to the
Trustee, the Certificate Administrator and the Depositor (and any Other Trustee and Other Depositor related to any Other
Securitization that includes a Serviced Companion Loan) of such succession or appointment, (y) in writing and in form and
substance reasonably satisfactory to the Trustee, the Certificate Administrator and the Depositor (or any Other Trustee or
Other Depositor of any Other Securitization that includes a Serviced Companion Loan), all information relating to such
successor reasonably requested by the Depositor (or such Other Depositor) so that it may comply with its reporting obligation
under Items 1.01 and 6.02 of Form 8-K with respect to any Class of Certificates or Serviced Companion Loan Securities and (z)
such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to such information that
are substantially similar to those delivered by the Master Servicer or the Special Servicer, as the case may be, or their
respective counsel, in connection with the information concerning such party in the Prospectus and/or any other disclosure
materials relating to this Trust.

 

Section
10.04   Information to be Provided by the Trustee. (a) For so long as the Trust is subject to the reporting
requirements of the Exchange Act, (in addition to any requirements contained in Section 10.09) in connection with the
succession to the Trustee as Trustee or appointment of a co-Trustee under this Agreement by any Person (i) into which the
Trustee may be merged or consolidated, (ii) which may be appointed as a co-Trustee or separate Trustee pursuant to Section
8.10, or (iii) that is appointed as a successor Trustee pursuant Section 8.08, the Trustee (with respect to the
foregoing clauses (i) and (ii)) or the successor Trustee (with respect to the foregoing clause (iii)) shall, as a condition
to such succession and at the reasonable expense of the same party or parties required to pay the costs and expenses relating
to such succession pursuant to this Agreement, provide to the Depositor and to the Other Depositor related to any Other
Securitization that includes a Serviced Companion Loan, at least 5 calendar days prior to the effective date of such
succession or appointment as long as such disclosure prior to such effective date would not be violative of any applicable
law or confidentiality agreement, otherwise immediately following such effective date, but in no event later than the time
required pursuant to Section 10.09, (x) written notice to the Depositor, and to the Other Depositor related to any
Other Securitization that includes a Serviced Companion Loan, of such succession or appointment, (y) in writing and in form
and substance reasonably satisfactory to the Depositor, and to the Other Depositor related to any Other Securitization that
includes a Serviced Companion Loan, all information reasonably requested by the Depositor, or such Other Depositor, so that
it may comply with its reporting obligation under Items 1.01 and 6.02 of Form 8-K with respect to any Class of
Certificates or Serviced Companion Loan Securities and (z) such opinion(s) of counsel, certifications and/or indemnification
agreement(s) with respect to such information that are substantially similar to those delivered by the Trustee or their
respective counsel, in connection with the information concerning such party in the Prospectus and/or any other disclosure
materials relating to this Trust.

 

     -406-

     

    

 

Section
10.05   Filing Obligations. (a) Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer, the Certificate Administrator and the Trustee shall, and each of the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee, as
applicable, shall use commercially reasonable efforts to cause each Servicing Function Participant (other than (x) any party
to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has entered into a servicing relationship with
respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) to, reasonably cooperate with the Certificate
Administrator and the Depositor (and any Other Trustee or Other Depositor related to any Other Securitization that includes a
Serviced Companion Loan) in connection with the Certificate Administrator’s and Depositor’s (or such Other
Trustee’s or Other Depositor’s) good faith efforts to satisfy the Trust’s (or such Other
Securitization’s) reporting requirements under the Exchange Act.

 

(b)       [Reserved]

 

(c)       With
respect to any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has notified the Master
Servicer and Special Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of Regulation
AB) (together with notification of the Relevant Distribution Date) with respect to an Other Securitization that includes such Serviced
Companion Loan, to the extent that the Master Servicer is in receipt of the updated financial statements of such “significant
obligor” for any calendar quarter (other than the fourth calendar quarter of any calendar year) from the Mortgagor or Special
Servicer, beginning with the first calendar quarter following receipt of such notice from the Other Depositor, or the updated financial
statements of such “significant obligor” for any calendar year, beginning for the calendar year following such notice
from the Other Depositor, as applicable, the Master Servicer shall deliver to the Other Depositor, on or prior to the day that
occurs two (2) Business Days prior to the related “significant obligor” NOI Quarterly Filing Deadline or seven (7)
Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement
receipt occurs twelve (12) or more Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seventeen
(17) or more Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements
of the “significant obligor”, together with the net operating income of such “significant obligor” for
the applicable period as calculated by the Master Servicer in accordance with CREFC® guidelines and (B) if such
financial statement receipt occurs less than twelve (12) Business Days prior to the related Significant Obligor NOI Quarterly Filing
Deadline or less than seventeen (17) Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable,
such financial statements of the “significant obligor”, together with the net operating income of such “significant
obligor” for the applicable period as reported by the related Mortgagor in such financial statements.

 

If the Master Servicer
does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the
case may be, of such “significant obligor” within ten (10) Business Days after the date such financial information
is required to be delivered under the related Mortgage Loan documents, the Master Servicer shall notify the Other Depositor with
respect to such Other Securitization that includes the related

 

     -407-

     

    

 

Companion Loan (or shall cause each applicable Sub-Servicing Agreement
to require any related Sub-Servicer to notify such Other Depositor) that it has not received such financial information. The Master
Servicer shall use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations
of such Other Depositor under the Exchange Act) to obtain the periodic financial statements of the related Mortgagor under the
related Mortgage Loan documents.

 

The Master Servicer shall
(and shall cause any related Sub-Servicing Agreement entered into after receipt of written notice from the Other Depositor that
such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer to) retain written evidence
of each instance in which it (or a Sub-Servicer) attempts to contact the related Mortgagor related to any such “significant
obligor” (identified to it as such by the Other Depositor in accordance with the second preceding paragraph) to obtain the
required financial information and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or
Form 10-K, as applicable, is required to be filed by the Other Securitization, shall forward an Officer’s Certificate evidencing
its attempts to obtain this information to the certificate administrator and Other Depositor related to such Other Securitization.
This Officer’s Certificate should be addressed to the certificate administrator at its corporate trust office, as specified
in the related Other Pooling and Servicing Agreement.

 

Section
10.06   Form 10-D Filings. Within 15 days after each Distribution Date (subject to permitted extensions under the
Exchange Act), the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-D required by the
Exchange Act and the rules and regulations of the Commission thereunder, in form and substance as required by the Exchange
Act and such rules and regulations. A duly authorized representative of the Depositor shall sign each Form 10-D filed on
behalf of the Trust. The Certificate Administrator shall file each Form 10-D with a copy of the related Distribution Date
Statement attached thereto; provided that the Certificate Administrator shall redact from such Distribution Date
Statement any information relating to the ratings of the Certificates and the identity of the Rating Agencies. Any disclosure
in addition to the Distribution Date Statement that is required to be included on Form 10-D (“Additional Form 10-D
Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule
IV and directed to the Certificate Administrator and the Depositor for approval by the Depositor. The Certificate
Administrator will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D
Disclosure (other than such Additional Form 10-D Disclosure which is to be reported by it as set forth on Schedule IV)
absent such reporting, direction and approval after the date hereof. The Certificate Administrator shall include in any Form
10-D filed by it, without limitation, to the extent such information is provided to the Certificate Administrator by the
Depositor for inclusion therein, (i) the information required by Rule 15Ga-1(a) under the Exchange Act concerning all
assets of the Trust that were subject of a demand to repurchase or replace for breach of the representations and warranties
and (ii) a reference to the most recent Form ABS-15G filed by the Depositor and each Mortgage Loan Seller, if applicable, and
the Commission assigned “Central Index Key” number for each such filer. The Certificate Administrator and the
Depositor shall be entitled together to determine the manner of the presentation of such information (including the dates as
of which such information is presented) in accordance with applicable laws and regulations.

 

     -408-

     

    

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a Serviced
Companion Loan is subject to the reporting requirements of the Exchange Act, within five calendar days after the related Distribution
Date, (i) the parties listed on Schedule IV hereto shall be required to provide to the Certificate Administrator and the
Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer) (and to any Other Trustee
or Other Depositor related to any Other Securitization that includes a Serviced Companion Loan), to the extent a Servicing Officer
or Responsible Officer, as the case may be, thereof has actual knowledge (other than Item 1117 of Regulation AB as to such party
which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be or any lawyer in
the in house legal department of such party), in EDGAR Compatible Format, or in such other format as otherwise agreed upon by the
Certificate Administrator and the Depositor (or such Other Trustee and Other Depositor) and such party, the form and substance
of the Additional Form 10-D Disclosure described on Schedule IV applicable to such party, (ii) the parties listed on Schedule
IV hereto shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form attached
hereto as Exhibit CC and (iii) the Certificate Administrator shall, at any time prior to filing the related Form 10-D, provide
prompt notice to the Depositor to the extent that the Certificate Administrator is notified of an event reportable on Form 10-D
for which it has not received the necessary Additional Form 10-D Disclosure from the applicable party. No later than the 7th calendar
day after the Distribution Date, the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion
of the Additional Form 10-D Disclosure on Form 10-D; provided that if the Certificate Administrator does not receive a response
from the Depositor by such time the Depositor will be deemed to have consented to the inclusion of such Additional Form 10-D Disclosure.
Other than to the extent provided for in clause (iii) above, the Certificate Administrator has no duty under this Agreement to
monitor or enforce the performance by the parties listed on Schedule IV of their duties under this paragraph or proactively
solicit or procure from such parties any Additional Form 10-D Disclosure information. The Depositor will be responsible for any
reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including any Additional
Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

 

After preparing the Form
10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for review and approval;
provided that the Certificate Administrator shall use its reasonable best efforts to provide such copy to the Depositor by the
8th day after the Distribution Date. No later than the end of business on the 4th Business Day prior to the filing date, the Depositor
shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval of
such Form 10-D, and no later than the 2nd Business Day prior to the filing, a duly authorized representative of the Depositor shall
sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to follow
by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-D, upon signature thereof
as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 15th calendar day after the related
Distribution Date or (ii) if agreed to prior to the time set forth in clause (i) above, such other time as the Depositor and the
Certificate Administrator mutually agree is permitted by the Commission for the filing such Form 10-D. If a Form 10-D cannot be
filed on time or if a previously filed Form 10-D needs to be amended, the Certificate Administrator shall follow the procedures
set forth in Section 10.10(b). After filing with the

 

     -409-

     

    

 

Commission, the Certificate Administrator shall, pursuant to Section
4.02(b), make available on the Certificate Administrator’s website a final executed copy of each Form 10-D prepared and
filed by the Certificate Administrator. The parties to this Agreement acknowledge that the performance by the Certificate Administrator
of its duties under this Section 10.06 related to the timely preparation and filing of Form 10-D is contingent upon such
parties (and any Additional Servicer or Servicing Function Participant) observing all applicable deadlines in the performance of
their duties under this Section 10.06. The Certificate Administrator shall have no liability for any loss, expense, damage,
claim arising out of or with respect to any failure to properly prepare or file such Form 10-D where such failure results from
the Certificate Administrator’s inability or failure to receive on a timely basis any information from any other party hereto
needed to prepare, arrange for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful misconduct.

 

Form 10-D requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.” The Depositor
shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com, no later than the 5th
calendar day after the related Distribution Date during any year in which the Trust is required to file a Form 10-D if the answer
to the questions should be “no” and if no such notice is received by the Certificate Administrator, it shall check
“yes”; provided that if the failure of the Depositor to have filed such required reports arises in connection
with the securitization contemplated by this Agreement, the Certificate Administrator shall be deemed to have notice of such failure
(only with respect to Exchange Act reports prepared or required to be prepared and filed by the Certificate Administrator) without
being notified by the Depositor; provided, further, that in connection with the delivery of any notice contemplated
by this sentence, the Depositor may instruct the Certificate Administrator that such notice shall be effective for a period (not
to exceed 12 months) from the date of such notice, in which case no further notice from the Depositor shall be required during
such specified period. The Certificate Administrator shall be entitled to rely on such representations in preparing, executing
and/or filing any Form 10-D.

 

The Depositor hereby
directs the Certificate Administrator to include the following individual’s name and phone number on the cover of Form 10-D
for each reporting period: Name: Michael Brown, Telephone: (212) 610-2357. The Certificate Administrator may rely without further
investigation that this information remains correct unless and until the Depositor provides the Certificate Administrator with
a new individual’s name and phone number in writing.

 

Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.01, the Certificate
Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D for such period in which such Asset
Review Report Summary was delivered, and (ii) post such Asset Review Report Summary to the Certificate Administrator’s Website
not later than two (2) Business Days after receipt of such Asset Review Report Summary from the Asset Representations Reviewer.

 

     -410-

     

    

 

To the extent the Certificate
Administrator receives a request from any Certificateholder or Certificate Owner to communicate with other Certificateholders or
Certificate Owners pursuant to Section 5.05, the Certificate Administrator shall include under Item 1B on the Form 10-D relating
to the reporting period in which such request was received a Special Notice regarding the request to communicate, and such Special
Notice is required to include the following and no more than the following: (a) the name of the Certificateholder or Certificate
Owner making the request, (b) the date the request was received, (c) a statement to the effect that the Certificate Administrator
has received such request, stating that such Certificateholder or Certificate Owner is interested in communicating with other Certificateholders
or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d) a description of the method
other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder or Certificate Owner. It is
hereby understood that a disclosure in substantially the following form shall be deemed to satisfy the requirements in the preceding
sentence:

 

On [date], the Certificate Administrator
received from [name], a Certificateholder or Certificate Owner, a request to communicate with other Certificateholders and Certificate
Owners in the securitization transaction to which this report on Form 10-D relates (the “Securitization”). The
requesting Certificateholder or Certificate Owner is interested in communicating with other Certificateholders and Certificate
Owners with regard to the possible exercise of rights under the pooling and servicing agreement governing the Securitization. Other
Certificateholders and Certificate Owners may contact the requesting Certificateholder or Certificate Owner at [telephone number],
[email address] and/or [mailing address]

 

Section
10.07   Form 10-K Filings. Within 90 days after the end of each fiscal year of the Trust or such earlier date as may
be required by the Exchange Act (the “10-K Filing Deadline”) (it being understood that the fiscal year for
the Trust ends on December 31st of each year), commencing with fiscal year 2016, the Certificate Administrator shall prepare
and file on behalf of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K shall
include the following items, in each case to the extent they have been delivered to the Certificate Administrator within the
applicable time frames set forth in this Agreement:

 

(i)          an
annual compliance statement for each applicable Certifying Servicer, as described under Section 10.11, including disclosure
regarding any noncompliance and the nature and status thereof;

 

(ii)         (A)
the annual reports on assessment of compliance with servicing criteria for each applicable Reporting Servicer, as described under
Section 10.12, and (B) if any Reporting Servicer’s report on assessment of compliance with servicing criteria described
under Section 10.12 identifies any material instance of noncompliance, disclosure identifying such instance of noncompliance
(including whether such instance of noncompliance involved the servicing of the assets backing the Certificates issued pursuant
to this Agreement and any steps taken to remedy such instance of

 

     -411-

     

    

 

noncompliance), or if any Reporting Servicer’s report on
assessment of compliance with servicing criteria described under Section 10.12 is not included as an exhibit to such Form
10-K, disclosure that such report is not included and an explanation as to why such report is not included;

 

(iii)        (A)
the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.13,
and (B) if any registered public accounting firm attestation report described under Section 10.13 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm
attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation
as to why such report is not included; and

 

(iv)       a
Sarbanes-Oxley Certification as described in Section 10.08.

 

Any disclosure or information
in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”)
shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule V hereto to the Depositor
and the Certificate Administrator (and to any Other Depositor or Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) and approved by the Depositor (and such Other Depositor), and the Certificate Administrator (or such
Other Trustee) will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure
(other than such Additional Form 10-K Disclosure which is to be reported by it as set forth on Schedule V) absent such reporting
and approval.

 

Not later than 10 Business
Days after the end of each fiscal year for which the Trust (or any Other Securitization that includes a Serviced Companion Loan)
is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator and the Trustee shall provide the other parties to this Agreement and the Mortgage Loan Sellers (and
the parties to any Other Pooling and Servicing Agreement with respect to any Other Securitization that includes such Serviced Companion
Loan) with written notice of the name and address of each Servicing Function Participant retained by such party. Not later than
the end of each year for which the Trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request
provide to each Mortgage Loan Seller, Other Depositor and Other Trustee written notice of any change in the identity of any party
to this Agreement, including the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special
Servicer, as applicable, shall provide to each related Mortgage Loan Seller written notice of any change in the identity of any
Sub-Servicer that is a Servicing Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer,
as applicable, including the name and address of any new Sub-Servicer that is a Servicing Function Participant or an Additional
Servicer.

 

With respect to any Other
Securitization that includes a Serviced Companion Loan, not later than the end of each year for which the Other Securitization
trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request provide to each mortgage loan seller
with respect to such Other Securitization written notice of any change in the identity of any party to this Agreement, including
the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special Servicer, as applicable, shall
provide to

 

     -412-

     

    

 

each such mortgage loan seller written notice of any change in the identity of any Sub-Servicer that is a Servicing
Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer for the servicing of such
Serviced Whole Loan, as applicable, including the name and address of any new Sub-Servicer that is a Servicing Function Participant
or an Additional Servicer.

 

For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, by March 1, commencing in March 2017, (i) the parties listed on Schedule V hereto shall be required to provide to the
Certificate Administrator and the Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer)
(and to any Other Depositor or Other Trustee related to any Other Securitization that includes a Serviced Companion Loan), to the
extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than with respect
to Items 1117 and 1119 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or
any lawyer in the in house legal department of such party), in EDGAR Compatible Format (to the extent available to such party in
such format), or in such other form as otherwise agreed upon by the Certificate Administrator and the Depositor (or such Other
Trustee and Other Depositor) and such party, the form and substance of the Additional Form 10-K Disclosure described on Schedule
V applicable to such party, (ii) include with such Additional Form 10-K Disclosure, an Additional Disclosure Notification in
the form attached hereto as Exhibit CC and (iii) the Certificate Administrator shall, at any time prior to filing the related
Form 10-K, provide prompt notice to the Depositor to the extent that the Certificate Administrator is notified of an event reportable
on Form 10-K for which it has not received the necessary Additional Form 10-K Disclosure from the applicable party. No later than
March 10th, the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional
Form 10-K Disclosure on Form 10-K; provided that if the Certificate Administrator does not receive a response from the Depositor
by such time the Depositor will be deemed to have consented to the inclusion of such Additional Form 10-K Disclosure. Other than
to the extent provided for in clause (iii) above, the Certificate Administrator has no duty under this Agreement to monitor or
enforce the performance by the parties listed on Schedule V of their duties under this paragraph or proactively solicit
or procure from such parties any Additional Form 10-K Disclosure information. The Depositor will be responsible for any reasonable
fees assessed and any expenses incurred by the Certificate Administrator in connection with including any Additional Form 10-K
Disclosure on Form 10-K pursuant to this paragraph.

 

After preparing the Form
10-K, on or prior to the 15th calendar day of March (or if such day is not a Business Day, the immediately following
Business Day), the Certificate Administrator shall forward electronically a copy of the Form 10-K to the Depositor for review and
approval. Within four Business Days after receipt of such copy, the Depositor shall notify the Certificate Administrator in writing
(which may be furnished electronically) of any changes to or approved of such Form 10-K. No later than 5:00 p.m., New York City
time, on the 4th Business Day prior to the 10-K Filing Deadline, a senior officer in charge of securitization of the Depositor
shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to
follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-K, upon signature
thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 10-K

 

     -413-

     

    

 

Filing Deadline or (ii)
such other time as the Depositor and the Certificate Administrator mutually agree is permitted by the Commission for the filing
such Form 10-K, of each year in which a report on Form 10-K is required to be filed by the Trust. If a Form 10-K cannot be filed
on time or if a previously filed Form 10-K needs to be amended, the Certificate Administrator will follow the procedures set forth
in Section 10.10(b). After filing with the Commission, the Certificate Administrator shall, pursuant to Section 4.02(b),
make available on its internet website a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator.
The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
10.07 related to the timely preparation and filing of Form 10-K is contingent upon such parties (and any Additional Servicer
or Servicing Function Participant) observing all applicable deadlines in the performance of their duties under this Article
X. The Certificate Administrator shall have no liability with respect to any failure to properly prepare or file such Form
10-K resulting from the Certificate Administrator’s inability or failure to receive from any other party any information
needed to prepare, arrange for execution or file such Form 10-K on a timely basis, not resulting from its own negligence, bad faith
or willful misconduct.

 

Form 10-K requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.” The Depositor
shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com, no later than the 15th
calendar day of March during any year in which the Trust is required to file a Form 10-K if the answer to the questions should
be “no”, and if no such notice is received by the Certificate Administrator, it shall check “yes”; provided
that if the failure of the Depositor to have filed such required reports arises in connection with the securitization contemplated
by this Agreement, the Certificate Administrator shall be deemed to have notice of such failure (only with respect to Exchange
Act reports prepared or required to be prepared and filed by the Certificate Administrator) without being notified by the Depositor;
provided, further, that in connection with the delivery of any notice contemplated by this sentence, the Depositor
may instruct the Certificate Administrator that such notice shall be effective for a period (not to exceed 12 months) from the
date of such notice, in which case no further notice from the Depositor shall be required during such specified period. The Certificate
Administrator shall be entitled to rely on such representations in preparing, executing and/or filing any Form 10-K.

 

Section
10.08   Sarbanes-Oxley Certification. Each Form 10-K shall include a certification (the “Sarbanes-Oxley
Certification”), as set forth in Exhibit W attached hereto, required to be included therewith pursuant to
the Sarbanes-Oxley Act. Each Reporting Servicer shall, and each Reporting Servicer shall use commercially reasonable efforts
to cause each Servicing Function Participant (other than (x) any party to this Agreement or (y) a Mortgage Loan Seller
Sub-Servicer) with which it has entered into a servicing relationship with respect to the Mortgage Loans (other than a
Non-Serviced Mortgage Loan), to provide to the Person who signs the Sarbanes-Oxley Certification for the Trust or any Other
Securitization that includes a Serviced Companion Loan (the “Certifying Person”), by March 1st of each
year commencing in 2017 in which the Trust is subject to the reporting requirements of the Exchange Act and of each year in
which any Other Securitization that includes a Serviced Companion Loan is subject to the

 

     -414-

     

    

 

reporting requirements of the
Exchange Act, a certification (each, a “Performance Certification”), in the form attached hereto as Exhibit
O, Exhibit P, Exhibit Q, Exhibit R, Exhibit S, Exhibit T, Exhibit U or Exhibit
V, as applicable, upon which the Certifying Person, the entity for which the Certifying Person acts as an officer, and
such entity’s officers, directors and Affiliates (collectively with the Certifying Person,
“Certification Parties”) can reasonably rely. The senior officer in charge of securitization of the
Depositor shall serve as the Certifying Person on behalf of the Trust. The Certifying Person at the Depositor can be
contacted at CCRE Commercial Mortgage Securities, L.P., 110 East 59th Street, New York, New York 10022, Attention: Anthony
Orso, Fax: (212) 610-3623. If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any
applicable Sub-Servicing Agreement, such Reporting Servicer shall provide a Performance Certification to the Certifying
Person pursuant to this Section 10.08 with respect to the period of time it was subject to this Agreement or the
applicable Sub-Servicing Agreement. Notwithstanding the foregoing, the Trustee shall not be required to deliver a Performance
Certification with respect to any period during which there was no Relevant Servicing Criteria applicable to it.

 

Notwithstanding the foregoing,
nothing in this Section 10.08 shall require any Reporting Servicer (i) to certify or verify the accurateness or completeness
of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional Servicer or any
other third party retained by it that is not a Sub-Servicer listed on Exhibit X or a Sub-Servicer appointed pursuant to
Section 3.01(c)), (ii) to certify information other than to such Reporting Servicer’s knowledge and in accordance
with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of information and reports,
to certify anything other than that all fields of information called for in written reports prepared by such Reporting Servicer
have been completed except as they have been left blank on their face.

 

Each Performance Certification
shall include a reasonable reliance provision enabling the Certification Parties to rely upon each (i) annual compliance statement
provided pursuant to Section 10.11, (ii) annual report on assessment of compliance with servicing criteria provided pursuant
to Section 10.12 and (iii) registered public accounting firm attestation report provided pursuant to Section 10.13.

 

For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an Other
Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure a Sarbanes-Oxley
back-up certification from the Non-Serviced Mortgage Loan Service Providers, in form and substance similar to a Performance Certification
or to the form, if any, provided in the Other Pooling and Servicing Agreement. The Master Servicer shall promptly forward to the
Certificate Administrator and the Depositor any such Sarbanes-Oxley back-up certification received by the Master Servicer.

 

Section
10.09   Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure (the
“8-K Filing Deadline”) under Form 8-K (each a “Reportable Event”), to the extent it
receives the Form 8-K Disclosure Information described below, the Certificate Administrator shall, at the direction of the
Depositor, prepare and file on behalf of the Trust any Form 8-K, as required by the Exchange Act and shall provide notice
thereof to Form10K.Compliance@cwt.com, provided that the Depositor shall file the initial Form 8-K in connection with
the issuance of the Certificates. Any disclosure or information

 

     -415-

     

    

 

related to a Reportable Event or that is otherwise required
to be included on Form 8-K (“Form 8-K Disclosure Information”) shall, pursuant to the paragraph
immediately below, be reported by the parties set forth on Schedule VI to which such Reportable Event relates and such
Form 8-K Disclosure Information shall be delivered to the Depositor and the Certificate Administrator (and to any Other
Depositor and Other Trustee related to any Other Securitization that includes a Serviced Companion Loan) in EDGAR Compatible
Format and approved by the Depositor. The Certificate Administrator will have no duty or liability for any failure hereunder
to determine or prepare any Form 8-K Disclosure Information (other than such Form 8-K Disclosure Information which is to be
reported by it as set forth on Schedule VI) absent such reporting and approval.

 

For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, the parties listed on Schedule VI hereto shall, to the extent a Servicing Officer or a Responsible Officer, as the
case may be, thereof has actual knowledge, use their commercially reasonable efforts to provide to the Depositor and the Certificate
Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes a Serviced Companion
Loan) within 1 Business Day after the occurrence of the Reportable Event, but shall provide in no event later than the end of business
(New York City time) on the 2nd Business Day after the occurrence of the Reportable Event, the form and substance of the Form 8-K
Disclosure Information described on Schedule VI as applicable to such party, in EDGAR Compatible Format, or in such other
format as otherwise agreed to in advance by the Certificate Administrator and the Depositor (and such Other Trustee and Other Depositor)
and such party and accompanied by an Additional Disclosure Notification in the form attached hereto as Exhibit CC. The Depositor
will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure Information
on Form 8-K by the end of business on the 2nd Business Day after the Reportable Event; provided that if the Certificate
Administrator does not receive a response from the Depositor by such time as required under this Agreement the Depositor will be
deemed to have consented to such Form 8-K Disclosure Information. The Certificate Administrator has no duty under this Agreement
to monitor or enforce the performance by the parties listed on Schedule VI of their duties under this paragraph or proactively
solicit or procure from such parties any Form 8-K Disclosure Information; provided that to the extent that the Certificate
Administrator is notified of such Reportable Event and it does not receive the necessary Form 8–K Disclosure Information,
it shall notify the Depositor that it has not received such information and, provided, further, that the limitation
on liability provided by this sentence shall not be applicable if the Reportable Event relates to the Certificate Administrator
or any party that the Certificate Administrator has engaged to perform its obligations under this Agreement. The Depositor will
be responsible for any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including
any Form 8-K Disclosure Information on Form 8-K pursuant to this paragraph.

 

After preparing the Form
8-K, the Certificate Administrator shall, no later than the end of the Business Day (New York City time) on the 3rd Business Day
after the Reportable Event, forward electronically a copy of the Form 8-K to the Depositor for review and approval and the Depositor
shall promptly notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to the Form
8-K. No later than noon on the 4th Business Day (New York City time) after the Reportable Event, a duly authorized representative
of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed

 

     -416-

     

    

 

Form 8-K (with an original executed
hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 8-K,
upon signature thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 4th Business
Day following the reportable event or (ii) such other time as the Depositor and the Certificate Administrator mutually agree is
permitted by the Commission for the filing such Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed Form 8-K
needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.10(b). After filing
with the Commission, the Certificate Administrator will, pursuant to Section 4.02(b), make available on its internet website
a final executed copy of each Form 8-K prepared and filed by the Certificate Administrator. The parties to this Agreement acknowledge
that the performance by the Certificate Administrator of its duties under this Section 10.09 related to the timely preparation
and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in the performance of their duties under
this Section 10.09. The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out
of or with respect to any failure to properly prepare, arrange for execution and/or timely file such Form 8-K, where such failure
results from the Certificate Administrator’s inability or failure to receive approved Form 8-K Disclosure Information within
the applicable timeframes set forth in this Section 10.09 and not resulting from the Certificate Administrator’s own
negligence, bad faith or willful misconduct (provided that to the extent that the Certificate Administrator is notified of such
Reportable Event and it does not receive the necessary Form 8–K Disclosure Information, it will notify the Depositor that
it has not received such information and further provided that the limitation on liability provided by this sentence shall
not be applicable if the Reportable Event relates to the Certificate Administrator or any party that the Certificate Administrator
has engaged to perform its obligations under this Agreement).

 

Section
10.10   Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports. (a)
If at any time the Trust is permitted to suspend its reporting obligations under the Exchange Act, on or before January 30 of
the first year in which the Certificate Administrator is able to do so under applicable law, the Depositor shall direct the
Certificate Administrator to prepare and file any form necessary to be filed with the Commission to suspend such reporting
obligations. With respect to any reporting period occurring after the filing of such form, except with respect to the Other
Securitization, the obligations of the parties to this Agreement under Section 10.01, Section 10.03, Section
10.06, Section 10.07, Section 10.08 and Section 10.09 shall be suspended. The Certificate
Administrator shall provide prompt notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Operating Advisor, the Asset Representations Reviewer and the Mortgage Loan Sellers that such form has been filed.

 

(b)       If
the Certificate Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K, Form 10-D
or Form 10-K required to be filed by this Agreement because required disclosure information either was not delivered to it or was
delivered to it after the delivery deadlines set forth in this Agreement or for any other reason, the Certificate Administrator
shall promptly notify (which notice may be sent by fax or by email notwithstanding the provisions of Section 12.04) shall
include the identity of those Reporting Servicers who either did not deliver such information or delivered such information to
it after the delivery deadlines set forth in this Agreement) the Depositor and each Reporting Servicer that failed to make such
delivery. In the case of Form 10-D and Form 10-K, each such

 

     -417-

     

    

 

Reporting Servicer shall cooperate with the Depositor and the Certificate
Administrator to prepare and file a Form 12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant to Rule 12b-25 of the
Exchange Act. In the case of Form 8-K, the Certificate Administrator shall, upon receipt of all required Form 8-K Disclosure Information
and upon the approval and direction of the Depositor, include such disclosure information on the next Form 10-D that is required
to be filed on behalf of the Trust. In the event that any previously filed Form 8-K, Form 10-D or Form 10-K needs to be amended,
the Certificate Administrator shall notify the Depositor and such other parties as needed and such parties shall cooperate to prepare
any necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. In the event that any Reporting Servicer receives notice from the applicable
parties to the Other Securitization that any previously filed Form 8-K, Form 10-D or Form 10-K needs to be amended, such party
shall cooperate in preparation of any necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. Any Form 12b-25 or any amendment to Form
8-K, Form 10-D or Form 10-K shall be signed by the Depositor. The parties to this agreement acknowledge that the performance by
the Certificate Administrator of its duties under this Section 10.10 related to the timely preparation and filing of a Form
12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent upon the Master Servicer, the Special Servicer and the Depositor
performing their duties under this Section. The Certificate Administrator shall have no liability for any loss, expense, damage,
claim arising out of or with respect to any failure to properly prepare and/or timely file any such Form 12b-25 or any amendments
to Forms 8-K, Form 10-D or Form 10-K, where such failure results from the Certificate Administrator’s inability or failure
to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such
Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K, not resulting from its own negligence, bad faith or willful
misconduct.

 

Section
10.11   Annual Compliance Statements. (a) The Master Servicer, the Special Servicer, the Custodian, the Certificate
Administrator, any Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant is a
servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a “Certifying
Servicer”) shall, and the Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator
shall use commercially reasonable efforts to cause each Additional Servicer and each Servicing Function Participant (if such
Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (other than
(x) any party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has entered into a servicing
relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan), to deliver to the Trustee, the
Depositor, the Certificate Administrator, the Operating Advisor (in the case of the Special Servicer only), the Other
Trustee, the Other Depositor and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement) on or before March 1st of each
year, commencing in 2017, an Officer’s Certificate stating, as to the signer thereof, that (A) a review of such
Certifying Servicer’s activities during the preceding calendar year or portion thereof and of such Certifying
Servicer’s performance under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement
in the case of an Additional Servicer, has been made under such officer’s supervision and (B) that, to the best of such
officer’s knowledge, based on such review, such Certifying Servicer has fulfilled all its obligations under this
Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer, in
all material respects throughout such year or portion thereof, or, if there has been a

 

     -418-

     

    

 

failure to fulfill any such obligation
in any material respect, specifying each such failure known to such officer and the nature and status thereof.

 

(b)       With
respect to any Non-Serviced Mortgage Loan serviced under an Other Pooling and Servicing Agreement, the Certificate Administrator
shall use commercially reasonable efforts to procure an Officer’s Certificate as described in this Section from the Non-Serviced
Mortgage Loan Service Providers in form and substance similar to the Officer’s Certificate described in this Section.

 

(c)       Promptly
after receipt of each such Officer’s Certificate, the Depositor (and each Other Depositor for any Other Securitization that
includes a Serviced Companion Loan) shall have the right to review such Officer’s Certificate and, if applicable, consult
with each Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, in the fulfillment
of any of the Certifying Servicer’s obligations hereunder or under the applicable sub-servicing agreement. None of the Certifying
Servicers or any Additional Servicer or any Servicing Function Participant shall be required to deliver, or to endeavor to cause
the delivery of, any such Officer’s Certificate until April 15, in any given year so long as it has received written confirmation
from the Depositor that a Form 10-K is not required to be filed in respect of the Trust or any Other Securitization that includes
a Serviced Companion Loan for the preceding calendar year. If any Certifying Servicer is terminated or resigns pursuant to the
terms of this Agreement or any applicable Sub-Servicing Agreement, as the case may be, such Certifying Servicer shall provide the
Officer’s Certificate pursuant to this Section 10.11 with respect to the period of time it was subject to this Agreement
or the applicable Sub-Servicing Agreement, as the case may be.

 

Section
10.12   Annual Reports on Assessment of Compliance with Servicing Criteria. By March 1st of each year, commencing in
March 2017, the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special
servicing of any Mortgage Loan), the Certificate Administrator, the Custodian, the Trustee (only with respect to any period
during which any Relevant Servicing Criteria was applicable to it), the Operating Advisor and each Servicing Function
Participant (each, a “Reporting Servicer”), each at its own expense, shall furnish (and each Reporting
Servicer, as applicable, shall use commercially reasonable efforts to cause, by March 1st each Servicing Function Participant
(other than (x) a party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer), with which it has entered into a
servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) to furnish, each at its
own expense, to the Trustee, the Certificate Administrator, the Depositor (and to the Other Depositor and Other Trustee for
any Other Securitization that includes a Serviced Companion Loan) and the 17g-5 Information Provider (who shall promptly post
such report to the 17g-5 Information Provider’s Website pursuant to Section 3.16(d) of this Agreement) in an
EDGAR Compatible Format, or in such other format as otherwise agreed upon by the Certificate Administrator and the Depositor
(or such Other Trustee and Other Depositor, as applicable) a report on an assessment of compliance with the
Relevant Servicing Criteria with respect to commercial mortgage backed securities transactions taken as a whole involving
such party that contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the
Relevant Servicing Criteria, (B) a statement that such Reporting Servicer used the Servicing Criteria to assess compliance
with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant
Servicing Criteria as of and for

 

     -419-

     

    

 

the period ending the end of the fiscal year covered by the Form 10-K required to be filed
pursuant to Section 10.07,
including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of
each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued
an attestation report on such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of
and for such period. Copies of all compliance reports delivered pursuant to this Section 10.12 shall
be made available to any Privileged Person by the Certificate Administrator pursuant to Section 4.02(c)
of this Agreement and to any Rating Agency and NRSRO by the 17g-5 Information Provider pursuant to Section 3.16(d)
of this Agreement.

 

No later than 10 Business
Days after the end of each fiscal year for the Trust (and any Other Securitization that includes a Serviced Companion Loan) for
which a Form 10-K is required to be filed, the Master Servicer, the Special Servicer and the Operating Advisor shall each forward
to the Certificate Administrator and the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization that
includes a Serviced Companion Loan) the name and contact information of each Servicing Function Participant engaged by it during
such year or portion thereof (except with respect to any Mortgage Loan Seller Sub-Servicer) and what Relevant Servicing Criteria
will be addressed in the report on assessment of compliance prepared by such Servicing Function Participant. When the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and each Servicing Function
Participant submit their respective assessments by March 1st, as applicable, to the Certificate Administrator (and such other trustee),
each such party shall also at such time, if it has received the assessment (and attestation pursuant to Section 10.13) of
each Servicing Function Participant engaged by it, include such assessment (and attestation) in its submission to the Certificate
Administrator (and such other trustee).

 

Promptly after receipt
of each such report on assessment of compliance, (i) the Depositor (and any Other Depositor for any Other Securitization that includes
a Serviced Companion Loan) shall have the right to review each such report and, if applicable, consult with the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and any Servicing Function
Participant as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee or any Servicing Function
Participant, and (ii) the Certificate Administrator shall confirm that the assessments, taken individually, address the Relevant
Servicing Criteria for each party as set forth on Schedule II and notify the Depositor (and the Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) of any exceptions; provided that the Certificate Administrator shall not be responsible
for confirming whether any such party has certified to all the Relevant Servicing Criteria applicable to it. None of the Master
Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor or any Servicing
Function Participant shall be required to deliver, or to endeavor to cause the delivery of, any such reports until April 15 in
any given year so long as it has received written confirmation from the Depositor (and the Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) that a Form 10-K is not required to be filed in respect of the Trust (or, in the case
of a Serviced Companion Loan, the related Other Securitization that includes such Serviced Companion Loan) for the preceding calendar
year. If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-

 

     -420-

     

    

 

Servicing
Agreement, as the case may be, such Reporting Servicer shall provide the reports and statements pursuant to this Section 10.12
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement, as the case may
be.

 

The parties hereto acknowledge
that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment of compliance pursuant
to this Section 10.12 by the Master Servicer or the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor or the Custodian shall not, as a result of being so reported, in and of itself, constitute a breach of such parties’
obligations or a Servicer Termination Event or Operating Advisor Termination Event, as applicable, under this Agreement unless
otherwise provided for in this Agreement.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an
Other Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure an annual
report on assessment of compliance as described in this Section and an attestation as described in Section 10.13 from the
Non-Serviced Mortgage Loan Service Providers in form and substance similar to the annual report on assessment of compliance described
in this Section (or in such Other Pooling and Servicing Agreement, as the case may be) and the attestation described in Section
10.13. The Master Servicer shall promptly forward to the Certificate Administrator and the Depositor any such assessment of
compliance received by the Master Servicer. Until such time as the Certificate Administrator receives notice that the Non-Serviced
Mortgage Loan Service Providers no longer have a continuing obligation under the Other Pooling and Servicing Agreement related
to an Other Securitization that includes the related Non-Serviced Companion Loan to provide to the Trust an annual report on assessment
of compliance as described in this Section and an attestation as described in Section 10.13 for any year that the Trust
formed under this Agreement is not subject to the reporting requirements of the Exchange Act, the Certificate Administrator shall
notify the Non-Serviced Mortgage Loan Service Providers if such parties fail to deliver to the Certificate Administrator such assessment
of compliance and attestation within the time frame required by such Other Pooling and Servicing Agreement.

