Exhibit 4.1


 


EXECUTION VERSION 


	 














 


DEUTSCHE MORTGAGE & ASSET RECEIVING
CORPORATION,

Depositor,


 


WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Master Servicer,


 


CWCAPITAL
ASSET MANAGEMENT LLC,

Special Servicer,


 


WILMINGTON
TRUST, NATIONAL ASSOCIATION,

Trustee,


 


DEUTSCHE
BANK TRUST COMPANY AMERICAS,

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 March 1, 2016


 





 



 


COMM 2016-DC2 Mortgage Trust

Commercial Mortgage Pass-Through Certificates,

Series 2016-DC2 


	 





 






    	 



    	 



    

 


TABLE OF CONTENTS 








	 	 	 	 
	 	 	 	Page
	 	 	 	 
	ARTICLE I
	 	 	 	 
	DEFINITIONS
	 	 	 	 
	Section 1.01	Defined Terms	 	4
	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	 	133
	Section 2.03	Representations, Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans	 	136
	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	 	153
	Section 2.05	Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests	 	161
	Section 2.06	Miscellaneous REMIC and Grantor Trust Provisions	 	161
	 	 	 	 
	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	 	162
	Section 3.02	Liability of the Master Servicer and the Special Servicer When Sub-Servicing	 	168
	Section 3.03	Collection of Mortgage Loan and Serviced Companion Loan Payments	 	168
	Section 3.04	Collection of Taxes, Assessments and Similar Items; Escrow Accounts	 	169
	Section 3.05	Collection Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection Accounts	 	172
	 	 	 	 




 









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	Section 3.06	Permitted Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts; Trust Ledger	 	179
	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	 	199
	Section 3.08	Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage	 	201
	Section 3.09	Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	 	206
	Section 3.10	Appraisals; Realization upon Defaulted Loans	 	213
	Section 3.11	Custodian to Cooperate; Release of Mortgage Files	 	219
	Section 3.12	Servicing Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation	 	221
	Section 3.13	Reports to the Certificate Administrator; Collection Account Statements	 	229
	Section 3.14	Access to Certain Documentation	 	235
	Section 3.15	Title and Management of REO Properties and REO Accounts	 	244
	Section 3.16	Sale of Specially Serviced Loans and REO Properties	 	249
	Section 3.17	Additional Obligations of the Master Servicer and the Special Servicer; Inspections	 	254
	Section 3.18	Authenticating Agent	 	256
	Section 3.19	Appointment of Custodians	 	257
	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	 	262
	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 Whole Loans	 	282
	Section 3.28	Directing Holder Contact with the Master Servicer and the Special Servicer	 	287
	Section 3.29	Controlling Class Certificateholders and the Controlling Class Representative; Certain Rights and Powers of the Directing Holder	 	287
	Section 3.30	Rating Agency Confirmation	 	291
	Section 3.31	Appointment and Duties of the Operating Advisor	 	294
	Section 3.32	Delivery of Excluded Information to the Certificate Administrator	 	298
	Section 3.33	Certain Matters with Respect to Joint Mortgage Loans	 	299




 






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	ARTICLE IV
	 	 	 	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 	 	 	 
	Section 4.01	Distributions	 	303
	Section 4.02	Statements to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others	 	314
	Section 4.03	Compliance with Withholding Requirements	 	326
	Section 4.04	REMIC Compliance	 	326
	Section 4.05	Imposition of Tax on the Trust Fund	 	329
	Section 4.06	Remittances	 	330
	Section 4.07	P&I Advances	 	331
	Section 4.08	Appraisal Reductions	 	337
	Section 4.09	Grantor Trust Reporting	 	339
	Section 4.10	Secure Data Room	 	341
	 	 	 	 
	ARTICLE V
	 	 	 	 
	THE CERTIFICATES
	 	 	 	 
	Section 5.01	The Certificates	 	342
	Section 5.02	Registration, Transfer and Exchange of Certificates	 	346
	Section 5.03	Mutilated, Destroyed, Lost or Stolen Certificates	 	356
	Section 5.04	Appointment of Paying Agent	 	357
	Section 5.05	Access to Certificateholders’ Names and Addresses; Special Notices	 	357
	Section 5.06	Actions of Certificateholders	 	358
	Section 5.07	Rule 144A Information	 	359
	Section 5.08	Voting Procedures	 	359
	 	 	 	 
	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	 	360
	Section 6.02	Merger or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer or the Operating Advisor	 	360
	Section 6.03	Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and Others	 	362
	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	 	364
	 	 	 	 




 






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	Section 6.05	Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	 	366
	Section 6.06	The Master Servicer or Special Servicer as Owners of a Certificate	 	367
	Section 6.07	The Directing Holder	 	368
	Section 6.08	Rights of Non-Directing Holders	 	371
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	SERVICER AND OPERATING ADVISOR TERMINATION
	 	 	 	 
