Sforno on Exodus 34:10/ספורנו על שמות ל״ד:י׳

1הנה אנכי כורת ברית, to be in your midst. Compare Megillah 29 “when the Jewish people were exiled to Babylonia the presence of the Lord was “exiled” together with them, i.e. accompanied them; when they were exiled to Eylam the same was true. Even when they were exiled to Edom (by the Romans) this remained true.

2נגד כל העם אעשה נפלאות, when the people pray, aware of these attributes which I have revealed, i.e. invoking them,

3וראה כל העם הזה אשר אתה בקרבו, however, these miracles which you requested I will perform only for the eyes of this people that you find yourself in provided that they qualify at that time for being עמך, “your people.”

4אשר אני עושה; because of your merit. This is one of the meanings of Exodus 33,17 כי מצאת חן בעיני ואדעך בשם, “for you have gained My favour and I have singled you out by name.”