 

Section
10.13   Annual Independent Public Accountants’ Servicing Report. By March 1st, of each year, commencing in
March 2017, each Reporting Servicer, each at its own expense, shall cause, and each Reporting Servicer, as applicable, shall
use commercially reasonable efforts to cause each Servicing Function Participant (other than (x) a party to this Agreement or
(y) a Mortgage Loan Seller Sub-Servicer) with which it has entered into a servicing relationship with respect to the Mortgage
Loans (other than a Non-Serviced Mortgage Loan), each at such Servicing Function Participant’s own expense, a
registered public accounting firm (which may also render other services to the Master Servicer, the Special Servicer, the
Operating Advisor and such Servicing Function Participant, as the case may be) and that is a member of the American Institute
of Certified Public Accountants to furnish a report to the Trustee, the Certificate Administrator, the Depositor (and to any
Other Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion Loan), the Operating
Advisor (in the case of the Special Servicer only) and the 17g-5 Information Provider (who shall promptly post such report to
the 17g-5 Information Provider’s Website pursuant to Section 3.16(d) of this Agreement) to the effect that (i)
it has obtained a representation regarding certain

 

     -421-

     

    

 

matters from the management of such Reporting Servicer, which includes an
assessment from such Reporting Servicer of its compliance with the Relevant Servicing Criteria in all material respects, and
(ii) on the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or
adopted by the PCAOB, it is expressing an opinion as to whether such Reporting Servicer’s compliance with the Relevant
Servicing Criteria was fairly stated in all material respects, or it cannot express an overall opinion regarding such
Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria. If an overall opinion cannot
be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion.
Such report must be available for general use and not contain restricted use language. Notwithstanding the foregoing, the
Trustee shall not be required to deliver an annual independent public accountants’ servicing report with respect to any
period during which there was no Relevant Servicing Criteria applicable to it.

 

Promptly after receipt
of such report from each Reporting Servicer, (i) the Depositor (and any Other Depositor related to an Other Securitization that
includes a Serviced Companion Loan) shall have the right to review the report and, if applicable, consult with the related Reporting
Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer with the Servicing Criteria applicable
to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s obligations hereunder or under
any applicable sub-servicing agreement or primary servicing agreement, and (ii) the Certificate Administrator shall confirm that
each assessment submitted pursuant to Section 10.12
is coupled with an attestation meeting the requirements of this Section and notify the Depositor (and any Other Depositor related
to an Other Securitization that includes a Serviced Companion Loan) of any exceptions; provided, that the Certificate Administrator
shall not be responsible for confirming whether any particular Reporting Servicer has certified to all of the Relevant Servicing
Criteria applicable to it. No Reporting Servicer shall be required to deliver, or to endeavor to cause the delivery of, such reports
until April 15 in any given year so long as it has received written confirmation from the Depositor that a Form 10-K is not required
to be filed in respect of the Trust (or, in the case of a Serviced Companion Loan, the related Other Securitization that includes
such Serviced Companion Loan) for the preceding calendar year. If any Reporting Servicer is terminated or resigns pursuant to the
terms of this Agreement, or any applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be, such Reporting
Servicer shall provide the report pursuant to this Section 10.13 with respect to the period of time it was subject to this
Agreement or the applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be.

 

Section
10.14   Exchange Act Reporting Indemnification. Each of the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Custodian (if not the Certificate Administrator), the Certificate
Administrator and the Trustee shall indemnify and hold harmless each Certification Party, the Depositor (and any Other
Depositor related to an Other Securitization that includes a Serviced Companion Loan), their respective directors and
officers, and each other person who controls any such entity within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act, against any and all expenses, losses, claims, damages and other liabilities, including
without limitation the costs of investigation, legal defense and any amounts paid in settlement of any claim or litigation
arising out of (i) the failure to perform its obligations to the Depositor (or any Other Depositor related to an Other
Securitization that includes a Serviced Companion Loan) or

 

     -422-

     

    

 

Certificate Administrator (or any Other Trustee related to an
Other Securitization that includes a Serviced Companion Loan) under this Article X by the time required after giving
effect to any applicable grace period or cure period, (ii) any untrue statement or alleged untrue statement of a material
fact contained in any information (x) regarding such party or any Servicing Function Participant, Additional Servicer or
subcontractor engaged by it (other than any Mortgage Loan Seller Sub-Servicer), (y) prepared by any such party described
in clause (x) or any registered public accounting firm, attorney or other agent retained by such party to prepare such
information and (z) delivered by or on behalf of such party in connection with the performance of such party’s
obligations described in this Article X, or the omission or alleged omission to state in any such information a
material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided, that the applicable party shall be entitled to participate in any action arising out of the foregoing
and the Depositor shall consult with such party with respect to any litigation or audit strategy, as applicable, in
connection with the foregoing and any potential settlement terms related thereto, (iii) the failure of any Servicing Function
Participant or Additional Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations
to the Depositor (or any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) or
Certificate Administrator (or any Other Trustee related to an Other Securitization that includes a Serviced Companion Loan)
under this Article X by the time required after giving effect to any applicable grace period and cure period or (iv)
any Deficient Exchange Act Deliverable.

 

In addition, each of
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained
by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor as necessary for the Depositor to conduct any
reasonable due diligence necessary to evaluate and assess any material instances of non-compliance disclosed in any of the deliverables
required by the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules
and regulations promulgated thereunder (“Reporting Requirements”).

 

In connection with comments
provided to the Depositor from the Commission regarding information (x) delivered by the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator, the Trustee, a Servicing
Function Participant or an Additional Servicer, as applicable (“Affected Reporting Party”), (y) regarding such
Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting firm, attorney
or other agent retained by such party to prepare such information, which information is contained in a report filed by the Depositor
under the Reporting Requirements and which comments are received subsequent to the Depositor’s filing of such report, the
Depositor shall promptly provide to such Affected Reporting Party any such comments which relate to such Affected Reporting Party.
Such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission for inclusion in the
Depositor’s response to the Commission, unless such Affected Reporting Party elects, with the consent of the Depositor (which
consent shall not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate a response
and/or resolution with the Commission; provided, however, if an Affected Reporting Party is a Servicing Function Participant
or Additional Servicer retained by the Master

 

     -423-

     

    

 

Servicer, the Master Servicer shall receive copies of all material communications
pursuant to this Section 10.14. If such election is made, the applicable Affected Reporting Party shall be responsible for
directly negotiating such response and/or resolution with the Commission in a timely manner; provided, that (i) such Affected Reporting
Party shall use reasonable efforts to keep the Depositor informed of its progress with the Commission and copy the Depositor on
all correspondence with the Commission and provide the Depositor with the opportunity to participate (at the Depositor’s
expense) in any telephone conferences and meetings with the Commission and (ii) the Depositor shall cooperate with any Affected
Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly
with the Commission with respect to any comments from the Commission relating to such Affected Reporting Party and to notify the
Commission of such authorization. The Depositor and the Affected Reporting Party shall cooperate and coordinate with one another
with respect to any requests made to the Commission for extension of time for submitting a response or compliance. All respective
reasonable out-of-pocket costs and expenses incurred by the Depositor (including reasonable legal fees and expenses of outside
counsel to the Depositor) in connection with the foregoing (other than those costs and expenses required to be at the Depositor’s
expense as set forth above) and any amendments to any reports filed with the Commission related thereto shall be promptly paid
by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor. Each of the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator and
the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained
by it to comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

The Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee
shall use commercially reasonable efforts to cause each Servicing Function Participant (other than (x) any party to this Agreement
or (y) a Mortgage Loan Seller Sub-Servicer) with which it has entered into a servicing relationship with respect to the Mortgage
Loans (other than a Non-Serviced Mortgage Loan) to indemnify and hold harmless each Certification Party from and against any losses,
damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses incurred
by such Certification Party arising out of (i) a breach of its obligations to provide any of the annual compliance statements or
annual assessment of servicing criteria or attestation reports pursuant to this Agreement, or the applicable Sub-Servicing Agreement,
as applicable or (ii) any Deficient Exchange Act Deliverable.

 

If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, each Additional
Servicer or other Servicing Function Participant (the “Performing Party”) shall, and the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee shall
use commercially reasonable efforts to cause each Servicing Function Participant with which it has entered into a servicing relationship
(other than (x) a party to this Agreement or (y) any Mortgage Loan Seller Sub-Servicer) with respect to the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) to contribute to the amount paid or payable to the Certification Party as a result of the losses,
claims, damages or liabilities of the Certification Party in such proportion as is appropriate to

 

     -424-

     

    

 

reflect the relative fault of
the Certification Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s
obligations pursuant to this Article X. The Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee shall use commercially reasonable efforts to cause each Servicing Function
Participant (other than (x) any party to this Agreement or (y) Mortgage Loan Seller Sub-Servicers) with which it has entered into
a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) to agree to the foregoing
indemnification and contribution obligations.

 

Promptly after receipt
by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof
is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement thereof; but
the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying party. In case any
such action is brought against any indemnified party, after the indemnifying party has been notified of the commencement of such
action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the extent that it may wish,
shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly notified) with counsel reasonably
satisfactory to such indemnified party (which approval shall not be unreasonably withheld or delayed), and after notice from the
indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not
be liable to such indemnified party for any expenses subsequently incurred in connection with the defense thereof other than reasonable
costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded
parties and, in the case of an investigation by the Commission, any parties that are, or whose reporting materials are, the subject
of such investigation) include both the indemnifying party and the indemnified party and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the indemnifying party
fails within a reasonable period of time to designate counsel that is reasonably satisfactory to the indemnified party (which approval
shall not be unreasonably withheld or delayed). In no event shall the indemnifying parties be liable for fees and expenses of more
than one counsel (in addition to any local counsel) in any one jurisdiction separate from their own counsel for all indemnified
parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the
same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of any proceeding effected
without its written consent. However, if settled with such consent, the indemnifying party shall indemnify the indemnified party
from and against any loss or liability by reason of such settlement to the extent that the indemnifying party is otherwise required
to do so under this Agreement. If an indemnifying party assumes the defense of any proceeding, it shall be entitled to settle such
proceeding with the consent of the indemnified party (which consent shall not be unreasonably withheld or delayed) or, if such
settlement (i) provides for an unconditional release of the indemnified party in connection with all matters relating to the proceeding
that have been asserted against the indemnified party in such proceeding by the other parties to such settlement

 

     -425-

     

    

 

and (ii) does
not require an admission of fault by the indemnified party, without the consent of the indemnified party.

 

Section
10.15   Amendments. This Article X may be amended by the written consent of all the parties hereto pursuant to Section
12.07 for purposes of complying with Regulation AB without, in each case, any Opinions of Counsel, Officer’s
Certificates, Rating Agency Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary
contained in this Agreement.

 

Section
10.16   Exchange Act Report Signatures; Delivery of Notices; Interpretation of Grace Periods. (a) Each
Form 8-K report, Form 10-D report and Form 10-K report shall be signed by the Depositor in accordance with procedures to be
agreed upon by the Depositor and the Certificate Administrator. The signing party at the Depositor can be contacted at CCRE
Commercial Mortgage Securities, L.P., 110 East 59th Street, New York, New York 10022, Attention: Anthony Orso, Fax: (212)
610-3623.

 

(b)       Notwithstanding
anything in Section 12.04 to the contrary, any notice required to be delivered to (i) the Depositor under this Article
X shall be properly given if sent by facsimile to (212) 610-3623, Attention: Anthony Orso, with a copy to Cadwalader, Wickersham
& Taft LLP, Attention: Lisa Pauquette (or such other number as the Depositor may instruct) and/or by email to aorso@cantor.com,
with a copy to lisa.pauquette@cwt.com (or such other email address as the Depositor may instruct) and (ii) to the Certificate
Administrator under this Article X shall be properly given if sent by facsimile to (410) 884-2380, Attention: Core Services,
or such other number as the Certificate Administrator may instruct and/or by email to cts.sec.notifications@wellsfargo.com
(or such other email address as the Certificate Administrator may instruct).

 

(c)       For
the avoidance of doubt:

 

(i)         Neither
Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant to the last
clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination Event,”
as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, during any grace period provided
for in this Article X, provided, that if any such party fails to comply with the delivery requirements of this Article
X by the expiration of any applicable grace period such failure shall constitute a Servicer Termination Event with respect
to such party; and

 

(ii)        Neither
Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant to the last
clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination Event,”
as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, for failing to deliver any item
required under this Article X by the time required hereunder with respect to any reporting period for which the Trust is
not required to file Exchange Act reports.

 

(d)       If
the Certificate Administrator or the Depositor does not receive the Annual Assessment Report and/or the Annual Attestation Report
with respect to any Servicing

 

     -426-

     

    

 

Function Participant, or with respect to any Servicing Function Participant retained or engaged by
a party hereto that is actually known by a Responsible Officer of the Certificate Administrator or the Depositor, as the case may
be, by March 1st of any year during which an Annual Report on Form 10-K is required to be filed with the Commission with respect
to the Trust, then the Certificate Administrator shall, and the Depositor may, forward a Servicer Notice to such Servicing Function
Participant or the party hereto that retained or engaged such Sub-Servicing Function Participant, as the case may be, with a copy
of such Servicer Notice to the Depositor (if the Certificate Administrator is sending the Servicer Notice) or the Certificate Administrator
(if the Depositor is sending the Servicer Notice), as applicable, within two (2) Business Days of such failure. For the purposes
of this Article X and Section 7.01 of this Agreement, a “Servicer Notice” shall constitute either any
writing forwarded to such party or, in the case of the Master Servicer and the Special Servicer, notwithstanding the provisions
of Section 12.05, e-mail notice or fax notice which, in the case of an email transmission, shall be forwarded to all of
the following e-mail addresses for the applicable party: in the case of the Master Servicer and the Special Servicer, to the applicable
email address as provided in writing by the Master Servicer or the Special Servicer, as applicable, upon request, or such other
e-mail addresses as are provided in writing by the Master Servicer or the Special Servicer, as applicable, to the Certificate Administrator
and the Depositor (but any party to this Agreement (or someone acting on their behalf) shall only be required to forward any such
notice to be delivered to the Master Servicer to no more than three e-mail addresses in the aggregate in order to fulfill its notification
requirements as set forth in the preceding sentence and/or under the provisions of Section 7.01. Notwithstanding anything
herein to the contrary, the forwarding of a Servicer Notice shall not relieve any Master Servicer or the Special Servicer of any
liability under Section 7.01(a)(viii) or Section 7.01(b)(viii), respectively, for the failure of any Servicing Function
Participant or Sub-Servicing Entity to deliver any Exchange Act reporting items pursuant to this Article X.

 

Section
10.17   Termination of the Certificate Administrator. Notwithstanding anything to the contrary contained in this
Agreement, the Depositor may direct the Trustee to, and the Trustee shall upon such direction, terminate the Certificate
Administrator upon five Business Days’ notice if the Certificate Administrator fails to comply with any of its
obligations under this Article X; provided that (a) such termination shall not be effective until a successor
certificate administrator shall have accepted the appointment, (b) the Certificate Administrator may not be terminated if it
cannot perform its obligations due to its failure to properly prepare or file on a timely basis any Form 8-K, Form 10-K or
Form 10-D or any amendments to such forms or any Form 12b-25 where such failure results from the Certificate
Administrator’s inability or failure to receive, within the exact time frames set forth in this Agreement any
information, approval, direction or signature from any other party hereto needed to prepare, arrange for execution or file
any such Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any form 12b-25 not resulting from its
own negligence, bad faith or willful misconduct, (c) the Certificate Administrator may not be terminated if, following the
Certificate Administrator’s failure to comply with any of such obligations under Section 10.06, Section
10.07, Section 10.09, Section 10.11, Section 10.12 or Section 10.13 on or prior to the dates
by which such obligations are to be performed pursuant to, and as set forth in, such Sections the Certificate Administrator
subsequently complies with such obligations before the Depositor gives written notice to it that it is terminated in
accordance with this Section 10.17 and (d) the Certificate Administrator may not be terminated if the Certificate
Administrator’s failure to comply does not cause it to fail in its obligations to timely file the related Form 8-K,
Form 10-

 

     -427-

     

    

 

D or Form 10-K, as the case may be, by the related deadline for filing such Form 8-K, Form 10-D or Form 10-K, then
the Depositor shall cease to have the right to terminate the Certificate Administrator under this Section 10.17 on the
date on which such Form 8-K, Form 10-D or Form 10-K is so filed.

 

Article
XI

THE ASSET REPRESENTATIONS REVIEWER

 

Section 11.01   Asset
Review.

 

(a)       On
or prior to each Distribution Date, based either on the CREFC® Delinquent Loan Status Report or the Periodic
Loan File, the Certificate Administrator shall determine if an Asset Review Trigger has occurred. If an Asset Review Trigger
is determined to have occurred, the Certificate Administrator shall promptly provide notice to all Certificateholders and each
other party to this Agreement. Any notice required to be delivered to the Certificateholders pursuant to this Article XI
shall be delivered by the Certificate Administrator by posting such notice on the Certificate Administrator’s Website, by
mailing such notice to the Certificateholder’s addresses appearing in the Certificate Register in the case of Definitive
Certificates and by delivering such notice via the Depository in the case of Book-Entry Certificates. The Certificate Administrator
shall include in the Form 10-D relating to the reporting period in which the Asset Review Trigger occurred the following statement
describing the events that caused the Asset Review Trigger to occur: “As of the Distribution Date, the following mortgage
loans identified below (such identification to include the Loan Number, the Mortgage Loan name and the current principal balance)
are 60 or more days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement has occurred.”
On each Distribution Date occurring after providing such notice to Certificateholders, the Certificate Administrator, based on
information provided to it by the Master Servicer or the Special Servicer, as the case may be, shall determine whether (1) any
additional Mortgage Loan has become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3) an Asset
Review Trigger has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses
(1), (2) or (3), deliver such information in a written notice (which may be via email) substantially in the form
attached hereto as Exhibit LL within 2 Business Days to the Master Servicer, the Special Servicer, the Operating Advisor and the
Asset Representations Reviewer.

 

If Certificateholders
evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator, within 90 days after
the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting a vote to commence
an Asset Review (such written direction, the “Asset Review Vote Election”), then upon receipt of the Asset Review
Vote Election, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer
and all Certificateholders and to conduct a solicitation of votes to authorize an Asset Review. Upon the affirmative vote to authorize
an Asset Review by Holders of Certificates evidencing at least (i) a majority of an Asset Review Quorum within 150 days of receipt
of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator shall
promptly provide written notice as provided in Section 12.05 thereof to all parties to this Agreement, the Underwriters,
the

 

     -428-

     

    

 

Mortgage Loan Sellers, the Controlling Class Representative and the other Certificateholders (the “Asset Review Notice”).
In the event an Affirmative Asset Review Vote has not occurred within such 150-day period following the receipt of the Asset Review
Vote Election, no Certificateholder may request a vote or cast a vote for an Asset Review and the Asset Representations Reviewer
will not be required to review any Delinquent Loan unless and until (A) an additional Mortgage Loan has become a Delinquent Loan
after the expiration of such 150-day period, (B) a new additional Asset Review Trigger has occurred as a result or an Asset Review
Trigger is otherwise is in effect, (C) the Certificate Administrator has received any Asset Review Vote Election after the occurrence
of the events described in clauses (A) and (B) in this sentence and (D) an Affirmative Asset Review Vote has occurred within 150
days after the Asset Review Vote Election described in clause (C) in this sentence. After the occurrence of any Asset Review Vote
Election or an Affirmative Asset Review Vote, no Certificateholder may make any additional Asset Review Vote Election except as
described in the immediately preceding sentence. Any reasonable out-of-pocket expenses incurred by the Certificate Administrator
in connection with administering such vote will be paid as an expense of the Trust from the Collection Account. The Certificate
Administrator shall be entitled to administer any vote in connection with the foregoing through an agent.

 

(b)       (i)
Upon receipt of such notice of an Asset Review Notice, the Custodian (with respect to clauses (1) – (5) below
for Non-Specially Serviced Loans), the Master Servicer (with respect to clause (6) below for Non-Specially Serviced Loans)
and the Special Servicer (with respect to Specially Serviced Loans), in each case to the extent in such party’s possession,
will be required to promptly, but in no event later than 10 Business Days (except with respect to clause (6)) after receipt
of such notice from the Certificate Administrator, provide the following materials to the Asset Representations Reviewer (collectively,
with the Diligence Files, a copy of the Prospectus, a copy of each related Mortgage Loan Purchase Agreement and a copy of this
Agreement posted by the Certificate Administrator to the Secure Data Room or the Certificate Administrator’s website, as
applicable, the “Review Materials”):

 

(1)       a
copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan that
is subject to an Asset Review;

 

(2)       a
copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of the
Trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

 

(3)       a
copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not
already covered pursuant to items (1) or (2) above;

 

(4)       a
copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each Delinquent
Loan that is subject to an Asset Review;

 

(5)       a
copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Loan that is subject to an Asset Review; and

 

     -429-

     

    

 

(6)       any
other related documents or information that are reasonably requested by the Asset Representations Reviewer to be delivered by the
Master Servicer or the Special Servicer, as applicable, in the time frame as described below.

 

(ii)         In
addition, in the event that, as part of an Asset Review of a Mortgage Loan, the Asset Representations Reviewer determines that
the Review Materials provided to it with respect to any Mortgage Loan are missing any documents or information required to complete
any Test in connection with its completion of the Asset Review of such Mortgage Loan, the Asset Representations Reviewer shall
promptly, but in no event later than 10 Business Days after receipt of the Review Materials identified in clauses (1) – (5)
above, notify the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially
Serviced Loans), as applicable, of such missing documents and information, and request the Master Servicer or the Special Servicer,
as applicable, promptly, but in no event later than 10 Business Days after receipt of such notification from the Asset Representations
Reviewer, to deliver to the Asset Representations Reviewer such missing documents and information to the extent in its possession.
In the event any missing documents or information are not provided by the Master Servicer or Special Servicer, as applicable, within
such 10 Business Day period, the Asset Representations Reviewer will request such documents or information from the related Mortgage
Loan Seller. The Mortgage Loan Seller will be required under the related Mortgage Loan Purchase Agreement to deliver such additional
documents and information only to the extent such information is in the possession of such party; provided that no information
that is proprietary to the related originator or Mortgage Loan Seller or any draft documents or privileged or internal communications
must be provided.

 

(iii)        The
Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person
that is not a party to this Agreement or the related Mortgage Loan Seller, and shall do so only if such information can be independently
verified (without unreasonable effort or expense to the asset representations reviewer) and is determined by the Asset Representations
Reviewer in its good faith sole discretion (“Unsolicited Information”) relevant to the Asset Review conducted
pursuant to this Section 11.01 hereof.

 

(iv)        Upon
receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence File posted to the Secure
Data Room with respect to a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall commence a
review of the compliance of each Delinquent Loan with the representations and warranties related to that Delinquent Loan in accordance
with the Asset Review Standard and the procedures set forth on Exhibit JJ hereto (such review, the “Asset Review”).
The Asset Representations Reviewer shall perform an Asset Review with respect to each representation and warranty made by the Mortgage
Loan Seller with respect to such Delinquent Loan in accordance with the procedures set forth on Exhibit JJ (each such procedure,
a “Test”). Once an Asset Review of a Mortgage Loan is completed, no further Asset Review shall be required in
respect of, or performed on, such Mortgage Loan notwithstanding that such Mortgage Loan may continue to be a Delinquent Loan or
again become a Delinquent Loan at a time when a new Asset Review Trigger occurs and a

 

     -430-

     

    

 

new Affirmative Asset Review Vote is obtained
subsequent to the occurrence of such new Asset Review Trigger.

 

(v)        No
Certificateholder shall have the right to change the scope of the Asset Review, and the Asset Representations Reviewer shall not
be required to review any information other than (1) the Review Materials and (2) if applicable, Unsolicited Information.

 

(vi)       The
Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent
investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)      In
the event that the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and
such missing information and documentation is not delivered to the Asset Representations Reviewer by the applicable Mortgage Loan
Seller, the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced
Loans) within 10 days upon request by the Asset Representations Reviewer, the Asset Representations Reviewer shall list such missing
information and documents in its preliminary report setting forth the preliminary results of the application of the Tests and the
reasons why such missing information and documents are necessary to complete a Test and (if the Asset Representations Reviewer
has so concluded) that the absence of such information and documents shall be deemed to be a failure of such Test. The Asset Representations
Reviewer shall provide such preliminary report to the Master Servicer or the Special Servicer, as applicable, and the related Mortgage
Loan Seller. If the preliminary report indicates that any of the representations and warranties fails or is deemed to fail any
Test, the related Mortgage Loan Seller shall have 90 days (the “Cure/Contest Period”) to remedy or otherwise
refute the failure. Any information and documents provided or explanations given to support a Test pass conclusion shall be sent
by the related Mortgage Loan Seller to the Asset Representations Reviewer with any information and documents received from the
Mortgage Loan Seller or explanations given to support the Mortgage Loan Seller’s claim that the representation and warranty
has not failed a Test or the Mortgage Loan Seller’s claim that any missing information and documents in the Review Materials
are not required to complete a Test. For avoidance of doubt, the Asset Representations Reviewer shall not be required to prepare
a preliminary report in the event the Asset Representations Reviewer determines that there is no Test failure with respect to the
related Mortgage Loan.

 

(viii)     The
Asset Representations Reviewer shall, within the later of (x) 60 days after the date on which access to the Diligence Files in
the Secure Data Room is provided to the Asset Representations Reviewer by the Certificate Administrator or (y) the 10 days after
the expiration of the Cure/Contest Period, complete an Asset Review with respect to each Delinquent Loan and deliver (i) a report
setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined there
is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”)
to each party to this Agreement

 

     -431-

     

    

 

and the related Mortgage Loan Seller for each Delinquent Loan, the Directing Holder and the Controlling
Class Representative and (ii) a summary of the Asset Representations Reviewer’s conclusions included in such Asset Review
Report (an “Asset Review Report Summary”) to the Trustee, the Certificate Administrator, the Master Servicer
and the Special Servicer. The period of time by which the Asset Review Report must be completed and delivered may be extended by
up to an additional 30 days, upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller, if the
Asset Representations Reviewer determines pursuant to the Asset Review Standard that such additional time is required due to the
characteristics of the Mortgage Loan and/or the Mortgaged Property or Mortgaged Properties. In no event shall the Asset Representations
Reviewer be required to determine whether any Test failure constitutes a Material Defect, or whether the Trust should enforce any
rights it may have against the applicable Mortgage Loan Seller, which, in each case, shall be a responsibility of the Enforcing
Servicer pursuant to Section 2.03(g) of this Agreement.

 

(ix)        In
addition, in the event that the Asset Representations Reviewer does not receive any information or documentation that it requested
from the Master Servicer (with respect to Non-Specially Serviced Loans), the Special Servicer (with respect to Specially Serviced
Loans) or the related Mortgage Loan Seller in sufficient time to allow the Asset Representations Reviewer to complete its Asset
Review and deliver an Asset Review Report (as such date may have been extended), the Asset Representations Reviewer shall prepare
the Asset Review Report solely based on the information received by the Asset Representations Reviewer with respect to the related
Delinquent Loan, and the Asset Representations Reviewer shall have no responsibility to independently obtain any such information
from any party to this Agreement or otherwise.

 

(x)         Within
30 days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Special Servicer shall determine, based
on the Servicing Standard, whether there exists a Material Defect with respect to such Mortgage Loan. If the Special Servicer determines
that a Material Defect exists, the Special Servicer shall enforce the obligations of the related Mortgage Loan Seller with respect
to such Material Defect in accordance with Section 2.03(d).

 

(c)       The
Asset Representations Reviewer and its affiliates shall keep confidential any information appropriately labeled as “Privileged
Information” received from any party to this Agreement or any Mortgage Loan Seller (including, without limitation, in connection
with the review of the Mortgage Loans) and shall not disclose such Privileged Information to any Person (including Certificateholders),
other than (1) to the extent expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties
to this Agreement with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged Information
Exception. Each party to this Agreement that receives Privileged Information from the Asset Representations Reviewer with a notice
stating that such information is Privileged Information shall not disclose such Privileged Information to any Person without the
prior written consent of the Special Servicer other than pursuant to a Privileged Information Exception. In addition, the Asset
Representations Reviewer will be required to keep all documents and information in connection with an Asset Review that are provided
by the related Mortgage Loan Seller, the Master Servicer and the Special Servicer

 

     -432-

     

    

 

confidential and will not disclose such documents
or information except (i) for purposes of complying with its duties and obligations under this Agreement or (ii) (a) if such documents
or information become generally available and known to the public other than as a result of a disclosure directly or indirectly
by the Asset Representations Reviewer, (b) it is reasonable and necessary for the Asset Representations Reviewer to disclose such
documents or information in working with legal counsel, auditors, taxing authorities or other governmental agencies, (c) such documents
or information was already known to the Asset Representations Reviewer and not otherwise subject to a confidentiality obligation
and/or (d) the Asset Representations Reviewer is required by law, rule, regulation, order, judgment or decree to disclose such
document or information.

 

(d)       The
Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements
with such agents or subcontractors are consistent with the provisions of this Section 11.01; provided that no agent
or subcontractor may (1) be affiliated with any Mortgage Loan Seller, the Master Servicer, the Special Servicer, the Depositor,
the Certificate Administrator, the Trustee, the Controlling Class Representative, the Directing Holder or any of their respective
Affiliates or (ii) have been paid any fees, compensation or other remuneration by an Underwriter, the Master Servicer, the Special
Servicer, the Depositor, the Certificate Administrator, the Trustee, the Controlling Class Representative, the Directing Holder
or any of their respective Affiliates in connection with due diligence or other services with respect to any Mortgage Loan prior
to the Closing Date. Notwithstanding the foregoing sentence, the Asset Representations Reviewer shall remain obligated and primarily
liable for any Asset Review required hereunder in accordance with the provisions of this Agreement without diminution of such obligation
or liability or related obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from
any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Asset Representations
Reviewer alone were performing its obligations under this Agreement. The Asset Representations Reviewer shall be entitled to enter
into an agreement with any agent or subcontractor providing for indemnification of the Asset Representations Reviewer by such agent
or subcontractor, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

 

(e)       The
Asset Representations Reviewer may assign its rights and obligations under this Agreement in connection with the sale or transfer
of all or substantially all of their Asset Representations Reviewer portfolio, provided that: (i) the purchaser or transferee
accepting such assignment and delegation (A) is an established Eligible Asset Representations Reviewer, organized and doing business
under the laws of the United States of America, any state of the United States of America or the District of Columbia, authorized
under such laws to perform the duties of the asset representations reviewer resulting from a merger, consolidation or succession
that is permitted under this Agreement, (B) executes and delivers to the Trustee and the Certificate Administrator an agreement
that contains an assumption by such person of the due and punctual performance and observance of each covenant and condition to
be performed or observed by the asset representations reviewer under this Agreement from and after the date of such agreement and
(C) is not be a prohibited party under this Agreement; (ii) the Asset Representations Reviewer shall not be released from its obligations
under this Agreement that arose prior to the effective date of such assignment and delegation; (iii) the rate at which the Asset
Representations Reviewer Monitor Fee or the Asset Representations Reviewer Asset

 

     -433-

     

    

 

Review Fee (or any component thereof) is calculated
shall not exceed the rate then in effect and (iv) the resigning Asset Representations Reviewer shall be responsible for the reasonable
costs and expenses of each other party to this Agreement and the Rating Agencies in connection with such transfer. Upon acceptance
of such assignment and delegation, the purchaser or transferee shall provide notice to each party to this Agreement and then will
be the successor asset representations reviewer hereunder.

 

Section 11.02   Payment
of Asset Representations Reviewer Fees and Expenses; Limitation of Liability.

 

(a)       As
compensation for the performance of its routine duties, the Asset Representations Reviewer shall be paid a fee (the “Asset
Representations Reviewer Monitor Fee”), payable monthly from amounts received in respect of the Mortgage Loans and shall
be equal to the product of the Asset Representations Reviewer Monitor Fee Rate and the Stated Principal Balance of the Mortgage
Loans and any REO Loans (including any Non-Serviced Mortgage Loan, but not any Companion Loan) and shall be calculated in the same
manner as interest is calculated on such Mortgage Loans.

 

(b)       As
compensation for the performance of its duties hereunder, upon the completion of any Asset Review with respect to a Delinquent
Loan, the Asset Representations Reviewer shall be entitled to a fee that is a reasonable and customary hourly fee charged by the
Asset Representations Reviewer or any successor asset representations reviewer for similar consulting assignments and any related
costs and expenses; provided that the total payment to the asset representations reviewer will not be greater than the Asset
Representations Reviewer Cap (the “Asset Representations Reviewer Asset Review Fee”). The Asset Representations
Reviewer will be required to provide to the Certificate Administrator and the Master Servicer an officer’s certificate setting
forth the Asset Representations Reviewer Asset Review Fee for the related Collection Period, provided that the Asset Representations
Reviewer will not be required to deliver an officer’s certificate for any Collection Period in which no Asset Representations
Reviewer Asset Review Fee is charged.

 

With respect to an individual
Asset Review Trigger and the Mortgage Loans that are Delinquent Loans and are subject to an Asset Review (the “Subject
Loans”), the “Asset Representations Reviewer Cap” will equal the sum of: (i) $9,500 multiplied by
the number of Subject Loans, plus (ii) $1,500 per Mortgaged Property relating to the Subject Loans in excess of one Mortgaged Property
per Subject Loan, plus (iii) $1,000 per Mortgaged Property relating to a Subject Loan subject to a ground lease, plus (iv) $1,000
per Mortgaged Property relating to a Subject Loan subject to a franchise agreement, hotel management agreement or hotel license
agreement, subject, in the case of each of clauses (i) through (iv), to adjustments on the basis of the year-end
Consumer Price Index for All Urban Consumers, or other similar index if the Consumer Price Index for All Urban Consumers is no
longer calculated, for the year of the Closing Date and for the year of the occurrence of the Asset Review.

 

(c)       The
related Mortgage Loan Seller with respect to each Delinquent Loan that is subject to an Asset Review shall pay the portion of the
Asset Representations Reviewer Asset Review Fee attributable to the Delinquent Loan contributed by it, as allocated on the basis
of the hourly charges and costs and expenses incurred with respect to its related Delinquent Loans; provided that if the
total charge for the Asset Representations Reviewer on an hourly fee

 

     -434-

     

    

 

plus costs and expenses basis would exceed the Asset Representations
Reviewer Cap, each Mortgage Loan Seller’s required payment shall be reduced pro rata according to its proportion of
the total charges until the aggregate amount owed by all Mortgage Loan Sellers is equal to the Asset Representations Reviewer Cap;
provided, however, that if the related Mortgage Loan Seller is insolvent or fails to pay such amount within 90 days
of receipt of an invoice from the Asset Representations Reviewer following its completion of the applicable Asset Review, such
fee shall be paid by the Trust following delivery by the Asset Representations Reviewer of evidence reasonably satisfactory to
the Master Servicer or the Special Servicer, as applicable, of such insolvency or failure to pay such amount; provided,
further, that notwithstanding any payment of such fee by the issuing entity to the Asset Representations Reviewer, such
fee shall remain an obligation of the related Mortgage Loan Seller and the Master Servicer or the Special Servicer, as applicable,
shall pursue remedies against such Mortgage Loan Seller in accordance with the Servicing Standard in order to seek recovery of
such amounts from such Mortgage Loan Seller or its insolvency estate. Notwithstanding the foregoing, the Asset Representations
Reviewer Asset Review Fee with respect to a Delinquent Loan shall be included in the Purchase Price for any Mortgage Loan that
was the subject of a completed Asset Review and that is repurchased or substituted by the related Mortgage Loan Seller, and such
portion of the Purchase Price received shall be used to reimburse the Asset Representations Reviewer or the Trust, as the case
may be, for such fees pursuant to Section 11.02(b).

 

(d)       The
Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed
by this Agreement.

 

Section
11.03   Resignation of the Asset Representations Reviewer.  The Asset
Representations Reviewer may resign and be discharged from its obligations hereunder by giving written notice thereof to the
other parties to this Agreement and the 17g-5 Information Provider. Upon such notice of resignation, the Depositor shall
promptly appoint a successor asset representations reviewer that is an Eligible Asset Representations Reviewer. If no
successor asset representations reviewer shall have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Asset Representations Reviewer may petition any court of competent
jurisdiction for the appointment of a successor Asset Representations Reviewer that is an Eligible Asset Representations
Reviewer. The Asset Representations Reviewer will bear all reasonable costs and expenses of each other party hereto and each
Rating Agency in connection with its resignation.

 

(b)       The
Asset Representations Reviewer shall have the right to resign without cost or expense upon the occurrence of the Early Termination
Notice Date. The Asset Representations Reviewer shall provide all of the parties to this Agreement and the Controlling Class Representative
30 days prior written notice of any such resignation pursuant to this Section 11.03(b). If the Asset Representations Reviewer resigns
pursuant to this Section 11.03(b), then no replacement Asset Representations Reviewer shall be appointed. The resigning Asset Representations
Reviewer shall be entitled, and subject, to any rights and obligations that accrued under this Agreement prior to the date of any
such resignation (including accrued and unpaid compensation) and any indemnification rights arising out of events occurring prior
to such resignation.

 

Section
11.04   Restrictions of the Asset Representations Reviewer. Neither the Asset Representations Reviewer nor any of its
Affiliates shall make any investment in any Class

 

     -435-

     

    

 

of Certificates; provided, however, that such prohibition
shall not apply to (i) riskless principal transactions effected by a broker dealer Affiliate of the Asset Representations
Reviewer or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset Representations Reviewer and
such Affiliate maintain policies and procedures that (A) segregate personnel involved in the activities of the Asset
Representations Reviewer under this Agreement from personnel involved in such Affiliate’s investment activities and (B)
prevent such Affiliate and its personnel from gaining access to information regarding the Trust and the Asset Representations
Reviewer and its personnel from gaining access to such Affiliate’s information regarding its investment activities.

 

Section 11.05   Termination
of the Asset Representations Reviewer.

 

(a)       An
“Asset Representations Reviewer Termination Event” means any one of the following events whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body:

 

(i)        any
failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements
or the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a
period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given
to the Asset Representations Reviewer by any party hereto or to the Asset Representations Reviewer and the Trustee by the Holders
of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates, provided that
any such failure that is not curable within such thirty (30) day period, the Asset Representations Reviewer shall have an additional
cure period of thirty (30) days to effect such cure so long as it has commenced to cure such failure within the initial thirty
(30) day period and has provided the Trustee and the Certificate Administrator with an officer’s certificate certifying that
it has diligently pursued, and is continuing to pursue, such cure;

 

(ii)       any
failure by the Asset Representations Reviewer to perform its obligations hereunder in accordance with the Asset Review Standard
in any material respect, which failure shall continue unremedied for a period of thirty (30) days after the date written notice
of such failure, requiring the same to be remedied, is given to the Asset Representations Reviewer by any party to this Agreement;

 

(iii)       any
failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue unremedied
for a period of 30 days after the date written notice of such failure, requiring the same to be remedied, is given to the Asset
Representations Reviewer by any party to this Agreement;

 

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

 

     -436-

     

    

 

have been entered against the Asset Representations Reviewer, and such decree or order shall
have remained in force undischarged or unstayed for a period of 60 days;

 

(v)       the
Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

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

 

Upon receipt by the Certificate
Administrator (which shall be simultaneously delivered to the Asset Representations Reviewer) of written notice of the occurrence
of any Asset Representations Reviewer Termination Event, the Certificate Administrator shall promptly provide written notice to
all Certificateholders in accordance with the notice distribution procedures described in Section 11.01(a), unless the Certificate
Administrator has received written notice that such Asset Representations Reviewer Termination Event has been remedied. If an Asset
Representations Reviewer Termination Event shall occur then, and in each and every such case, so long as such Asset Representations
Reviewer Termination Event shall not have been remedied, upon the written direction of holders of Certificates evidencing not less
than 25% of the Voting Rights (without regard to the application of any Appraisal Reduction Amounts), the Trustee shall terminate
all of the rights and obligations of the Asset Representations Reviewer under this Agreement, other than rights and obligations
accrued prior to such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and
other than indemnification rights (arising out of events occurring prior to such termination), by notice in writing to the Asset
Representations Reviewer. The Asset Representations Reviewer is required to bear all reasonable costs and expenses of itself and
of each other party to this Agreement in connection with its termination due to an Asset Representations Reviewer Termination Event.
Notwithstanding anything herein to the contrary, the Depositor and each Mortgage Loan Seller shall have the right, but not the
obligation, to notify the Certificate Administrator and the Trustee of any Asset Representations Reviewer Termination Event of
which it becomes aware.