	Section 7.01	Servicer Termination Events	 	372
	Section 7.02	Trustee to Act; Appointment of Successor	 	379
	Section 7.03	Notification to Certificateholders and Other Persons	 	381
	Section 7.04	Other Remedies of Trustee	 	381
	Section 7.05	Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination	 	382
	Section 7.06	Trustee as Maker of Advances	 	382
	Section 7.07	Termination of the Operating Advisor	 	383
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 	 	 	 
	Section 8.01	Duties of Trustee and Certificate Administrator	 	386
	Section 8.02	Certain Matters Affecting the Trustee and the Certificate Administrator	 	388
	Section 8.03	Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans	 	391
	Section 8.04	Trustee and Certificate Administrator May Own Certificates	 	392
	Section 8.05	Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification	 	392
	Section 8.06	Eligibility Requirements for Trustee and Certificate Administrator	 	395
	Section 8.07	Resignation and Removal of Trustee and Certificate Administrator	 	396
	Section 8.08	Successor Trustee and Certificate Administrator	 	399
	Section 8.09	Merger or Consolidation of Trustee or Certificate Administrator	 	399
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	 	400
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	TERMINATION
	 	 	 	 
	Section 9.01	Termination	 	401




 






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	ARTICLE X
	 	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 	 
	Section 10.01	Intent of the Parties; Reasonableness	 	407
	Section 10.02	Notification Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan	 	408
	Section 10.03	Information to be Provided by the Master Servicer and the Special Servicer	 	410
	Section 10.04	Information to be Provided by the Trustee	 	410
	Section 10.05	Filing Obligations	 	411
	Section 10.06	Form 10-D Filings	 	412
	Section 10.07	Form 10-K Filings	 	415
	Section 10.08	Sarbanes-Oxley Certification	 	418
	Section 10.09	Form 8-K Filings	 	420
	Section 10.10	Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports	 	421
	Section 10.11	Annual Compliance Statements	 	422
	Section 10.12	Annual Reports on Assessment of Compliance with Servicing Criteria	 	423
	Section 10.13	Annual Independent Public Accountants’ Servicing Report	 	425
	Section 10.14	Exchange Act Reporting Indemnification	 	426
	Section 10.15	Amendments	 	430
	Section 10.16	Exchange Act Report Signatures; Delivery of Notices; Interpretation of Grace Periods	 	430
	Section 10.17	Termination of the Certificate Administrator	 	431
	 	 	 	 
	ARTICLE XI
	 	 	 	 
	THE ASSET REPRESENTATIONS REVIEWER
	 	 	 	 
	Section 11.01	Asset Review	 	432
	Section 11.02	Payment of Asset Representations Reviewer Asset Review Fees and Expenses; Limitation of Liability	 	437
	Section 11.03	Resignation of the Asset Representations Reviewer	 	439
	Section 11.04	Restrictions of the Asset Representations Reviewer	 	439
	Section 11.05	Termination of the Asset Representations Reviewer	 	439
	 	 	 	 
	ARTICLE XII
	 	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 	 
	Section 12.01	Counterparts	 	442
	Section 12.02	Limitation on Rights of Certificateholders	 	442
	Section 12.03	Governing Law	 	443
	Section 12.04	Waiver of Jury Trial; Consent to Jurisdiction	 	444
	Section 12.05	Notices	 	444




 






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	Section 12.06	Severability of Provisions	 	450
	Section 12.07	Notice to the Depositor and Each Rating Agency	 	450
	Section 12.08	Amendment	 	452
	Section 12.09	Confirmation of Intent	 	457
	Section 12.10	No Intended Third-Party Beneficiaries	 	458
	Section 12.11	Entire Agreement	 	458
	Section 12.12	Third Party Beneficiaries	 	458




 






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	TABLE OF EXHIBITS
	 	 
	Exhibit A-1	Form of Class A-1 Certificate
	Exhibit A-2	Form of Class A-2 Certificate
	Exhibit A-3	Form of Class A-3 Certificate
	Exhibit A-4	Form of Class A-SB Certificate
	Exhibit A-5	Form of Class A-4 Certificate
	Exhibit A-6	Form of Class A-5 Certificate
	Exhibit A-7	Form of Class A-M Certificate
	Exhibit A-8	Form of Class B Certificate
	Exhibit A-9	Form of Class C Certificate
	Exhibit A-10	Form of Class D Certificate
	Exhibit A-11	Form of Class E Certificate
	Exhibit A-12	Form of Class F Certificate
	Exhibit A-13	Form of Class G Certificate
	Exhibit A-14	Form of Class H Certificate
	Exhibit A-15	Form of Class X-A Certificate
	Exhibit A-16	Form of Class X-B Certificate
	Exhibit A-17	Form of Class X-C Certificate
	Exhibit A-18	Form of Class X-D Certificate
	Exhibit A-19	Form of Class X-E Certificate
	Exhibit A-20	Form of Class X-F Certificate
	Exhibit A-21	Form of Class V Certificate
	Exhibit A-22	Form of Class R 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)



 






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	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
	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 Serviced Companion Loan Noteholder Certification
	Exhibit GG	[Reserved]
	Exhibit HH	Form of Asset Review Report by the Asset Representations Reviewer
	Exhibit II	Form of Asset Review Report Summary by the Asset Representations Reviewer
	Exhibit JJ	Asset Review Procedures
	Exhibit KK	Form of Certification to Certificate Administrator Requesting Access to Secure Data Room
	Exhibit LL	Form of Notice of [Additional Delinquent Mortgage Loan][Cessation of Delinquent Mortgage Loan][Cessation of Asset Review Trigger]
	 	 
	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




 






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Pooling and Servicing
Agreement, dated as of March 1, 2016, between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, as Special Servicer, Wilmington Trust, National
Association, as Trustee, Deutsche Bank Trust Company Americas, 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 (exclusive of Excess Interest) 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-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F,
Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H 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 portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 1 on the Mortgage Loan Schedule (the “Sun MHC Portfolio
Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of payment
to the Sun MHC Portfolio Mortgage Loan (the “Sun MHC Portfolio Companion Loan”). The Sun MHC Portfolio Whole
Loan is serviced pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement. The Sun MHC Portfolio Companion
Loan and all amounts attributable thereto will not be an asset of the Trust Fund or the Trust REMICs and will be beneficially owned
by the related Companion Loan Noteholder.


 



    	 



    	 



    




 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 3 on the Mortgage Loan Schedule (the “Williamsburg Premium Outlets
Mortgage Loan”) also secures four companion loans to the same Borrower, which are each pari passu in right of
payment with each other and to the Williamsburg Premium Outlets Mortgage Loan (collectively, the “Williamsburg Premium
Outlets Companion Loans” and, together with the Williamsburg Premium Outlets Mortgage Loan, the “Williamsburg
Premium Outlets Whole Loan”). The Williamsburg Premium Outlets Whole Loan will be serviced (a) from and after the Closing
Date and prior to the Williamsburg Premium Outlets Pari Passu Note A-1 Securitization Date, pursuant to (i) this Agreement
and (ii) the related Intercreditor Agreement and (b) from and after the Williamsburg Premium Outlets Pari Passu Note A-1 Securitization
Date, pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization involving the Williamsburg
Premium Outlets Pari Passu Note A-1 and (ii) the related Intercreditor Agreement. The Williamsburg Premium Outlets 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 related Companion Loan Noteholders.


 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 4 on the Mortgage Loan Schedule (the “Intercontinental Kansas City
Hotel Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of payment
to the Intercontinental Kansas City Hotel Mortgage Loan (the “Intercontinental Kansas City Hotel Companion Loan”).
The Intercontinental Kansas City Hotel Whole Loan is serviced pursuant to (i) this Agreement and (ii) the related Intercreditor
Agreement. The Intercontinental Kansas City Hotel Companion Loan and all amounts attributable thereto will not be an asset of the
Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholder.


 


The Mortgaged
Property that secures the Mortgage Loan identified as Loan No. 6 on the Mortgage Loan Schedule (the “Columbus Park
Crossing Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right
of payment to the Columbus Park Crossing Mortgage Loan (the “Columbus Park Crossing Companion Loan”). The
Columbus Park Crossing Whole Loan is serviced pursuant to (i) this Agreement and (ii) the related Intercreditor
Agreement. The Columbus Park Crossing Companion Loan and all amounts attributable thereto will not be an asset of the Trust
Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholder.


 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 7 on the Mortgage Loan Schedule (the “Promenade Gateway Mortgage
Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of payment to the Promenade
Gateway Mortgage Loan (the “Promenade Gateway Companion Loan”). The Promenade Gateway Whole Loan is currently
serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization designated as the COMM 2016-CCRE28
Mortgage Trust and (ii) the related Intercreditor Agreement. The Promenade Gateway Companion Loan and all amounts attributable
thereto will not be an asset of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan
Noteholder.


 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 10 on the Mortgage Loan Schedule (the “Birch Run Premium Outlets
Mortgage Loan”) also secures four companion loans to the same Borrower, which are each pari passu in right of
payment with each other and to the Birch Run Premium Outlets Mortgage Loan (collectively, the


 






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“Birch
Run Premium Outlets Companion Loans”). The Birch Run Premium Outlets Whole Loan will be serviced (a) from and after
the Closing Date and prior to the Birch Run Premium Outlets Pari Passu Note A-2 Securitization Date, pursuant to (i) this
Agreement and (ii) the related Intercreditor Agreement and (b) from and after the Birch Run Premium Outlets Pari Passu Note
A-2 Securitization Date, pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization involving
the Birch Run Premium Outlets Pari Passu Note A-2 and (ii) the related Intercreditor Agreement. The Birch Run Premium Outlets
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 related Companion Loan Noteholders.


 


The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 11 on the Mortgage Loan Schedule (the “Santa Monica Multifamily
Portfolio Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of
payment to the Santa Monica Multifamily Portfolio Mortgage Loan (the “Santa Monica Multifamily Portfolio Companion Loan”).
The Santa Monica Multifamily Portfolio Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement
related to the Other Securitization designated as the COMM 2016-CCRE28 Mortgage Trust and (ii) the related Intercreditor Agreement.
The Santa Monica Multifamily Portfolio Companion Loan and all amounts attributable thereto will not be an asset of the Trust Fund
or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholder.