 

(b)       Upon
(i) the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to the application
of any Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed
successor asset representations reviewer that is an Eligible Asset Representations Reviewer and (ii) payment by such Holders to
the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection
with administering such vote, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations
Reviewer and to all Certificateholders by (i) posting such notice on its internet website, and (ii) mailing such notice to all
Certificateholders at their addresses appearing in the Certificate Register and to the Asset Representations Reviewer. Upon the
written direction of holders of Certificates evidencing more than 75% of a Certificateholder Quorum (without regard to the application
of any Appraisal Reduction Amounts), the Trustee

 

     -437-

     

    

 

shall terminate all of the rights and obligations of the Asset Representations
Reviewer under this Agreement (other than any rights or obligations that accrued prior to the date of such termination and other
than indemnification rights arising out of events occurring prior to such termination) by notice in writing to the Asset Representations
Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders,
on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the
termination of the Asset Representations Reviewer. In the event that holders of the Certificates entitled to at least 75% of the
Voting Rights elect to remove the Asset Representations Reviewer without cause and appoint a successor, the successor asset representations
reviewer will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(c)       The
Asset Representations Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations
Reviewer ceases to be an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately resign under
Section 11.03 of this Agreement and the Trustee shall upon the written direction of Holders of Certificates evidencing not
less than 25% of the Voting Rights of each Class of Regular Certificates of each Class of Certificates appoint a replacement Asset
Representations Reviewer that is an Eligible Asset Representations Reviewer subject to and in accordance with this Section 11.05.
The Trustee may rely on a certification by the replacement asset representations advisor that it is an Eligible Asset Representations
Reviewer. Notwithstanding the foregoing, if the Trustee is unable to find a successor Asset Representations Reviewer within 30
days of the termination of the Asset Representations Reviewer, the Depositor shall be permitted to find a replacement. The Trustee
shall not be liable for any failure to identify and appoint a successor asset representations reviewer so long as the Trustee uses
commercially reasonable efforts to conduct a search for a successor asset representations reviewer and such failure is not a result
of the Trustee’s negligence, bad faith or willful misconduct in the performance of its obligations hereunder.

 

On or after the receipt
by the Asset Representations Reviewer of written notice of termination, subject to this Section 11.05, all of its authority
and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations Reviewer shall
execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate
to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days after the Trustee
delivers such written notice of termination to the Asset Representations Reviewer, the Trustee shall upon the written direction
of Holders of Certificates evidencing not less than 25% of the Voting Rights of each Class of Regular Certificates of each Class
of Certificates appoint a successor asset representations reviewer that is an Eligible Asset Representations Reviewer. The Trustee
shall provide written notice of the appointment of an Asset Representations Reviewer to the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator, the Controlling Class Representative and each Certificateholder within one
Business Day of such appointment.

 

(d)       Upon
any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the
Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate

 

     -438-

     

    

 

Administrator
(who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor, the Mortgage Loan
Sellers, the Depositor and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class
Representative and each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of its rights and
obligations under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination
(including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights
(arising out of events occurring prior to such termination).

 

Article
XII

MISCELLANEOUS PROVISIONS

 

Section
12.01   Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.
Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF), any other
electronic format or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart
of this Agreement.

 

Section
12.02   Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not
operate to terminate this Agreement or the Trust Fund, or entitle such Certificateholder’s legal representatives or
heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust
Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

No Certificateholder
shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained in the terms of the Certificates,
shall be construed so as to constitute the Certificateholders from time to time as partners or members of an association; and no
Certificateholder shall be under any liability to any third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.

 

Other than with respect
to any rights to deliver a Certificateholder Repurchase Request and exercise the rights described under Section 2.03(k)(i),
no Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage Loan, or with respect
to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such
Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance
thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless
also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of
the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory
to it as it may require against the

 

     -439-

     

    

 

costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60
days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute any such
action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it hereunder
or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of
the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably satisfactory to it against the
costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly covenanted
by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall
have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this
Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of
all Certificateholders. For the protection and enforcement of the provisions of this Section 12.02, each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

No Certificateholder
shall be a “Party in Interest” as described under 11 U.S.C. Section 1109(b) solely by virtue of its ownership of a
Certificate.

 

Section
12.03   Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND
DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

Section
12.04   Waiver of Jury Trial; Consent to Jurisdiction. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH
PARTY HERETO WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR
RELATED TO THIS AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER
LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS,
OR OTHERWISE. EACH PARTY HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY.
WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY
OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE
THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT, ANY ASSIGNMENT OR

 

     -440-

     

    

 

ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY
TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR ANY ASSIGNMENT.

 

TO THE FULLEST EXTENT
PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE AND
FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT; (II) AGREES THAT
ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS; (III) WAIVES THE
DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND (IV) AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT
ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section
12.05   Notices. Unless otherwise specified in this Agreement, all demands, notices and communications hereunder
shall be in writing, shall be deemed to have been given upon receipt (except that notices to Holders of Class R Certificates
or Holders of any Class of Certificates no longer held through a Depository and instead held in registered, definitive form
shall be deemed to have been given upon being sent by first-class mail, postage prepaid or by overnight courier) as
follows:

 

If to the Trustee, to:

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee CFCRE 2016-C6

Telecopy number: (302) 636-4140

Email: CMBSTrustee@wilmingtontrust.com

 

If to the Certificate Administrator,
to:

Wells Fargo Bank, National Association

Corporate Trust Services

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services - CFCRE 2016-C6

 

If to the Custodian, to:

Wells Fargo Bank, N.A.

Document Custody

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: CFCRE 2016-C6

 

     -441-

     

    

 

If to the Depositor, to:

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

with a copy to:

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette

 

If to the Operating Advisor,
to:

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C6-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If to the Asset Representations
Reviewer, to:

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C6-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If to the Master Servicer, to:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 S. Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C6 Asset Manager

 

with a copy sent contemporaneously
via email to commercial.servicing@wellsfargo.com

 

     -442-

     

    

 

with a copy to:

 

Wells Fargo Bank, National Association

Legal Department

301 South College Street

D1053-300 

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

 

with a copy to:

 

K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

For items regarding the Rating Agency Q&A Forum and Document Request Tool to: RAinvRequests@wellsfargo.com

and

For items regarding the Investor Q&A Forum to: REAMInvestorRelations@wellsfargo.com

 

If to the Special Servicer, to:

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com

 

with copies to:

 

Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com;

Niral Shah

Facsimile number: (305) 229-6425

Email: niral.shah@rialtocapital.com;

Adam Singer

facsimile number (305) 229-6425

Email: adam.singer@rialtocapital.com

 

If to the Potomac Mills Special
Servicer, to:

 

     -443-

     

    

 

AEGON USA Realty Advisors, LLC

4333 Edgewood Road NE

Cedar Rapids, IA 52499-5554

Attention: Greg Dryden, Senior Vice President, Special Servicing

Facsimile: (319) 355-8030

 

If to Cantor Commercial Real
Estate Lending L.P., as Mortgage Loan Seller, to:

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

with an electronic copy to:

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street

New York, New York 10022

Attention: Legal Department

E-mail: legal@ccre.com

 

with a copy to:

 

Cadwalader, Wickersham & Taft
LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

 

If to SG, as Mortgage Loan Seller,
to:

Société Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

 

with a copy to:

Société Générale

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel

 

If to Cantor Fitzgerald &
Co., as Initial Purchaser or Underwriter, to:

Cantor Fitzgerald & Co.

499 Park Avenue

New York, New York 10022

Attention: Stephen Merkel and Shawn Matthews

 

     -444-

     

    

 

with a copy to:

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

 

If to CastleOak Securities, L.P.,
as Initial Purchaser or Underwriter, to:

 

CastleOak Securities, L.P.

110 East 59th Street, 2nd Floor

New York, New York 10022

Attention: Philip Ippolito

 

If to Citigroup Global Markets
Inc., as Initial Purchaser or Underwriter, to:

 

Citigroup Global Markets Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

If to the initial Controlling
Class Representative with respect to any Mortgage Loan, to:

RREF III Debt AIV, LP, c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile number: (212) 751-4646

 

with a copy to:

 

RREF III Debt AIV, LP, c/o Rialto
Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646

 

If to the 17g-5 Information Provider,
electronically to:

17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system,
specifically with a subject reference of “CFCRE 2016-C6 Mortgage Trust” and an identification of the type of information
being provided in the body of such electronic mail)

 

     -445-

     

    

 

or, in the case of the parties to this
Agreement, to such other address as such party shall specify by written notice to the other parties hereto.

 

Solely to the extent
the provisions herein contemplate electronic delivery of information, such information shall be transmitted via electronic mail
with a subject reference to include “CFCRE 2016-C6 Mortgage Trust” (or substantially similar language) (i) in the case
of the Depositor, to aorso@cantor.com, (ii) in the case of the Trustee, to cmbstrustee@wilmingtontrust.com, (iii) in the case of
the Certificate Administrator, to the email address specified on the Certificate Administrator’s Website (and, if no such
email address is specified therein, to cts.cmbs.bond.admin@wellsfargo.com), (iv) in the case of the Operating Advisor, to cmbs.notices@parkbridgefinancial.com,
(v) in the case of the Asset Representations Reviewer, to cmbs.notices@parkbridgefinancial.com, (vi) in the case of the Master
Servicer to commercial.servicing@wellsfargo.com, (vii) in the case of the Special Servicer, to liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com;
niral.shah@rialtocapital.com and adam.singer@rialtocapital.com, (viii) in the case of Cantor Commercial Real Estate Lending, L.P.,
to legal@ccre.com and aorso@cantor.com, (ix) in the case of Société Générale, to Jim.Barnard@sgcib.com,
(x) in the case of Cantor Fitzgerald & Co., to smatthews@cantor.com and smerkel@cantor.com, (xi) in the case of CastleOak Securities,
L.P., to pji@castleoaklp.com, (xii) in the case of Citigroup Global Markets Inc., to paul.t.vanderslice@citi.com, (xiii) in the
case of the initial Controlling Class Representative, to joseph.bachkosky@rialtocapital.com with a copy to josh.cromer@rialtocapital.com
and (xiv) in the case of the 17g-5 Information Provider, to 17g5informationprovider@wellsfargo.com; or, in the case of the parties
to this Agreement, to such other electronic mail address as such party shall specify by written notice (which may be electronic)
to the other parties hereto.

 

The obligation of any
party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer, Other Special
Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such party to this
Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other Special Servicer,
Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the name and contact
information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, as applicable, and shall be entitled to assume that the identity and contact information for such Other Depositor, Other
Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable has not changed, absent receipt
of written notice from such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider,
or a replacement thereof under the applicable Other Pooling and Servicing Agreement, of a change with respect to the identity and
contact information for such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement, as applicable.

 

Section
12.06   Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this
Agreement shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants,
agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or

 

     -446-

     

    

 

terms of
this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the
Certificates or the rights of the Holders thereof.

 

Section
12.07   Notice to the Depositor and Each Rating Agency. (a) The Certificate Administrator shall use its best efforts
to promptly provide notice, promptly furnish (or make available) to the Depositor, the Underwriters, the Initial Purchasers,
the Directing Holder (if no Consultation Termination Event has occurred and is continuing), the Trustee the related Serviced
Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5
Information Provider’s Website) with respect to each of the following of which a Responsible Officer of the Certificate
Administrator has actual knowledge:

 

(i)          any material change or amendment to this Agreement, any Mortgage Loan Purchase Agreement or any Intercreditor
Agreement;

 

(ii)         the
occurrence of any Servicer Termination Event that has not been cured;

 

(iii)        the
merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer or the Trustee; and

 

(iv)        the
repurchase of Mortgage Loans pursuant to Section 2.03(e) of this Agreement.

 

(b)       The
Certificate Administrator shall promptly furnish to the Depositor, the Underwriters, the Initial Purchasers, the Directing Holder
and the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website):

 

(i)          notice
of the final payment to any Class of Certificateholders;

 

(ii)         notice
of any change in the location of the Distribution Accounts, the Interest Reserve Account, or the Gain-on-Sale Reserve Account;
and

 

(iii)        each
report to Certificateholders described in Section 4.02 and Section 3.13 of this Agreement.

 

(c)       The
Master Servicer shall promptly furnish to the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information
Provider’s Website) and the related Other 17g-5 Information Provider (if any):

 

(i)          a
copy of each rent roll and each operating and other financial statement and occupancy reports, to the extent such information is
required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 3.03 of this Agreement;

 

(ii)         notice
of any change in the location of the Collection Account or any Serviced Whole Loan Collection Account,

 

     -447-

     

    

 

(iii)       a copy of any notice with respect to a breach of a representation or warranty with respect to any Mortgage
Loan;

 

(iv)       any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer;

 

(v)        any
change in the lien priority of a Mortgage Loan;

 

(vi)       any
new lease of an anchor or a termination of an anchor lease at a retail Mortgaged Property;

 

(vii)      any
material damage to a Mortgaged Property; and

 

(viii)     any
amendment, modification, consent or waiver to or of any provision of a Mortgage Loan or Serviced Whole Loan.

 

(d)       Any
party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver
such written notice of the events or information specified in Section 3.14(d) to the Rating Agencies at the address listed
below, promptly following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, and the Certificate Administrator
and Trustee also shall furnish such other information regarding the Trust Fund as may be reasonably requested by the Rating Agencies
to the extent such party has or can obtain such information without unreasonable effort or expense; provided that such other
information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in Section 3.14(d).
Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer Termination Event,
as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder shall be in
writing.

 

Notices to each Rating Agency
shall be addressed as follows:

 

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

Moody’s Investors Service,
Inc.

7 World Trade Center

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 553-1350

Email:cmbssurveillance@moodys.com

 

     -448-

     

    

 

Morningstar Credit Ratings, LLC

220 Gibraltar Road, Suite 300

Horsham, Pennsylvania 19044

Attention: CMBS Surveillance

E-mail: cmbsratings@morningstar.com

 

or in each case to such other address as
any Rating Agency shall specify by written notice to the parties hereto.

 

Section
12.08   Amendment. This Agreement or any Custodial Agreement may be amended at any time by the
Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer and the Trustee without the consent of any of the Certificateholders or any Serviced Companion Loan
Noteholders:

 

(i)         to
cure any ambiguity or to correct any manifest error;

 

(ii)        to
cause the provisions herein or therein to conform or be consistent with or in furtherance of the statements made in the Prospectus
or Private Placement Memorandum with respect to the Certificates, the Trust or this Agreement or to correct or supplement any provisions
herein or therein which may be defective or inconsistent with any other provisions herein or therein;

 

(iii)       to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)      to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or
the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the
expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification
or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder or Companion Loan Noteholder;

 

(v)       to
modify, eliminate or add to the provisions any provision hereof restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust
REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person
that is not a Permitted Transferee;

 

     -449-

     

    

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates);

 

(vii)      to
amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not
adversely affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant
provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates);

 

(ix)      to
modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment
shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of
Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the

 

     -450-

     

    

 

Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and

 

(x)       to
modify, eliminate or add to any provisions of this Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);

 

provided that
any amendment under this Section 12.08 (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor
trust.

 

This Agreement or any
Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of the
Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected
thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each
Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or modifying in any manner the rights of the Certificateholders or the Serviced Companion
Loan Noteholders; provided, that no such amendment may:

 

(i)         reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which
are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage
Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without
the consent of such Companion Loan Noteholders;

 

(ii)        reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

(iii)       adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

(iv)       change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage

 

     -451-

     

    

 

Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

(v)        amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend this Agreement to modify, eliminate or add to any of its provisions (i) to such extent as
shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the qualification
of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times
that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the
expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

If neither the Depositor
nor any successor thereto, if any, is in existence, any amendment under this Section 12.08 shall be effective with the consent
of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and
the Special Servicer, in writing, and to the extent required by this Section 12.08, the Certificateholders and Serviced
Companion Loan Noteholders.

 

It shall not be necessary
for the consent of Certificateholders under this Section 12.08 to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent shall approve the substance thereof. The method of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders and, if applicable, Serviced Companion Loan Noteholders, shall
be subject to such reasonable regulations as the Trustee may prescribe; provided, that such method shall always be by affirmation
and in writing.

 

Notwithstanding any contrary
provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless the Trustee and the
Certificate Administrator have received an Opinion of Counsel, at the expense of the Trust Fund (and, in the case of any Whole
Loan, any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement)
confirming that such amendment is authorized or permitted by this Agreement and that all conditions precedent with respect thereto
have been satisfied, respectively, hereunder and such amendment will not cause an Adverse 

     -452-

     

    

 

REMIC Event or cause the Grantor Trust
to fail to qualify as a grantor trust, or cause a tax to be imposed on any such Grantor Trust.

 

Prior to the execution
of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Special Servicer and the Master Servicer may request and shall be entitled to rely conclusively
upon an Opinion of Counsel and an Officer’s Certificate, at the expense of the party requesting such amendment (or, if such
amendment is required to maintain the rating issued by any Rating Agency or requested by the Trustee for any purpose described
in clauses (i), (ii) or (iii) of the first sentence of this Section 12.08 (which do not modify or otherwise relate solely
to the obligations, duties or rights of the Trustee), then at the expense of the Trust Fund (and, in the case of any Whole Loan,
any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement))
confirming that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent
with respect thereto have been satisfied. The Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations
Reviewer may, but shall not be obligated to, enter into any such amendment which affects the Trustee’s, the Certificate Administrator’s,
the Operating Advisor’s or the Asset Representations Reviewer’s own rights, duties or immunities under this Agreement.

 

Notwithstanding any contrary
provision contained in this Agreement, no amendment shall be made to this Agreement (i) which adversely affects the rights, including
(without limitation) as a third-party beneficiary hereunder, and/or obligations (including, without limitation, in the case of
a Mortgage Loan Seller, under the related Mortgage Loan Purchase Agreement) of any Mortgage Loan Seller, Initial Purchaser or Underwriter
without the written consent of such Mortgage Loan Seller, Initial Purchaser or Underwriter, as applicable or (ii) which adversely
affects (as determined by the applicable Companion Loan Noteholder in good faith) the rights and/or obligations of any Companion
Loan Noteholder without the written consent of such Companion Loan Noteholder.

 

Promptly after the execution
of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate Administrator’s
Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same on the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement, and thereafter, the Certificate Administrator shall
furnish written notification of the substance of such amendment to each Certificateholder, the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee, each Mortgage Loan Seller, the Underwriters
and the Initial Purchasers.

 

In connection with any
amendment pursuant to this Agreement, no later than one Business Day following the effective date of such amendment, the Certificate
Administrator shall provide a copy of the executed amendment to each Other Depositor and Other Trustee related to any Other Securitization
that includes a Serviced Companion Loan (which may be by email) together with a copy of such amendment in EDGAR compatible format.

 

Section
12.09   Confirmation of Intent. It is the express intent of the parties hereto that the conveyance of the Trust Fund
(including the Mortgage Loans) by the Depositor to the Trustee on behalf of Certificateholders as contemplated by this
Agreement be treated for all

 

     -453-

     

    

 

purposes as a sale by the Depositor of the Trust Fund to the Trustee. It is, further, not the
intention of the parties that such conveyance be deemed a pledge of the Trust Fund by the Depositor to the Trustee to secure
a debt or other obligation of the Depositor. However, if, notwithstanding the intent of the parties, the Trust Fund is held
to continue to be property of the Depositor then (a) this Agreement shall also be deemed to be a security agreement under
applicable law; (b) the transfer of the Trust Fund provided for herein shall be deemed to be a grant by the Depositor to the
Trustee on behalf of Certificateholders of a first priority security interest in, and the Depositor hereby grants to the
Trustee a security interest in, all of the Depositor’s right, title and interest in and to, whether now owned or
existing or hereafter acquired or arising, the property identified in clauses (i) through (xiv) of the definition of
“Trust Fund” and all proceeds thereof; (c) the possession by the Trustee (or the Custodian on its behalf) of
Mortgage Notes and such other items of property as constitute instruments, money, negotiable documents or chattel paper shall
be deemed to be “possession by the secured party” for purposes of perfecting the security interest pursuant to
Section 9-313 of the New York Uniform Commercial Code; and (d) notifications to Persons holding such property,
and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed notifications to, or
acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Trustee
for the purpose of perfecting such security interest under applicable law. The Depositor shall, and upon the request and
direction of the Master Servicer, the Trustee shall, to the extent consistent with this Agreement (and at the expense of the
Trust Fund (and, in the case of any Whole Loan, such expense shall be allocated in accordance with the expense allocation
provision of the related Intercreditor Agreement)), take such actions as may be necessary to ensure that such security
interest is a perfected security interest of first priority under applicable law and will be maintained as such throughout
the term of this Agreement. It is the intent of the parties that such a security interest would be effective whether any of
the Certificates are sold, pledged or assigned.

 

Section
12.10   No Intended Third-Party Beneficiaries. Except as specified in Section 12.12 of this Agreement, no
Person other than a party to this Agreement, any Mortgage Loan Seller, any Initial Purchaser, any Underwriter or any
Certificateholder shall have any rights with respect to the enforcement of any of the rights or obligations hereunder.
Without limiting the foregoing, the parties to this Agreement specifically state that no Borrower, Manager or other party to
a Mortgage Loan is an intended third-party beneficiary of this Agreement.

 

Section
12.11   Entire Agreement. This Agreement (and, with respect to each Whole Loan, together with the related
Intercreditor Agreement) contains the entire agreement and understanding between the parties hereto with respect to the
subject matter hereof, and supersedes all prior and contemporaneous agreements, understanding, inducements and conditions,
express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms
hereof control and supersedes any course of performance or usage of the trade inconsistent with any of the terms hereof.

 

Section
12.12   Third Party Beneficiaries. Each of the Trustee, the Certificate Administrator, the Master Servicer and the
Special Servicer acknowledge that (i) each Mortgage Loan Seller and Cantor Fitzgerald & Co. are third party beneficiaries
with respect to Section 8.05(h) of this Agreement, the obligations of any party to this Agreement to deliver
information to the 17g-5 Information Provider hereunder and the obligations of the 17g-5 

 

     -454-

     

    

 

Information Provider to
post information to the 17g-5 Information Provider’s Website (or make available to the NRSROs the items referenced in Section
3.13(c) and (d)) and the express obligations of any party hereto to deliver documents, notices, information or funds to
a Mortgage Loan Seller, (ii) each Mortgage Loan Seller is a third party beneficiary with respect to Section 2.01, Section
2.02, Section 2.03 and Section 12.08 of this Agreement and its rights as a Privileged Person, (iii)
each Initial Purchaser and each Underwriter is a third party beneficiary with respect to its rights to receive any
notices, documents, certifications and/or information hereunder and its rights under Section 12.08 of this Agreement,
(iv) each holder of a Companion Loan and any related Other Depositor is an intended third party beneficiary in respect of the
rights afforded it under this Agreement and may directly (or, in the case of a holder of a Companion Loan, the related
Other Servicer may) enforce such rights, (v) each of the Serviced Companion Loan Service Providers under the applicable
Other Pooling and Servicing Agreement is an intended third party beneficiary under this Agreement with respect to any
provision herein expressly relating to compensation, reimbursement or indemnification of such Serviced Companion Loan Service
Provider and the provisions regarding the coordination of Advances and (vi) each of the Non-Serviced Mortgage Loan Service
Providers under the applicable Other Pooling and Servicing Agreement is an intended third party beneficiary under this
Agreement with respect to any provisions herein relating to (1) the reimbursement of any nonrecoverable advances made with
respect to the applicable Non-Serviced Mortgage Loan by such Persons, (2) the indemnification of each applicable Other
Servicer, Other Special Servicer and Other Trustee pursuant to Section 1.04 of this Agreement against any claims,
losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and
expenses incurred in connection with the related Other Pooling and Servicing Agreement and this Agreement that relate solely
to its servicing of the related Whole Loan and any related reimbursement provisions, (3) the provisions set forth in Section
4.07(e) of this Agreement regarding advancing coordination and (4) the provisions set forth in Sections 3.29 and 6.07,
as applicable, of this Agreement.

 

[NO FURTHER TEXT ON THIS
PAGE]

 

     -455-

     

    

 

 

IN WITNESS WHEREOF, the Depositor,
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the Asset Representations
Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized all as of the day and
year first above written.

 

	 	CCRE COMMERCIAL MORTGAGE SECURITIES, L.P., as
    Depositor
	 	 	 
	 	By:	/s/ Anthony Orso
	 	 	Name: Anthony Orso
	 	 	Title:   Principal Executive Officer
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Master
    Servicer
	 	 	 
	 	By:	/s/ Marcus Thomas
	 	 	Name:  Marcus Thomas
	 	 	Title:    Director
	 	 	 
	 	RIALTO CAPITAL ADVISORS, LLC, as
    Special Servicer
	 	 	 
	 	By:	/s/ Cheryl Baizan
	 	 	Name: Cheryl Baizan
	 	 	Title:   Chief Financial Officer
	 	 	 
	 	AEGON USA REALTY ADVISORS, LLC, as
    Potomac Mills Special Servicer
	 	 	 
	 	 By:	/s/ David C. Feltman
	 	 	Name:  David C. Feltman
	 	 	Title:    Executive Vice President

 

CFCRE
2016-C6: POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	 	WILMINGTON TRUST, National
    Association, as Trustee
	 	 	 
	 	By:	/s/ Beverly D. Capers
	 	 	Name:  Beverly D. Capers
	 	 	Title:    Assistant Vice President
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as
    Certificate Administrator, Custodian and Paying Agent
	 	 	 
	 	By:	/s/ Stacey Gross
	 	 	Name: Stacey Gross
	 	 	Title:   Vice President

 

CFCRE 2016-C6: POOLING AND SERVICING
AGREEMENT

 

     

     

    

 

	 	PARK BRIDGE LENDER SERVICES LLC, as Operating Advisor and as Asset Representations Reviewer
	 	 
	 	By:	Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 
	 	 	By:	Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 
	 	 		By:	/s/ Robert J. Spinna, Jr.
	 	 	 	 	Name: Robert J. Spinna, Jr.
	 	 	 	 	Title:   Managing Member

   

CFCRE 2016-C6: POOLING AND SERVICING
AGREEMENT

 

     

     

    

 

	STATE OF NY	)	 
	 	:	ss.:
	COUNTY OF NY	)	 

  

On the 21 day
of November in the year 2016, before me, the undersigned, personally appeared Anthony Orso, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by
his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument, and that such individual made such appearance before the undersigned in the New York NY (insert the
city or other political subdivision and the state or county or other place the acknowledgment was taken).

 

	 	/s/ Megan C. Feeney 
	 	Name:
	 	Title:	 

  

This
instrument prepared by:

 

	Name:	Cadwalader, Wickersham & Taft LLP	MEGAN C FEENEY
	Address:	200 Liberty Street	NOTARY PUBLIC
		New York, New York 10281	STATE OF NEW YORK
	 	 	No. 01FE6318641
	 		SUFFOLK COUNTY
	 	 	Exp. January 26, 2019

 

CFCRE
2016-C6: Pooling and servicing agreement notary page 

 

     

     

    

 

	STATE OF NORTH CAROLINA	)
	 	): ss.
	COUNTY OF MECKLENBURG	)

 

On this 14 day of November, 2016, personally
appeared before me Marcus Thomas, to me known (or proved to me on the basis of satisfactory evidence) to be a Director of Wells
Fargo Bank, National Association, a national banking association, that executed the within and foregoing instrument, and acknowledged
that said instrument to be the free and voluntary act and deed of said entity, for the uses and purposes therein mentioned, and
on oath stated that he was authorized to execute said instrument, and that by his signature on the instrument the entity upon behalf
of which he acted, executed the instrument.

 

	 	/s/ Erica L. Smith
	 	Notary 
	 	Name:
	 	 

	My Commission expires:	
        ERICA L. SMITH

        NOTARY PUBLIC

        Gaston County

        North Carolina

        My Commission Expires 7/15/2017

 

 

CFCRE
2016-C6: Pooling and servicing agreement notary page 

 

     

     

    

 

	STATE OF FLORIDA	)	 
	 	: ss.:	
	COUNTY OF MIAMI-DADE	)	 

 
 

On the 18th day of November in the year 2016, before me, the
undersigned, personally appeared Cheryl Baizan, who is, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on
the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that
such individual made such appearance before the undersigned in the City of Miami (insert the city or other political subdivision
and the state or county or other place the acknowledgment was taken).

 

	 	/s/ Lori Buckler
	 	Name:  Lori Buckler
	 	Title:   Notary Public

 

This instrument prepared by:

 

	Name:	Cadwalader, Wickersham & Taft LLP	 LORI BUCKLER
	Address:	200 Liberty Street	NOTARY PUBLIC, STATE OF FLORIDA 
	 	New York, New York 10281	#FF 059264
	 	 	Bonded thru
	 	 	Notary Public Underwriters
	 	 	MY COMMISSION EXPIRES

February 2, 2018

 

CFCRE
2016-C6: Pooling and servicing agreement notary page 

 

     

     

    

 

	STATE OF IOWA	)
	 	: ss.:
	COUNTY OF LINN	)

 

On the 15th day of November in the year 2016, before
me, the undersigned, personally appeared David C. Feltman, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same
in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual
acted, executed the instrument, and that such individual made such appearance before the undersigned in the city of Cedar Rapids,
Iowa.

 

	 	/s/ Rebecca Johnson
	 	Name: Rebecca Johnson
	 	Title:  Notary Public

 

This instrument prepared by:

 

	Name:	Cadwalader, Wickersham & Taft LLP	REBECCA JOHNSON
	Address:	200 Liberty Street	Commission Number 782312
	 	New York, New York 10281	My Commission Expires
	 	 	January 23, 2017

 

CFCRE
2016-C6: Pooling and servicing agreement notary page 

 

     

     

    

 

	STATE OF DELAWARE )	
	: ss.:	
	COUNTY OF NEW CASTLE )	

 

On the 10th day of November in the year 2016, before
me, the undersigned, personally appeared Beverly D. Capers, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s),
or the person upon behalf of which the individual(s) acted, executed the instrument, and that such individual made such appearance
before the undersigned in the Wilmington, Delaware (insert the city or other political subdivision and the state or county or other
place the acknowledgment was taken).

 

	 	/s/ Patrick A. Kanar
	 	Name: Patrick A. Kanar
	 	Title:

This instrument prepared by:

 

	Name:	Cadwalader, Wickersham & Taft LLP 	PATRICK A. KANAR 
	Address:	200 Liberty Street	NOTARY PUBLIC
	 	New York, New York 10281	STATE OF DELAWARE

	 	 	MY COMMISSION EXPIRES 
	 	 	JAN. 19, 2018

 

CFCRE 2016-C6: Pooling
and servicing agreement notary page 

 

     

     

    

 

	State of: Maryland	)
	 	)   ss: 
	County of: Howard	)

 

On the 18th day of November, 2016, before me, a notary public
in and for said State, personally appeared Stacey Gross, known to me to be a Vice President of Wells Fargo Bank, N.A., one of the
corporations that executed the within instrument, and also know to me to be the person who executed it on behalf of said corporation,
and acknowledged to me that such corporation executed the within instrument.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my official seal the day and year in this certificate first above written.

 

	 	/s/ Amy Martin
	 	Notary Public
	 	 
	 	AMY MARTIN

NOTARY PUBLIC

ANNE ARUNDEL COUNTY

MARYLAND

My Commission Expires 2-22-2017

 

CFCRE 2016-C6: Pooling
and servicing agreement

 

     

     

    

 

	STATE OF NEW YORK	)
	 	) ss:
	COUNTY OF NEW YORK	)

 

On this 10th
day of November 2016, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and sworn,
personally appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before me that he is
a Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which in turn is the sole
member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument; and that he signed
his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the day and year first
above written.

 

	 	/s/ Cathy Pampinella
	 	NOTARY PUBLIC in and for the State of New York

This instrument prepared by:

 

	Name:	Cadwalader, Wickersham & Taft LLP	CATHY PAMPINELLA
	Address:	200 Liberty Street	Notary Public, State of New York
	 	New York, New York 10281	Registration #01PAS303022
	 	 	Qualified In Suffolk County
	 	 	Commission Expires May 12 2018

 

CFCRE
2016-C6: Pooling and servicing agreement notary page 

 

     

     

    

  

EXHIBIT
A-1

 

FORM
OF CLASS A-1 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1
 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-1-1

     

    

 

CFCRE
2016-C6 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-1

 

	Class A-1 Pass-Through Rate:
    1.519%	 	CUSIP: 12532A
                           AW9

         

        ISIN: US12532AAW99

         

	Original Aggregate Certificate Balance of the

    Class A-1 Certificates: $30,937,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date: December, 2016	 	Cut-off Date: The close of business on the related
    due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage Loan that has its first due date in December
    2016, the date that would have been its Due Date in November 2016 under the terms of that Mortgage Loan if a monthly payment
    were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: November, 2021	 	No.: A-1-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-1 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC,
as Potomac Mills Special Servicer (the “Potomac Mills Special Servicer”), Wilmington Trust, National Association,
as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”) custodian and paying agent, Park Bridge Lender Services LLC,
as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services LLC,
as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class

 

    A-1-2

     

    

 

X-E, Class X-F, Class
X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders
of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-1 Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth
day of each month, or if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-1 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of

 

    A-1-3

     

    

 

the calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such
final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing
Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one year after the second notice any Certificates shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders
shall be paid out of the assets which remain held. If within two years after the second notice any such Certificates shall not
have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of
such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage

 

    A-1-4

     

    

 

Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest
Distribution Account, the Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on
deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental
indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to
the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating
to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other
than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts,
to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals
may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate

 

    A-1-5

     

    

 

Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC
or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee
and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to any

 

    A-1-6

     

    

 

provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be
subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect
to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder,
determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform
to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the
status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment
shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of
Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such

 

    A-1-7

     

    

 

extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special
Servicer without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which
are required to be distributed on any Certificate, without the consent of the Holders ofe Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders
without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

		(iv)	change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any

 

    A-1-8

     

    

 

			rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan
                                                                            Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC, or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 

 

    A-1-9

     

    

 

			days
prior to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class
B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the
then-outstanding Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if
the Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates and
Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be,

 

    A-1-10

     

    

 

required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust
Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-1-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.

 

Dated:
November __, 2016

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized
Signatory

  

Certificate
of Authentication

 

This
is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
November __, 2016

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized
Signatory

  

    A-1-12

     

    

 

EXHIBIT
A-2

 

FORM
OF CLASS A-SB CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1
 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-2-1

     

    

  

CFCRE
2016-C6 COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-SB

 

	Class
    A-SB Pass-Through Rate: 3.060%	 	CUSIP: 12532A
                                         AX7

         

        ISIN: US12532AAX72

         

	Original
    Aggregate Certificate Balance of the

    Class A-SB Certificates: $33,226,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: December, 2016	 	Cut-off
    Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage
    Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms
    of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date: December 2025	 	No.:
    A-SB-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-SB Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC,
as Potomac Mills Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date:
December, 2016 Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park
Bridge Lender Services LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”)
evidences the issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C,
Class X-E, Class X-F, Class X-G, Class D, Class E, Class F,

 

    A-2-2

     

    

 

Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-SB Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth
day of each month, or if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-SB Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month preceding the month in which such Distribution Date occurs. Such

 

    A-2-3

     

    

 

distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such
final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing
Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one year after the second notice any Certificates shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders
shall be paid out of the assets which remain held. If within two years after the second notice any such Certificates shall not
have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of
such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust
Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i)
such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files
relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the
Cut-off Date; (iii) the Trust Fund’s interest in any REO

 

    A-2-4

     

    

 

Property; (iv) all revenues received in respect of any REO
Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi)
any indemnities or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets
deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value
Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income,
as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a
security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the
Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans;
(xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the
Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be
affected by notice or knowledge to the contrary.

 

    A-2-5

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee without the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any
ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any
Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus or Private
Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or
supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or
inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the
timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any
Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify,
eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust
REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to
avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision
of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has
determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of
the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is
not a Permitted

 

    A-2-6

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect
the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of
the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its
then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the
extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as
evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities
related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the
same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section
3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the
Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not
continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant
provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency
Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have
delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this
Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely
affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to
the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement
to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the
extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate
Administrator, the Operating

 

    A-2-7

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer
or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material respect the
interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of
clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as
a grantor trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which
are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders
without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

		(iv)	change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that

 

    A-2-8

     

    

 

			

 

			such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities
                                                                            related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the
                                                                            same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC, or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all
unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related
Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination
Date

 

    A-2-9

     

    

  

			(less
any P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class
B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the
then-outstanding Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if
the Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates and
Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing
Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain
payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall
terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of
all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be,
required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of
(i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of
the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage
Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or
collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust

 

    A-2-10

     

    

 

created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom,
living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-2-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-SB Certificate to be duly executed.

 

Dated:
November __, 2016

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized
Signatory

  

Certificate
of Authentication

 

This
is one of the Class A-SB Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
November __, 2016

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	 
	 	Authorized
Signatory

 

    A-2-12

     

    

 

EXHIBIT
A-3

 

FORM
OF CLASS A-2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

  

     A-3-1

     

    

  

CFCRE
2016-C6 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-2

 

	Class
    A-2 Pass-Through Rate: 2.950%	 	CUSIP:
                                                                      12532A AY5

                                                                       

        ISIN:
        US12532AAY55 

	 	 	 
	Original
    Aggregate Certificate Balance of the

    Class A-2 Certificates: $220,000,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: December, 2016	 	Cut-off
    Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage
    Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms
    of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date: August 2026	 	No.:
    A-2-[__]

  

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-2 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC, as Potomac
Mills Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date: December,
2016 Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating
Advisor”), and Park Bridge Lender Services LLC, as asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1,
Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class X-E, Class X-F, Class X-G, Class D,
Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as

 

     A-3-2

     

    

 

“Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-2 Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth
day of each month, or if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
by wire transfer of immediately available

 

     A-3-3

     

    

 

funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such
final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing
Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one year after the second notice any Certificates shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders
shall be paid out of the assets which remain held. If within two years after the second notice any such Certificates shall not
have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of
such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any

 

     A-3-4

     

    

 

indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest
Distribution Account, the Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on
deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental
indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to
the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating
to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other
than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts,
to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals
may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as

 

     A-3-5

     

    

 

provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC
or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee
and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be
subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder or

 

     A-3-6

     

    

 

any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect
to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder,
determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform
to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the
status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment
shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of
Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special
Servicer without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan

 

     A-3-7

     

    

 

Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which
are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders
without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

		(iv)	change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered

 

     A-3-8

     

    

 

			satisfied in
                                                                            the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC, or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

     A-3-9

     

    

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class
B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the
then-outstanding Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if
the Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates and
Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust
Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the United Kingdom, living on the date hereof.

 

     A-3-10

     

    

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

  

     A-3-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.

 

Dated:
November __, 2016

	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity but
solely as Certificate Administrator
	 	 	 
	 	 	By:
	 	 	Authorized
Signatory

 

Certificate
of Authentication

 

This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
November __, 2016 

	 	 	 
	 	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 	 
	 	 	By:
	 	 	Authorized
Signatory

 

     A-3-12

     

    

 

EXHIBIT
A-4

 

FORM
OF CLASS A-3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.  

 

     A-4-1

     

    

 

CFCRE
2016-C6 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-3

 

	Class
    A-3 Pass-Through Rate: 3.217%	 	CUSIP:12532A
                                         AZ2

         

        ISIN:US12532AAZ21

         

	Original
    Aggregate Certificate Balance of the

    Class A-3 Certificates: $267,118,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: December, 2016	 	Cut-off
    Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage
    Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms
    of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date: November 2026	 	No.:
    A-3-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-3 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC,
as Potomac Mills Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date:
December, 2016 Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park
Bridge Lender Services LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”)
evidences the issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C,
Class X-E, Class X-F, Class X-G, Class D, Class E, Class F,

 

     A-4-2

     

    

 

Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-3 Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth
day of each month, or if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-3 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month preceding the month in which such Distribution Date occurs. Such

 

     A-4-3

     

    

 

distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such
final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing
Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one year after the second notice any Certificates shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders
shall be paid out of the assets which remain held. If within two years after the second notice any such Certificates shall not
have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of
such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO

 

     A-4-4

     

    

 

Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest
Distribution Account, the Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on
deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental
indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to
the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating
to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other
than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts,
to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals
may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

     A-4-5

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC
or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee
and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be
subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

     A-4-6

     

    

 

Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect
to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder,
determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform
to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the
status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment
shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of
Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating

 

     A-4-7

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special
Servicer without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which
are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders
without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

		(iv)	change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that

 

     A-4-8

     

    

 

			such action
                                                                            will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a
                                                                            Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                                                            as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC, or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date 

 

     A-4-9

     

    

 

	 	 	(less
                                         any P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class
B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the
then-outstanding Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if
the Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates and
Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust
Fund; provided that in no event shall the trust

 

     A-4-10

     

    

 

created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-4-11

     

    

 

 

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-3 Certificate to be duly executed.

 

Dated: November __, 2016 

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized
Signatory

  

Certificate of Authentication

 

This is one of the Class A-3
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized
Signatory

 

    A-4-12 

    	 

    

 

EXHIBIT A-5

 

FORM OF CLASS A-M CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-5-1 

    	 

    

 

CFCRE 2016-C6 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-M

 

	Class A-M Pass-Through Rate:  Equal to the lesser of 3.502% and the WAC Rate	 	
        CUSIP: 12532A BA6

         

        ISIN:     US12532ABA60

         

	Original Aggregate Certificate Balance of the

Class A-M Certificates: $59,066,000 	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date:  December, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  November 2026	 	No.: A-M-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-M Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital
Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills
Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date: December, 2016
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the
issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class X-E, Class
X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the
Holders of Certificates issued

 

    A-5-2 

    	 

    

 

under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-M Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each
month, or if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class A-M Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each

 

    A-5-3 

    	 

    

 

Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of

 

    A-5-4 

    	 

    

 

Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).
As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the

 

    A-5-5 

    	 

    

 

Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other provisions with
respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the
required

 

    A-5-6 

    	 

    

 

action shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced
Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party
requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such
amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by
an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement
of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee
and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the status of the
Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the
applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures
of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not
adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel
or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer
without such party’s consent; and (b) shall not adversely affect

 

    A-5-7 

    	 

    

 

in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if

 

    A-5-8 

    	 

    

 

any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

    A-5-9 

    	 

    

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class B,
Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and
Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii)
of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

    A-5-10 

    	 

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-5-11 

    	 

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-M Certificate to be duly executed.

 

Dated: November __, 2016

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized
Signatory

 

Certificate of Authentication

 

This is one of the Class A-M
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized
Signatory

 

    A-5-12 

    	 

    

 

EXHIBIT A-6

 

FORM OF CLASS B CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-6-1 

    	 

    

 

CFCRE 2016-C6 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS B

 

	Class B Pass-Through Rate:  Equal to the lesser of 3.804% and  the WAC Rate	 	
        CUSIP: 12532A BB4

         

        ISIN:     US12532ABB44

         

	Original Aggregate Certificate Balance of the Class B Certificates: $39,377,000 	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date:  December, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  November 2026	 	No.: B-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital
Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills
Special Servicer (the “Potomac Mills Special Servicer”), Wilmington Trust, National Association, as trustee
(the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the
“Certificate Administrator”) custodian and paying agent, Park Bridge Lender Services LLC,
as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services LLC,
as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class X-E, Class X-F, Class
X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates

 

    A-6-2 

    	 

    

 

(the “Certificates”; the Holders of
Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders of this Certificate may
be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such

 

    A-6-3 

    	 

    

 

distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO

 

    A-6-4 

    	 

    

 

Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).
As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-6-5 

    	 

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-6-6 

    	 

    

 

Transferee; (vi) to revise or add any other provisions with
respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the
required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced
Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party
requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such
amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by
an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement
of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee
and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the status of the
Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the
applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures
of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not
adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel
or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating

 

    A-6-7 

    	 

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer
without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that

 

    A-6-8 

    	 

    

 

such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to
a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date

 

    A-6-9 

    	 

    

 

			 (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class B,
Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and
Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii)
of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust

 

    A-6-10 

    	 

    

 

created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-6-11 

    	 

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class B Certificate to be duly executed.

 

Dated: November __, 2016

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized
Signatory

 

Certificate of Authentication

 

This is one of the Class B
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized
Signatory

 

    A-6-12 

    	 

    

 

EXHIBIT A-7

 

FORM OF CLASS C CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-7-1 

    	 

    

 

CFCRE 2016-C6 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS C

 

	Class C Pass-Through Rate:  Equal to the WAC Rate	 	
        CUSIP: 12532A BC2

         

        ISIN:     US12532ABC27

         

	Original Aggregate Certificate Balance of the

Class C Certificates: $37,408,000 	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date:  December, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  November 2026	 	No.: C-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class C Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital
Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills
Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date: December, 2016
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the
issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class X-E, Class
X-F, Class X-G, Class D, Class E, Class F,

 

    A-7-2 

    	 

    

 

Class G, Class V and Class R Certificates (the “Certificates”; the
Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders of this Certificate may
be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such

 

    A-7-3 

    	 

    

 

distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO

 

    A-7-4 

    	 

    

 

Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).
As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-7-5 

    	 

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-7-6 

    	 

    

 

Transferee; (vi) to revise or add any other provisions with
respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the
required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced
Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party
requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such
amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by
an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement
of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee
and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the status of the
Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the
applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures
of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not
adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel
or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating

 

    A-7-7 

    	 

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer
without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that

 

    A-7-8 

    	 

    

 

such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to
a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date

 

    A-7-9 

    	 

    

 

			 (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class B,
Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and
Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii)
of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust

 

    A-7-10 

    	 

    

 

created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-7-11 

    	 

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class C Certificate to be duly executed.

 

Dated: November __, 2016

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized
Signatory

 

Certificate of Authentication

 

This is one of the Class C
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized
Signatory

 

    A-7-12 

    	 

    

 

EXHIBIT A-8

 

FORM OF CLASS D [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501 (a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER
THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-8-1 

    	 

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

 

    A-8-2 

    	 

    

 

CFCRE 2016-C6 MORTGAGE TRUSTE COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS D

 

	Class D Pass-Through Rate: Equal to the WAC Rate	 	
        CUSIP: 12532A
AA75

                      U1579H
AA66

                      12532A
AB57

         

        ISIN:     US12532AAA798

                      USU1579HAA699

                      US12532AAB5210

         

	Original Aggregate Certificate Balance of the Class D Certificates: $42,331,000 	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date:  December, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  November 2026	 	No.: D-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

5
For Rule 144A Certificates 

6
For Regulation S Certificates 

7
For IAI Certificates 

8
For Rule 144A Certificates 

9
For Regulation S Certificates 

10
For IAI Certificates

 

    A-8-3 

    	 

    

 

The Pooling and Servicing
Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital
Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills
Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date: December, 2016
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the
issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class X-E, Class
X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the
Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders of this Certificate may
be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-8-4 

    	 

    

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

    A-8-5 

    	 

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).
As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-8-6 

    	 

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided

 

    A-8-7 

    	 

    

 

that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other provisions with
respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the
required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced
Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party
requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such
amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by
an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement
of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee
and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the status of the
Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the
applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures
of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not
adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel
or (y) if any Certificate is then rated, receipt of Rating

 

    A-8-8 

    	 

    

 

Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer
without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

    A-8-9 

    	 

    

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated 

 

    A-8-10 

    	 

    

 

			Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class B,
Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and
Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii)
of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-8-11 

    	 

    

 

behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-8-12 

    	 

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class D Certificate to be duly executed.

 

Dated: November __, 2016

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized
Signatory

  

Certificate of Authentication

 

This is one of the Class D
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized
Signatory

 

    A-8-13 

    	 

    

 

EXHIBIT A-9

 

FORM OF CLASS E [RULE 144A] 1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-9-1 

    	 

    

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT
OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL

 

    A-9-2 

    	 

    

 

REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 

 

    A-9-3 

    	 

    

 

UNDER SECTIONS I AND III OF PTCE 95-60,
OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

 

    A-9-4 

    	 

    

 

CFCRE 2016-C6 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS E

 

	Class E Pass-Through Rate: Equal to the lesser of 2.856% and the WAC Rate	 	
        CUSIP: 12532A
AC35

                      U1579H
AB46

                      12532A AD17

         

        ISIN:     US12532AAC368

                      USU1579HAB439

                      US12532AAD1910

         

	Original Aggregate Certificate Balance of the Class E Certificates: $19,689,000 	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date:  December, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  November 2026	 	No.: E-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class E Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

5
For Rule 144A Certificates 

6
For Regulation S Certificates 

7
For IAI Certificates 

8
For Rule 144A Certificates 

9
For Regulation S Certificates 

10
For IAI Certificates

 

    A-9-5 

    	 

    

 

The Pooling and Servicing
Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital
Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills
Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date: December, 2016
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the
issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class X-E, Class
X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the
Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016.

 

During each Interest
Accrual Period (as defined below), interest on the Class E Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-9-6 

    	 

    

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

    A-9-7 

    	 

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).
As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-9-8 

    	 

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided

 

    A-9-9 

    	 

    

 

that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other provisions with
respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the
required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced
Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party
requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such
amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by
an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement
of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee
and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the status of the
Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the
applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures
of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not
adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel
or (y) if any Certificate is then rated, receipt of Rating

 

    A-9-10 

    	 

    

 

Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer
without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

    A-9-11 

    	 

    

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated 

 

    A-9-12 

    	 

    

 

			Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class B,
Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and
Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii)
of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-9-13 

    	 

    

 

behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-9-14 

    	 

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class E Certificate to be duly executed.

 

Dated: November __, 2016

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized
Signatory

 

Certificate of Authentication

 

This is one of the Class E
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized
Signatory

 

    A-9-15 

    	 

    

 

EXHIBIT A-10

 

FORM OF CLASS F [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-10-1 

    	 

    

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT
OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT

 

    A-10-2 

    	 

    

 

OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975

 

    A-10-3 

    	 

    

 

UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

 

    A-10-4 

    	 

    

 

CFCRE 2016-C6 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS F

 

	Class F Pass-Through Rate:  Equal to the  lesser of 2.856% and the WAC Rate	 	
        CUSIP: 12532A
AE95

                      U1579H
AC26

                      12532A AF67

         

        ISIN:     US12532AAE918

                      USU1579HAC269

                      US12532AAF6610

         

	Original Aggregate Certificate Balance of the Class F Certificates: $7,875,000 	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date:  December, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  November 2026	 	No.: F-[__]

 

This certifies that
[_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the
Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. 

 

 

5
For Rule 144A Certificates 

6
For Regulation S Certificates 

7
For IAI Certificates 

8
For Rule 144A Certificates 

9
For Regulation S Certificates 

10
For IAI Certificates

 

    A-10-5 

    	 

    

 

The Pooling and Servicing
Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital
Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills
Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date: December, 2016
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the
issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class X-E, Class
X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the
Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class F Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016.

 

During each Interest
Accrual Period (as defined below), interest on the Class F Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-10-6 

    	 

    

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

    A-10-7 

    	 

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).
As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-10-8 

    	 

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided

 

    A-10-9 

    	 

    

 

that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other provisions with
respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the
required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced
Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party
requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such
amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by
an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement
of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee
and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the status of the
Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the
applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures
of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not
adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel
or (y) if any Certificate is then rated, receipt of Rating

 

    A-10-10 

    	 

    

 

Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer
without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

    A-10-11 

    	 

    

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated

 

    A-10-12 

    	 

    

 

			Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class B,
Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and
Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii)
of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-10-13 

    	 

    

 

behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-10-14 

    	 

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class F Certificate to be duly executed.

 

Dated: November __, 2016

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized
Signatory

 

Certificate of Authentication

 

This is one of the Class F
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized
Signatory

 

    A-10-15 

    	 

    

 

EXHIBIT A-11

 

FORM OF CLASS G [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-11-1 

    	 

    

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT
OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT

 

    A-11-2 

    	 

    

 

OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975

 

    A-11-3 

    	 

    

 

UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND
WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE
CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT
TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

 

    A-11-4 

    	 

    

 

CFCRE 2016-C6 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS G

 

	Class G Pass-Through Rate:  Equal to the lesser of 2.856% and  the WAC Rate	 	
        CUSIP: 12532A
AG45

                      U1579H
AD06

                      12532A AH27

         

        ISIN:     US12532AAG408

                      USU1579HAD099

                      US12532AAH2310

         

	Original Aggregate Certificate Balance of the

Class G Certificates: $30,517,880 	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date:  December, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  November 2026	 	No.: G -[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class G Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

 

5
For Rule 144A Certificates 

6
For Regulation S Certificates 

7
For IAI Certificates 

8
For Rule 144A Certificates 

9
For Regulation S Certificates 

10
For IAI Certificates

 

    A-11-5 

    	 

    

 

The Pooling and Servicing
Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital
Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills
Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date: December, 2016
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the
issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class X-E, Class
X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the
Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class G Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016.

 

During each Interest
Accrual Period (as defined below), interest on the Class G Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-11-6 

    	 

    

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

    A-11-7 

    	 

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).
As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-11-8 

    	 

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided

 

    A-11-9 

    	 

    

 

that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other provisions with
respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the
required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced
Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party
requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such
amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by
an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement
of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee
and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the status of the
Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the
applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures
of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not
adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel
or (y) if any Certificate is then rated, receipt of Rating

 

    A-11-10 

    	 

    

 

Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer
without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

    A-11-11 

    	 

    

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated

 

    A-11-12 

    	 

    

 

			Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class B,
Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and
Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii)
of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-11-13 

    	 

    

 

behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-11-14 

    	 

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class G Certificate to be duly executed.

 

Dated: November __, 2016

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized
Signatory

 

Certificate of Authentication

 

This is one of the Class G
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized
Signatory

 

    A-11-15 

    	 

    

 

EXHIBIT A-12

 

FORM OF CLASS X-A CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-A CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X- A CERTIFICATES IS EQUAL TO AN AMOUNT AS SET
FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-12-1 

    	 

    

 

CFCRE 2016-C6 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-A

 

	Class X-A Pass-Through Rate:  Variable	 	
        CUSIP: 12532A BD0

         

        ISIN: US12532ABD00

         

	Original Aggregate Certificate Balance of the Class X-A Certificates: $551,281,000 	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date:  December, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  November 2026	 	No.: X-A-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital
Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills
Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date: December, 2016
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the
issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class X-E, Class
X-F, Class X-G, Class D, Class E, Class F,

 

    A-12-2 

    	 

    

 

Class G, Class V and Class R Certificates (the “Certificates”; the
Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders of this Certificate may
be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class X-A Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such

 

    A-12-3 

    	 

    

 

distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO

 

    A-12-4 

    	 

    

 

Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).
As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-12-5 

    	 

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-12-6 

    	 

    

 

Transferee; (vi) to revise or add any other provisions with
respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the
required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced
Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party
requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such
amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by
an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement
of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee
and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the status of the
Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the
applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures
of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not
adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel
or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating

 

    A-12-7 

    	 

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer
without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that

 

    A-12-8 

    	 

    

 

such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to
a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date

 

    A-12-9 

    	 

    

 

			(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class B,
Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and
Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii)
of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust

 

    A-12-10 

    	 

    

 

created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-12-11 

    	 

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class X-A Certificate to be duly executed.

 

Dated: November __, 2016

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized
Signatory

 

Certificate of Authentication

 

This is one of the Class X-A
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized
Signatory

 

    A-12-12 

    	 

    

 

  

EXHIBIT A-13

 

FORM OF CLASS X-B CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-B CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES IS EQUAL TO AN AMOUNT AS SET
FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

		1	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

 

    A-13-1

     

    

 

CFCRE 2016-C6 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-B

 

	Class X-B Pass-Through Rate: Variable	 	
        CUSIP:12532A BE8

         

        ISIN:    US12532ABE82 

	 	 	 
	Original Aggregate Certificate Balance of the

Class X-B Certificates: $98,443,000 	 	Initial Certificate Balance of this 

Certificate: $[__]
	 	 	 
	First Distribution Date: December, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: November 2026	 	No.: X-B-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital
Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills
Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date: December, 2016
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the
issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class X-E, Class
X-F, Class X-G, Class D, Class E, Class F,

 

    A-13-2

     

    

 

Class G, Class V and Class R Certificates (the “Certificates”; the
Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders of this Certificate may
be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class X-B Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such

 

    A-13-3

     

    

 

distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO

 

    A-13-4

     

    

 

Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).
As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-13-5

     

    

  

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with
or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the
Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts
or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of
any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; provided that the Trustee and the Certificate Administrator have
received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary
or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action
will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify,
eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust
REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person
that is not a Permitted

 

    A-13-6

     

    

 

Transferee; (vi) to revise or add any other provisions with respect to matters or questions arising under
the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in
any material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii)
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the
provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed
Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has
not occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry
standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions
of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating

 

    A-13-7

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that

 

    A-13-8

     

    

 

			such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities
                                                                            related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the
                                                                            same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

  

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage
Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances
previously made on account of principal);

 

		(B)	the fair market value of all other property included
in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent
appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such
Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of
each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the
Mortgage Rate to the last day of the month preceding such Anticipated Termination Date

 

    A-13-9

     

    

 

			(less any P&I Advances previously made on account of interest); and

  

		(D)	the aggregate amount of unreimbursed Advances, with
interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund
expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount
and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class B, Class C and Class
D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates
(other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder has
only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates and Class X-G Certificates pursuant
to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing
Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the
anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii)
the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust 

 

    A-13-10

     

    

 

created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-13-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class X-B Certificate to be duly executed.

 

Dated: November __, 2016

 

	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION, not in its individual 

capacity but solely as Certificate 

Administrator
	 	 	 
	 	 	By:

Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class
X-B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: November __, 2016

 

	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION, not in its individual 

capacity but solely as Authenticating Agent
	 	 	 
	 	 	By:

Authorized Signatory

 

    A-13-12

     

    

 

EXHIBIT A-14

 

FORM OF CLASS X-E [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-14-1

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-E CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-E CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-E CERTIFICATES IS EQUAL TO AN AMOUNT AS SET
FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND
WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE
CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT
TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

  

 

4
For Reg S Global Certificates only.

 

    A-14-2

     

    

 

CFCRE 2016-C6 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-E

 

	Class X-E Pass-Through Rate: Variable	 	
        CUSIP:    12532A
AL35

U1579H AF56

12532A AM17

         

        ISIN:        US12532AAL358

        USU1579HAF569

        US12532AAM1810

         

	Original Aggregate Notional Balance of the

Class X-E Certificates: $19,689,000 	 	Initial Notional Balance of this Certificate: $[__]
	First Distribution Date: December, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	Assumed Final Distribution Date: November 2026	 	No.: X-E-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-E Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

5
For Rule 144A Certificates

6
For Regulation S Certificates 

7
For IAI Certificates

8
For Rule 144A Certificates 

9
For Regulation S Certificates

10
For IAI Certificates

 

    A-14-3

     

    

 

The Pooling and Servicing
Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital
Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills
Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date: December, 2016
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, Park Bridge Lender
Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the
issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class X-E, Class
X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the
Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-E Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders of this Certificate may
be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class X-E Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

    A-14-4

     

    

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

    A-14-5

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).
As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-14-6

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with
or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the
Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts
or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of
any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; provided

 

    A-14-7

     

    

 

 that the Trustee and the Certificate Administrator have
received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary
or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action
will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify,
eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust
REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person
that is not a Permitted Transferee; (vi) to revise or add any other provisions with respect to matters or questions arising under
the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in
any material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii)
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the
provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed
Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has
not occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry
standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions
of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating

 

    A-14-8

     

    

 

Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

    A-14-9

     

    

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated 

 

    A-14-10

     

    

 

			Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount
and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class B, Class C and Class
D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates
(other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder has
only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates and Class X-G Certificates pursuant
to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing
Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the
anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-14-11

     

    

 

behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii)
the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-14-12

     

    

  

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-E Certificate to be duly executed.

 

Dated: November __, 2016

 

	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION, not in its individual 

capacity but solely as Certificate 

Administrator
	 	 	 
	 	 	By:

Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class
X-E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: November __, 2016

 

	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION, not in its individual 

capacity but solely as Authenticating Agent
	 	 	 
	 	 	By:

Authorized Signatory

  

    A-14-13

     

    

 

EXHIBIT
A-15

 

FORM
OF CLASS X-F [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1 For
Rule 144A Global Certificates only. 

2 For
Reg S Global Certificates only. 

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-15-1 

     

    

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE
HOLDERS OF THIS CLASS X-F CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS
X-F CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-F
CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING
NOTIONAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4 For
Reg S Global Certificates only.

 

    A-15-2 

     

    

 

CFCRE
2016-C6 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-F

 

	Class
    X-F Pass-Through Rate: Variable	 	CUSIP:	12532A
    AN95

    U1579H AG36

    12532A AP47
	 	 	 	 
	 	 	ISIN:	US12532AAN908

    USU1579HAG309

    US12532AAP4910
	 	 	 	 
	Original
    Aggregate Notional Balance of the Class X-F Certificates: $7,875,000	 	Initial
    Notional Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: December, 2016	 	Cut-off
    Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage
    Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms
    of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date: November 2026	 	No.:
    X-F-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class X-F Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

5
For Rule 144A Certificates 

6
For Regulation S Certificates 

7
For IAI Certificates 

8
For Rule 144A Certificates 

9
For Regulation S Certificates 

10
For IAI Certificates

 

    A-15-3 

     

    

 

The
Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC,
as Potomac Mills Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date:
December, 2016 Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park
Bridge Lender Services LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”)
evidences the issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C,
Class X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class X-F Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month,
or if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class X-F Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Notional Balance hereof.

 

    A-15-4 

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such
final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing
Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one year after the second notice any Certificates shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders
shall be paid out of the assets which remain held. If within two years after the second notice any such Certificates shall not
have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of
such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-15-5 

     

    

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest
Distribution Account, the Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on
deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental
indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to
the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating
to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other
than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts,
to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals
may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

    A-15-6 

     

    

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC
or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; provided

 

    A-15-7 

     

    

 

that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise
or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other
change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder
or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision
of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section
3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an
Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that
such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x)
an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating

 

    A-15-8 

     

    

 

Agency
Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator
shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the
Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall
not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not
consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in
the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

    A-15-9 

     

    

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC, or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated

 

    A-15-10 

     

    

 

			Termination
                                         Date, as determined by an Independent appraiser acceptable to the Master Servicer as
                                         of a date not more than 30 days prior to the last day of the month preceding such Distribution
                                         Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class
B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the
then-outstanding Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if
the Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates and
Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-15-11 

     

    

 

behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and
all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the
exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling
and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-15-12 

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-F Certificate to be duly executed.

 

Dated:
November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 
	 		By:
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class X-F Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 
	 		By:
	 	 	Authorized Signatory

 

    A-15-13 

     

    

 

EXHIBIT
A-16

 

FORM
OF CLASS X-G [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-16-1 

     

    

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE
HOLDERS OF THIS CLASS X-G CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS
X-G CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-G
CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING
NOTIONAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

 

    A-16-2 

     

    

 

CFCRE
2016-C6 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-G

 

	Class
    X-G Pass-Through Rate: Variable	 	CUSIP:	12532A
    AQ25

    U1579H AH16

    12532A AR07
	 	 	 	 
	 	 	ISIN:	US12532AAQ228

    USU1579HAH139

    US12532AAR0510
	 	 	 	 
	Original
    Aggregate Notional Balance of the Class X-G Certificates: $30,517,880	 	Initial
    Notional Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: December, 2016	 	Cut-off
    Date: The close of business on the related due date for each Mortgage Loan in November 2016 (or, in the case of any Mortgage
    Loan that has its first due date in December 2016, the date that would have been its Due Date in November 2016 under the terms
    of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date: November 2026	 	No.:
    X-G-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class X-G Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

5 For
Rule 144A Certificates 

6 For
Regulation S Certificates 

7 For
IAI Certificates 

8 For
Rule 144A Certificates 

9 For
Regulation S Certificates 

10 For
IAI Certificates

 

    A-16-3 

     

    

 

The
Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC,
as Potomac Mills Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date:
December, 2016 Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park
Bridge Lender Services LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”)
evidences the issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C,
Class X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class X-G Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month,
or if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class X-G Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Notional Balance hereof.

 

    A-16-4 

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such
final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing
Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one year after the second notice any Certificates shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders
shall be paid out of the assets which remain held. If within two years after the second notice any such Certificates shall not
have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of
such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-16-5 

     

    

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest
Distribution Account, the Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on
deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental
indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to
the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating
to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other
than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts,
to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals
may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

    A-16-6 

     

    

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC
or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; provided

 

    A-16-7 

     

    

 

that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise
or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other
change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder
or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision
of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section
3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an
Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that
such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x)
an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating

 

    A-16-8 

     

    

 

Agency
Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator
shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the
Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall
not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not
consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in
the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

    A-16-9 

     

    

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC, or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated

 

    A-16-10 

     

    

  

			Termination
                                         Date, as determined by an Independent appraiser acceptable to the Master Servicer as
                                         of a date not more than 30 days prior to the last day of the month preceding such Distribution
                                         Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class
B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the
then-outstanding Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if
the Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates and
Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-16-11 

     

    

 

behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and
all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the
exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling
and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-16-12 

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-G Certificate to be duly executed.

 

Dated:
November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 
	 		By:
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class X-G Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 
	 		By:
	 	 	Authorized Signatory

 

    A-16-13 

     

    

 

EXHIBIT
A-17

 

FORM
OF CLASS R CERTIFICATE

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS “RESIDUAL INTERESTS” IN TWO “REAL ESTATE MORTGAGE
INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”). A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED
THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02(l) OF THE POOLING AND SERVICING
AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT,
AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN
AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE,
(B) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED
BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY
PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (D) IT INTENDS TO
PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, AND (E) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES
WITH RESPECT TO THE CLASS R CERTIFICATES IN EXCESS OF ANY CASH FLOW GENERATED BY THE CLASS R CERTIFICATE. ANY PURPORTED TRANSFER
TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS
SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS MULTIPLE
“NON ECONOMIC RESIDUAL INTERESTS,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), TRANSFERS OF THIS CERTIFICATE
MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL
NOT BE DISREGARDED, THE TRANSFEROR 

 

    A-17-1 

     

    

 

MAY
BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO PAY
A SPECIFIED AMOUNT TO THE PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

THE
HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT TO ACT AS “TAX MATTERS PERSON”
AND “PARTNERSHIP REPRESENTATIVE” OF THE UPPER-TIER REMIC AND THE LOWER-TIER REMIC AND TO THE APPOINTMENT OF THE CERTIFICATE
ADMINISTRATOR AS ATTORNEY IN FACT AND AGENT FOR THE TAX MATTERS PERSON THE “PARTNERSHIP REPRESENTATIVE” OR AS OTHERWISE
PROVIDED IN THE POOLING AND SERVICING AGREEMENT TO PERFORM THE FUNCTIONS OF A “TAX MATTERS PARTNER” AND “PARTNERSHIP
REPRESENTATIVE” FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (2) FOR SO
LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”),
TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A
CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN

 

    A-17-2 

     

    

 

OPINION
OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING
AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), SECTION 4975 OF THE CODE, OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA,
OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR
TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE
UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S.
DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF
SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW
TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN. TRANSFEREES
OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING
AND SERVICING AGREEMENT TO SUCH EFFECT. 

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

    A-17-3 

     

    

 

CFCRE
2016-C6 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS R

 

	No.:
    R-[__]	 	Percentage
    Interest: 5.0%
	 	 	 
	 	 	CUSIP:	12532A
    AU31
	 	 	 	U1579H
    AK42
	 	 	 	12532A
    AV13
	 	 	 	 
	 	 	ISIN:	US12532AAU344
	 	 		USU1579HAK425
	 	 	 	US12532AAV176

 

This
certifies that [_______] is the registered owner of the Percentage Interest evidenced by this Certificate in the Class R Certificates
issued by the Trust Fund. The Class R Certificateholder is not entitled to interest or principal distributions. The Class R Certificateholder
will be entitled to receive the proceeds of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution
Date for the Certificates, after distributions in respect of any accrued but unpaid interest on the Certificates and after distributions
in reduction of principal balance have reduced the principal balances of the Certificates to zero. It is not anticipated that
there will be any assets remaining in the Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the
distributions on the Regular Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the
Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC,
as Potomac Mills Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date:
December, 2016 Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park
Bridge Lender Services LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”)

 

 

1 For
                                         Rule 144A Certificates 

2 For
Regulation S Certificates 

3
For IAI Certificates 

4
For Rule 144A Certificates 

5
For Regulation S Certificates 

6
For IAI Certificates 

 

    A-17-4 

     

    

 

evidences
the issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C, Class X-E,
Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Class R Certificate represents the sole “residual interest” in two “real estate mortgage investment conduits”,
as those terms are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates
shall be the tax matters person pursuant to Treasury Regulations Section 1.860F-4(d) and the “partnership representative”
(within the meaning of Code Section 6223, to the extent such provision applies to the Trust REMICs) of each Trust REMIC. If more
than one Holder shall hold an equal Percentage Interest in the Class R Certificates larger than that held by any other Holder,
the first such Holder to have acquired such Class R Certificates shall be such tax matters person and “partnership representative”.
The Certificate Administrator shall act as attorney-in-fact and agent for the tax matters person and “partnership representative”
of the Lower-Tier REMIC and the Upper-Tier REMIC, and each Holder of a Percentage Interest in the Class R Certificates, by acceptance
hereof, is deemed to have consented to the Certificate Administrator’s appointment in such capacities and agrees to execute
any documents required to give effect thereto, and any fees and expenses incurred by the Certificate Administrator in connection
with any audit or administrative or judicial proceeding shall be paid by the Trust Fund.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its

 

    A-17-5 

     

    

 

agent
(which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of
such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing
Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one year after the second notice any Certificates shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders
shall be paid out of the assets which remain held. If within two years after the second notice any such Certificates shall not
have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of
such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest
Distribution Account, the Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on
deposit therein,

 

    A-17-6 

     

    

 

assets
credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements
relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and
the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery
requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding
its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest
earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent
such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from
certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor

 

    A-17-7 

     

    

 

of
a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC
or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee
and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be
subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency

 

    A-17-8 

     

    

 

confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain
the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); provided that such amendment or supplement shall not adversely affect in any
material respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to
modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage
backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification
does not adversely affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under
the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency
Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered
a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the
interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt
of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the
Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;
and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

    A-17-9 

     

    

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,

 

    A-17-10 

     

    

 

the
Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

    A-17-11 

     

    

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class
B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the
then-outstanding Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if
the Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates and
Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust
Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-17-12 

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class R Certificate to be duly executed.

 

Dated:
November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 
	 		By:
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 
	 		By:
	 	 	Authorized Signatory

 

    A-17-13 

     

    

 

EXHIBIT
A-18

 

FORM
OF CLASS V CERTIFICATE

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH
ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,”
AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN
ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A
RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE

 

    A-18-1 

     

    

 

REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING
AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.

 

    A-18-2 

     

    

 

CFCRE
2016-C6 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS V

 

	No.:
    V-1	 	Percentage Interest: 5.0%
	 	 	 
	 	 	CUSIP:	12532A
                           AS81

                           U1579H
                           AJ72

                           12532A
                           AT63

	 	 	 	 
	 	 	ISIN:	US12532AAS874
	 	 	 	USU1579HAJ785
	 	 	 	US12532AAT606

 

This
certifies that [________] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class V Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC,
as Potomac Mills Special Servicer (the “Potomac Mills Special Servicer”), Wilmington First Distribution Date:
December, 2016 Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park
Bridge Lender Services LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”)
evidences the issuance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class A-M, Class B, Class C,
Class X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

 

1 For
Rule 144A Certificates 

2 For
Regulation S Certificates 

3
For IAI Certificates 

4
For Rule 144A Certificates 

5
For Regulation S Certificates 

6
For IAI Certificates 

 

    A-18-3 

     

    

 

This
Certificate represents a beneficial interest in a portion of a grantor trust under subpart E, part I of subchapter J of the Internal
Revenue Code of 1986, as amended (the “Code”), which portion includes the Excess Interest and any proceeds
thereof in the Excess Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and
take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of
federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class V Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month,
or if such sixth day is not a Business Day, then the next Business Day, commencing in December 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
(i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall

 

    A-18-4 

     

    

 

not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation
to receive the final distribution with respect thereto. If within one year after the second notice not all of such Certificates
shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate
steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest
Distribution Account, the Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on
deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental
indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to
the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating
to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other
than any interest earned on deposits in

 

    A-18-5 

     

    

 

the
Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to
the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts
for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan

 

    A-18-6 

     

    

 

Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus or Private
Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement
any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any
other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of
deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance
Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely
affect in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect
to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund
or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the
party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or
to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor
has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any
of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is
not a Permitted Transferee; (vi) to revise or add any other provisions with respect to matters or questions arising under the
Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any
material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto
as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not

 

    A-18-7 

     

    

 

adversely
affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel;
(viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect
to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder,
determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform
to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status
of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c)
each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment
shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of
Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special
Servicer without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust or the Grantor Trust to fail to qualify
as a grantor trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

    A-18-8 

     

    

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

    A-18-9 

     

    

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-M, Class
B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the
then-outstanding Certificates (other than (i) the Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if
the Sole Certificateholder has only taken an assignment of the Voting Rights of the X-E Certificates, Class X-F Certificates and
Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing

 

    A-18-10 

     

    

 

Agreement
by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated
date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust
Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-18-11 

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V Certificate to be duly executed.