 


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”), and 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	 	$	35,639,000	 	 	LA-1	 	$	35,639,000	 	 	XA-1
	Class A-2	 	$	4,483,000	 	 	LA-2	 	$	4,483,000	 	 	XA-2
	Class A-3	 	$	15,740,000	 	 	LA-3	 	$	15,740,000	 	 	XA-3
	Class A-SB	 	$	60,282,000	 	 	LA-SB	 	$	60,282,000	 	 	XA-SB
	Class A-4	 	$	200,000,000	 	 	LA-4	 	$	200,000,000	 	 	XA-4
	Class A-5	 	$	248,192,000	 	 	LA-5	 	$	248,192,000	 	 	XA-5
	Class X-A	 	$	614,723,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-B	 	$	82,635,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-C	 	$	42,326,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-D	 	$	23,178,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-E	 	$	14,108,000	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class X-F	 	$	29,225,159	(2)	 	N/A	 	 	N/A	 	 	N/A
	Class A-M	 	$	50,387,000	 	 	LA-M	 	$	50,387,000	 	 	XA-M
	Class B	 	$	40,310,000	 	 	LB	 	$	40,310,000	 	 	XB
	Class C	 	$	42,325,000	 	 	LC	 	$	42,325,000	 	 	XC
	Class D	 	$	42,326,000	 	 	LD	 	$	42,326,000	 	 	XD
	Class E	 	$	13,100,000	 	 	LE	 	$	13,100,000	 	 	XE
	Class F	 	$	10,078,000	 	 	LF	 	$	10,078,000	 	 	XF
	Class G	 	$	14,108,000	 	 	LG	 	$	14,108,000	 	 	XG
	Class H	 	$	29,225,159	 	 	LH	 	$	29,225,159	 	 	XH






 






    	-3-



    	 



    

 





 



 


		(1)	The Lower-Tier Regular Interest and the Component of the Class X-A, Class X-B, Class X-C, Class
X-D, Class X-E or Class X-F 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-C, Class X-D, Class X-E or Class X-F Certificates shall at all times equal the then Lower-Tier Principal Balance
of the Corresponding Lower-Tier Regular Interest.



 


		(2)	Notional Amount.



 


The Class X-A, Class
X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class V and 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 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 $806,195,160.


 


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.


 


“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 https://tss.sfs.db.com/investpublic,
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.


 






    	-4-



    	 



    

 


“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 for 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.


 


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


 


“Action Notice
Response”: As defined in Section 2.03(l)(i).


 


“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 10.05(c) 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 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.


 






    	-5-



    	 



    

 


“Administrative
Cost Rate”: As of any date of determination and with respect to each Mortgage Loan, a per annum rate equal to
the sum of the Servicing Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Operating Advisor Fee Rate and the CREFC®
Intellectual Property Royalty License Fee Rate.


 


“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) endanger
the status of any Trust REMIC 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”).


 


“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.


 


“Affiliate Ethical
Wall”: Reasonable policies and procedures to be maintained by an Affiliate of the Depositor, the Master Servicer, any
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee, as applicable,
taking into account the nature of its business, to ensure (1) that such Affiliate will not use Confidential Information received
from the Depositor, the Master Servicer, such Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer or the Trustee, as applicable, in a manner that violates any applicable law including, but not limited
to, any securities laws and (2) that such Affiliate will not provide to the


 






    	-6-



    	 



    

 


Depositor,
the Master Servicer, such Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Trustee, as applicable, information regarding its decisions relating to Investments in the Certificates from such Affiliate.
Under such policies and procedures maintained by such Affiliate, (i) policies and procedures restricting the flow of information
exist, and shall be maintained by such Affiliate, between such Affiliate, on the one hand and the Depositor, the Master Servicer,
such Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee,
as applicable, on the other; (ii) such policies and procedures restricting the flow of information operate in both directions
so as to include (a) policies and procedures against the disclosure of Confidential Information from the Depositor, the Master
Servicer, such Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the
Trustee, as applicable, to such Affiliate, except as such disclosure is expressly allowed under this Agreement in such affiliate’s
capacity as a Controlling Class Certificateholder or a Directing Holder or otherwise and (b) policies and procedures restricting
the disclosure by such Affiliate of information regarding its decisions relating to Investments in Certificates to the Depositor,
the Master Servicer, such Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Trustee, as applicable; (iii) the senior management personnel of such Affiliate who have obtained Confidential Information
in the course of their exercise of general managerial responsibilities may not use that information to influence Investment Decisions
with respect to the Certificates, nor may they pass that information to others for use in such activities, to the extent the use
of such Confidential Information violates the securities laws; and (iv) such senior management personnel who have obtained
information regarding Investments in the course of their exercise of general managerial responsibilities may not use that information
to influence servicing recommendations.


 


“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.


 






    	-7-



    	 



    

 


“Applicable
Law”: As defined in Section 8.02(f) 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 Master Servicer (and, if no Consultation
Termination Event has occurred, in consultation with the Directing Holder, 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 from the Special
Servicer the related 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 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 a Servicing 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 (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


 






    	-8-



    	 



    

 


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 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
will 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
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.


 


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


 






    	-9-



    	 



    

 


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 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(n)(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(a).


 


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


 


“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).


 






    	-10-



    	 



    

 


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


 


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


 


“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 report setting forth the conclusions of an Asset
Review Report substantially in the form attached hereto as Exhibit II.


 


“Asset Review
Standard”: The performance of 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 assumption.


 


“Asset Review
Trigger”: Any time that either (1) Mortgage Loans having an aggregate outstanding principal balance of 25.0% or more
of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO 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 Mortgage Loans
or (2)(A) prior to and including the second anniversary of the Closing Date, at least 10 Mortgage Loans are Delinquent Mortgage
Loans as of the end of the applicable Collection Period and the outstanding principal balance of such Delinquent Mortgage Loans
in the aggregate constitutes at least 15.0% 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 issuing entity as of the end of the applicable
Collection Period, or (B) after the second anniversary of the Closing Date, at least 15 Mortgage Loans are Delinquent Mortgage
Loans as of the end of the applicable Collection Period and the aggregate outstanding principal balance of such Delinquent Mortgage
Loans in the aggregate constitutes at least 20.0% 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


 






    	-11-



    	 



    

 


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 that is delinquent in respect of its 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 related Servicing Fee Rate (other than, in the case of any Non-Serviced
Mortgage Loan, the servicing fee rate pursuant to the related Other Pooling and Servicing Agreement)).


 


“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 Agreement and/or the related Non-Serviced Intercreditor
Agreement) (including the portion of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.06(e)
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(c)) on deposit in the Collection Account (in each case,
exclusive of any amount on deposit in 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):


 






    	-12-



    	 



    

 


(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 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 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)          
Excess Interest;


 


(vi)         
all Yield Maintenance Charges and prepayment premiums;


 


(vii)        
all amounts deposited in the Collection Account or the Lower-Tier Distribution Account, as the case may be, in error; 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 on or before the applicable
Determination Date from the REO Account 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);


 


(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


 






    	-13-



    	 



    

 


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.


 


“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-2, Class A-3,
Class A-SB, Class A-4, Class A-5, 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.


 






    	-14-



    	 



    

 


“Birch Run Premium
Outlets Companion Loans”: As defined in the Preliminary Statement.


 


“Birch Run Premium
Outlets Whole Loan”: The Birch Run Premium Outlets Companion Loans, together with the Birch Run Premium Outlets Mortgage
Loan. References herein to the Birch Run Premium Outlets Whole Loan shall be construed to refer to the aggregate indebtedness under
the Birch Run Premium Outlets Pari Passu Note A-1-A, the Birch Run Premium Outlets Pari Passu Note A-1-B, the Birch Run Premium
Outlets Pari Passu Note A-2, the Birch Run Premium Outlets Pari Passu Note A-3 and the Birch Run Premium Outlets Pari Passu Note
A-4.


 


“Birch Run Premium
Outlets Mortgage Loan”: As defined in the Preliminary Statement.


 


“Birch Run Premium
Outlets Pari Passu Note A-1-A”: The promissory note designated as Note A-1-A, which evidences a portion of the Birch
Run Premium Outlets Whole Loan. The Birch Run Premium Outlets Pari Passu Note A-1-A is included in the Trust Fund and is pari
passu in right of payment to the Birch Run Premium Outlets Pari Passu Note A-1-B, the Birch Run Premium Outlets Pari Passu
Note A-2, the Birch Run Premium Outlets Pari Passu Note A-3 and the Birch Run Premium Outlets Pari Passu Note A-4, as set
forth in the related Intercreditor Agreement. The Birch Run Premium Outlets Pari Passu Note A-1-A is also the Birch Run Premium
Outlets Mortgage Loan.


 


“Birch Run Premium
Outlets Pari Passu Note A-1-B”: The promissory note designated as Note A-1-B, which evidences a portion of the Birch
Run Premium Outlets Whole Loan. The Birch Run Premium Outlets Pari Passu Note A-1-B is not included in the Trust Fund and is pari
passu in right of payment to the Birch Run Premium Outlets Pari Passu Note A-1-A, the Birch Run Premium Outlets Pari Passu
Note A-2, the Birch Run Premium Outlets Pari Passu Note A-3 and the Birch Run Premium Outlets Pari Passu Note A-4, as set
forth in the related Intercreditor Agreement. The Birch Run Premium Outlets Pari Passu Note A-1-B is held by GACC.