 

Dated:
November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
November __, 2016

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 
	 	By:	
	 	 	Authorized Signatory

 

    A-18-12 

     

    

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

     

     

    

 

	CFCRE 2016 C6 - Mortgage Loan Schedule (PSA)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Servicing Fee Rate	Interest	 	 	 	 	 	 	 	 	 
	 	 	Mortgage Loan	 	 	 	 	 	Mortage	Original Principal	Cut-off Date 	Maturity Date	Due	Current Monthly	Master Servicing	Primary Servicing	Accrual 	Letter of 	 	Part of	Leasehold	Current Mezzanine	 	 	 	 
	ID	Loan Number	 Seller	Mortgage Loan Name	Street Address	City	State	Zip Code	Rate	Balance	Stated Principal Balance	or ARD	Date 	Debt Service	Fee Rate	Fee Rate 	Method	Credit	Post-ARD Revised Rate	Loan Combination	Interest	or Subordinate Debt	Sub Servicer Name	Sub Servicer Cashiering	Sub Servicer Fee Rate	Earnout/Holdback
	1	CCRE1	CCRE	Hill7 Office	1099 Stewart Street	Seattle	WA	98101	3.3830%	71,000,000	71,000,000	11/06/2026	6	202,941	0.00250%	0.00250%	Actual/360	Yes: $10,430,292	Yes	Yes	Fee Simple	Pari Passu Debt	BPC Non-Cashiering	Limited	0.02000%	No
	2	CCRE2	CCRE	Vertex Pharmaceuticals HQ	11 Fan Pier Boulevard and 50 Northern Avenue	Boston	MA	02210	2.7982%	70,000,000	70,000,000	08/06/2026	6	165,494	0.00250%	0.00000%	Actual/360	None	Yes	Yes	Fee Simple	$355,000,000 Pari Passu Debt; $195,000,000 Mezzanine Debt	Wells Fargo Cashiering	Full	0.00250%	No
	3	SG/CCRE3	SG/CCRE	Potomac Mills	2700 Potomac Mills Circle	Woodbridge	VA	22192	2.9882%	70,000,000	70,000,000	11/01/2026	1	176,733	0.00250%	0.00250%	Actual/360	None	No	Yes	Fee Simple	$221,000,000 Pari Passu Debt; $125,000,000 Subordinate Secured Debt 	 	NAP	0.00000%	No
	4	CCRE4	CCRE	7th & Pine Seattle Retail & Parking	1508 7th Avenue	Seattle	WA	98101	4.6310%	60,000,000	60,000,000	11/06/2026	6	234,766	0.00250%	0.00000%	Actual/360	None	No	None	Fee Simple	None	BPC Cashiering	Full	0.02000%	No
	5	SG5	SG	Fresno Fashion Fair	645 East Shaw Avenue	Fresno	CA	93710	3.5870%	40,000,000	40,000,000	11/01/2026	1	121,227	0.00250%	0.00000%	Actual/360	None	No	Yes	Fee Simple	Pari Passu Debt	Future cashiering	Full	0.00250%	No
	6	CCRE6	CCRE	Shoppes at Dadeland	7200-7260 North Kendall Drive	Miami	FL	33156	4.8180%	40,000,000	40,000,000	10/06/2026	6	162,831	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	7	CCRE7	CCRE	Residence Inn by Marriott LAX 	5933 West Century Boulevard	Los Angeles	CA	90045	5.4190%	25,000,000	24,846,590	05/06/2026	6	140,679	0.00250%	0.00250%	Actual/360	None	No	Yes	Leasehold	Pari Passu Debt	BPC Non-Cashiering	Limited	0.02000%	Yes
	8	CCRE8	CCRE	Waterstone 7 Portfolio	Various	Various	Various	Various	4.8400%	24,000,000	24,000,000	07/06/2026	6	126,501	0.00250%	0.00250%	Actual/360	None	No	None	Various	None	BPC Non-Cashiering	Limited	0.02000%	No
	8.01	CCRE8.01	CCRE	Sugar River Plaza	12, 24-70 John Stark Highway	Newport	NH	03773	4.8400%	5,836,512	5,836,512	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	8.02	CCRE8.02	CCRE	Shaw’s Plaza - Lancaster	199 Main Street	Lancaster	NH	03584	4.8400%	4,116,839	4,116,839	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	8.03	CCRE8.03	CCRE	Kilburn Ledge	780, 788, 796 & 804 Meadow Street 	Littleton	NH	03561	4.8400%	3,728,151	3,728,151	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	8.04	CCRE8.04	CCRE	West Marine - Fairhaven	114 Huttleston Avenue	Fairhaven	MA	02719	4.8400%	3,058,519	3,058,519	 	 	 	 	 	 	 	 	 	Leasehold	 	 	 	 	 
	8.05	CCRE8.05	CCRE	Shaw’s Plaza - Woodsville	1, 3, 5 & 15 Forest Street	Haverhill (Woodsville)	NH	03765	4.8400%	2,739,486	2,739,486	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	8.06	CCRE8.06	CCRE	West Marine - Seabrook	337 Lafayette Road	Seabrook	NH	03874	4.8400%	2,612,062	2,612,062	 	 	 	 	 	 	 	 	 	Leasehold	 	 	 	 	 
	8.07	CCRE8.07	CCRE	Rite Aid	4976 Dartmouth College Highway	Haverhill (Woodsville)	NH	03765	4.8400%	1,908,432	1,908,432	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	9	CCRE9	CCRE	Stop & Shop Stamford	41 Alvord Lane	Stamford	CT	06902	4.0010%	23,500,000	23,500,000	10/06/2026	6	112,206	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	10	CCRE10	CCRE	Inn at the Colonnade	4 West University Parkway	Baltimore	MD	21218	5.1180%	22,700,000	22,700,000	11/06/2026	6	123,501	0.00250%	0.00000%	Actual/360	None	No	None	Fee Simple	None	BPC Cashiering	Full	0.05000%	No
	11	SG11	SG	Holiday Inn Express Nashville - Downtown 	920 Broadway	Nashville	TN	37203	5.1160%	22,750,000	22,652,052	07/01/2026	1	123,745	0.00250%	0.00250%	Actual/360	Yes: $5,309,000	No	Yes	Fee Simple/Leasehold	Pari Passu Debt	 	NAP	0.00000%	No
	12	CCRE12	CCRE	Carter Oak Plaza	5475, 5495 and 5525 Jimmy Carter Boulevard	Norcross	GA	30093	4.5000%	22,050,000	21,941,506	07/06/2026	6	111,724	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	13	CCRE13	CCRE	Comprehensive Logistics Distribution Center	9400 McGraw Avenue	Detroit	MI	48210	4.8960%	21,500,000	21,500,000	11/06/2026	6	114,054	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	14	CCRE14	CCRE	OZRE Leased Fee Portfolio	Various	Various	Various	Various	4.3000%	20,000,000	20,000,000	02/06/2026	6	72,662	0.00250%	0.00250%	Actual/360	None	No	Yes	Fee Simple	Pari Passu Debt	BPC Non-Cashiering	Limited	0.02000%	No
	14.01	CCRE14.01	CCRE	300 Arboretum Place	300 Arboretum Place	Richmond	VA	23236	4.3000%	1,450,925	1,450,925	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.02	CCRE14.02	CCRE	700 East Gate Drive	700 East Gate Drive	Mount Laurel	NJ	08054	4.3000%	1,137,980	1,137,980	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.03	CCRE14.03	CCRE	6802 Paragon Place	6802 Paragon Place	Richmond	VA	23230	4.3000%	1,052,632	1,052,632	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.04	CCRE14.04	CCRE	6800 Paragon Place	6800 Paragon Place	Richmond	VA	23230	4.3000%	1,044,097	1,044,097	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.05	CCRE14.05	CCRE	2100 West Laburnum Avenue	2100 West Laburnum Avenue	Richmond	VA	23227	4.3000%	756,757	756,757	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.06	CCRE14.06	CCRE	7501 Boulder View Drive	7501 Boulders View Drive	Richmond	VA	23225	4.3000%	756,757	756,757	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.07	CCRE14.07	CCRE	7300 Beaufont Springs Drive	7300 Beaufont Springs Drive	Richmond	VA	23225	4.3000%	756,757	756,757	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.08	CCRE14.08	CCRE	4870 Sadler Road	4870 Sadler Road	Glen Allen	VA	23060	4.3000%	608,819	608,819	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.09	CCRE14.09	CCRE	12015 Lee Jackson Memorial Highway	12015 Lee Jackson Memorial Highway	Fairfax	VA	22033	4.3000%	597,440	597,440	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.10	CCRE14.1	CCRE	6806 Paragon Place	6806 Paragon Place	Richmond	VA	23230	4.3000%	591,750	591,750	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.11	CCRE14.11	CCRE	925 Harvest Drive	925 Harvest Drive	Blue Bell	PA	19422	4.3000%	512,091	512,091	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.12	CCRE14.12	CCRE	555 Croton Road	555 Croton Road	King of Prussia	PA	19406	4.3000%	483,642	483,642	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.13	CCRE14.13	CCRE	980 Harvest Drive	980 Harvest Drive	Blue Bell	PA	19422	4.3000%	455,192	455,192	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.14	CCRE14.14	CCRE	309 Fellowship Road	309 Fellowship Road	Mount Laurel	NJ	08054	4.3000%	386,913	386,913	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.15	CCRE14.15	CCRE	11781 Lee Jackson Memorial Highway	11781 Lee Jackson Memorial Highway	Fairfax	VA	22033	4.3000%	369,844	369,844	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.16	CCRE14.16	CCRE	305 Fellowship Road	305 Fellowship Road	Mount Laurel	NJ	08054	4.3000%	344,239	344,239	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.17	CCRE14.17	CCRE	701 East Gate Drive	701 East Gate Drive	Mount Laurel	NJ	08054	4.3000%	341,394	341,394	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.18	CCRE14.18	CCRE	920 Harvest Drive	920 Harvest Drive	Blue Bell	PA	19422	4.3000%	341,394	341,394	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.19	CCRE14.19	CCRE	4880 Sadler Road	4880 Sadler Road	Glen Allen	VA	23060	4.3000%	341,394	341,394	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.20	CCRE14.2	CCRE	1025 Boulders Parkway	1025 Boulders Parkway	Richmond	VA	23225	4.3000%	341,394	341,394	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.21	CCRE14.21	CCRE	2201 Tomlynn Street	2201 Tomlynn Street	Richmond	VA	23230	4.3000%	312,945	312,945	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.22	CCRE14.22	CCRE	2240-2250 Butler Pike	2240-2250 Butler Pike	Plymouth Meeting	PA	19462	4.3000%	312,945	312,945	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.23	CCRE14.23	CCRE	7401 Beaufont Springs Drive	7401 Beaufont Springs Drive	Richmond	VA	23225	4.3000%	312,945	312,945	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.24	CCRE14.24	CCRE	2511 Brittons Hill Road	2511 Brittons Hill Road	Richmond	VA	23230	4.3000%	312,945	312,945	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.25	CCRE14.25	CCRE	4805 Lake Brook Drive	4805 Lake Brook Drive	Glen Allen	VA	23060	4.3000%	293,030	293,030	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.26	CCRE14.26	CCRE	4401 Fair Lakes Court	4401 Fair Lakes Court	Fairfax	VA	22033	4.3000%	290,185	290,185	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.27	CCRE14.27	CCRE	2812 Emerywood Parkway	2812 Emerywood Parkway	Richmond	VA	23294	4.3000%	284,495	284,495	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.28	CCRE14.28	CCRE	9100 Arboretum Parkway	9100 Arboretum Parkway	Richmond	VA	23236	4.3000%	284,495	284,495	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.29	CCRE14.29	CCRE	500 Enterprise Road	500 Enterprise Road	Horsham	PA	19044	4.3000%	267,425	267,425	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.30	CCRE14.3	CCRE	303 Fellowship Road	303 Fellowship Road	Mount Laurel	NJ	08054	4.3000%	258,890	258,890	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.31	CCRE14.31	CCRE	9011 Arboretum Parkway	9011 Arboretum Parkway	Richmond	VA	23236	4.3000%	256,046	256,046	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.32	CCRE14.32	CCRE	910 Harvest Drive	910 Harvest Drive	Blue Bell	PA	19422	4.3000%	256,046	256,046	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.33	CCRE14.33	CCRE	7325 Beaufont Springs Drive	7325 Beaufont Springs Drive	Richmond	VA	23225	4.3000%	256,046	256,046	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.34	CCRE14.34	CCRE	1 Progress Drive	1 Progress Drive	Horsham	PA	19044	4.3000%	227,596	227,596	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.35	CCRE14.35	CCRE	2260 Butler Pike	2260 Butler Pike	Plymouth Meeting	PA	19462	4.3000%	227,596	227,596	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.36	CCRE14.36	CCRE	140 West Germantown Pike	140 West Germantown Pike	Plymouth Meeting	PA	19462	4.3000%	210,526	210,526	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.37	CCRE14.37	CCRE	307 Fellowship Road	307 Fellowship Road	Mount Laurel	NJ	08054	4.3000%	210,526	210,526	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.38	CCRE14.38	CCRE	9210 Arboretum Parkway	9210 Arboretum Parkway	Richmond	VA	23236	4.3000%	187,767	187,767	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.39	CCRE14.39	CCRE	2221 Dabney Road	2221 Dabney Road	Richmond	VA	23230	4.3000%	187,767	187,767	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.40	CCRE14.4	CCRE	9200 Arboretum Parkway	9200 Arboretum Parkway	Richmond	VA	23236	4.3000%	187,767	187,767	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.41	CCRE14.41	CCRE	815 East Gate Drive	815 East Gate Drive	Mount Laurel	NJ	08054	4.3000%	182,077	182,077	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.42	CCRE14.42	CCRE	120 West Germantown Pike	120 West Germantown Pike	Plymouth Meeting	PA	19462	4.3000%	179,232	179,232	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.43	CCRE14.43	CCRE	4364 South Alston Avenue	4364 South Alston Avenue	Durham	NC	27713	4.3000%	165,007	165,007	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.44	CCRE14.44	CCRE	308 Harper Drive	308 Harper Drive	Moorestown	NJ	08057	4.3000%	162,162	162,162	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.45	CCRE14.45	CCRE	2251 Dabney Road	2251 Dabney Road	Richmond	VA	23230	4.3000%	159,317	159,317	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.46	CCRE14.46	CCRE	2212 Tomlynn Street	2212 Tomlynn Street	Richmond	VA	23230	4.3000%	159,317	159,317	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.47	CCRE14.47	CCRE	2256 Dabney Road	2256 Dabney Road	Richmond	VA	23230	4.3000%	128,023	128,023	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.48	CCRE14.48	CCRE	2246 Dabney Road	2246 Dabney Road	Richmond	VA	23230	4.3000%	128,023	128,023	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.49	CCRE14.49	CCRE	2244 Dabney Road	2244 Dabney Road	Richmond	VA	23230	4.3000%	125,178	125,178	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.50	CCRE14.5	CCRE	2130 Tomlynn Street	2130 Tomlynn Street	Richmond	VA	23230	4.3000%	119,488	119,488	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.51	CCRE14.51	CCRE	2161 Tomlynn Street	2161 Tomlynn Street	Richmond	VA	23230	4.3000%	113,798	113,798	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.52	CCRE14.52	CCRE	2248 Dabney Road	2248 Dabney Road	Richmond	VA	23230	4.3000%	113,798	113,798	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.53	CCRE14.53	CCRE	2112 Tomlynn Street	2112 Tomlynn Street	Richmond	VA	23230	4.3000%	105,263	105,263	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.54	CCRE14.54	CCRE	2277 Dabney Road	2277 Dabney Road	Richmond	VA	23230	4.3000%	105,263	105,263	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.55	CCRE14.55	CCRE	9211 Arboretum Parkway	9211 Arboretum Parkway	Richmond	VA	23236	4.3000%	102,418	102,418	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.56	CCRE14.56	CCRE	2240 Dabney Road	2240 Dabney Road	Richmond	VA	23230	4.3000%	56,899	56,899	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.57	CCRE14.57	CCRE	817 East Gate Drive	817 East Gate Drive	Mount Laurel	NJ	08054	4.3000%	42,674	42,674	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	14.58	CCRE14.58	CCRE	161 Gaither Drive	161 Gaither Drive	Mount Laurel	NJ	08054	4.3000%	42,674	42,674	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	15	CCRE15	CCRE	TEK Park	9999 Hamilton Boulevard	Breinigsville	PA	18031	5.0000%	17,500,000	17,422,696	07/06/2026	6	93,944	0.00250%	0.00000%	Actual/360	None	No	Yes	Fee Simple	Pari Passu Debt	Wells Fargo Cashiering/BPC Non-Cashiering	Full	0.02250%	No
	16	CCRE16	CCRE	Mills Fleet Farm	Various	Various	Various	Various	4.7500%	17,000,000	16,920,700	07/06/2026	6	88,680	0.00250%	0.00000%	Actual/360	None	No	Yes	Fee Simple	Pari Passu Debt	Wells Fargo Cashiering/BPC Non-Cashiering	Full	0.02250%	No
	16.01	CCRE16.01	CCRE	Mills Fleet Farm - Fargo, ND	3730 36th Street South	Fargo	ND	58104	4.7500%	4,085,336	4,066,279	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	16.02	CCRE16.02	CCRE	Mills Fleet Farm - Green Bay (East), WI	2460 Main Street	Green Bay	WI	54311	4.7500%	4,068,661	4,049,682	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	16.03	CCRE16.03	CCRE	Mills Fleet Farm - Mankato, MN	1821 & 1850 Premier Drive	Mankato	MN	56001	4.7500%	3,443,355	3,427,292	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	16.04	CCRE16.04	CCRE	Mills Fleet Farm - Hudson, WI	1001 Industrial Street	Hudson	WI	54016	4.7500%	2,801,373	2,788,306	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	16.05	CCRE16.05	CCRE	Mills Fleet Farm - Marshfield, WI	1101 West Upham Street	Marshfield	WI	54449	4.7500%	2,601,275	2,589,141	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	17	CCRE17	CCRE	Marriott Savannah Riverfront	100 General McIntosh Boulevard	Savannah	GA	31401	5.5840%	16,750,000	16,604,117	05/06/2026	6	103,702	0.00250%	0.00000%	Actual/360	None	No	Yes	Fee Simple	Pari Passu Debt	BPC Cashiering	Full	0.00250%	No
	18	SG18	SG	Holiday Inn Indianapolis - Carmel	251 Pennsylvania Parkway	Indianapolis	IN	46280	4.9800%	14,670,000	14,604,911	07/01/2026	1	78,573	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	 	NAP	0.00000%	No
	19	CCRE19	CCRE	ACG Manufactured Housing Portfolio I	Various	Various	Various	Various	4.8500%	13,395,000	13,348,780	08/06/2026	6	70,684	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	19.01	CCRE19.01	CCRE	Riverlawn	8215 Stoner Road	Riverview	FL	33569	4.8500%	3,943,117	3,929,511	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	19.02	CCRE19.02	CCRE	Beaver Run	3658 Karen Circle	Linkwood	MD	21835	4.8500%	2,870,357	2,860,453	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	19.03	CCRE19.03	CCRE	Wilson’s Landing	10440 Heron Drive	Princess Anne	MD	21853	4.8500%	2,848,612	2,838,783	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	19.04	CCRE19.04	CCRE	Green Cove	325 Green Cove Road	Huntsville	AL	35803	4.8500%	2,464,448	2,455,944	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	19.05	CCRE19.05	CCRE	Cedar Creek	4020 Pulaski Pike Northwest	Huntsville	AL	35803	4.8500%	1,268,466	1,264,089	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	20	SG20	SG	Ceres Marketplace	1611, 1633, 1657 and 1667 East Hatch Road	Ceres	CA	95351	4.5800%	13,200,000	13,200,000	09/01/2026	1	67,511	0.00250%	0.00000%	Actual/360	None	No	None	Fee Simple	None	NRC Group, Inc.	Full	0.05000%	No
	21	CCRE21	CCRE	Sherman Medical Office Building	300 North Highland Drive	Sherman	TX	75092	5.4890%	12,750,000	12,618,132	01/06/2026	6	72,239	0.00250%	0.00250%	Actual/360	None	No	None	Leasehold	None	BPC Non-Cashiering	Limited	0.02000%	No
	22	CCRE22	CCRE	4601 Park Road	4601 Park Road	Charlotte	NC	28209	4.9660%	12,000,000	12,000,000	11/06/2026	6	64,169	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	23	SG23	SG	Oak Park Square	3202 Gerstner Memorial Drive	Lake Charles	LA	70601	4.2820%	11,175,000	11,175,000	11/01/2026	1	55,184	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	 	NAP	0.00000%	No
	24	SG24	SG	Northside Tower	6065 Roswell Road	Atlanta	GA	30328	4.5125%	9,900,000	9,900,000	11/01/2026	1	50,235	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	 	NAP	0.00000%	No
	25	CCRE25	CCRE	Creekside Place	23600-23636 Valencia Boulevard & 23626 Valencia Boulevard	Santa Clarita	CA	91355	4.5770%	9,000,000	9,000,000	11/06/2026	6	46,014	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	Yes
	26	CCRE26	CCRE	AP Plasman Portfolio	Various	Various	Various	Various	4.5450%	8,500,000	8,500,000	10/06/2026	6	43,296	0.00250%	0.00250%	Actual/360	Yes: $10,200,000	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	26.01	CCRE26.01	CCRE	AP Plasman Fort Payne	403 Airport Road West	Fort Payne	AL	35968	4.5450%	5,491,240	5,491,240	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	26.02	CCRE26.02	CCRE	AP Plasman Cleveland	3000 West 121st Street	Cleveland	OH	44111	4.5450%	3,008,760	3,008,760	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	27	CCRE27	CCRE	Biston Portfolio	Various	Various	Various	Various	4.7710%	8,358,000	8,358,000	10/06/2026	6	43,705	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	27.01	CCRE27.01	CCRE	Lockport	459 South Transit Street	Lockport	NY	14094	4.7710%	3,143,000	3,143,000	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	27.02	CCRE27.02	CCRE	Lake Jackson	200 TX-332	Lake Jackson	TX	77566	4.7710%	2,800,000	2,800,000	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	27.03	CCRE27.03	CCRE	Buffalo	291 West Ferry Street	Buffalo	NY	14213	4.7710%	2,415,000	2,415,000	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 
	28	SG28	SG	Plaza 303 Shopping Center and 303 All Storage	Various	Grand Prairie	TX	Various	3.8300%	7,900,000	7,877,339	09/01/2026	1	36,946	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	 	NAP	0.00000%	No
	28.01	SG28.01	SG	Plaza 303	305, 419 and 433 East Pioneer Parkway	Grand Prairie	TX	75052	3.8300%	5,436,335	5,420,741	 	 	 	 	 	 	 	 	 	Fee Simple	0	 	 	 	 
	28.02	SG28.02	SG	303 All Storage	425 East Pioneer Parkway	Grand Prairie	TX	75051	3.8300%	2,463,665	2,456,598	 	 	 	 	 	 	 	 	 	Fee Simple	0	 	 	 	 
	29	CCRE29	CCRE	Mandeville Marketplace	600 North Causeway Boulevard	Mandeville	LA	70448	4.9310%	7,360,000	7,360,000	11/06/2026	6	39,200	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	30	SG30	SG	Chase Suite Hotel Brea	3100 East Imperial Highway	Brea	CA	92821	5.0800%	7,350,000	7,326,593	09/01/2026	1	43,311	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	 	NAP	0.00000%	No
	31	CCRE31	CCRE	Savannah Pines MHP	1518 Old Dean Forest Road	Savannah	GA	34108	5.0200%	6,925,000	6,925,000	11/06/2026	6	37,260	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	32	CCRE32	CCRE	312-314 Bleecker Street	312-314 Bleecker Street	New York	NY	10014	3.6500%	6,900,000	6,900,000	09/06/2026	6	21,279	0.00250%	0.00000%	Actual/360	None	No	None	Fee Simple	None	BPC Cashiering	Full	0.07000%	No
	33	CCRE33	CCRE	1000 K Street	1000 K Street	Sacramento	CA	95814	4.6630%	6,750,000	6,750,000	07/06/2026	6	34,858	0.00250%	0.00000%	Actual/360	None	No	None	Fee Simple	None	BPC Cashiering	Full	0.07000%	No
	34	CCRE34	CCRE	Fiesta Plaza Shopping Center	18615 Sonoma Highway	Sonoma	CA	95476	4.9680%	6,100,000	6,100,000	11/06/2026	6	32,627	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	35	CCRE35	CCRE	Ship Canal Office Center	146 North Canal Street	Seattle	WA	98103	4.7280%	6,000,000	6,000,000	07/06/2026	6	31,219	0.00250%	0.00000%	Actual/360	None	No	None	Fee Simple	None	BPC Cashiering	Full	0.07000%	No
	36	CCRE36	CCRE	Marriott Saddle Brook	138 New Pehle Avenue	Saddle Brook	NJ	07663	5.1460%	6,000,001	5,429,119	12/06/2025	6	30,013	0.00250%	0.00000%	Actual/360	None	No	Yes	Fee Simple	Pari Passu Debt	Wells Fargo Cashiering/BPC Non-Cashiering	Full	0.02250%	No
	37	CCRE37	CCRE	Holiday Inn Express Mesquite	1030 West Pioneer Boulevard	Mesquite	NV	89027	4.9800%	4,675,000	4,670,009	10/06/2026	6	25,039	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	38	CCRE38	CCRE	132 West 27th Street	132 West 27th Street	New York	NY	10001	4.1835%	4,500,000	4,482,159	08/06/2026	6	21,962	0.00250%	0.00000%	Actual/360	Yes: $10,000,000	Yes	Yes	Fee Simple	Pari Passu Debt	Midland Cashiering	Full	0.00250%	No
	39	CCRE39	CCRE	Office Court at Saint Michael’s	460 St. Michael's Drive	Santa Fe	NM	87505	5.2180%	4,221,000	4,221,000	11/06/2026	6	23,225	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	40	CCRE40	CCRE	Fresenius Morganton	814 West Union Street	Morganton	NC	28655	4.8460%	4,000,000	4,000,000	10/06/2026	6	21,098	0.00250%	0.00000%	Actual/360	None	No	None	Fee Simple	Mezzanine Debt	BPC Cashiering	Full	0.07000%	No
	41	SG41	SG	190 All Storage	459 Cove Terrace	Copperas Cove	TX	76522	3.9100%	4,000,000	3,988,702	09/01/2026	1	18,890	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	 	NAP	0.00000%	No
	42	CCRE42	CCRE	Morgan Crossing Apartments	495 Pearl Avenue	Oshkosh	WI	54901	5.1400%	3,750,000	3,750,000	05/06/2026	6	20,453	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	43	CCRE43	CCRE	Brandon Square	104-122 East Brandon Boulevard	Brandon	FL	33511	5.0500%	2,150,000	2,142,894	08/06/2026	6	11,607	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	44	CCRE44	CCRE	Madisonville Plaza	111 Kefauver Lane	Madisonville	TN	37354	5.0500%	2,050,000	2,045,396	09/06/2026	6	11,068	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	Yes
	45	CCRE45	CCRE	Oak Meadows Apartments	1901 Centenary Boulevard	Shreveport	LA	71101	5.1400%	1,800,000	1,784,185	03/06/2026	6	9,817	0.00250%	0.00250%	Actual/360	None	No	None	Fee Simple	None	BPC Non-Cashiering	Limited	0.02000%	No
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     

     

    

 

EXHIBIT C-1

 

FORM OF TRANSFEREE AFFIDAVIT

 

AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

	STATE OF NEW YORK	)	 
	 	)	ss:
	COUNTY OF NEW YORK	)	 

  

                                     ,
being first duly sworn, deposes and says:

 

1.           That
he/she is a                                      
of                                      
(the “Purchaser”), a                                      
duly organized and existing under the laws of the State of                                      
on behalf of which he/she makes this affidavit.

 

2.           That
the Purchaser’s Taxpayer Identification Number is                             .

 

3.          That the Purchaser of the CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-C6, Class R (the “Class R Certificate”) is a Permitted Transferee (as defined in Article I of
the Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”),
entered into among CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master
servicer, Rialto Capital Advisors, LLC, as special servicer, AEGON USA Realty Advisors, LLC, as Potomac Mills special
servicer, Park Bridge Lender Services LLC, as operating advisor, Park Bridge
Lender Services LLC, as asset representations reviewer, Wilmington Trust,
National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying agent and
custodian, or is acquiring the Class R Certificate for the account of, or as agent (including as a broker, nominee, or other
middleman) for, a Permitted Transferee and has received from such person or entity an affidavit substantially in the form of
this affidavit.

 

4.           That
the Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future
and the Purchaser intends to pay taxes associated with holding the Class R Certificate as they become due.

 

5.           That the Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in
excess of any cash flow generated by the Class R Certificate.

 

6.           That
the Purchaser will not transfer the Class R Certificate to any person or entity from which the Purchaser has not received an affidavit
substantially in the form of this affidavit or as to which the Purchaser has actual knowledge that the requirements set forth in
paragraph 3, paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to know does not satisfy the
requirements set forth in paragraph 4 hereof.

 

    C-1-1 

     

    

 

7.           That
the Purchaser is not a Disqualified Non-U.S. Person and is not purchasing the Class R Certificate for the account of, or as an
agent (including as a broker, nominee or other middleman) for, a Disqualified Non-U.S. Person and is otherwise a Permitted Transferee.

 

8.           That
the Purchaser agrees to such amendments of the Pooling and Servicing Agreement as may be required to further effectuate the restrictions
on transfer of the Class R Certificate to a “disqualified organization,” an agent thereof, or a person that does not
satisfy the requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.

 

9.           That,
if a “tax matters person” or “partnership representative” is required to be designated with respect to
the Upper-Tier REMIC or Lower-Tier REMIC, the Purchaser agrees to act as “tax matters person” or “partnership
representative” and to perform the functions of “tax matters partner” or “partnership representative”
of the Upper-Tier REMIC or Lower-Tier REMIC pursuant to Section 4.04 of the Pooling and Servicing Agreement, and agrees to the
irrevocable designation of the Certificate Administrator as the Purchaser’s agent in performing the function of “tax
matters person,” “tax matters partner” or “partnership representative.”

 

10.         The
Purchaser agrees to be bound by and to abide by the provisions of Section 5.02 of the Pooling and Servicing Agreement concerning
registration of the transfer and exchange of the Class R Certificate.

 

11.         The
Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base,
within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.

 

12.         Check
the applicable paragraph:

 

☐          The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed
the sum of:

 

(i)         the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)        the
present value of the expected future distributions on such Certificate; and

 

(iii)       the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section 11(b) (but the tax rate in Code
Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if the Purchaser has been subject to
the alternative minimum tax under Code Section 55 in the preceding two years and will compute its taxable income in the current
taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal to the short
term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the compounding period used by the Purchaser.

 

    C-1-2 

     

    

 

☐          The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)         the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Class R Certificate will only be taxed in the United States;

 

(ii)        at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)       the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in U.S. Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section 1.860E-1(c)(4)(i), (ii) and
(iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and

 

(iv)       the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐    
     None of the above.

 

Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be executed on its behalf by its                                            
this          day of                        ,
20     . 

	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-1-3 

     

    

 

Personally appeared before
me the above named                                 ,
known or proved to me to be the same person who executed the foregoing instrument and to be the of the Purchaser, and acknowledged
to me that he/she executed the same as his/her free act and deed and the free act and deed of the Purchaser.

 

Subscribed and sworn
before me this          day of                        ,
20     .

_________________________________

 

NOTARY PUBLIC

 

COUNTY OF _____________________

 

STATE OF _______________________

 

My commission expires the         
day of                        ,
20     .

 

    C-1-4 

     

    

 

EXHIBIT C-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

Wells Fargo Bank, National Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: Bondholder
Services - CFCRE 2016-C6

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6,
                                         Class R

 

Ladies and Gentlemen:

 

[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Pooling and Servicing Agreement defined in the attached affidavit) and has no actual
knowledge or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor] relating
to the transfer of the Class R Certificate by [Transferor] to [Transferee] is or will be to impede the assessment of any
tax. 

	 	 	 
	 	Very truly
yours,
	 	 
	 	[Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-2-1 

     

    

 

EXHIBIT D-1

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells Fargo Bank, National Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: Bondholder
Services CFCRE 2016-C6

 

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

		Re:	Transfer
                                         of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates:, Series
                                         2016-C6 Class [     ]

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement dated as of November 1, 2016 (the “Pooling and Servicing
Agreement”), entered into among CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association,
as master servicer, Rialto Capital Advisors, LLC, as special servicer, AEGON USA Realty Advisors, LLC, as Potomac Mills special
servicer, Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations reviewer,
Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying
agent and custodian, on behalf of the holders of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C6 (the “Certificates”) with respect to the transfer by [__________] (the “Seller”)
to the undersigned (the “Purchaser”) of [$_____ aggregate Certificate Balance][_____% Percentage Interest] of
Class [_____] Certificates, in certificated fully registered form (such registered interest, the “Certificate”).
Terms used but not defined herein shall have the meanings ascribed thereto in the Pooling and Servicing Agreement.

 

In connection with
such transfer, the undersigned hereby represents and warrants to you as follows:

 

[For Institutional
Accredited Investors only] 1. The Purchaser is an institutional “accredited investor” within the meaning of Rule 501
(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
or an entity in which all of the equity owners are such accredited investors (an “Institutional Accredited Investor”),
and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
the investment in the Certificate, and the Purchaser and any accounts for which the Purchaser is acting are each able to bear the
economic risk of the investment. The Purchaser is acquiring the Certificate for its own account or for one or more accounts (each
of which is an Institutional Accredited Investor) as to each of which the

 

    D-1-1 

     

    

 

Purchaser exercises sole investment discretion. The Purchaser
hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

[For Qualified
Institutional Buyers only] 1. The Purchaser is a “qualified institutional buyer” within the meaning of Rule 144A (“Rule
144A”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Purchaser
is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the information
required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.

 

		2.	The Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s
own account or (b) for reoffer, resale, pledge or other transfer to (i) “qualified institutional buyers” within the
meaning of, and in transactions complying with, Rule 144A promulgated under the Securities Act, (ii) entities qualifying as “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, or
any entity in which all of the equity owners are such accredited investors, or (iii) pursuant to any other exemption from the registration
requirements of the Securities Act, subject in the case of this clause (iii) to (a) the receipt by the Certificate Registrar of
a letter substantially in the form hereof, (b) the receipt by the Certificate Registrar of an opinion of counsel acceptable to
the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (c) the receipt
by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or
transfer is in compliance with the Securities Act and other applicable laws (including applicable state and foreign securities
laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed transfer.
It understands that the Certificate (and any subsequent Individual Certificate) has not been registered under the Securities Act,
by reason of a specified exemption from the registration provisions of the Securities Act which depends upon, among other things,
the bona fide nature of the Purchaser’s investment intent (or intent to resell to only certain investors in certain exempted
transactions) as expressed herein.

 

		3.	The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange
thereof) has not been registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction,
and that the Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder
or unless an exemption from such registration or qualification is available.

 

		4.	The Purchaser has reviewed the applicable Private Placement Memorandum dated November 3, 2016 relating
to the Certificates (the “Private Placement Memorandum”) and the agreements and other materials referred to
therein and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions
contemplated by the Private Placement Memorandum.

 

		5.	The Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing
Agreement in its capacity as an owner of an Individual Certificate or Certificates, as the case may be (each, a “Certificateholder”),
in all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Trustee, the Certificate
Administrator, the Certificate Registrar and all Certificateholders present and future.

 

    D-1-2 

     

    

 

		6.	The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance
with Section 5.02 of the Pooling and Servicing Agreement.

 

		7.	Check one of the following:

 

		☐	The Purchaser is a “U.S.
Tax Person” (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9
(or successor form).

 

		☐	The Purchaser is not
a “U.S. Tax Person” (as defined below) and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Registrar (or its agent) with respect to distributions to be made on the Certificate(s). The
Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form), which identifies such
Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Tax Person, (ii) two
duly executed copies of IRS Form W-8IMY (and all appropriate attachments) or (iii)]* two duly executed copies of IRS Form W-8ECI
(or successor form), which identify such Purchaser as the beneficial owner of the Certificate(s) and state that interest and original
issue discount on the Certificate(s) is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser
agrees to provide to the Certificate Registrar updated [IRS Forms W-8BEN, IRS Forms W-8BEN-E, IRS Forms W-8IMY or]* IRS Forms W-8ECI[,
as the case may be]*, any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably
request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence
of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.

 

For purposes of this
paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of
the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and
one or more such U.S. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax
Persons).

 

Please
make all payments due on the Certificates: **

	 	 	 	 
	 	  (a) by wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:
	 	 	 
	 	  Account number:	 	 

 

 

 

		*	Delete
                                         for Class R.

 

		**	Only
                                         to be filled out by Purchasers of Individual Certificates. Please select (a) or (b).

 

    D-1-3 

     

    

 

	 	 	 
	 	  Institution:	 	 
	 	 
	 	  (b) by mailing a check or draft to the following address:

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

	 	 	 
	 	Very truly
yours,
	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20___

 

    D-1-4 

     

    

 

EXHIBIT D-2

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

Wells Fargo Bank, National Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: Bondholder
Services - CFCRE 2016-C6 

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

		Re:	CFCRE 2016-C6 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2016-C6, Class [     ]

 

Ladies and Gentlemen:

_______________ (the
“Purchaser”) intends to purchase from _______________ (the “Seller”) [$_____ initial Certificate
Balance][ or _____% Percentage Interest] of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C6, Class [_____], CUSIP No. _____ (the “Certificates”), issued pursuant to the Pooling and Servicing
Agreement dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), among CCRE Commercial Mortgage
Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special
servicer, AEGON USA Realty Advisors, LLC, as Potomac Mills special servicer, Park Bridge Lender Services LLC, as operating advisor,
Park Bridge Lender Services LLC, as asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells
Fargo Bank, National Association, as certificate administrator, paying agent and custodian. All capitalized terms used herein and
not otherwise defined shall have the meaning set forth in the Pooling and Servicing Agreement. The Purchaser hereby certifies,
represents and warrants to, and covenants with, the Depositor, the Certificate Administrator, the Certificate Registrar and the
Trustee that:

 

The Purchaser is not
and will not become (a) an employee benefit plan or other retirement arrangement, including an individual retirement account or
a Keogh plan, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Code Section 4975, a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local
law (“Similar Law”) which is to a material extent similar to the foregoing provisions of ERISA or the Code (each,
a “Plan”), or (b) a collective investment fund whose underlying assets include Plan assets by reason of a Plan’s
investment in the collective investment fund (pursuant to U.S. Department of Labor Regulation Section 2510.3-101, as modified by
Section 3(42) of ERISA, or Similar Law), an insurance company using assets of separate accounts or general accounts which are deemed
pursuant to ERISA or any Similar Law to include assets of Plans, or other person acting on behalf of any such Plan or using the
assets of

 

    D-2-1 

     

    

 

any such Plan, other than (except in the case of the Class V and Class R Certificates) an insurance company using the
assets of its general account under circumstances whereby such purchase and the subsequent holding of such Certificate by such
insurance company would be exempt from the prohibited transaction provisions of Section 406 and 407 of ERISA and Code Section 4975
under Sections I and III of PTCE 95-60, or a substantially similar exemption under Similar Law; and

 

The Purchaser understands
that if the Purchaser is a person referred to in clause (a) or (b) above, except in the case of the Class V and Class R Certificates,
which may not be transferred unless the transferee represents it is not such a person, such Purchaser is required to provide to
the Certificate Registrar any Opinions of Counsel, officers’ certificates or agreements as may be required by such persons,
and which establishes to the satisfaction of the Depositor, the Certificate Administrator and the Certificate Registrar that the
purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt prohibited transaction
within the meaning of Section 406 and Section 407 of ERISA or Code Section 4975 or any corresponding provision of any Similar Law,
and will not subject the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer or the Certificate Registrar to any obligation or liability (including obligations
or liabilities under ERISA, Code Section 4975 or Similar Law), which Opinions of Counsel, officers’ certificates or agreements
shall not be at the expense of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Depositor, the Certificate Administrator, the Trustee or the Certificate Registrar.

 

IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on this day of , 20 .

	 	 	 
	 	Very truly
yours,
	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-2-2 

     

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

 

[Date]

Wells Fargo Bank, National Association 

1055 10th
Avenue SE 

Minneapolis, Minnesota 55414 

Attention: Bondholder
Services - CFCRE 2016-C6 Mortgage Trust

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

Dear __________________:

 

In connection with the
administration of the Mortgage Files held by, or on behalf of, you as Custodian under the Pooling and Servicing Agreement, the
undersigned hereby requests a release of the Mortgage File (or the portion thereof specified below) held by you as Custodian with
respect to the following described Mortgage Loan for the reason indicated below:

	 	 	 	 	 	 
	 	 Mortgagor’s Name:	 	 
	 	 	 
	 	 Address:	 	 
	 	 	 
	 	 Asset No.:	 	 

  

If only particular documents
in the Mortgage File are requested, please specify which:

 

Reason for requesting
file (or portion thereof):

 

	______    	1.	Mortgage Loan paid in full. Such [Master Servicer] [Special Servicer][Other Servicer][Other Special
Servicer] hereby certifies that all amounts received in connection with the Mortgage Loan have been or will be, following such
[Master Servicer’s] [Special Servicer’s] [Other Servicer’s][Other Special Servicer’s] release of the Mortgage
File, credited to the Collection Account pursuant to the Pooling and Servicing Agreement.

 

	______    	2.	The Mortgage Loan is being foreclosed.

 

	______    	3.	Other. (Describe)

 

The undersigned acknowledges
that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance with the provisions of
the

 

    E-1 

     

    

 

[Pooling and Servicing Agreement][Other Pooling and Servicing Agreement] and will be returned to you or your designee within
ten (10) days of our receipt thereof, unless [the [Other Servicer][Other Special Servicer] requires such Mortgage File pursuant
to the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement.][the Mortgage Loan has been paid in full or
otherwise liquidated, in which case the Mortgage File (or such portion thereof) will be retained by us permanently, or unless the
Mortgage Loan is being foreclosed,] in which case the Mortgage File (or such portion thereof) will be returned when no longer required
by us for such purpose.

 

Capitalized terms used
but not defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement. 

	 	 	 
	 	[MASTER SERVICER][SPECIAL
SERVICER][OTHER SERVICER][OTHER SPECIAL SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    E-2 

     

    

 

EXHIBIT F

 

SECURITIES LEGEND

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE
HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3)
(EXCEPT WITH RESPECT TO THE CLASS [R] CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
RULE 501 (a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH
ACCREDITED INVESTORS, OR (4) (EXCEPT WITH RESPECT TO THE CLASS [R] CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION
S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF
SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

    F-1 

     

    

 

EXHIBIT G

 

FORM OF REGULATION S TRANSFER CERTIFICATE

 

Wells Fargo Bank, National Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: Bondholder
Services - CFCRE 2016-C6

 

		Re:	Transfer
                                         of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2016-C6, Class [    ]

 

Ladies and Gentlemen:

 

This certificate is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing
Agreement”), and executed in connection with the above referenced transaction, on behalf of the holders of the CFCRE
2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6, Class [_] (the “Certificates”)
in connection with the transfer by the undersigned (the “Transferor”) to                                      
(the “Transferee”) of $                    
Certificate Balance of Certificates, in fully registered form (each, an “Individual Certificate”), or a beneficial
interest of such aggregate Certificate Balance in the Regulation S Global Certificate (the “Global Certificate”)
maintained by The Depository Trust Company or its successor as Depositary under the Pooling and Servicing Agreement (such transferred
interest, in either form, being the “Transferred Interest”).

 

In connection with such
transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions
set forth in the Pooling and Servicing Agreement and the Certificates and (i) with respect to transfers made in accordance with
Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)       the
offer of the Transferred Interest was not made to a person in the United States;

 

[(2)     at the time the
buy order was originated, the Transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the Transferee was an institution that was outside the United States;]*

 

[(2)     the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither there undersigned
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*

 

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    G-1 

     

    

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:`	 
	 	 	Name:
	 	 	Title:

  

Dated: ________________, 20     

 

    G-2 

     

    

 

EXHIBIT H

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchanges or transfers pursuant to Section
5.02(c)(ii)(A) of 

the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: Bondholder Services - CFCRE 2016-C6

 

		Re:	Transfer
                                         of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2016-C6, Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”),
and executed in connection with the above-referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of Rule 144A Global
Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest for an interest in the Regulation S Global Certificate (CUSIP No.                     )
to be held with [Euroclear] [Clearstream]* (Common Code) through the Depositary.

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the Transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation
S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby
certify that:

 

(1)       the
offer of the Certificates was not made to a person in the United States,

 

[(2)      at the time
the buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any
persons acting on its behalf reasonably believed that the Transferee was outside the United States,]**

  

 

 

*
Select appropriate depository.

 

**
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    H-1 

     

    

 

[(2)      the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20__

 

    H-2 

     

    

 

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE AFTER THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.02(c)(ii)(B) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: Bondholder
Services - CFCRE 2016-C6

 

		Re:	Transfer
                                         of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2016-C6, Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

The letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Rule 144A
Global Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation S Global Certificate (Common Code
No.                     ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby
certify that:

 

(1)       the
offer of the Certificates was not made to a person in the United States,

 

[(2)     at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the transferee was outside the United States,]*

  

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    I-1 

     

    

 

[(2)     the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer. 

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______________, 20___

 

    I-2 

     

    

 

EXHIBIT J

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL

CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to Section
5.02(c)(ii)(C)

of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association

Sixth Street & Marquette
Avenue

Minneapolis, Minnesota 55479-0113

Attention: Bondholder
Services - CFCRE 2016-C6

 

		Re:	Transfer of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-C6, Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Regulation
S Global Certificate (CUSIP No.                     )
with [Euroclear] [Clearstream]* (Common Code                     )
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate (CUSIP No.
                    ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Pooling and Servicing Agreement and (ii) Rule 144A under the Securities
Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account with respect to
which the transferee exercises sole investment discretion and the transferee and any such account is “qualified institutional
buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance
with any applicable securities laws of any state of the United States or an jurisdiction.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

 

 

* Select appropriate depository.

 

    J-1

     

    

 

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	  
	 	 	Name:
	 	 	Title:

 

Dated: ______________, 20__

 

    J-2

     

    
 

EXHIBIT K

 

FORM OF DISTRIBUTION DATE STATEMENT

 

    K-1

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION
    DATE STATEMENT	 	 	 
	 	 	 	 	Table of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification Tables	7-9	 	 	 
	 	 	 	 	Mortgage Loan Detail	10	 	 	 
	 	 	 	 	NOI Detail	11	 	 	 
	 	 	 	 	Principal Prepayment Detail	12	 	 	 
	 	 	 	 	Historical Detail	13	 	 	 
	 	 	 	 	Delinquency Loan Detail	14	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	15-16	 	 	 
	 	 	 	 	Advance Summary	17	 	 	 
	 	 	 	 	Modified Loan Detail	18	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	19	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation 	20	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	21-22	 	 	 
	 	 	 	 	Defeased Loan Detail	23	 	 	 
	 	 	 	 	Supplemental Reporting	24	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Operating Advisor/	 	 	 
	 	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Special
    Servicer	 	 	 	Asset Representations Reviewer	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	CCRE Commercial Mortgage Securities, L.P.	 	 	 	Wells Fargo Bank, National Association	 	 	 	Rialto Capital Advisors, LLC	 	 	 	Park Bridge Lender Services LLC	 	 	 
	 	 	 	110 East 59th Street	 	 	 	Three Wells Fargo, MAC D1050-084	 	 	 	790 NW 107th Avenue	 	 	 	600 Third Avenue	 	 	 
	 	 	 	6th Floor	 	 	 	401 S. Tryon Street, 8th Floor	 	 	 	4th Floor, Suite 300	 	 	 	40th Floor	 	 	 
	 	 	 	New York, NY 10022	 	 	 	Charlotte, NC 28202	 	 	 	Miami, FL 33172	 	 	 	New York, NY 10016	 	 	 
	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Contact:   aorso@cantor.com	 	 	 	Contact:	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	REAM_InvestorRelations@wellsfargo.com	 	 	 	Contact:	 	 	 	Contact:      David Rodgers	 	 	 
	 	 	 	 	 	 	 	Phone Number: (866) 898-1615	 	 	 	Niral.Shah@rialtocapital.com	 	 	 	Phone Number:   (212) 230-9025	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties.  Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information.

         

        Please
        visit www.ctslink.com for additional information and special notices. In addition, certificateholders may register
        online for email notification when special notices are posted. For information or assistance please call 866-846-4526.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

   

     Page 1 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class
    	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/

    Additional Trust

    Fund Expenses	 	Total

    Distribution	 	Ending

    Balance	 	Current

     Subordination

    Level (1)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-M	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	V	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Notional

    Amount	 	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	 	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A).

 

 

 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 2 of 24

     

    

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-M	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	V	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-E	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-F	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-G	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

     Page 3 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled

    Principal	 	Principal

    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
    Certificate Interest Reconciliation
    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual
 Days	 	Accrued

    Certificate

    Interest	 	Net Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC CAP

    Shortfall	 	Additional

    Trust Fund

    Expenses	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

 Certificate Interest	 	 
	 	 	A-1	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-3	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-M	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
    0.00  	 	 
	 	 	F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 4 of 24

     

    

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount (1)	 	    0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 	 	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App. Red.	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
Class Information 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling Class:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Effective as of: mm/dd/yyyy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling Class Representative:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Effective as of: mm/dd/yyyy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
         
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
        (1) The Available Distribution
        Amount includes any Prepayment Premiums.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 5 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage
    Trust

 Commercial Mortgage Pass-Through
    Certificates
 Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Interest paid or
    advanced	0.00	 	 	Master Servicing
    Fee - Wells Fargo Bank, N.A. 	0.00	 	 
	 	Interest reductions
    due to Non-Recoverability Determinations	0.00	 	 	Trustee Fee - Wilmington
    Trust N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administration
    Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC Royalty License
    Fee	0.00	 	 
	 	Net Prepayment Interest
    Shortfall	0.00	 	 	Operating Advsior
    Fee - Park Bridge Lender Services LLC	0.00	 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 	Asset Representations
    Reviewer Monitor Fee - Park Bridge	0.00	 	 
	 	Extension Interest	0.00	 	 	Lender Services
    LLC	 	 	 
	 	Interest Reserve
    Withdrawal	0.00	 	 	Total Fees	 	0.00	 
	 	Total Interest
    Collected	 	0.00	 	Additional Trust
    Fund Expenses:	 	 	 
	 	 	 	 	 	Reimbursement for
    Interest on Advances	0.00	 	 
	 	Principal:	 	 	 	ASER Amount	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Special Servicing
    Fee	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Rating Agency Expenses	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Attorney Fees &
    Expenses	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Recoveries from
    Liquidation and Insurance Proceeds	0.00	 	 	Taxes Imposed on
    Trust Fund	0.00	 	 
	 	Excess of Prior
    Principal Amounts paid	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Curtailments	0.00	 	 	Other Expenses	0.00	 	 
	 	Negative Amortization	0.00	 	 	Total Additional Trust Fund Expenses	 	0.00	 
	 	Principal Adjustments	0.00	 	 	 	 	 	 
	 	Total Principal
    Collected	 	0.00	 	Interest Reserve Deposit	 	0.00	 
	 	 	 	 	 	 	 	 	 
	 	Other:	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Prepayment Penalties/Yield
    Maintenance	0.00	 	 	Interest Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Principal Distribution	0.00	 	 
	 	Borrower Option Extension
    Fees	0.00	 	 	Prepayment Penalties/Yield
    Maintenance	0.00	 	 
	 	 		 	 	Borrower Option Extension
    Fees	0.00	 	 
	 	 		 	 	 	 	 	 
	 	Total Other Collected	 	0.00	 	Total
    Payments to Certificateholders & Others	 	0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

     Page 6 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled Balance	 	State   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled

    Balance	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	State	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 7 of 24

     

    
 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt Service Coverage Ratio	 	Property Type   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See footnotes on last page
    of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 8 of 24

     

    

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated Remaining Term
    (ARD and Balloon Loans)	 	Remaining Stated Term (Fully
    Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (2)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining Amortization
    Term (ARD and Balloon Loans)	 	Age of Most Recent NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Age
    of Most

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	

(1) Debt Service Coverage
Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases, the most
recent DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the
offering document is used. The debt service coverage ratio information was provided to the Certificate Administrator by the
Master Servicer and the Certificate Administrator has not independently confirmed the accuracy of such
information.

	 
	 	 	 
	 	(2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated Repayment Date, if applicable, and the maturity date.	 
	 	 	 
	 	(3) Data in this table was calculated by allocating pro-rata the current loan information to the properties based upon the Cut-off Date balance of each property as disclosed in the offering document.	 
	 	 	 	 	 

 

     Page 9 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon
    	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	OF	-	Office	1	-	Modification	6	-	DPO	10	-	Deed in Lieu Of	1	-	Maturity Date Extension	 	 	 	 
	 	RT 	-	Retail	MU	-	Mixed Use	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	2	-	Amortization Change	 	 	 	 
	 	HC	-	Health Care	LO	-	Lodging	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	3	-	Principal Write-Off	 	 	 	 
	 	IN  	-	Industrial	SS	-	Self Storage	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	4	-	Combination	 	 	 	 
	 	WH	-	Warehouse	OT	-	Other	5	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 	 	 	 	 	 	 
	 	MH 	-	Mobile Home Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 10 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI	Most

    Recent

    NOI	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 11 of 24

     

    

 

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 
	 	Principal Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan Number	Loan Group	Offering
    Document	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Cross-Reference	Payoff
    Amount	Curtailment
    Amount	Prepayment
    Premium	Yield
    Maintenance Premium	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     Page 12 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	Coupon	Remit	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals are excluded from the
    delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 13 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Mortgage

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Assumed Scheduled Payment	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 	 
	 	 	 	 	But Still in Grace Period	1	- One Month Delinquent	 	 	(Performing Matured Balloon)	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	 	 
	 	 	 	 	Or Not Yet Due	2	- Two Months Delinquent	5	-	Non Performing Matured Balloon	3 	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 	 
	 	 	B	-	Late Payment But Less	3	- Three or More Months Delinquent	 	 	 	4 	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 	 
	 	 	 	 	Than 1 Month Delinquent	 	 	 	 	 	5 	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	** Outstanding
    P & I Advances include the current period advance.	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 14 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	NOI

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	6	-	DPO	10	-	Deed In Lieu Of	MF	-	 Multi-Family	OF	-	Office	 
	 	2	-  Foreclosure	7	-	REO	 	 	Foreclosure	RT	-	 Retail	MU	-	Mixed use	 
	 	3	-  Bankruptcy	8	-	Resolved	11	-	Full Payoff	HC	-	 Health Care	LO	-	Lodging	 
	 	4	-  Extension	9	-	Pending Return	12	-	Reps and Warranties	IN	-	 Industrial	SS	-	Self Storage	 
	 	5	-  Note Sale	 	 	to Master Servicer	13	-	Other or TBD	WH	-	 Warehouse	OT	-	Other	 
	 	 	 	 	 	 	 	 	 	MH	-	 Mobile Home Park	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 15 of 24

     

    

 

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

     Cross-Reference 	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

     Phase 1 Date
	Appraisal
Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code
	 	 	 	 	 	 	 	 	 	 	 
	 	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 
	 	2	-	Foreclosure	7	-	REO	 	 	Foreclosure	 
	 	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 
	 	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 
	 	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	 
	 	 	 	 	 	 	 	 	 	 	 

 

     Page 16 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

     Page 17 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 
	 	Modified Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

     Page 18 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Liquidated
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 19 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Bond/Collateral
    Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 20 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 21 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	Other
    (Shortfalls)/

    Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total Interest
    Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     Page 22 of 24

     

    

 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Defeased
    Loan Detail
	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering
    Document

    Cross-Reference	Ending
    Scheduled

    Balance	Maturity
    Date	Note
    Rate	Defeasance
    Status	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

     Page 23 of 24

     

    
 

	 	 	 	 
		CFCRE 2016-C6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-C6	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	12/12/16
	8480 Stagecoach Circle	Record Date:	11/30/16
	Frederick, MD 21701-4747	Determination Date:	12/6/16

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

     Page 24 of 24

     

    

 

 

EXHIBIT L-1A

 

Form
of Investor Certification for Non-Borrower PartY

(for Persons other than the Controlling Class Representative 

and/or a Controlling Class Certificateholder)

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – CFCRE 2016-C6 Mortgage
Trust

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates, and is neither the
Controlling Class Representative nor a Controlling Class Certificateholder.

 

2.          In
the case of a Publicly Offered Certificate, the undersigned has received a copy of the Prospectus.

 

3.          The
undersigned is not a Borrower Party.

 

4.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

    L-1A-1

     

    

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

7.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.]

	 	 	 
	 	[Certificateholder][Beneficial
Owner][Prospective Purchaser]
	 	 	 
	 	By:	  
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1A-2

     

    
 

EXHIBIT L-1B

 

Form
of Investor Certification for Non-Borrower PartY

(for the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

 

	
        Wells Fargo Bank, National Association

        

        Commercial Mortgage Servicing

        

        Three Wells Fargo

        

        401 S. Tryon Street, 8th Floor

        

        MAC D1050-084

        

        Charlotte, NC 28202

        Attention: CFCRE 2016-C6 Asset Manager

        

        Email: commercial.servicing@wellsfargo.com

         
	
        Wells Fargo Bank, National Association

        

        9062 Old Annapolis Road

        

        Columbia, Maryland 21045

        

        Attention: Corporate Trust Services –
        CFCRE 2016-C6

        

        Email: trustadministrationgroup@wellsfargo.com

        

        cts.cmbs.admin@wellsfargo.com

         

	
        Rialto Capital Advisors, LLC

        790 NW 107th Avenue, 4th Floor

        Miami, Florida 33172

        Attention: Liat Heller (CFCRE 2016-C6)

        

           Jeff Krasnoff
(CFCRE 2016-C6)

        
   Niral Shah (CFCRE 2016-C6)

        
   Adam Singer (CFCRE 2016-C6)

         

        AEGON USA Realty Advisors, LLC

        

        4333 Edgewood Road NE

        

        Cedar Rapids, Iowa 52499-5554

        

        Attention: Executive Vice President, Special
        Servicing

        

        Facsimile: (319) 355-8030

        

        Wilmington Trust, National Association

        

        1100 North Market Street’Wilmington,
        Delaware 19890

        

        Attention: CMBS Trustee CFCRE 2016-C6

        
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CFCRE 2016-C6-Surveillance Manager

        

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

    L-1B-1

     

    

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

3.          The
undersigned is not a Borrower Party.

 

4.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification
attached as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

7.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

8.          The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.

 

    L-1B-2

     

    

 

9.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.]

	 	 	 
	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	  
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1B-3

     

    
 

EXHIBIT L-1C

 

Form
of Investor Certification for Borrower PartY

(for Persons other than the Controlling Class Representative 

and/or a Controlling Class Certificateholder)

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.admin@wellsfargo.com

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C6 Asset Manager

Email: commercial.servicing@wellsfargo.com

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention:    Liat Heller (CFCRE 2016-C6)

Jeff Krasnoff
(CFCRE 2016-C6)

Niral Shah (CFCRE
2016-C6)

Adam Singer (CFCRE
2016-C6)

 

AEGON USA Realty Advisors, LLC

4333 Edgewood Road NE

Cedar Rapids, Iowa 52499-5554

Attention: Executive Vice President, Special
Servicing

Facsimile: (319) 355-8030

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

    L-1C-1

     

    

 

1.          The
undersigned is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates, and is neither the
Controlling Class Representative nor a Controlling Class Certificateholder.

 

2           The
undersigned is a Borrower Party.

 

3.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

5.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

6.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

	 	 	 
	 	[Certificateholder][Beneficial
Owner][Prospective Purchaser]
	 	 	 
	 	By:	  
	 	 	Title:

 

    L-1C-2

     

    

 

	 	 	Company:
	 	 	Phone:

  

    L-1C-3

     

    
 

EXHIBIT L-1D

 

Form
of Investor Certification for Borrower PartY

(for the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

 

	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        

        Charlotte, North Carolina 28202

        Attention: CFCRE 2016-C6 Asset Manager

        

        Email: commercial.servicing@wellsfargo.com

         
	
        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        

        Columbia, Maryland 21045

        

        Attention: Corporate Trust Services

        

        Email: trustadministrationgroup@wellsfargo.com

        

        cts.cmbs.admin@wellsfargo.com

         

	
        Rialto Capital Advisors, LLC

        790 NW 107th Avenue, 4th Floor

        Miami, Florida 33172

        Attention:     Liat Heller (CFCRE 2016-C6)

        

        Jeff Krasnoff (CFCRE
        2016-C6)

        Niral Shah (CFCRE 2016-C6)

        Adam Singer (CFCRE 2016-C6)

         

        Wilmington Trust, National Association

        

        1100 North Market Street

        

        Wilmington, Delaware 19890

        

        Attention: CMBS Trustee CFCRE 2016-C6

        

         

        AEGON USA Realty Advisors, LLC

        

        4333 Edgewood Road NE

        

        Cedar Rapids, Iowa 52499-5554

        

        Attention: Executive Vice President, Special
        Servicing

        

        Facsimile: (319) 355-8030

        
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CFCRE 2016-C6-Surveillance Manager

        

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

    L-1D-1

     

    

 

1.          The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

2           The
undersigned is a Borrower Party with respect to the following Excluded Controlling Class Mortgage Loans:

 

[IDENTIFY EXCLUDED
CONTROLLING CLASS MORTGAGE LOANS] (the “Excluded Controlling Class Mortgage Loans”)

 

3.          Except
with respect to the Excluded Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Pooling and
Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.       The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined
in the Pooling and Servicing Agreement) relating to the Excluded Controlling Class Mortgage Loans to the extent the undersigned
receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such
Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

5.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify each
party to the Pooling and Servicing Agreement, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.       To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly
provide such Excluded Information to the related Borrower or (A) any employees or personnel of the undersigned or any Affiliate
involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge,
any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will

 

    L-1D-2

     

    

 

maintain sufficient
internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause
(i) above.

 

7.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

8.          The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

9.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

	 	 	 
	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
		By:	 
	 	 	Title:

Company:

Phone:

 

    L-1D-3

     

    
 

EXHIBIT L-1E

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER

 

[Date]

 

	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        

        Charlotte, North Carolina 28202

        Attention: CFCRE 2016-C6 Asset Manager

        

        Email: commercial.servicing@wellsfargo.com

         
	
        Wells Fargo Bank, National Association

        

        9062 Old Annapolis Road

        

        Columbia, Maryland 21045

        

        Attention: Corporate Trust Services

        

        Email: trustadministrationgroup@wellsfargo.com

        

        cts.cmbs.admin@wellsfargo.com

        

        

         

	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee CFCRE 2016-C6

         

        Rialto Capital Advisors, LLC

        790 NW 107th Avenue, 4th Floor

        Miami, Florida 33172

        Attention:    Liat Heller (CFCRE 2016-C6)

        

        Jeff Krasnoff
        (CFCRE 2016-C6)

        Niral Shah (CFCRE 2016-C6)

        

        Adam Singer (CFCRE
        2016-C6)

         

        AEGON USA Realty Advisors, LLC

        

        4333 Edgewood Road NE

        

        Cedar Rapids, Iowa 52499-5554

        

        Attention: Executive Vice President, Special
        Servicing

        

        Facsimile: (319) 355-8030

        
	
        Park Bridge Lender Services LLC

c/o Park Bridge Financial LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C6-Surveillance Manager 

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

THIS NOTICE IDENTIFIES
AN “EXCLUDED CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE CFCRE 2016-C6 MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES REQUIRING ACTION

 

    L-1E-1

     

    

 

BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.32 OF THE POOLING AND SERVICING AGREEMENT.

 

In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.          The
undersigned is [the Controlling Class Representative] [a Controlling Class Certificateholder] as of the date hereof.

 

2.          The
undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):

 

	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.          .
As of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below information
to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, among other things,
the Certificate Administrator’s determination as to whether a Consultation Termination Event or Control Termination Event
is in effect with respect to the Excluded Controlling Class Mortgage Loans listed in paragraph 2 if any such mortgage loan is
an Excluded Mortgage Loan:

 

	CUSIP	Class	Outstanding Certificate Balance	Initial Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.          The
undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit L-1F to the Pooling and
Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is not
permitted to access and shall not access any Excluded Information relating to the Excluded Controlling Class Mortgage Loans on
the Certificate Administrator’s Website unless and until it has (i) delivered notice of the termination of the related Excluded
Controlling Class Holder status and (ii) submitted a new investor certification in accordance with Section 4.02(b) of the Pooling
and Servicing Agreement.

 

    L-1E-2

     

    

 

5.          The
undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters, the Initial
Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing
this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative
or person acting on its behalf of any Excluded Information relating to the Excluded Controlling Class Mortgage Loans listed in
Paragraph 2 above.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.

 

	 	 	 
	 	[Controlling Class Representative][a
Controlling Class Certificateholder] 
	 	 	 
		By:	 
	 	 	Name:

Title:

Phone:

Email:

Address:

 

    L-1E-3

     

    
 

EXHIBIT L-1F

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	
        Via: Email

        Wells Fargo Bank, National Association

        

        9062 Old Annapolis Road

        

        Columbia, Maryland 21045

        

        Attention: Corporate Trust Services –
        CFCRE 2016-C6

        

        cts.cmbs.bond.admin@wellsfargo.com

        

        trustadministrationgroup@wellsfargo.com

         

        with a copy to:

         

        

        Wells Fargo Bank, National Association

        

        8480 Stagecoach Circle

        

        Frederick, Maryland 21701 4747

        

        Attention CFCRE 2016-C6
        

         

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.          The undersigned is the [Controlling Class Representative][a Controlling Class Certificateholder] as of the date hereof.

 

2.          The undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):

 

	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

    L-1F-1

     

    

 

3.          The following USER IDs for the Certificate Administrator’s Website are affiliated with the undersigned and access
to any information on the Certificate Administrator’s Website with respect to the CFCRE 2016-C6 Mortgage Trust securitization
should be revoked as to such users:

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

4.          The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect
to such Excluded Controlling Class Mortgage Loans on the Certificate Administrator’s Website unless and until it (i) is no
longer an Excluded Controlling Class Holder with respect to such Excluded Controlling Class Mortgage Loans, (ii) has delivered
notice of the related Excluded Controlling Class Holder status and (iii) has submitted an investor certification in the form of
Exhibit L-1E to the Pooling and Servicing Agreement.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.

	 	 	 
	 	[Controlling Class Representative][a Controlling Class Certificateholder]
		 	 
	 	Name:

Title:

Phone:

Email:

Address:	 

 

The undersigned hereby acknowledges that

access to the Certificate Administrator’s Website has been revoked for

the users listed in Paragraph 3.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator

 

    L-1F-2

     

    

	 	 	 
	Name:

Title:

	 	 

 

    L-1F-3

     

    
 

EXHIBIT L-1G

Form
of Certification of the Controlling Class Representative

 

[Date]

 

	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        

        Charlotte, North Carolina 28202

        Attention: CFCRE 2016-C6 Asset Manager

        

        Email: commercial.servicing@wellsfargo.com

         
	
        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – CFCRE 2016-C6

        Email: trustadministrationgroup@wellsfargo.com

        cts.cmbs.bond.admin@wellsfargo.com

        

        

         

	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee CFCRE 2016-C6

         

        Rialto Capital Advisors, LLC

        790 NW 107th Avenue, 4th Floor

        Miami, Florida 33172

        Attention:    Liat Heller (CFCRE 2016-C6)

        

        Jeff Krasnoff
        (CFCRE 2016-C6)

        Niral Shah (CFCRE 2016-C6)

        

        Adam Singer (CFCRE
        2016-C6)

         

        AEGON USA Realty Advisors, LLC

        

        4333 Edgewood Road NE

        

        Cedar Rapids, Iowa 52499-5554

        

        Attention: Executive Vice President, Special
        Servicing

        

        Facsimile:
        (319) 355-8030

        
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CFCRE 2016-C6-Surveillance Manager

        

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

In accordance with Section
3.29(a) of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned has been appointed to act as the Controlling Class Representative.

 

    L-1G-1

     

    

 

2.          The
undersigned is not a Borrower Party.

 

3.          If
the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification
attached as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

4.          The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.

 

5.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

	 	 	 
	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
		By:	 
	 	 	Title:

Company:

Phone:

 

    L-1G-2

     

    
 

EXHIBIT L-2

 

FORM OF FINANCIAL MARKET PUBLISHER CERTIFICATION

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.

 

In connection with
the CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement, dated as of November 1, 2016
(the “Pooling and Servicing Agreement”), entered into between CCRE
Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital
Advisors, LLC, as special servicer, AEGON USA Realty Advisors, LLC, as Potomac Mills special servicer, Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC,
as asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association,
as certificate administrator, paying agent and custodian, the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an employee or agent of BlackRock Financial Management, Inc., Bloomberg Financial
Markets, L.P., Intex Solutions, Inc., Trepp, LLC, Interactive Data Corporation, Markit LLC or Thomson Reuters Corporation, a market
data provider that has been given access to the Distribution Date Statements, CREFC® reports and supplemental notices
delivered or made available pursuant to Section 4.02 of the Pooling and Servicing Agreement to Privileged Persons on www.ctslink.com
(the “Website”) by request of the Depositor.

 

		2.	The undersigned agrees that each time it accesses the Website, the undersigned is deemed to have
recertified that the representation above remains true and correct.

 

		3.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the agreement pursuant to which the Certificates were issued.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

 

    L-2-1

     

    
 

EXHIBIT M

 

FORM OF NOTIFICATION FROM CUSTODIAN

 

[DATE]

 

To
the Persons Listed on the attached Schedule A

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

Ladies and Gentlemen:

 

In
accordance with Section 2.02 of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby notifies you that, based
upon the review required under the Pooling and Servicing Agreement, the Mortgage File for each Mortgage Loan set
forth on the attached defect schedule contains a document or documents which (i) has not been executed or received, (ii)
has not been recorded or filed (if required), (iii) is unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule,
(iv) appears not to be what they purport to be or has been torn in any materially adverse manner or (v) is mutilated or otherwise
defaced, in each case as more fully described on the attached defect schedule.

 

The Custodian has no
responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is legal, valid, binding
or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine
if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any
applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing
any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian

	 	 	 
		By:	 
	 	 	Name:

Title:

 

    M-1

     

    
 

SCHEDULE A

TO

FORM OF NOTIFICATION FROM CUSTODIAN

 

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C6-Surveillance Manager

Email: cmbs.notices@parkbridgefinancial.com

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina
28202

Attention: CFCRE 2016-C6 Asset Manager

Email: commercial.servicing@wellsfargo.com

 

Wilmington Trust, National
Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee CFCRE 2016-C6

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services — CFCRE 2016-C6

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com

 

with an electronic copy to:

 

    M-2

     

    

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com

 

with a copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Niral Shah

Facsimile number: (305) 229-6425

E-mail: niral.shah@rialtocapital.com

 

with a copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Adam Singer

Facsimile number: (305) 229-6425

E-mail: adam.singer@rialtocapital.com

 

AEGON USA Realty Advisors, LLC

4333 Edgewood Road NE

Cedar Rapids, Iowa 52499-5554

Attention: Executive Vice President, Special Servicing

Facsimile: (319) 355-8030

 

To the applicable Mortgage Loan Seller:

 

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

Société Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

Email: jim.barnard@sgcib.com

 

    M-3

     

    

 

DEFECT SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

 

    M-4

     

    
 

EXHIBIT N-1

 

FORM OF CLOSING DATE CUSTODIAN CERTIFICATION

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies that, with respect to each Mortgage Loan listed on the Mortgage
Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession the documents specified in clause (i) of the
definition of “Mortgage File”, (b) the foregoing documents delivered or caused to be delivered by the Mortgage Loan
Sellers as described in clause (a) above have been reviewed by it or by a Custodian on its behalf and appear regular on their
face, appear to be executed and purports to relate to such Mortgage Loan, except as identified on the schedule attached hereto,
and (c) each of the documents specified in Section 2.01(a)(ii), 2.01(a)(vii), 2.01(a)(xi) and 2.01(a)(xix) of the Pooling and Servicing
Agreement have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable)
and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the
Mortgage Loans identified in the Mortgage Loan Schedule.

 

The Custodian’s
review of the Mortgage Files and its certification with respect thereto shall not be deemed to constitute “due diligence
services” or a “third party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively,
promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, as amended.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    N-1-1

     

    

 

SCHEDULE A 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

    N-1-2

     

    

 

EXHIBIT N-2

 

FORM OF POST-CLOSING CUSTODIAN CERTIFICATION

 

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies, subject to the terms of the Pooling and Servicing Agreement,
that, with respect to each Mortgage Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, all documents (other
than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of the Pooling and Servicing Agreement and the documents
referred to in clauses (iv)(B), (v) and (viii)(B) of Section 2.01(a) of the Pooling and Servicing Agreement and the assignments
of financing statements referred to in clause (xiii) of Section 2.01(a) of the Pooling and Servicing Agreement) referred to in
Section 2.01(a) of the Pooling and Servicing Agreement (in the case of the documents referred to in Section 2.01(a)(iii), (v),
(viii), (ix), (x), (xii) through (xvi) and (xviii) through (xx) of the Pooling and Servicing Agreement, as identified to it in
writing by the related Mortgage Loan Seller) and any original recorded documents included in the delivery of a Mortgage File have
been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable) and have
not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage
Loans identified in the Mortgage Loan Schedule, in each case, except as set forth on the attached schedule hereto.

 

The Custodian’s
review of the Mortgage Files and its certification with respect thereto shall not be deemed to constitute “due diligence
services” or a “third party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively,
promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, as amended.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.

 

    N-2-1

     

    

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    N-2-2

     

    
 

SCHEDULE A 

TO POST-CLOSING CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

    N-2-3

     

    
 

EXHIBIT O

 

FORM OF TRUSTEE BACKUP CERTIFICATION

 

CFCRE 2016-C6 Mortgage Trust (the “Trust”)

 

The undersigned, __________,
a __________ of Wilmington Trust, National Association, on behalf of Wilmington Trust, National Association, as trustee (the “Trustee”),
under that certain Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”),
entered into among CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer,
Rialto Capital Advisors, LLC, as special servicer, AEGON USA Realty Advisors, LLC, as Potomac Mills special servicer, Park Bridge
Lender Services LLC, as operating advisor, Park Bridge Lender Services LLC,
as asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), paying agent and custodian,
certifies to [       ], CCRE Commercial Mortgage Securities, L.P. and its officers, directors
and affiliates, to the extent that the following information is within the Trustee’s normal area of responsibilities and
duties under the Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification,
that:

 

		1.	I am responsible for reviewing the activities performed by the Trustee and based on my knowledge
and the compliance reviews conducted in preparing the Trustee compliance statements required for inclusion on Form 10-K pursuant
to Item 1123 of Regulation AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Trustee has fulfilled
its obligations in all material respects under the Pooling and Servicing Agreement; and

 

		2.	The report on assessment of compliance with servicing criteria applicable to the Trustee for asset-backed
securities with respect to the Trustee or any Servicing Function Participant retained by the Trustee and related attestation report
on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K
for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 as set forth on
Schedule II to the Pooling and Servicing Agreement has been provided to the Depositor and to the Certificate Administrator for
inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

    O-1

     

    
 

Date: ___________________  

	 	 	 
	 	WILMINGTON TRUST,
NATIONAL ASSOCIATION
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    O-2

     

    
 

EXHIBIT P

 

FORM OF CUSTODIAN BACKUP CERTIFICATION

 

CFCRE 2016-C6 Mortgage Trust (the “Trust”)

 

The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as custodian (in such
capacity, the “Custodian”), under that certain Pooling and Servicing Agreement, dated as of November 1, 2016
(the “Pooling and Servicing Agreement”), entered into among CCRE Commercial Mortgage Securities, L.P., as depositor,
Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, AEGON USA Realty
Advisors, LLC, as Potomac Mills special servicer, Park Bridge Lender Services LLC,
as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator,
paying agent and custodian (in such capacity, the “Certificate Administrator”), certifies to [       ],
CCRE Commercial Mortgage Securities, L.P. and its officers, directors and affiliates, to the extent that the following information
is within the Custodian’s normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with
the knowledge and intent that they will rely upon this certification, that:

 

		1.	I am responsible for reviewing the activities performed by the Custodian and based on my knowledge
and the compliance reviews conducted in preparing the Custodian compliance statements required for inclusion on Form 10-K pursuant
to Item 1123 of Regulation AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Custodian has
fulfilled its obligations in all material respects under the Pooling and Servicing Agreement; and

 

		2.	The report on assessment of compliance with servicing criteria applicable to the Custodian for
asset-backed securities with respect to the Custodian or any Servicing Function Participant retained by the Custodian and related
attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report
on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 as
set forth on Schedule II to the Pooling and Servicing Agreement has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

    P-1

     

    

 

Date: ___________________  

	 	 	 
	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    P-2

     

    
 

EXHIBIT Q

 

FORM OF CERTIFICATE ADMINISTRATOR BACKUP
CERTIFICATION

 

CFCRE 2016-C6 Mortgage Trust (the “Trust”)

 

The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as certificate administrator,
(in such capacity, the “Certificate Administrator”), paying agent and custodian, under that certain Pooling
and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”), entered into
among CCRE Commercial Mortgage Securities, L.P., as depositor (the “Depositor”), Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills special servicer
(the “Potomac Mills Special Servicer”), Park Bridge Lender Services LLC,
as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo
Bank, National Association, as certificate administrator, paying agent and custodian, certifies to [       ],
CCRE Commercial Mortgage Securities, L.P. and its officers, directors and affiliates, to the extent that the following information
is within the Certificate Administrator’s normal area of responsibilities and duties under the Pooling and Servicing Agreement,
and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I have reviewed the annual report on Form 10-K for the fiscal year [20___] (the “Annual
Report”), and all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year covered by
the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;

 

		2.	To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Annual Report;

 

		3.	To my knowledge, the distribution information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;

 

		4.	I am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate
Administrator compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed
on any Reports, the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling and Servicing
Agreement; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator
for asset-backed securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the
Certificate 

 

    Q-1

     

    

 

	 	 	Administrator and related attestation report on assessment of compliance with servicing criteria applicable to it required
to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 as set forth on Schedule II to the Pooling and Servicing Agreement has been provided to the Depositor
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Depositor for disclosure in such annual report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer and the Depositor.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: ___________________  

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    Q-2

     

    

 

EXHIBIT R

 

FORM OF OPERATING ADVISOR BACKUP CERTIFICATION

 

CFCRE 2016-C6 Mortgage Trust (the “Trust”)

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Operating Advisor to the Master Servicer, the Depositor, Trustee
or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Operating Advisor Reports”)
have been submitted by the Operating Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator,
as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the operating advisor information contained in the Operating Advisor Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by these reports;

 

		3.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have
been provided all information relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria,
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		4.	The report on assessment of compliance with servicing criteria applicable to the Operating Advisor
for asset-backed securities with respect to the Operating Advisor or any Servicing Function Participant retained by the Operating
Advisor and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

    R-1 

     

    

 

Capitalized terms used but not defined
herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: ___________________  

	 	 	 
	 	PARK
               BRIDGE LENDER SERVICES LLC
	 	 	 
		By:	 
	 	Name:
 Title: 

 

    R-2 

     

    

 

EXHIBIT S

 

FORM OF ASSET REPRESENTATIONS REVIEWER
BACKUP CERTIFICATION

 

CFCRE 2016-C6 Mortgage Trust (the “Trust”)

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Asset Representations Reviewer to the Master Servicer, the
Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in
the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Asset
Representations Reviewer Reports”) have been submitted by the Asset Representations Reviewer to the Master Servicer,
the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports; and

 

		2.	Based on my knowledge, the asset representations reviewer information contained in the Asset Representations
Reviewer Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports.

 

Capitalized terms used but not defined
herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: ___________________  

	 	 	 
	 	PARK
               BRIDGE LENDER SERVICES LLC
	 	 	 
		By:	 
	 	Name:
 Title: 

 

    S-1 

     

    

 

EXHIBIT T

 

FORM OF MASTER SERVICER BACKUP CERTIFICATION

 

CFCRE 2016-C6 Mortgage
Trust (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master
Servicer”) under that certain Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and
Servicing Agreement”), entered into among CCRE Commercial Mortgage Securities, L.P., as depositor, the Master Servicer,
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), AEGON USA Realty Advisors, LLC,
as Potomac Mills special servicer (the “Potomac Mills Special Servicer”), Park Bridge Lender Services LLC,
as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, on behalf of the Master Servicer,
certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), and assuming the accuracy of the statements required to be made by the Special Servicer, [each applicable Other
Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by the Special Servicer, [each applicable
Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period, all servicing information and all reports
required to be submitted by the Master Servicer to the Certificate Administrator pursuant to Sections 3.13(a) and 3.13(c) of the
Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports
on Form 10-D or Form 8-K (the “Servicer Reports”) have been submitted by the Master Servicer to the Certificate
Administrator for inclusion in these reports;

 

		2.	Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special
Servicer, [each applicable Other Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by
the Special Servicer, [each applicable Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period,
the master servicing information contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these reports;

 

		3.	I am, or a servicing officer under my supervision is, responsible for reviewing the activities
performed by the Master Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in 

 

    T-1 

     

    

 

preparing
the servicer compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB with respect to
the Master Servicer, and except as disclosed in the compliance certificate delivered by the Master Servicer under Section 10.11
of the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the Pooling and Servicing Agreement
in all material respects in the year to which such report applies;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Master Servicer
for asset-backed securities with respect to the Master Servicer or any Servicing Function Participant retained by the Master Servicer
and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in
the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.

 

In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of servicer, sub-servicer, co-servicer, Other Servicer, Other Special Servicer or Other Trustee not retained by the master
servicer giving certification] and, notwithstanding the foregoing certifications, neither I nor Master Servicer makes any certification
under the foregoing clauses (2) and (3) with respect to the information in the Servicing Reports that is in turn dependent upon
information provided by the Special Servicer under the Pooling and Servicing Agreement or by any Other Servicer, Other Special
Servicer or Other Trustee.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: ___________________  

 

    T-2 

     

    

 

	 	wells
    fargo BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 		Name:
	 		Title:

 

    T-3 

     

    

 

EXHIBIT U

 

FORM OF SPECIAL SERVICER BACKUP CERTIFICATION

 

CFCRE 2016-C6 Mortgage Trust (the “Trust”)

 

I, [identify the certifying
individual], a [_______________ ] of [Rialto Capital Advisors, LLC][AEGON USA Realty Advisors, LLC],
as [special servicer][Potomac Mills special servicer] (the [“Special Servicer”][“Potomac Mills Special
Servicer”]) under that certain Pooling and Servicing Agreement dated as of November 1, 2016 (the “Pooling and
Servicing Agreement”), entered into between CCRE Commercial Mortgage Securities, L.P., as depositor, [AEGON USA Realty
Advisors, LLC, as Potomac Mills special servicer][Rialto Capital Advisors, LLC, as special servicer], Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC,
as asset representations reviewer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), paying agent and custodian,
Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), and the
[Special Servicer][Potomac Mills Special Servicer], on behalf of the [Special Servicer][Potomac Mills Special Servicer], certify
to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all required reports required to be submitted by the Special Servicer to the
Master Servicer, the Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement
for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the
“Special Servicer Reports”) have been submitted by the [Special Servicer][Potomac Mills Special Servicer] to
the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the special servicing information contained in the Special Servicer Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made therein, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by these reports;

 

		3.	I am, or an officer under my supervision is, responsible for reviewing the activities performed
by the [Special Servicer][Potomac Mills Special Servicer] under the Pooling and Servicing Agreement and based upon my knowledge
and the annual compliance reviews conducted in preparing the servicer compliance statements required in this report under Item
1123 of Regulation AB with respect to the [Special Servicer][Potomac Mills Special Servicer], and except as disclosed in the compliance
certificate delivered by the [Special Servicer][Potomac Mills Special Servicer] under Section 10.11 of the Pooling and Servicing
Agreement, the [Special Servicer][Potomac Mills Special Servicer] has 

 

    U-1 

     

    

 

fulfilled
its obligations under the Pooling and Servicing Agreement in all material respects in the year to which such report applies;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the [Special Servicer][Potomac Mills Special Servicer] with respect to the Trust’s
fiscal year _____ have been provided all information relating to the [Special Servicer][Potomac Mills Special Servicer] assessment
of compliance with the Relevant Servicing Criteria, in order to enable them to conduct a review in compliance with the standards
for attestation engagements issued or adopted by the PCAOB; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the [Special Servicer][Potomac
Mills Special Servicer] for asset-backed securities with respect to the [Special Servicer][Potomac Mills Special Servicer] or any
Servicing Function Participant retained by the [Special Servicer][Potomac Mills Special Servicer] and related attestation report
on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K
for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided
to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in
such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:
______________________

 

	 	
	 	[Rialto
capital advisors, LLC]
	 	[AEGON
USA REALTY ADVISORS, LLC]
	 	 	 
	 	By:	 
	 		Name:
	 		Title:

 

    U-2 

     

    

 

EXHIBIT V

 

FORM OF SUB-SERVICER BACKUP CERTIFICATION

 

CFCRE 2016-C6 Mortgage
Trust (the “Trust”)

 

As contemplated by Section 10.08 of that
certain Pooling and Servicing Agreement dated as of November 1, 2016 (the “Pooling and Servicing Agreement”),
entered into between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master
servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special
Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills special servicer (the “Potomac Mills Special Servicer”),
Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services
LLC, as asset representations reviewer, Wilmington Trust, National Association,
as trustee, and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), paying agent and custodian, [identify the certifying individual], a                     
of                     ,
a                     
[corporation] (the “Sub-Servicer”) as Sub-Servicer in connection with the sub-servicing of one or more Mortgage
Loans and/or Serviced Companion Loan under the Pooling and Servicing Agreement, on behalf of the Sub-Servicer, certify to [Name
of Each Certifying Person for Sarbanes-Oxley Certification], the Depositor, the Master Servicer and their officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I have reviewed the Servicer Reports and Sub-Servicer Reports (each as defined below) relating
to the Mortgage Loans and/or Serviced Companion Loan delivered by the Sub-Servicer to the Master Servicer, pursuant to the Sub-Servicing
Agreement dated November 1, 2016 by and between the Sub-Servicer and the Master Servicer (the “Sub-Servicing Agreement”);

 

		2.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all reports required to be submitted by the Sub-Servicer to the Certificate Administrator
pursuant to the Pooling and Servicing Agreement (the “Servicer Reports”) for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Sub-Servicer
to the Certificate Administrator for inclusion in these reports;

 

		3.	Based on my knowledge, with respect to the Relevant Period, all servicing information and all reports
required to be submitted by the Sub-Servicer to the Master Servicer pursuant to the Sub-Servicing Agreement (the “Sub-Servicer
Reports”) have been submitted by the Sub-Servicer to the Master Servicer;

 

		4.	Based on my knowledge, the sub-servicer information contained in the Servicer Reports and Sub-Servicer
Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports;

 

    V-1 

     

    

 

		5.	Based upon my knowledge and the annual compliance review performed as required under Section [__]
of the Sub-Servicing Agreement, and except as disclosed in the compliance certificate delivered pursuant to Section [__] of the
Sub-Servicing Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material respects;

 

		6.	[I am, or a servicing officer under my supervision is, responsible for reviewing the activities
performed by the Sub-Servicer under the Sub-Servicing Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements for inclusion on Form 10-K pursuant Item 1123 of Regulation AB
with respect to the Sub-Servicer, and except as disclosed in the compliance certificate delivered by the Sub-Servicer under Section
[__] of the Sub-Servicing Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material
respects in the year which such report applies];

 

		7.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Sub-Servicer with respect to the Trust’s fiscal year _____ have been provided
all information relating to the Sub-Servicer’s assessment of compliance with the Relevant Servicing Criteria, in order to
enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

		8.	The report on assessment of compliance with servicing criteria applicable to the Sub-Servicer for
asset-backed securities with respect to the Sub-Servicer or any Servicing Function Participant retained by the Sub-Servicer and
related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the
annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.