 


“Birch Run Premium
Outlets Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Birch
Run Premium Outlets Whole Loan. The Birch Run Premium Outlets Pari Passu Note A-2 is not included in the Trust Fund and is pari
passu in right of payment to the Birch Run Premium Outlets Pari Passu Note A-1-A, the Birch Run Premium Outlets Pari Passu
Note A-1-B, the Birch Run Premium Outlets Pari Passu Note A-3 and the Birch Run Premium Outlets Pari Passu Note A-4, as set
forth in the related Intercreditor Agreement. The Birch Run Premium Outlets Pari Passu Note A-2 is held by GACC.


 


“Birch Run Premium
Outlets Pari Passu Note A-3”: The promissory note designated as Note A-3, which evidences a portion of the Birch
Run Premium Outlets Whole Loan. The Birch Run Premium Outlets Pari Passu Note A-3 is not included in the Trust Fund and is pari
passu in right of payment to the Birch Run Premium Outlets Pari Passu Note A-1-A, the Birch Run Premium Outlets Pari Passu
Note A-1-B, the Birch Run Premium Outlets Pari Passu Note A-2 and the Birch Run Premium Outlets Pari Passu Note A-4, as set
forth in the


 






    	-15-



    	 



    

 


related
Intercreditor Agreement. The Birch Run Premium Outlets Pari Passu Note A-3 is held by GACC.


 


“Birch Run Premium
Outlets Pari Passu Note A-4”: The promissory note designated as Note A-4, which evidences a portion of the Birch
Run Premium Outlets Whole Loan. The Birch Run Premium Outlets Pari Passu Note A-4 is not included in the Trust Fund and is pari
passu in right of payment to the Birch Run Premium Outlets Pari Passu Note A-1-A, the Birch Run Premium Outlets Pari Passu
Note A-1-B, the Birch Run Premium Outlets Pari Passu Note A-2 and the Birch Run Premium Outlets Pari Passu Note A-3, as set
forth in the related Intercreditor Agreement. The Birch Run Premium Outlets Pari Passu Note A-4 is held by GACC.


 


“Birch Run Premium
Outlets Pari Passu Note A-2 Securitization Date”: With respect to the Birch Run Premium Outlets Whole Loan, the date
on which the Birch Run Premium Outlets Pari Passu Note A-2 is included in a securitization trust, provided that the related Companion
Loan Noteholder provides each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee (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 the Birch Run Premium Outlets Pari Passu Note A-2 is to be included in such
Other Securitization, which notice shall include contact information for the related Other Servicer, the Other Special Servicer
and the Other Trustee.


 


“Birch Run Premium
Outlets Pooling and Servicing Agreement”: This Agreement, for so long as the Birch Run Premium Outlets Whole Loan is
serviced pursuant to this Agreement and, on and after the Birch Run Premium Outlets Pari Passu Note A-2 Securitization Date, the
related Other Pooling and Servicing Agreement for the Birch Run Premium Outlets Pari Passu Note A-2.


 


“Birch Run Premium
Outlets Service Providers”: With respect to the Birch Run Premium Outlets Whole Loan, (i) prior to the Birch Run
Premium Outlets Pari Passu Note A-2 Securitization Date, the Trustee, Master Servicer, Special Servicer and any related sub-servicer
hereunder and (ii) on and after the Birch Run Premium Outlets Pari Passu Note A-2 Securitization Date, 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 the Birch Run Premium Outlets Pari Passu Companion Loans or property advances in respect of the
Birch Run Premium Outlets Whole Loan pursuant to the related Other Pooling and Servicing Agreement.


 


“Book-Entry
Certificate” shall mean 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, the holder of a mezzanine loan that has accelerated the related mezzanine
loan (unless (i) acceleration was automatic under such mezzanine loan, (ii) the event directly giving rise to the automatic acceleration
under such mezzanine loan was not initiated by such mezzanine lender or an affiliate of such mezzanine lender, and (iii) such mezzanine
lender is stayed from exercising and has not commenced the exercise of remedies associated with foreclosure of the equity collateral
under such mezzanine loan) or commenced foreclosure or enforcement proceedings against the equity collateral pledged to secure
the related mezzanine loan, or any Borrower Party Affiliate.


 


“Borrower Party
Affiliate”: With respect to a borrower, a mortgagor, a manager of a Mortgaged Property or a mezzanine lender that has
accelerated the related mezzanine loan (unless (i) acceleration was automatic under such mezzanine loan, (ii) the event directly
giving rise to the automatic acceleration under such mezzanine loan was not initiated by such mezzanine lender or an affiliate
of such mezzanine lender, and (iii) such mezzanine lender is stayed from exercising and has not commenced the exercise of remedies
associated with foreclosure of the equity collateral under such mezzanine loan) or commenced foreclosure or enforcement proceedings
against the equity collateral pledged to secure the related mezzanine loan, (a) any other person controlling or controlled by or
under common control with such borrower, mortgagor, manager or mezzanine lender, as applicable, (b) solely with respect to the
10 largest Mortgage Loans by Stated Principal Balance, 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 mezzanine lender. 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, Santa
Ana, California, Jacksonville, Florida, Oakland, California, Kansas City, Overland Park, Kansas, Minneapolis, Minnesota, Wilmington,
Delaware, Bethesda, Maryland or Columbia, Maryland, 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 Loan, the highest of (1) the rate determined by
the Master Servicer or Special Servicer, as applicable, that approximates the market rate that would


 






    	-17-



    	 



    

 


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 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.