 

Capitalized terms used but not defined
herein have the meanings set forth in the Sub-Servicing Agreement, or if not defined in the Sub-Servicing Agreement, then the
meanings set forth in the Pooling and Servicing Agreement.

	 	 	 
	Date:       _________________	 	 
	 	 	 
	 	[Insert
NAME OF SUB-SERVICER]
	 	 	  
		By:	   
	 	 	Name:

Title:

 

    V-2 

     

    

 

EXHIBIT W

 

FORM OF SARBANES-OXLEY CERTIFICATION

 

I, [identify the certifying
individual], certify that:

 

1.          I
have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this
report on Form 10-K of the CFCRE 2016-C6 Mortgage Trust (the “Exchange Act periodic reports”);

 

2.          Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

 

3.          Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;

 

4.          Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in
all material respects; and

 

5.          All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.

 

    W-1 

     

    

 

In giving the certifications above, I have
reasonably relied on information provided to me by the following unaffiliated parties: Wells Fargo Bank, National Association,
Rialto Capital Advisors, LLC, AEGON USA Realty Advisors, LLC, Wilmington Trust, National Association, Park Bridge Lender Services
LLC and [list any sub-servicers].

	 	 	 
	Dated:       _________________	 	 
		 	 
	 	 	[_____]

(Senior officer in charge of securitization of the depositor)

 

    W-2 

     

    

EXHIBIT X

 

MORTGAGE LOAN SELLER SUB-SERVICERS 

 

	Mortgage Loan	Sub-Servicer Name
	Inn at the Colonnade 	Berkeley Point Capital LLC
	312-314 Bleecker Street	Berkeley Point Capital LLC
	1000 K Street	Berkeley Point Capital LLC
	Hill7 Office	Berkeley Point Capital LLC
	Fresenius Morganton	Berkeley Point Capital LLC
	Ship Canal Office Center	Berkeley Point Capital LLC 
	Shoppes at Dadeland	Berkeley Point Capital LLC
	Residence Inn by Marriott LAX	Berkeley Point Capital LLC
	Waterstone 7 Portfolio	Berkeley Point Capital LLC
	Stop & Shop Stamford	Berkeley Point Capital LLC
	Carter Oak Plaza	Berkeley Point Capital LLC
	Comprehensive Logistics Distribution Center	Berkeley Point Capital LLC
	OZRE Leased Fee Portfolio	Berkeley Point Capital LLC
	ACG Manufactured Housing Portfolio I	Berkeley Point Capital LLC
	Sherman Medical Office Building	Berkeley Point Capital LLC
	4601 Park Road	Berkeley Point Capital LLC
	Creekside Place	Berkeley Point Capital LLC
	AP Plasman Portfolio	Berkeley Point Capital LLC
	Biston Portfolio	Berkeley Point Capital LLC
	Mandeville Marketplace	Berkeley Point Capital LLC
	Savannah Pines MHP	Berkeley Point Capital LLC
	Fiesta Plaza Shopping Center	Berkeley Point Capital LLC
	Holiday Inn Express Mesquite	Berkeley Point Capital LLC
	Office Court at Saint Michael’s	Berkeley Point Capital LLC
	Morgan Crossing Apartments	Berkeley Point Capital LLC
	Brandon Square	Berkeley Point Capital LLC
	Madisonville Plaza	Berkeley Point Capital LLC
	Oak Meadows Apartments	Berkeley Point Capital LLC
	7th & Pine Seattle Retail & Parking	Berkeley Point Capital LLC
	Ceres Marketplace	NRC Group, Inc.
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    X-1 

     

    

 

EXHIBIT Y

 

MORTGAGE LOANS WITH EARNOUT/HOLDBACK
PROVISIONS

 

	Loan Number	Property Name	Reserve Balance	Reserve Type
	7	Residence Inn by Marriott LAX	$5,500,000	Escrow Reserve
	25	Creekside Place	$2,000,000	Black Bear Diner Collateral Reserve
	44	Madisonville Plaza	$235,000	Dollar Tree Space Collateral Reserve

 

    Y-1 

     

    

 

EXHIBIT Z

 

FORM OF NRSRO CERTIFICATION

 

[Date]

 

Wells Fargo Bank, National Association

Sixth Street & Marquette
Avenue

Minneapolis, Minnesota
55479-0113

Attention: CFCRE 2016-C6 Mortgage Trust

 

		Re:	CFCRE 2016-C6
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6 

 

In accordance with the
Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Agreement”), and executed in connection
with the above-referenced transaction, with respect to the certificates issued thereunder (the “Certificates”),
the undersigned hereby certifies as follows:

 

1.           (a)          The undersigned
is a Rating Agency; or

 

(b)       The
undersigned is a nationally recognized statistical rating organization and either (x) has provided the Depositor with the appropriate
certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date, is
requesting access pursuant to the Agreement to certain information (the “Information”) on such 17g-5 website
pursuant to the provisions of the Agreement, and agrees that any confidentiality agreement applicable to the undersigned with respect
to the information obtained from the Depositor’s 17g-5 website prior to the Closing Date shall also be applicable to information
obtained from the 17g-5 Information Provider’s Website (including without limitation, to any information received by the
Depositor for posting on the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have access to the
Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions of the confidentiality
agreement attached hereto as Annex A which shall be applicable to it with respect to any information obtained from the 17g-5
Information Provider’s Website, including any information that is obtained from the section of the 17g-5 Information Provider’s
Website that hosts the Depositor’s 17g-5 website after the Closing Date.

 

2.             The undersigned either (a) has not accessed information pursuant to Rule 17g–5(a)(3) ten (10) or more times during
the most recently ended calendar year, or (b) has determined and maintained credit ratings for at least 10% of the issued securities
and money market instruments for which it accessed information pursuant to Rule 17g–5(a)(3)(iii) in the calendar year prior
to the year covered by the SEC Certification, if it accessed such information for 10 or more issued securities or money market
instruments.

 

    Z-1 

     

    

 

3.             The undersigned agrees that each time it accesses the 17g-5 Information Provider’s Website, it is deemed to have recertified
that the representations herein contained remain true and correct.

 

Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

 

    Z-2 

     

    

 

ANNEX
A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with [________] (together with its affiliates, “[_______]”, the
“Furnishing Entities” and each a “Furnishing Entity”) furnishing certain financial, operational,
structural and other information relating to the issuance of the CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-C6 (the “Certificates”) pursuant to the Pooling and Servicing Agreement, dated as
of November 1, 2016 (the “Pooling and Servicing Agreement”), by and among CCRE Commercial Mortgage Securities,
L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer,
AEGON USA Realty Advisors, LLC, as Potomac Mills special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo
Bank, National Association, as certificate administrator, paying agent and custodian, Park Bridge Lender Services LLC, as operating
advisor, and Park Bridge Lender Services LLC, as asset representations reviewer, and the assets underlying or referenced by the
Certificates, including the identity of, and financial information with respect to borrowers, sponsors, guarantors, managers and
lessees with respect to such assets (together, the “Collateral”) to you (the “NRSRO”) through
the website of [Wells Fargo Bank], National Association, as 17g-5 Information Provider under the Pooling and Servicing Agreement,
including the [section of the 17g-5 Information Provider’s Website that hosts the Depositor’s 17g-5 website after the
Closing Date (as defined in the Pooling and Servicing Agreement]. Information provided by each Furnishing Entity is labeled as
provided by the specific Furnishing Entity.

 

		1.	Definition of Confidential Information. For
purposes of this Confidentiality Agreement, the term “Confidential Information” shall include the following
information (irrespective of its source or form of communication, including information obtained by you through access to this
site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring of a rating
with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents
and other information (such information, the “Evaluation Material”) and (y)  any of the terms, conditions
or other facts with respect to the transactions contemplated by the Pooling and Servicing Agreement, including the status thereof;
provided, however, that the term Confidential Information shall not include information which:

 

		-	was or becomes generally available to the public (including through filing with the Securities and
Exchange Commission or disclosure in an offering document) other than as a result of a disclosure by you or a NRSRO Representative
(as defined in Section 2(c)(i) below) in violation of this Confidentiality Agreement;

 

		-	was or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives
that (i) is reasonably believed by you to be under no obligation to maintain the information as confidential and (ii) provides
it to you without any obligation to maintain the information as confidential; or

 

    Z-3 

     

    

 

		-	is independently developed by the NRSRO without reference to any Confidential Information.

 

		2.	Information
to Be Held in Confidence.

 

		(a)	You will use the Confidential Information solely for the purpose of determining or monitoring a credit
rating on the Certificates and, to the extent that any information used is derived from but does not reveal any Confidential Information,
for benchmarking, modeling or research purposes (the “Intended Purpose”).

 

		(b)	You acknowledge that you are aware that the United States and state securities laws impose restrictions
on trading in securities when in possession of material, non-public information and that the NRSRO will advise (through policy
manuals or otherwise) each NRSRO Representative who is informed of the matters that are the subject of this Confidentiality Agreement
to that effect.

 

		(c)	You will treat the Confidential Information as private and confidential. Subject to Section 4, without
the prior written consent of the applicable Furnishing Entity, you will not disclose to any person any Confidential Information,
whether such Confidential Information was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding
the foregoing, you may:

 

		(i)	disclose the Confidential Information to any of the NRSRO’s affiliates, directors, officers,
employees, legal representatives, agents and advisors (each, a “NRSRO Representative”) who, in the reasonable
judgment of the NRSRO, need to know such Confidential Information in connection with the Intended Purpose; provided, that,
prior to disclosure of the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions
to ensure, and shall be satisfied, that such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

		(ii)	solely to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),
post the Confidential Information to the NRSRO’s password protected website; and

 

		(iii)	use information derived from the Confidential Information in connection with an Intended Purpose,
if such derived information does not reveal any Confidential Information.

 

		3.	Disclosures
Required by Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena,
civil investigatory demand, request for information or documents, deposition or similar process relating to any legal proceeding,
investigation, hearing or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity
with notice as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation,
and otherwise to the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request
to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an

 

    Z-4 

     

    

 

appropriate
protective order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it
so chooses. Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you
been informed by written notice that the related Furnishing Entity is seeking a protective order or other reasonable assurance
for confidential treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential
Information while the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential
treatment is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order
or other reasonable assurance that confidential treatment will be accorded to the portion of the Confidential Information that
is being disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the
NRSRO be required to take a position that such information should be entitled to receive such a protective order or reasonable
assurance as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree
to comply with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing
Entity. If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with the
provisions of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required
to disclose, at the sole expense of the relevant Furnishing Entity.

 

		4.	Obligation to Return Evaluation Material. Promptly upon written request by or
on behalf of the relevant Furnishing Entity, all material or documents, including copies thereof, that contain Evaluation Material
will be destroyed or, in your sole discretion, returned to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the
NRSRO may retain one or more copies of any document or other material containing Evaluation Material to the extent necessary for
legal or regulatory compliance (or compliance with the NRSRO’s internal policies and procedures designed to ensure legal
or regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation Material that may be found in backup
tapes or other archive or electronic media or other documents prepared by the NRSRO and any Evaluation Material obtained in an
oral communication; provided, that any Evaluation Material so retained by the NRSRO will remain subject to this Confidentiality
Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

		5.	Violations of this Confidentiality Agreement.

 

		(a)	The NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or
any NRSRO Representative.

 

		(b)	You agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation or
unauthorized disclosure or use by any person of the Confidential Information which may come to your attention and to take all steps
reasonably requested by such Furnishing Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure
or use.

 

		(c)	You acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and
would be irreparably harmed in the event that any of the 

 

    Z-5 

     

    

 

			provisions of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise
                                                                            breached. It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive
                                                                            relief to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in
                                                                            addition to any other remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and
                                                                            agreed that no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further
                                                                            exercise of any right, power or privilege.

 

		6.	Term. Notwithstanding the termination or cancellation of this Confidentiality
Agreement and regardless of whether the NRSRO has provided a credit rating on a Security, your obligations under this Confidentiality
Agreement will survive indefinitely.

 

		7.	Governing Law. This Confidentiality Agreement and any claim, controversy or
dispute arising under the Confidentiality Agreement, the relationships of the parties and/or the interpretation and enforcement
of the rights and duties of the parties shall be governed by and construed in accordance with the laws of the State of New York
applicable to agreements made and to be performed within such State.

 

		8.	Amendments. This Confidentiality Agreement may be modified or waived only by
a separate writing by the NRSRO and each Furnishing Entity.

 

		9.	Entire Agreement. This Confidentiality Agreement represents the entire agreement
between you and the Furnishing Entities relating to the treatment of Confidential Information heretofore or hereafter reviewed
or inspected by you. This agreement supersedes all other understandings and agreements between us relating to such matters; provided,
however, that, if the terms of this Confidentiality Agreement conflict with another agreement relating to the Confidential
Information that specifically states that the terms of such agreement shall supersede, modify or amend the terms of this Confidentiality
Agreement, then to the extent the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement
shall control notwithstanding acceptance by you of the terms hereof by entry into this website.

 

		10.	Contact Information. Notices for each Furnishing Entity under this Confidentiality
Agreement, shall be directed as set forth below:

[__________________]

 

    Z-6 

     

    

 

EXHIBIT AA-1

 

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

CCRE Commercial Mortgage
Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

		Re:	CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C6 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2016-C6 

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling
and Servicing Agreement”), and executed with respect to the above-referenced transaction. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you, as Depositor, that:

 

1.             The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Mortgage Loans for which _________________
is the Master Servicer (the “Excess Servicing Fee Right”), with the full right to transfer the Excess Servicing
Fee Right free from any and all claims and encumbrances whatsoever.

 

2.             Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities
laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state
securities laws.

 

    AA-1-1 

     

    

 

	 	 	 
	 	Very truly
yours,
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    AA-1-2 

     

    

 

EXHIBIT
AA-2

 

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

CCRE Commercial Mortgage
Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C6 Asset Manager

Email: commercial.servicing@wellsfargo.com

 

		Re:	CCRE Commercial
                                         Mortgage Securities, L.P., CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6,

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling
and Servicing Agreement”), entered into and executed with respect to the above-referenced transaction. All capitalized
terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.
The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:

 

1.             The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Mortgage Loans as to which __________________
is the applicable Master Servicer (the “Excess Servicing Fee Right”) for its own account for investment and
not with a view to or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which
would violate the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities
laws.

 

2.             The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered

 

    AA-2-1 

     

    

 

pursuant
to the Securities Act and registered or qualified pursuant to any applicable state securities laws or (ii) sold or transferred
in transactions which are exempt from such registration and qualification and (A) the Depositor has received a certificate from
the prospective transferor substantially in the form attached as Exhibit AA-1 to the Pooling and Servicing Agreement, and (B)
each of the Master Servicer and the Depositor have received a certificate from the prospective transferee substantially in the
form attached as Exhibit AA-2 to the Pooling and Servicing Agreement.

 

3.             The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.             Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner
set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

 

5.             The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Mortgage Loans, and (e) all related matters that it has requested.

 

6.             The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

    AA-2-2 

     

    

 

7.             The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person
other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law,
court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of disclosure by such holder; provided, however,
that such holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the
Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in
writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant
to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents or
representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than
such Persons’ auditors, legal counsel and regulators.

 

8.             The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12(a) of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Pooling and Servicing Agreement.

	 	 	 
	 	Very truly yours,
	 	 	 
		By:	  
	 	 	Name:

                              Title:

 

    AA-2-3 

     

    

 

EXHIBIT BB

 

FORM OF OPERATING ADVISOR ANNUAL REPORT

 

Report Date: Report
will be delivered annually no later than [INSERT DATE].

Transaction: CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-C6

Operating Advisor: Park Bridge Lender Services LLC

Special Servicer: Rialto Capital Advisors, LLC

Controlling Class Representative: RREF III Debt AIV, LP

 

I. Executive Summary

 

Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement dated as of November 1, 2016 (the “Pooling and Servicing
Agreement”), between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association,
as master servicer, Rialto Capital Advisors, LLC, as special servicer, AEGON USA Realty Advisors, LLC, as Potomac Mills special
servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator,
paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor,
Park Bridge Lender Services LLC, as asset representations reviewer, as well as the
items listed below, the Operating Advisor has undertaken a limited review of the Special Servicer’s operational activities in light
of the Servicing Standard and the requirements of the Pooling and Servicing Agreement with respect to the resolution and/or liquidation
of the Specially Serviced Loans and provides this Operating Advisor Annual Report.

 

No information or any
other content included in this Operating Advisor Annual Report contravenes any provision of the Pooling and Servicing Agreement.
This Operating Advisor Annual Report sets forth the Operating Advisor’s assessment of the Special Servicer’s performance of its
duties under the Pooling and Servicing Agreement during the prior calendar year on a platform-level basis with respect to the resolution
and liquidation of Specially Serviced Loans during the prior calendar year.

 

Subject to the restrictions
in the Pooling and Servicing Agreement, this Operating Advisor Annual Report (A) identifies any material deviations, if any (i)
from the Servicing Standard and (ii) from the Special Servicer’s obligations under the Pooling and Servicing Agreement with respect
to the resolution or liquidation of Specially Serviced Loans and (B) complies with all of the confidentiality requirements described
in the Pooling and Servicing Agreement.

 

In connection with
the assessment set forth in this report, the Operating Advisor:

 

		1.	Reviewed any annual compliance statement delivered to the Operating Advisor pursuant to Section
10.11 the Pooling and Servicing Agreement and the following issues were noted therein: [ ]

 

    BB-1 

     

    

 

Operating Advisor Actions:

 

		2.	Reviewed any annual independent public accountants’ servicing report delivered to the Operating
Advisor pursuant to Section 10.13 of the Pooling and Servicing Agreement and the following issues were noted therein: [ ]

 

Operating Advisor Actions:

 

		3.	Reviewed any [Final] Asset Status Report and other information or communications delivered to the
Operating Advisor and the following issues were noted therein: [ ]

 

Operating Advisor Actions:

 

Based on such review
and/or consultation with the Special Servicer and performance of the other obligations of the Operating Advisor under the Pooling
and Servicing Agreement, the Operating Advisor [does, does not] believe there are material violations of the Special Servicer’s
compliance with its obligations under the Pooling and Servicing Agreement.

 

Qualifications related
to the work product undertaken and opinions related to this report:

 

1.          The
Operating Advisor did not participate in, or have access to, the Special Servicer’s and Controlling Class Representative’s discussion(s)
regarding any Specially Serviced Loan. The Operating Advisor does not have authority to speak with the Controlling Class Representative
directly pursuant to the Pooling and Servicing Agreement. As such, the Operating Advisor generally relied upon its interaction
with the Special Servicer in gathering the relevant information to generate this report.

 

2.          The
Special Servicer has the legal authority and responsibility to service the Specially Serviced Loans pursuant to the Pooling and
Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein.

 

3.          Confidentiality
and other contractual restrictions limit the Operating Advisor’s ability to outline herein the details or substance of certain
information it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may not
reflect all the relevant information that the Operating Advisor is given access to by the Special Servicer. However, all such information
is considered in preparing this report.

 

4.          There
are many tasks that the Special Servicer undertakes on an ongoing basis related to Specially Serviced Loans. These include, but
are not limited to, assumptions, ownership changes, collateral substitutions, capital reserve changes, etc. The Operating Advisor
does not participate in discussions regarding such actions. As such, the Operating Advisor has not assessed the Special Servicer’s
operational compliance with respect to those types of actions.

 

5.          The
Operating Advisor is not empowered to directly communicate with investors pursuant to the Pooling and Servicing Agreement. If investors
have questions

 

    BB-2 

     

    

 

regarding
this report, they should address such questions to the Certificate Administrator through the Certificate Administrator’s
Website.

 

Terms used but not
defined herein have the meaning set forth in the Pooling and Servicing Agreement as described herein.

	 	 	 
	 	PARK BRIDGE
LENDER SERVICES LLC
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    BB-3 

     

    

 

EXHIBIT CC

 

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO (410)715-2380 AND VIA
EMAIL TO CTS.SEC.NOTIFICATIONS@WELLSFARGO.COM AND VIA OVERNIGHT MAIL TO THE ADDRESSES IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: CFCRE 2016-C6 Mortgage Trust

 

CCRE Commercial Mortgage Securities, L.P.,

as Depositor

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

		Re:	**Additional Form [10-D][10-K][8-K] Disclosure Required **

 

Ladies and Gentlemen:

 

In accordance with Section [10.06][10.07][10.09]
of the Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”),
entered into between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master
servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special
Servicer”), AEGON USA Realty Advisors, LLC, as Potomac Mills special servicer (the “Potomac Mills Special Servicer”),
Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services
LLC, as asset representations reviewer, Wilmington Trust, National Association,
as trustee, and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), paying agent and custodian, the undersigned, as                          ,
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

    CC-1 

     

    

 

List of any Attachments hereto to be included
in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification
should be directed to                          ,
phone number:                          ;
email address:                          .

	 	 	 
	 	[NAME OF
PARTY], as [role]
	 	 	 
		By:	  
	 	 	Name:

Title:

 

    CC-2 

     

    

 

EXHIBIT DD-1

 

FORM OF POWER OF ATTORNEY FOR MASTER
SERVICER

 

RECORDING REQUESTED
BY: 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing 

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084 

Charlotte, North Carolina 28202 

Attention: CFCRE 2016-C6 Asset Manager

 

 

SPACE ABOVE THIS LINE FOR
RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing
under the laws of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890,
as Trustee (the “Trustee”) pursuant to that Pooling and Servicing Agreement dated as of November 1, 2016 (the
“Agreement”) by and among CCRE Commercial Mortgage Securities, L.P., as Depositor, Wells Fargo Bank, National
Association, as Certificate Administrator, Paying Agent and Custodian, Park Bridge Lender Services LLC, as Operating Advisor and
Asset Representations Reviewer, Wells Fargo Bank, National Association, as Master Servicer (in such capacity, the “Master
Servicer”), Rialto Capital Advisors, LLC, as Special Servicer, AEGON USA Realty Advisors, LLC, as Potomac Mills Special
Servicer, and the Trustee hereby constitutes and appoints the Master Servicer, by and through the Master Servicer’s officers,
the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s
benefit, in connection with all mortgage loans (the “Mortgage Loans”) serviced by the Master Servicer and all
properties (“Mortgaged Properties”) administered by the Master Servicer pursuant to the Agreement, to execute
and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate to effectuate
the enumerated transactions described in items 1 through 12 below with respect to the Mortgage Loans and Mortgaged Properties;
provided, however, that the documents described below may only be executed and delivered by such Attorneys-in-Fact
if such documents are required or permitted under the Agreement. Capitalized terms used herein and not otherwise defined herein
have the meanings set forth in the Agreement.

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

    DD-1-1 

     

    
 

		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting the Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct
title errors discovered after such title insurance was issued; provided that (i) said modification or re-recording, in either instance,
does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions of
the Agreement.

 

		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company of a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

		4.	The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as real
estate owned, or conveyance of title to real estate owned.

 

		5.	The completion of loan assumption agreements.

 

		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related Mortgage Note.

 

		7.	The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the repurchase of the mortgage
loan secured and evidenced thereby.

 

		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction with
the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.

 

		9.	The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes, Mortgages or deeds of trust,
and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and the
deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

    DD-1-2 

     

    

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the taking of deed in lieu of foreclosure;

 

		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy
cases affecting Mortgage Notes, Mortgages or deeds of trust;

 

		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute
and complete eviction actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance
claims, including but not limited to appearing on behalf of the Trustee in quiet title actions; and

 

		i.	the preparation and execution of such other documents and performance of such other actions as may
be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs
9.a. through 9.h. above.

 

		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase same;

  

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

 

		11.	The modification or amendment of escrow agreements established for repairs to the mortgaged property or reserves for replacement
of personal property.

 

		12.	The execution and delivery of the following:

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related
Mortgaged Property and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments; and

 

    DD-1-3 

     

    

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to
transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property, consents
to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application
of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property or otherwise,
documents relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged Properties
(including agreements and requests by any borrower with respect to modifications of the standards of operation and management of
such Mortgaged Properties or the replacement of asset managers), documents exercising any or all of the rights, powers and privileges
granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance
and attornment agreements or other leasing or rental arrangements, any easements, covenants, conditions, restrictions, equitable
servitudes, or land use or zoning requirements with respect to the Mortgaged Properties, instruments relating to the custody of
any collateral that now secures or hereafter may secure any Mortgage Loan and any other consents.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below.

 

This appointment is to be construed and
interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to,
nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely to the extent that the Master Servicer
has the power to delegate its rights or obligations under the Agreement, the Master Servicer also has the power to delegate the
authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney, for purposes
of performing its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are
necessary for such purpose. The Master Servicer's attorneys-in-fact shall have no greater authority than that held by the Master
Servicer.

 

Nothing contained herein shall: (i) limit
in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections
afforded the Trustee under the Agreement, or (iii) be construed to grant the Master Servicer the power to initiate or defend any
suit, litigation or proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein.
If the Master Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association,
then the Master Servicer shall promptly forward a copy of same to the Trustee.

 

    DD-1-4 

     

    

 

This limited power of attorney is not intended
to extend the powers granted to the Master Servicer under the Agreement or to allow the Master Servicer to take any action with
respect to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.

 

The Master Servicer hereby agrees to indemnify
and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred
by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the Master Servicer.
The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation
or removal of the Trustee under the Agreement.

 

This Limited Power of Attorney is entered
into and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such state.

 

Third parties without actual notice may
rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power
of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has been made in
writing by the undersigned.

 

IN WITNESS WHEREOF, Wilmington Trust,
National Association, as Trustee for the benefit of the registered Holders of CFCRE 2016-C6 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2016-C6 has caused its corporate seal to be hereto affixed and these presents to be signed and
acknowledged in its name and behalf by a duly elected and authorized signatory this ___________ day of ____________. 

	 	 	 
	 	Wilmington Trust,
National Association, as Trustee for the benefit of the registered Holders of CFCRE 2016-C6 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2016-C6
	 	 	 
		By:	 
	 	 	Name:

Title:

   

Witness:

	 	 

 

    DD-1-5 

     

    

 

State of Delaware} 

County of ____}

 

On ________________________,
before me, _________________________________Notary Public, personally appeared ___________________________, who proved to me on
the basis of  

satisfactory evidence to be the person
whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity
and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under
the laws of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness my hand and official seal. 

	 	 

Notary signature

 

    DD-1-6 

     

    

 

EXHIBIT DD-2

 

FORM OF POWER OF ATTORNEY FOR SPECIAL
SERVICER

 

RECORDING REQUESTED
BY: 

[Rialto Capital Advisors, LLC 

790 NW 107th Avenue, 4th Floor 

Miami, Florida 33172]

 

[AEGON USA Realty Advisors, LLC 

4333 Edgewood Road NE 

Cedar Rapids, IA 52499-5554] 

 

 

SPACE ABOVE THIS LINE FOR
RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS, that Wilmington
Trust, National Association, a national banking association, incorporated and existing under the laws of the United States, having
its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890, as Trustee (the “Trustee”)
pursuant to that Pooling and Servicing Agreement dated as of November 1, 2016 (the “Agreement”) by and among
CCRE Commercial Mortgage Securities, L.P., as the Depositor, Wells Fargo Bank, National Association, as master servicer, Rialto
Capital Advisors, LLC, as special servicer [(the “Special Servicer”)], AEGON USA Realty Advisors, LLC, as Potomac
Mills special servicer [(the “Special Servicer”)], Wilmington Trust, National Association, as Trustee, Wells
Fargo Bank, National Association, as certificate administrator, paying agent and custodian, and Park Bridge Lender Services LLC,
as operating advisor and asset representations reviewer, and the Trustee hereby constitutes and appoints the Special Servicer,
by and through the Special Servicer’s officers and authorized employees, the Trustee’s true and lawful Attorney-in-Fact,
in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage
Loans”) serviced by the Special Servicer and all properties (“REO Properties”) administered by the
Special Servicer pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily
and reasonably necessary and appropriate to effectuate the enumerated transactions described in items (1) through (13) below with
respect to the Mortgage Loans and REO Properties; provided however, that the documents described below may only be executed and
delivered by such Attorneys-in-Fact if such documents are required or permitted under the terms of the Agreement. Capitalized terms
used herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
made payable to the Trustee and to draw upon, replace, substitute, release or amend letters of credit standing as collateral securing
any Mortgage Loan.

 

    DD-2-1 

     

    

 

		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording
is solely for the purpose of correcting such Mortgage or deed of trust to conform same to the original intent of the parties thereto
or to correct title errors discovered after such title insurance was issued; provided that said modification or re-recording, in
either instance, (i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms
to the provisions of the Agreement.

 

		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility
company or a government agency or unit with powers of eminent domain; this section shall include, without limitation, the execution
of partial satisfactions/releases, partial reconveyances or the execution or requests to trustees to accomplish same.

 

		4.	The conveyance of any property to the mortgage insurer, or the closing of title to any mortgaged property
(a “Mortgaged Property”) to be acquired as REO Property, or conveyance of title to any REO Property.

 

		5.	The completion of loan assumption agreements and transfers of interest in borrower entities.

 

		6.	The full satisfaction/release of a Mortgage or full conveyance upon payment and discharge of all sums
secured thereby, including, without limitation, cancellation of the related promissory note.

 

		7.	The assignment of any Mortgage and the related promissory note and other loan documents, in connection
with the purchase or repurchase of the Mortgage Loan secured and evidenced thereby.

 

		8.	The full assignment of a Mortgage upon payment and discharge of all sums secured thereby in conjunction
with the refinancing thereof, including, without limitation, the assignment of the related promissory note and other loan documents.

 

		9.	The full enforcement of and preservation of the Trustee’s interests in any Mortgage or the related
promissory note, and in the proceeds thereof, by way of, including but not limited to, taking title to any Mortgaged Property on
behalf of the Trust, foreclosure, the taking of a deed-in-lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
and/or any related litigation, including without limitation, guaranty or receivership litigation, or litigation on the note, or
the termination, cancellation or rescission of any such foreclosure, the initiation, prosecution and completion of eviction actions
or proceedings with respect to, or the termination, cancellation or rescission of any such eviction actions or proceedings, the
initiation or defense of any litigation related to the ownership of any REO Property, and the pursuit of title insurance, hazard
insurance and claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and such
deed of trust;

 

    DD-2-2 

     

    

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the filing, prosecution and defense of claims, and the appearance on behalf of the Trustee, in bankruptcy
cases affecting any Mortgage or the related promissory note;

 

		f.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute
and complete eviction actions or proceedings;

 

		g.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance
claims, including but not limited to appearing on behalf of the Trustee in quiet title actions;

 

		h.	the creation of a wholly-owned entity of the Trust for purposes of holding foreclosed property; and

 

		i.	the preparation and execution of such other documents and the performance of such other actions as
may be necessary under the terms of the Mortgage or state law to expeditiously complete said transactions in paragraphs 9.a. through
9.h. above.

 

		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
including, without limitation, the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase same;

  

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

 

		11.	The modification or amendment of escrow agreements established for repairs to the Mortgaged Property
or reserves for replacement of personal property.

 

		12.	Execute and/or file such documents and take such other action as is proper and necessary to defend
the Trustee, solely in its capacity as Trustee, in litigation and to resolve such litigation, provided that such resolution shall
not include any admission of fault or wrongdoing by the Trustee or, without the Trustee’s consent, subject the Trustee to
any form of injunctive relief.

 

		13.	The execution and delivery of the following:

 

    DD-2-3 

     

    

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage or other security document in the related Mortgage File or the related Mortgaged Property
and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments;

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to
transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property, consents
to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application
of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, REO Property
or otherwise, documents relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged
Properties (including agreements and requests by any borrower with respect to modifications of the standards of operation and management
of such Mortgaged Properties or the replacement of asset managers) or REO Properties, documents exercising any or all of the rights,
powers and privileges granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination
agreements, non-disturbance and attornment agreements or other leasing or rental arrangements, management agreements, any easements,
covenants, conditions, restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties
or REO Properties, instruments relating to the custody of any collateral that now secures or hereafter may secure any Mortgage
Loan and any other consents; and

 

		d.	any and all documents, instruments and certifications as are reasonably necessary to complete or accomplish
the Special Servicer’s duties and responsibilities under the Agreement.

 

The undersigned gives said
Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary
and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned
might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth
below.

 

This appointment is to be
construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not
intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely to the extent that
the Special Servicer has the power to delegate its rights or obligations under the Agreement, the Special Servicer also has the
power to delegate the authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of
Attorney, for purposes of performing its obligations and duties by executing such

 

    DD-2-4 

     

    

 

additional powers of attorney in favor of its
attorneys-in-fact as are necessary for such purpose. The Special Servicer's attorneys-in-fact shall have no greater authority than
that held by the Special Servicer.

 

Nothing contained herein
shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights
and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the Special Servicer the power to initiate
or defend any suit, litigation or proceeding in the name of Wilmington Trust, National Association except as specifically provided
for herein or in the Agreement. If the Special Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington
Trust, National Association (solely in its capacity as Trustee), then the Special Servicer shall promptly forward a copy of same
to the Trustee.

 

This limited power of attorney
is not intended to extend or limit the powers granted to the Special Servicer under the Agreement or to allow the Special Servicer
to take any action with respect to Mortgages, deeds of trust or the related promissory notes not authorized by the Agreement.

 

The Special Servicer hereby
agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever incurred by the Trustee by reason or result of the negligent use, or negligent or willful misuse, of this Limited
Power of Attorney by the Special Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney
and the Agreement or the earlier resignation or removal of the Trustee under the Agreement.

 

This Limited Power of Attorney
is entered into and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such
state.

 

Third parties without actual
notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited
Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has been
made in writing by the undersigned.

 

IN WITNESS WHEREOF, Wilmington
Trust, National Association, as Trustee for CFCRE 2016-C6 Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-C6, has caused its corporate seal to be hereto affixed and these presents to be signed and acknowledged in its name
and behalf by a duly elected and authorized signatory this ___________ day of ____________. 

	 	 	 
	 	Wilmington Trust, National
Association, as Trustee for CFCRE 2016-C6 Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6
	 	 	 
		By:	 

 

    DD-2-5 

     

    

 

	 	 	Name:

Title:

 

	Address:	Wilmington Trust, National Association

1100 North Market
Street 

Wilmington, Delaware
19890

   

Witness:

	 	 

 

    DD-2-6 

     

    

 

State of Delaware} 

County of }

 

On ________________________,
before me, _________________________________Notary Public, personally appeared ___________________________, who proved to me on
the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the entity
upon behalf of which the person acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under
the laws of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness my hand and official seal. 

	 	 

Notary signature

 

    DD-2-7 

     

    

 

EXHIBIT EE

 

FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

[Other Servicer] 

[ADDRESS]

[Other Securitization]

 

[Other Special Servicer] 

[ADDRESS]

[Other Securitization]

 

[Other Trustee] 

[ADDRESS]

[Other Securitization]

 

The trust fund formed
in connection with the issuance of the CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C6
(the “Trust Fund”) is the Note [__] Holder, as such term is defined under the Agreement between Noteholders,
dated as of [__], between [__], as each of the [__] Holder and the [__] Holder (the “[__] Intercreditor Agreement”).
In connection with the deposit of the Note [__] of the [__] Whole Loan into the Trust Fund, attached is an executed copy of the
related pooling and servicing agreement (the “Pooling and Servicing Agreement”). This Notice is being delivered
to you pursuant to Section 3.27(f) of the Pooling and Servicing Agreement. Capitalized terms used but not defined herein have the
respective meanings ascribed to such terms in the Pooling and Servicing Agreement or, if not defined therein, in the [__] Intercreditor
Agreement. Contact information for the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Directing Certificateholder and the Rating Agencies are as set forth on Schedule
I attached here.

 

The [__] Whole Loan is
being serviced pursuant to the terms of a pooling and servicing agreement dated [__], 2016, between [__], as depositor, [__], as
master servicer, [__], as special servicer, [__], as operating advisor, [__], as asset representations reviewer, and [__], as certificate
administrator and trustee (the “Other Pooling and Servicing Agreement”). [__], as certificate administrator
for the registered holders of the Trust Fund, hereby directs the applicable parties to the Other Pooling and Servicing Agreement
as follows:

 

(i)       [__],
as master servicer under the Other Pooling and Servicing Agreement, shall remit no later than one (1) Business Day after the Determination
Date all amounts payable in accordance with the [__] Intercreditor Agreement and the Other Pooling and Servicing Agreement due
to the Note [__] Holder of the [__] Whole Loan on such days as specified in the Other Pooling and Servicing Agreement to Wells
Fargo Bank, National Association, as master servicer of the Trust Fund, to the collection account set forth on Schedule II attached
hereto in accordance with the terms of the Other Pooling and Servicing Agreement; and

 

    EE-1 

     

    

 

(ii)       [other
Master Servicer] and [other Certificate Administrator], as applicable, shall forward, deliver or otherwise make available, as the
case may be, all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise
made available to the holder of Note [__] of the [__] Whole Loan in accordance with the [__] Intercreditor Agreement and the Other
Pooling and Servicing Agreement to Wells Fargo Bank, National Association, as master servicer of the Trust Fund, no later than
one (1) Business Day after the Determination Date.

 

You are advised that
the Trust is subject to Regulation AB and Exchange Act reporting and that the Mortgaged Property related to the [__] Mortgage Loan
[is][is not] a Significant Obligor related to the Trust Fund. This notification serves as notice of request for delivery of all
Exchange Act reporting items deliverable to us pursuant to the terms of the Other Pooling and Servicing Agreement.

 

Thank you for your attention
to this matter. 

	 	 	 
	 	Wells Fargo Bank, National Association,
as Certificate Administrator for the Holders of the CFCRE 2016-C6 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-C6
	 	 	 
		By:	 
	 	 	[Name]

[Title]

 

    EE-2 

     

    

 

SCHEDULE I

 

TO FORM OF NON-SERVICED
MORTGAGE LOAN NOTIFICATION

 

CCRE Commercial Mortgage
Securities, L.P.