 


“Certificate”:
Any Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class
X-F, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class V or Class R Certificate issued, authenticated
and delivered hereunder.


 


“Certificate
Administrator”: Deutsche Bank Trust Company Americas, a New York state banking corporation, in its capacity as Certificate
Administrator, or its successor in interest, or any successor Certificate Administrator appointed as herein provided.


 


“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 0.0028% per annum.


 


“Certificate
Administrator’s Website”: The internet website of the Certificate Administrator, initially located at https://tss.sfs.db.com/investpublic.


 


“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; 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 compensation or limit its


 






    	-19-



    	 



    

 


obligations
in the named capacities hereunder or waive a Servicer Termination Event or trigger an Asset Review with respect to such 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 the 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,
any Special Servicer, the Trustee or the Certificate Administrator that has has certified as to the existence of an Affiliate
Ethical Wall between it and the Depositor, the Master Servicer, such 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 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 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 1.820%.


 






    	-20-



    	 



    

 


“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 2.301%.


 


“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 3.169%.


 


“Class A-4
Certificate”: Any one of the Certificates with a “Class A-4” 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-4
Pass-Through Rate”: A per annum rate equal to 3.497%.


 


“Class A-5
Certificate”: Any one of the Certificates with a “Class A-5” 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-5
Pass-Through Rate”: A per annum rate equal to 3.765%.


 


“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 4.243%.


 


“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 3.550%.


 


“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


 






    	-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 B
Pass-Through Rate”: A per annum rate equal to the WAC Rate.


 


“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 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, minus 0.750%.


 


“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 2.750%.


 


“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 2.750%.


 


“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 2.750%.


 


“Class H
Certificate”: Any one of the Certificates with a “Class H” 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 H
Pass-Through Rate”: A per annum rate equal to 2.750%.


 






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“Class LA-1
Interest,” “Class LA-2 Interest,” “Class LA-3 Interest,” “Class LA-SB
Interest,” “Class LA-4 Interest,” “Class LA-5 Interest,” “Class
LA-M Interest,” “Class LB Interest,” “Class LC Interest,” “Class LD
Interest,” “Class LE Interest,” “Class LF Interest,” “Class LG Interest”
and “Class LH 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 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 the Exhibit set forth
next to such Class in the Table of Exhibits of 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-C, Class X-D, Class X-E and Class X-F Certificates, collectively.


 


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


 


“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-C Notional Amount,
the Class X-D Notional Amount, the Class X-E Notional Amount or the Class X-F Notional Amount, as applicable and as the
context may require.


 






    	-23-



    	 



    

 


“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-3, Component XA-SB, Component XA-4, Component
XA-5 and Component XA-M.


 


“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 1.240% per annum.


 


“Class X-A
Strip Rate”: With respect to any Class of Class X-A Components for any Distribution Date, (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 the Component XB and Component XC.


 


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


 


“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 0.000% per annum.


 


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







 


“Class X-C
Certificate”: Any one of the Certificates with a “Class X-C” 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-C
Component”: The Component XD.


 






    	-24-



    	 



    

 


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


 


“Class X-C
Pass-Through Rate”: With respect to any Distribution Date, the Class X-C Strip Rate for the Class X-C Component
for such Distribution Date. The Class X-C Pass-Through Rate for the initial Distribution Date is 0.750% per annum.


 


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







 


“Class X-D
Certificate”: Any one of the Certificates with a “Class X-D” 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-D
Component”: Each of the Component XE and Component XF.


 


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


 


“Class X-D
Pass-Through Rate”: With respect to any Distribution Date, the weighted average of the Class X-D Strip Rates for
the respective Class X-D 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-D Pass-Through Rate
for the initial Distribution Date is 2.048% per annum.


 


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







 





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


 


“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 2.048% per annum.


 


“Class X-E
Strip Rate”: With respect the Class of Class X-E Component for any Distribution Date, (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.


 






    	-25-



    	 



    

 


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


 


“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 2.048% per annum.


 


“Class X-F
Strip Rate”: With respect to the Class of Class X-F Component for any Distribution Date, (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”:
March 16, 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.


 


“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 Deutsche Mortgage & Asset Receiving Corporation,
COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2 Collection Account” and which
must be an Eligible Account.


 


“Collection
Period”: With respect to any Distribution Date and each Mortgage Loan (including any related Companion Loan), the period
that begins on the day immediately following the Due Date for such Mortgage Loan (including any related 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 related 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 related 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.


 


“Columbus Park
Crossing Companion Loan”: As defined in the Preliminary Statement.


 


“Columbus Park
Crossing Whole Loan”: The Columbus Park Crossing Companion Loan, together with the Columbus Park Crossing Mortgage Loan.
References herein to the Columbus Park Crossing Whole Loan shall be construed to refer to the aggregate


 






    	-26-



    	 



    

 


indebtedness
under the Columbus Park Crossing Pari Passu Note A-1 and the Columbus Park Crossing Pari Passu Note A-2.