110 East 59th Street

New York, New York, 10022

Attention: Anthony Orso

 

Wells Fargo Bank, National
Association

Commercial Mortgage Servicing 

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C6 Asset Manager 

Email: commercial.servicing@wellsfargo.com

 

with a copy to:

 

Wells Fargo Bank, National Association 

Legal Department

301 South College Street 

D1053-300 

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com

 

with an electronic copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com

 

with a copy to:

 

    EE-3 

     

    

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Niral Shah

Facsimile number: (305) 229-6425

E-mail: niral.shah@rialtocapital.com

 

with a copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Adam Singer

Facsimile number: (305) 229-6425

E-mail: adam.singer@rialtocapital.com

 

AEGON USA Realty Advisors, LLC 

4333 Edgewood Road NE 

Cedar Rapids, Iowa 52499-5554 

Attention: Executive Vice President, Special
Servicing

 Facsimile: (319) 355-8030

 

Wilmington Trust, National Association

 1100 North Market Street

 Wilmington, Delaware 19890

 Attention: CMBS Trustee

 Email cmbstrustee@wilmingtontrust.com

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C6-Surveillance Manager

 

RREF III Debt AIV, LP 

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646

 

with a copy to:

 

RREF III Debt AIV, LP

 

    EE-4 

     

    

 

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile number: (212) 751-4646

 

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

Moody’s Investors Service, Inc.

7 World Trade Center

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 553-1350

Email:cmbssurveillance@moodys.com

 

Morningstar Credit Ratings, LLC

220 Gibraltar Road, Suite 300

Horsham, Pennsylvania 19044

Attention: CMBS Surveillance

E-mail: cmbsratings@morningstar.com

 

    EE-5 

     

    

 

SCHEDULE II TO FORM OF 

 

NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

		Account:	Collection Account

 

		Account #:	4583366307

 

		Title:	Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the Holders of CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C6 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2016-C6 Collection Account

 

		Location:	Wells Fargo Bank, National Association

 

    EE-6 

     

    

 

EXHIBIT FF

 

FORM OF SERVICED COMPANION LOAN NOTEHOLDER
CERTIFICATION

 

[Date]

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C6 Asset Manager

Email: commercial.servicing@wellsfargo.com

 

		Re:	CFCRE 2016-C6 Mortgage Trust – Companion Loan

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement (the “Agreement”),
dated as of November 1, 2016, between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association,
as master servicer, Rialto Capital Advisors, LLC, as special servicer, AEGON USA Realty Advisors, LLC, as Potomac Mills special
servicer, Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender
Services LLC, as asset representations reviewer, Wilmington Trust, National Association,
as Trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, with respect
to any Companion Loan (as defined in the Agreement), the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is a Companion Loan Noteholder (as defined in the Agreement).

 

2.          The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require

 

    FF-1

     

    

 

registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

3.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations contained herein remain true and correct.

 

4.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

5.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

IN WITNESS WHEREOF, the
undersigned has caused its name to be signed hereto by its duly authorized officer, as of the day and year written above.

	 	 	 
	 	[Companion
Loan Noteholder]
	 	 	 
		By:	 
	 	 	Title:

Company:

Phone:

 

    FF-2

     

    
 

EXHIBIT GG

 

[RESERVED]

 

    GG-1

     

    
 

EXHIBIT HH

 

FORM OF ASSET REVIEW REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER1

 

To: [Addresses of Recipients]

 

Re:          CFCRE 2016-C6
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset Review Report.

 

		1.	We have performed an Asset Review on each Delinquent Loan identified by the Special Servicer and
our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as specifically detailed on the
scorecard attached hereto as Exhibit A] with respect to the Delinquent Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this report to the persons listed above,
will not be required to take or participate in any other or further action with respect to the aforementioned Asset Review Report.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

 

 

 

1 This
report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the organization
and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation,
provisions relating to Privileged Information.

 

    HH-1

     

    

 

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 
	 	By:	Park Bridge Advisors LLC, a New York limited liability company, its sole member

	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York limited liability company, its sole member

	 	 	 
	 	By:	 

	 	 	 
	 	 Name: 	 

	 	 	 
	 	 Title: 	 

 

    HH-2

     

    
 

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

	Test Failures
	Loan #	Loan Name	Mortgage Loan Seller	R&W #	R&W Name	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws	[Insert Test Description]	[Insert Test findings]
	31	Single-Purpose Entity	 	 

 

    HH-3

     

    
 

EXHIBIT II

 

FORM OF ASSET REVIEW REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER2

 

To: [Addresses of Recipients]

 

Re:          CFCRE 2016-C6
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset Review Report
Summary.

 

		1.	We have performed an Asset Review on each Delinquent Loan identified by the Special Servicer and
our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as identified on the summary scorecard
attached hereto as Exhibit A] with respect to the Delinquent Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this Asset Review Report Summary to the
parties listed above, will not be required to take or participate in any other or further action with respect to the aforementioned
Asset Review Report Summary.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

 

 

 

2 This
report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the organization
and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation,
provisions relating to Privileged Information.

 

    II-1

     

    

 

	 	 	 	 
	 	PARK BRIDGE
LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 
	 	By:	Park Bridge Advisors LLC, a New York limited liability company, its sole member

	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York limited liability company, its sole member

	 	 	 
	 	By:	 

	 	 	 
	 	 Name: 	 

	 	 	 
	 	 Title: 	 

 

    II-2

     

    
 

Exhibit A

 

Summary Scorecard

[Template Example Below]

 

	Test failures
	Loan #	Loan Name	Mortgage Loan Seller	Representations and Warranty #	Representation and Warranty Name
	[Insert Loan #]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws
	31	Single-Purpose Entity

 

    II-3

     

    
 

EXHIBIT JJ

 

ASSET REVIEW PROCEDURES

 

Subject to the Pooling
and Servicing Agreement, this Exhibit sets forth Asset Representations Reviewer’s review procedures for each Delinquent Loan
based on the information provided for an Asset Review. Capitalized terms used herein and not defined herein shall have the meanings
ascribed to them in the Pooling and Servicing Agreement. In the event of any conflict between this Exhibit JJ and the terms of
the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control and govern the Asset Representation Reviewer’s
responsibilities and duties with respect to Asset Reviews.

 

Call for Review
and Collection and Inventory of Review Materials

 

		Step 1	Asset Representations Reviewer
(“ARR”) receives the following items before beginning its review from the parties specified in Section 11.01
of the Pooling and Servicing Agreement:

 

		■	Notice of Asset Review Trigger (with attachments)

 

		■	Asset Review Vote Election

 

		■	Notice of Affirmative Asset Review Vote 

 

		■	List of all Delinquent Loans subject to the Asset Review

 

		■	Review Materials for each Delinquent Loan via Secure File System access,
including the Diligence File

 

		■	Any Unsolicited Information (if applicable)

 

		Step 2	For each Delinquent Loan, ARR
inventories all Review Materials to which ARR is provided access in the Secure File System to determine what, if any, Review Materials
for such Delinquent Loan are missing, using the list of documents in Section 2.01(a)(i) through Section 2.01(a)(xxi) of this Agreement, any comparable lists included in the related Mortgage Loan Purchase Agreement, and any closing checklist
from the origination of such Delinquent Loan, to guide its review and determination

 

    JJ-1

     

    

 

		Step 3	If ARR determines that the information
made available to it in the Secure File System with respect to any Delinquent Loan is missing any documents required to complete
an Asset Review of such Delinquent Loan, ARR shall prepare a list of such missing documents and notify Master Servicer (with respect
to Non-Specially Serviced Loans) and Special Servicer (with respect to Specially Serviced Loans) or applicable Mortgage Loan Seller
of such missing documents. If the Master Servicer or Special Servicer, as applicable, does not provide such document as provided
in the Pooling and Servicing Agreement, the ARR shall notify the related Mortgage Loan Seller of such missing information

 

Analysis and
Testing of Representations and Warranties

 

		Step 4	For each Delinquent Loan for
which ARR has received all Review Materials required to complete an Asset Review of such Delinquent Loan, ARR tests such Delinquent
Loan for compliance with each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent
Loan as follows:

 

		■	ARR reviews each representation and warranty and each item included
in the Review Materials applicable or related to such representation or warranty to determine whether there is any evidence that
such representation or warranty was not true when made by the related Mortgage Loan Seller

 

		■	For each representation and warranty, ARR lists 

 

		●	all items from the Review Materials reviewed or used in its testing
of such representation and warranty

 

		●	whether ARR has determined that there is any evidence that such representation
or warranty was not true when made by the related Mortgage Loan Seller, and

 

		○	if so, stating the aspect of the applicable representation or warranty
that does not appear to have been true when made by the related Mortgage Loan Seller and ARR’s basis for its conclusion

 

		○	completing the Asset Review Report by setting forth, for each Delinquent
Loan, the information contemplated herein with respect to each representation and warranty

 

ARR will not attempt (and has no obligation) to determine
the materiality of any potential breach of a representation or warranty that it discovers evidence of during its review as contemplated
herein.

 

    JJ-2

     

    
 

EXHIBIT KK

 

CERTIFICATION TO CERTIFICATE ADMINISTRATOR
REQUESTING ACCESS TO SECURE FILE SYSTEM

 

Wells Fargo Bank, National
Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services – CFCRE 2016-C6

Email: trustadministrationgroup@wellsfargo.com

Attention: CFCRE 2016-C6 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

In accordance with the
requirements for obtaining access to the Secure File System pursuant to the Pooling and Servicing Agreement, dated as of November
1, 2016 (the “Pooling and Servicing Agreement”), by and among CCRE Commercial Mortgage Securities L.P., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as special servicer, AEGON USA Realty
Advisors, LLC, as Potomac Mills special servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator and Park Bridge Lender Services LLC, as Asset Representations Reviewer and Operating
Advisor, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.          The
undersigned is an authorized representative of [________________________].

 

2.          The
undersigned acknowledges and agrees that (a) access to the Secure File System is being granted to it solely for purposes of the
undersigned carrying out its obligations under the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make
information contained on the Secure File System available to any other person except in accordance with the Pooling and Servicing
Agreement or otherwise with the written consent of the Depositor and (c) it will only access information relating to the Mortgage
Loans to which the Asset Review relates.

 

3.          The
undersigned agrees that each time it accesses the Secure File System, the undersigned is deemed to have recertified that the representations
above remains true and correct.

 

    KK-1

     

    

 

4.          [The
undersigned is not a Certificateholder, a beneficial owner or a prospective purchaser of any Certificate.]*

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

	 	 	 
	 	[NAME OF
PARTY], as [role]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

Dated:
____________________

  

[CCRE
Commercial Mortgage Securities, L.P., as Depositor]‡

 

	By:	 	 
	 	Name:

Title:	 

 

 

 

‡       Required
to the extent that a party other than the Asset Representations Reviewer is identified by the Depositor as needing access to the
Secure File System.

 

    KK-2

     

    
 

EXHIBIT LL

 

FORM OF NOTICE OF [ADDITIONAL DELINQUENT
MORTGAGE 

LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET 

REVIEW TRIGGER]

 

[Date]

 

	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        

        Charlotte, North Carolina 28202

        Attention: CFCRE 2016-C6 Asset Manager

        

        Email: commercial.servicing@wellsfargo.com

        
	Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention:  CFCRE 2016-C6-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)
	 	 
	
        Rialto Capital Advisors, LLC

        790 NW 107th Avenue, 4th Floor

        Miami, Florida 33172

        Attention:    Liat Heller (CFCRE 2016-C6)

        

        Jeff Krasnoff
        (CFCRE 2016-C6)

        Niral Shah (CFCRE 2016-C6)

        

        Adam Singer (CFCRE
        2016-C6)

        
	
        AEGON USA
        Realty Advisors, LLC

        

        4333 Edgewood
        Road NE

        

        Cedar Rapids,
        Iowa 52499-5554

        

        Attention:
        Executive Vice President, Special Servicing

        

        Facsimile:
        (319) 355-8030

         

	 	 

		Attention:	CFCRE 2016-C6 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-C6

 

In accordance with Section
11.01(a) of the Pooling and Servicing Agreement, dated as of November 1, 2016 (the “Pooling and Servicing Agreement”),
by and among CCRE Commercial Mortgage Securities L.P., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Rialto Capital Advisors, LLC, as special servicer, AEGON USA Realty Advisors, LLC, as Potomac Mills special servicer, Wilmington
Trust, National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, and Park Bridge
Lender Services LLC, as Asset Representations Reviewer and Operating Advisor, the Certificate Administrator hereby notifies you
that as of [RELATED DISTRIBUTION DATE]:

 

1.          _____  An additional
Mortgage Loan has become a Delinquent Loan.

 

2.          _____  A Mortgage
Loan has ceased to be a Delinquent Loan.

 

3.          _____ An Asset
Review Trigger has ceased to exist.

 

(check all that apply)

 

    LL-1

     

    

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

	 	 	 
	 	Wells Fargo
Bank, National Association, as Certificate Administrator for the Holders of the CFCRE 2016-C6 Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2016 C6
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    LL-2

     

    
 

SCHEDULE I

 

DIRECTING HOLDERS

 

	Mortgage Loan	Directing Holder	Contact Information
	 	 	 
	All Mortgage Loans (other than the Vertex Pharmaceuticals HQ Mortgage Loan, Potomac Mills Mortgage Loan, Fresno Fashion Fair Mortgage Loan, TEK Park Mortgage Loan, Mills Fleet Farm Mortgage Loan, Marriott Savannah Riverfront Mortgage Loan, Marriott Saddle Brook Mortgage Loan, and 132 West 27th Mortgage Loan)	RREF III Debt AIV, LP	
        RREF III Debt AIV, LP, c/o Rialto Capital
        Management LLC

        600 Madison Avenue, 12th Floor

        New York, New York 10022

        Attention: Joseph Bachkosky

        Facsimile number: (212) 751-4646

        

        Email: joseph.bachkosky@rialtocapital.com

         

        with a copy to:

         

        RREF III Debt AIV, LP, c/o Rialto Capital
        Management LLC

        600 Madison Avenue, 12th Floor

        New York, New York 10022

        Attention: Josh Cromer

        Facsimile number: (212) 751-4646

        Email: josh.cromer@rialtocapital.com

         

	 	 	None
	 	 	 
	Potomac Mills Mortgage Loan	Teachers Insurance and Annuity Association of America 	
        Teachers Insurance and Annuity Association of America 

        

        730 Third Avenue

        

        New York, New York 10017

        

        Attention:  Director – Global Real Estate/Fixed Income

        

        TIAA Authorization # AAA-7777

        

        TIAA Investment ID # 0008322

         

        with a copy to:

         

        Teachers Insurance and Annuity Association of America

        

        730 Third Avenue

        

        New York, New York 10017

        

        

 

    Sch. I-1

     

    

 

	 	 	Attention:  Associate General Counsel, Director –
        Asset Management Law

        

        TIAA Authorization # AAA-7777

         

        

        TIAA Investment ID # 0008322

        

 

    Sch. I-2

     

    

 

SCHEDULE II

 

SERVICING
CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

 

The
assessment of compliance to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing
Criteria” (with each Servicing Function Participant deemed to be responsible for the items applicable to the functions it
is performing and for which the party that retained such Servicing Function Participant is responsible):

 

	Relevant
    Servicing Criteria	Applicable

Party(ies)
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
    Servicer

    Special Servicer
	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Master
    Servicer

    Special Servicer

 

    Sch. II-1 

     

    

 

	Relevant
    Servicing Criteria	Applicable

Party(ies)
	Reference	Criteria	 
	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert.
    Admin.
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee4

    Master Servicer

    Special Servicer
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
    Act.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after
    the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved
    by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These
    reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified
    in the transaction agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	 	Investor
    Remittances and Reporting	 

 

 

 

4 Only to the extent that the
Trustee was required to make an Advance pursuant to the Pooling and Servicing Agreement during the applicable calendar year. 

 

    Sch. II-2 

     

    

 

	Relevant
    Servicing Criteria	Applicable

Party(ies)
	Reference	Criteria	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other
    terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in
    the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced
    by the Master Servicer.	Cert.
    Admin.

    Operating Adv. 

    (excluding clauses (C) and (D) in the case of the Operating Adv.)
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Cert.
    Admin.
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Master Servicer’s investor records or Certificate Administrator’s
    investor records, or such other number of days specified in the transaction agreements.	Cert.
    Admin.

     
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Cert.
    Admin.
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

    Master Servicer

    Special Servicer
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Master
    Servicer

    Special Servicer

 

    Sch. II-3 

     

    

 

	Relevant
    Servicing Criteria	Applicable

Party(ies)
	Reference	Criteria	 
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master
    Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified
    in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related
    mortgage loan documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to
    an obligor’s unpaid principal balance.	Master
    Servicer
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master
    Servicer

    Special Servicer
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer

    Operating Adv.
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master
    Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Master
    Servicer

 

    Sch. II-4 

     

    

 

	Relevant
    Servicing Criteria	Applicable

Party(ies)
	Reference	Criteria	 
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A

 

At
all times that the Master Servicer and Special Servicer are the same entity, the Master Servicer and the Special Servicer may
provide a combined assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    Sch. II-5 

     

    

 

SCHEDULE
III

 

CLASS
A-SB PLANNED PRINCIPAL BALANCE SCHEDULE

 

	Period	 	Balance
    ($)	 	Period	 	Balance
    ($)	 	Period	 	Balance
    ($)
	Initial
    Balance	 	33,226,000.00	 	January
    2020	 	33,226,000.00	 	March
    2023	 	22,767,930.13
	December
    2016	 	33,226,000.00	 	February
    2020	 	33,226,000.00	 	April
    2023	 	22,125,396.41
	January
    2017	 	33,226,000.00	 	March
    2020	 	33,226,000.00	 	May
    2023	 	21,430,707.87
	February
    2017	 	33,226,000.00	 	April
    2020	 	33,226,000.00	 	June
    2023	 	20,782,595.42
	March
    2017	 	33,226,000.00	 	May
    2020	 	33,226,000.00	 	July
    2023	 	20,082,485.41
	April
    2017	 	33,226,000.00	 	June
    2020	 	33,226,000.00	 	August
    2023	 	19,428,747.98
	May
    2017	 	33,226,000.00	 	July
    2020	 	33,226,000.00	 	September
    2023	 	18,772,283.67
	June
    2017	 	33,226,000.00	 	August
    2020	 	33,226,000.00	 	October
    2023	 	18,064,057.24
	July
    2017	 	33,226,000.00	 	September
    2020	 	33,226,000.00	 	November
    2023	 	17,401,898.72
	August
    2017	 	33,226,000.00	 	October
    2020	 	33,226,000.00	 	December
    2023	 	16,688,138.59
	September
    2017	 	33,226,000.00	 	November
    2020	 	33,226,000.00	 	January
    2024	 	16,020,238.65
	October
    2017	 	33,226,000.00	 	December
    2020	 	33,226,000.00	 	February
    2024	 	15,349,552.28
	November
    2017	 	33,226,000.00	 	January
    2021	 	33,226,000.00	 	March
    2024	 	14,578,941.63
	December
    2017	 	33,226,000.00	 	February
    2021	 	33,226,000.00	 	April
    2024	 	13,902,239.06
	January
    2018	 	33,226,000.00	 	March
    2021	 	33,226,000.00	 	May
    2024	 	13,174,344.86
	February
    2018	 	33,226,000.00	 	April
    2021	 	33,226,000.00	 	June
    2024	 	12,491,780.27
	March
    2018	 	33,226,000.00	 	May
    2021	 	33,226,000.00	 	July
    2024	 	11,758,189.29
	April
    2018	 	33,226,000.00	 	June
    2021	 	33,226,000.00	 	August
    2024	 	11,069,714.07
	May
    2018	 	33,226,000.00	 	July
    2021	 	33,226,000.00	 	September
    2024	 	10,378,365.89
	June
    2018	 	33,226,000.00	 	August
    2021	 	33,226,000.00	 	October
    2024	 	9,636,238.91
	July
    2018	 	33,226,000.00	 	September
    2021	 	33,226,000.00	 	November
    2024	 	8,938,907.26
	August
    2018	 	33,226,000.00	 	October
    2021	 	33,226,000.00	 	December
    2024	 	8,190,965.47
	September
    2018	 	33,226,000.00	 	November
    2021	 	33,225,855.58	 	January
    2025	 	7,487,600.72
	October
    2018	 	33,226,000.00	 	December
    2021	 	32,575,974.65	 	February
    2025	 	6,781,300.38
	November
    2018	 	33,226,000.00	 	January
    2022	 	31,974,351.74	 	March
    2025	 	5,929,823.91
	December
    2018	 	33,226,000.00	 	February
    2022	 	31,370,221.00	 	April
    2025	 	5,217,017.65
	January
    2019	 	33,226,000.00	 	March
    2022	 	30,611,414.75	 	May
    2025	 	4,454,037.43
	February
    2019	 	33,226,000.00	 	April
    2022	 	30,001,597.31	 	June
    2025	 	3,735,069.70
	March
    2019	 	33,226,000.00	 	May
    2022	 	29,338,702.77	 	July
    2025	 	2,966,101.68
	April
    2019	 	33,226,000.00	 	June
    2022	 	28,723,577.76	 	August
    2025	 	2,240,921.37
	May
    2019	 	33,226,000.00	 	July
    2022	 	28,055,525.27	 	September
    2025	 	1,512,713.69
	June
    2019	 	33,226,000.00	 	August
    2022	 	27,435,048.70	 	October
    2025	 	734,766.17
	July
    2019	 	33,226,000.00	 	September
    2022	 	26,811,985.07	 	November
    2025	 	269.26
	August
    2019	 	33,226,000.00	 	October
    2022	 	26,136,217.76	 	December
    2025 and thereafter	 	0.00
	September
    2019	 	33,226,000.00	 	November
    2022	 	25,507,736.79	 	 	 	 
	October
    2019	 	33,226,000.00	 	December
    2022	 	24,826,704.86	 	 	 	 
	November
    2019	 	33,226,000.00	 	January
    2023	 	24,192,761.66	 	 	 	 
	December
    2019	 	33,226,000.00	 	February
    2023	 	23,556,174.80	 	 	 	 

 

    Sch. III-1 

     

    

 

SCHEDULE
IV

 

ADDITIONAL
FORM 10-D DISCLOSURE

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.06 of the Pooling and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information
described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column to the extent such party
has actual knowledge (and in the case of financial statements required to be provided in connection with Item 6 below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying
Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume
that there is no “significant obligor” other than a party identified as such in the Prospectus. For this CFCRE 2016-C6
Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master
Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Prospectus.

 

	Item
    on Form 10-D	Party
    Responsible
	Item
    1: Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included
    on the Distribution Date Statement	●     Each
Master Servicer (only with respect to 1121(a)(12) as to non Specially Serviced Loans) 

        ●     Special
Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans) 

        ●     Depositor 

        ●     Certificate
Administrator 

        ●     Asset
Representations Reviewer 

        ●     Each
Mortgage Loan Seller (only with respect to 1121(c)(2))

	Item
    2: Legal Proceedings:

    Item 1117 of Regulation AB (to the extent material to Certificateholders)	●     Master
Servicer (as to itself) 

        ●     Special
Servicer (as to itself) 

        ●     Trustee
(as to itself) 

        ●     Certificate
Administrator (as to itself) 

        ●     Depositor
(as to itself)

 

    Sch. IV-1 

     

    

 

	 	●     Any
other Reporting Servicer (as to itself) 

        ●     Trustee/Certificate
Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings) 

        ●     Each
Mortgage Loan Seller 

        ●     Originators
under Item 1110 of Regulation AB (to be provided by the Depositor) 

        ●     Party
under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

	Item
    3: Sale of Securities and Use of Proceeds	●     Depositor
	Item
    4: Defaults Upon Senior Securities	●     Certificate
Administrator 

        ●     Trustee 

	Item
    5: Submission of Matters to a Vote of Security Holders	●     Certificate
    Administrator
	Item
    6: Significant Obligors of Pool Assets	●     Master
    Servicer
	Item
    7: Change in Sponsor Interest in the Securities:

    Item 1124 of Regulation AB	●     Each
    Mortgage Loan Seller
	Item
    8: Significant Enhancement Provider Information	●     N/A
	Item
    9: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	●     Any
    party responsible for disclosure items on Form 8-K to the extent of such items
	Item
    10: Exhibits	●     Depositor
(exhibits required by Item 601 of Regulation S-K, such as material agreements) 

        ●     Certificate
Administrator (Monthly Statement to Certificateholders)

 

    Sch. IV-2 

     

    

 

SCHEDULE
V

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.07 of the Pooling and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information
described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column to the extent such party
has actual knowledge (and in the case of financial statements required to be provided in connection with 1112(b) below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying
Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume
that there is no “significant obligor” other than a party identified as such in the Prospectus. For this CFCRE 2016-C6
Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master
Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Prospectus.

 

	Item
    on Form 10-K	Party
    Responsible
	Item
    1B: Unresolved Staff Comments	●     Depositor
	Item
    9B: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	●     Any
    party responsible for disclosure items on Form 8-K to the extent of such items as set forth in Schedule VI
	Item
    15: Exhibits, Financial Statement Schedules	●     Certificate
Administrator 

        ●     Depositor

	Additional
    Item:

    Disclosure per Item 1112(b)(1) of Regulation AB	●     Master
    Servicer
	Additional
    Item:

    Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	●     N/A

 

    Sch. V-1 

     

    

 

	Additional
    Item:

    Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	●     Master
Servicer (as to itself) 

        ●     Special
Servicer (as to itself) 

        ●     Certificate
Administrator (as to itself) 

        ●     Trustee
(as to itself) 

        ●     Depositor
(as to itself) 

        ●     Operating
Advisor (as to itself) 

        ●     Asset
Representations Reviewer (as to itself) 

        ●     Any
other Reporting Servicer (as to itself) 

        ●     Trustee/Certificate
Administrator/Master Servicer/Depositor/Special Servicer as to the Trust 

        ●     Each
Mortgage Loan Seller 

        ●     Originators
under Item 1110 of Regulation AB (to be provided by the Depositor) 

        ●     Party
under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

 

    Sch. V-2 

     

    

 

	Additional
    Item:

    Disclosure per Item 1119 of Regulation AB	●     Master
Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
Certificate Administrator, Special Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3)) 

        ●     Special
Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
Certificate Administrator, Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3)) 

        ●     Certificate
Administrator (as to itself) (to the extent material to Certificateholders) 

        ●     Trustee
(as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Master Servicer,
Certificate Administrator, Special Servicer or a sub-servicer retained by it meeting any of the descriptions in Item 1108(a)(3)) 

        ●     Depositor
(as to itself) 

        ●     Depositor
(as to the Trust) 

        ●     Each
Mortgage Loan Seller 

        ●     Operating
Advisor (as to itself) 

        ●     Asset
Representations Reviewer (as to itself) 

        ●     Originators
under Item 1110 of Regulation AB (to be provided by the Depositor) 

        ●     Party
under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

 

    Sch. V-3 

     

    

 

SCHEDULE
VI

 

FORM
8-K DISCLOSURE INFORMATION

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.09 of the Pooling and Servicing Agreement to report to the Depositor and the Certificate Administrator the occurrence
of any event described in the corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent
such party has actual knowledge of such information (other than information as to itself). Each of the Certificate Administrator,
the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely
on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted from the Prospectus),
in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate
Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be
entitled to conclusively assume that there is no “significant obligor” other than a party identified as such in the
Prospectus. For this CFCRE 2016-C6 Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the
Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume
that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115
of Regulation AB other than a party identified as such in the Prospectus.

 

	Item
    on Form 8-K	Party
    Responsible
	Item
    1.01- Entry into a Material Definitive Agreement

    

    Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization,
    even if depositor is not a party. 

    

    Examples: servicing agreement, custodial agreement.

    

    Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus	●     Trustee/Certificate
    Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party
    to or entered into on behalf of the Trust)
	Item
    1.02- Termination of a Material Definitive Agreement

    

    Disclosure is required regarding termination of any definitive agreement that is material to the securitization (other than
    expiration in accordance with its terms), even if depositor is not a party.	●     Trustee/Certificate
    Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party
    to or entered into on behalf of the Trust)

 

    Sch. VI-1 

     

    

 

	Item
    on Form 8-K	Party
    Responsible
	Examples:
    servicing agreement, custodial agreement.	 
	Item
    1.03- Bankruptcy or Receivership	●     Depositor 

        ●     Each
Mortgage Loan Seller 

	Item
    2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
    Arrangement

    

    Includes an early amortization, performance trigger or other event, including event of default, that would materially alter
    the payment priority/distribution of cash flows/amortization schedule.

    

    Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.	●     Depositor 

        ●     Certificate
        Administrator

         

	Item
    3.03- Material Modification to Rights of Security Holders

    

    Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the
    Pooling and Servicing Agreement.	●     Certificate
    Administrator
	Item
    5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

    

    Disclosure is required of any amendment “to the governing documents of the issuing entity”.	●     Depositor
	Item
    5.06 – Change in Shell Company Status	●     Depositor
	Item
    5.07 – Submission of Matters to a Vote of Security Holders	●     Depositor
	Item
    5.08 – Shareholder Director Nomination	●     Depositor
	Item
    6.01- ABS Informational and Computational Material	●     Depositor
	Item
    6.02- Change of Servicer or Trustee 

    

    Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other
    servicer servicing 10% or more of pool assets at time of report, other material servicers or trustee.	●     Master
Servicer (as to itself or a servicer retained by it) 

        ●     Special
Servicer (as to itself or a servicer retained by it) 

        ●     Certificate
Administrator (as to itself or an entity retained by it) 

        ●     Trustee
(as to itself or an entity retained by it)

 

    Sch. VI-2 

     

    

 

	Item
    on Form 8-K	Party
    Responsible
	 	●     Depositor
	Reg
    AB disclosure about any new servicer or master servicer is also required.	●     Master
    Servicer or Special Servicer, as applicable
	Reg
    AB disclosure about any new Trustee is also required.	●     Trustee
	Reg
    AB disclosure about any new Certificate Administrator is also required.	●     Certificate
    Administrator
	Item
    6.03- Change in Credit Enhancement or Other External Support	        N/A
	Item
    6.04- Failure to Make a Required Distribution	●     Certificate
    Administrator
	Item
    6.05- Securities Act Updating Disclosure

    

    If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in
    the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

    

    If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide
    the information called for in Items 1108 and 1110 respectively.	●     Depositor
	Item
    7.01- Regulation FD Disclosure	●     Depositor
	Item
    8.01 – Other Events

    

    Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance
    to certificateholders.	●     Depositor
	Item
    9.01 – Financial Statements and Exhibits	●     Responsible
    party for reporting/disclosing the financial statement or exhibit

 

    Sch. VI-3 

     

    

 

SCHEDULE
VII

 

INITIAL
SERVICED COMPANION LOAN NOTEHOLDERS

 

	Serviced
    Companion

Loan	 	Initial
    Noteholders	 	Address
	Hill7
    Office	 	Cantor
    Commercial Real Estate Lending, L.P. (Note A-2 Holder)	 	Cantor
Commercial Real Estate Lending, L.P. 

        110
East 59th Street 

        New
York, New York 10022 

        Attention:
Anthony Orso 

         

        with
        an electronic copy to:

         

        Cantor
Commercial Real Estate Lending, L.P. 

        110
East 59th Street 

        New
York, New York 10022 

        Attention:
Legal Department 

        E-mail:
legal@ccre.com

         

        with
a copy to:

         

        Cadwalader,
Wickersham & Taft LLP

        200
Liberty Street 

        New
York, New York 10281

Attention: Lisa Pauquette, Esq.

	 	 	 	 	 
	Potomac
    Mills	 	Société
    Générale (Note A-2 Holder and Note A-3 Holder)	 	Société
Générale 

        245
Park Avenue 

        New
York, New York 10167 

        Attention:
Jim Barnard

         

        with
a copy to:

         

        Société
Générale 

        245
Park Avenue, 11th Floor 

        New
York, New York 10167 

        Attention:
General Counsel

	 	 	 	 	 
	 	 	Bank
    of America National Association (Note A-4 Holder and Note A-5 Holder)	 	Bank
of America, National Association 

        NC1-027-15-01 

        214
North Tryon Street 

        Charlotte,
North Carolina 28255

 

    Sch. VII-1 

     

    

 

	 	 	 	 	Attention:
Steven L. Wasser 

        Email:
steve.l.wasser@baml.com 

         

        with
        a copy to:

         

        W.
Todd Stillerman, Esq. 

        Bank
of America Corporation 

        NC1-027-20-05 

        214
North Tryon Street, 20th Floor 

        Charlotte,
North Carolina 28255 

        Email:
William.stillerman@bankofamerica.com

	 	 	 	 	 
	 	 	Cantor
    Commercial Real Estate Lending, L.P. (Note A-7 Holder and Note A-8 Holder)	 	Cantor
Commercial Real Estate Lending, L.P. 

        110
East 59th Street 

        New
York, New York 10022 

        Attention:
Anthony Orso 

         

        with
        an electronic copy to:

         

        Cantor
Commercial Real Estate Lending, L.P. 

        110
East 59th Street 

        New
York, New York 10022 

        Attention:
Legal Department 

        E-mail:
legal@ccre.com

         

        with a copy to:

         

        Cadwalader,
Wickersham & Taft LLP 

        200
Liberty Street 

        New
York, New York 10281

Attention: Lisa Pauquette, Esq.

	 	 	 	 	 
	 	 	Barclays
    Bank PLC (Note A-9 Holder and Note A-10 Holder)	 	Barclays
Bank PLC 

        745
Seventh Avenue, 

        New
        York, New York 10019,

        Attention: Daniel Vinson,

        Email:
        Daniel.vinson@barclays.com,

	 	 	 	 	 
	Residence
    Inn by Marriott LAX	 	SG
    Commercial Mortgage Securities Trust 2016-C5 (Note A-1 Holder)	 	Wells
Fargo Bank, National Association 

        Commercial
Mortgage Servicing 

        Three
Wells Fargo 

        401
S. Tryon Street, 8th Floor 

        MAC
D1050-084 

 

    Sch. VII-2 

     

    

 

	 	 	 	 	Charlotte,
    NC 28202
	 	 	 	 	 
	 	 	Cantor
    Commercial Real Estate Lending, L.P. (Note A-3 Holder)	 	Cantor
Commercial Real Estate Lending, L.P. 

        110
East 59th Street 

        New
York, New York 10022 

        Attention:
Anthony Orso 

         

        with
        an electronic copy to:

         

        Cantor
Commercial Real Estate Lending, L.P. 

        110
East 59th Street 

        New
York, New York 10022 

        Attention:
Legal Department 

        E-mail:
        legal@ccre.com

         

        with
        a copy to:

         

        Cadwalader,
Wickersham & Taft LLP 

        200
Liberty Street 

        New
        York, New York 10281

        Attention:
Lisa Pauquette, Esq.

	 	 	 	 	 
	Holiday
    Inn Express Nashville-Downtown	 	SG
    Commercial Mortgage Securities Trust 2016-C5 (Note A-2 Holder)	 	Wells
Fargo Bank, National Association 

        Commercial
Mortgage Servicing 

        Three
Wells Fargo 

        401
S. Tryon Street, 8th Floor 

        MAC
D1050-084 

        Charlotte,
NC 28202

	 	 	 	 	 
	 	 	Société
    Générale (Note A-3 Holder)	 	Société
Générale 

        245
Park Avenue 

        New
York, New York 10167 

        Attention:
Jim Barnard 

         

        with
        a copy to:

         

        Société
Générale 

        245
Park Avenue, 11th Floor 

        New
York, New York 10167 

        Attention:
General Counsel

	 	 	 	 	 
	OZRE
    Leased Fee Portfolio	 	CFCRE
    2016-C4 Mortgage Trust (Note A-1 Holder, Note	 	Wells
Fargo Bank, National Association 

        Commercial
Mortgage Servicing

 

    Sch. VII-3 

     

    

 

		 	A-4
    Holder and Note A-5 Holder)	 	Three
Wells Fargo 

        401
S. Tryon Street, 8th Floor 

        MAC
D1050-084 

        Charlotte,
NC 28202

	 	 	 	 	 
	 	 	SG
    Commercial Mortgage Securities Trust 2016-C5 (Note A-2-2 Holder)	 	Wells
Fargo Bank, National Association 

        Commercial
Mortgage Servicing 

        Three
Wells Fargo 

        401
S. Tryon Street, 8th Floor 

        MAC
D1050-084 

        Charlotte,
NC 28202

	 	 	 	 	 
	 	 	CGCMT
    2016-C1 Mortgage Trust (Note A-3, Note A-6 Holder, Note A-7 Holder and Note A-8 Holder)	 	Wells
Fargo Bank, National Association 

        Commercial
Mortgage Servicing 

        Three
Wells Fargo 

        401
S. Tryon Street, 8th Floor 

        MAC
D1050-084 

        Charlotte,
NC 28202

 

    Sch. VII-4 

     

    

 

SCHEDULE
VIII

 

CONTACT
INFORMATION FOR THE OTHER 17G-5 INFORMATION PROVIDER

 

 

	Other
    17g-5 Information Provider	Transaction	Contact
    Information
	Wells
    Fargo Bank, National Association	MSCI
    2016-UBS11	Wells
Fargo Bank, National Association  

        9062
Old Annapolis Road  

        Columbia,
Maryland 21045-1951  

        Attention:
Corporate Trust Services — MSCI 2016-UBS11  

        E-mail:
17g5informationprovider@wellsfargo.com (specifically with a subject reference of “MSCI 2016-UBS11 Mortgage Trust”
and an identification of the type of information being provided in the body of such electronic mail)

	 	 	 
	Wells
        Fargo Bank, National Association

         
	SGCMS
        2016-C5

         
	Wells
Fargo Bank, National Association 

        9062
Old Annapolis Road 

        Columbia,
Maryland 21045-1951 

        Attention:
Corporate Trust Services — SGCMS 2016-C5 

        E-mail:
17g5informationprovider@wellsfargo.com (specifically with a subject reference of “SGCMS 2016-C5 Mortgage Trust”
and an identification of the type of information being provided in the body of such electronic mail)

	 	 	 
	Wells
    Fargo Bank, National Association	JPMDB
    2016-C4	Wells
Fargo Bank, National Association 

        9062
Old Annapolis Road 

        Columbia,
Maryland 21045-1951 

        Attention:
Corporate Trust Services — JPMDB 2016-C4 

        E-mail:

 

    Sch. VIII-1 

     

    

 

	 	 	17g5informationprovider@wellsfargo.com
    (specifically with a subject reference of “JPMDB 2016-C4 Mortgage Trust” and an identification of the type
    of information being provided in the body of such electronic mail) 
	 	 	 
	Wells
    Fargo Bank, National Association	WFCM
    2016-BNK1	Wells
Fargo Bank, National Association 

        9062
Old Annapolis Road 

        Columbia,
Maryland 21045-1951 

        Attention:
Corporate Trust Services — WFCM 2016-BNK1 

        E-mail:
17g5informationprovider@wellsfargo.com (specifically with a subject reference of “WFCM 2016-BNK1 Mortgage Trust”
and an identification of the type of information being provided in the body of such electronic mail)

	 	 	 
	Citibank,
    N.A.	CGCMT
    2016-C6	Citibank,
N.A.

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention: Citibank Agency & Trust — CGCMT
2016-C6 

        E-mail:
ratingagencynotice@citi.com (specifically with a subject reference of “CGCMT 2016-C6 Mortgage Trust” and an
identification of the type of information being provided in the body of such electronic mail)

 

    Sch. VIII-2 

     

    

 

	Wells
    Fargo Bank, National Association	CGCMT
                                         2016-C1

         
	Wells
Fargo Bank, National Association 

        9062
Old Annapolis Road 

        Columbia,
Maryland 21045-1951 

        Attention:
Corporate Trust Services — CGCMT 2016-C1 

        E-mail:
17g5informationprovider@wellsfargo.com (specifically with a subject reference of “CGCMT 2016-C1Mortgage Trust”
and an identification of the type of information being provided in the body of such electronic mail)

         

	 	 	 

 

    Sch. VIII-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}]]