 


“Columbus Park
Crossing Mortgage Loan”: As defined in the Preliminary Statement.


 


“Columbus Park
Crossing Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Columbus
Park Crossing Whole Loan. The Columbus Park Crossing Pari Passu Note A-1 is included in the Trust Fund and is pari passu
in right of payment to the Columbus Park Crossing Pari Passu Note A-2, as set forth in the related Intercreditor Agreement.
The Columbus Park Crossing Pari Passu Note A-1 is a Mortgage Loan.


 


“Columbus Park
Crossing Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Columbus
Park Crossing Whole Loan. The Columbus Park Crossing Pari Passu Note A-2 is not included in the Trust Fund and is pari passu
in right of payment to the Columbus Park Crossing Pari Passu Note A-1, as set forth in the related Intercreditor Agreement.
The Columbus Park Crossing Pari Passu Note A-2 is held by GACC.


 


“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”: An amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of Prepayment
Interest Shortfalls incurred in connection with voluntary Principal Prepayments received in respect of the Mortgage Loans or Serviced
Pari Passu Companion Loans (in each case, other than (a) a Non-Serviced Mortgage Loan, (b) a Specially Serviced Loan
or (c) a Mortgage Loan or Serviced Companion 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)
for the related Distribution Date, and (ii) 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 is being paid in such Collection Period with respect to the Mortgage Loans or Serviced
Pari Passu Companion Loans serviced by it (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan), (B) all Prepayment
Interest Excess received by the Master Servicer during the related Collection Period on the Mortgage Loans or Serviced Pari Passu
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


 






    	-27-



    	 



    

 


failure
to enforce the related Loan Documents (a “Prohibited Prepayment”) regarding principal prepayments (other than
in connection with (a) a Specially Serviced Loan, (b) a Non-Serviced Mortgage Loan, (c) 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), (d) 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 (other than with respect to Excluded Loans or Servicing Shift Whole Loans), the Directing
Holder, (e) pursuant to applicable law or a court order, (f) in connection with the payment of Insurance and 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 or (g) 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), then for purposes of calculating the Compensating Interest Payment for the related Distribution
Date, the Master Servicer shall pay, without regard to clause (ii) above, the aggregate amount of Prepayment Interest Shortfalls
with respect to such Mortgage Loan or Serviced Companion Loan, otherwise described in clause (i) above in connection with such
Prohibited Prepayments. 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.


 


“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.


 


“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-4”:
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-4 Interest as of any date of determination.


 


“Component XA-5”:
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-5 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.


 






    	-28-



    	 



    

 


“Component XA-M”:
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-M Interest as of any date of determination.


 


“Component XB”:
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 LB Interest as of any date of determination.


 


“Component XC”:
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 LC Interest as of any date of determination.


 


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


 


“Component XE”:
One of the components of the Class X-D 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”:
One of the components of the Class X-D 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-E 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.


 


“Component XH”:
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 LH 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).


 


“Confidential
Information”: With respect to each of the Depositor, the Master Servicer, the Special Servicers, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, and the Trustee, all material non-public information obtained
in the


 






    	-29-



    	 



    

 


course
of and as a result of such Person’s performance of its duties under this Pooling and Servicing Agreement with respect to
any Mortgage Loan (or Serviced Whole Loan), any Borrower and any Mortgaged Property, unless such information (i) was already
in the possession of such Person prior to being disclosed to such Person, (ii) is or becomes available to such Person from
a source other than its activities as the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, or (iii) is or becomes generally available
to the public other than as a result of a disclosure by the Master Servicer Servicing Personnel, the Special Servicer Servicing
Personnel, the Operating Advisor Surveillance Personnel, the Asset Representations Reviewer Surveillance Personnel, the Certificate
Administrator Personnel or the Trustee Personnel.


 


“Consultation
Termination Event”: At any date at which (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 E 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 prior to the applicable Servicing Shift Securitization Date, no Consultation Termination
Event may occur with respect to the Loan-Specific Directing Holder related to the related Servicing Shift Whole Loan and the term
“Consultation Termination Event” will not be applicable to the Loan-Specific Directing Holder related to such Servicing
Shift Whole Loan; provided further 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 E Certificates that has not
irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder; provided that a Consultation
Termination Event shall not be deemed to be continuing in the event the Certificate Balances of all Classes of Sequential Pay 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 E, Class F, Class G and Class H Certificates.


 


“Control Termination
Event”: The occurrence of (i) the Certificate Balance of the Class E Certificates (taking into account the application
of any 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 E 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 the applicable Servicing Shift Securitization
Date, no Control Termination Event may occur with respect to the Loan-Specific Directing Holder related to the related Servicing
Shift Whole Loan and the term “Control Termination Event” will not be applicable to the Loan-Specific Directing Holder
related to such Servicing Shift Whole Loan; provided further that a Control Termination Event


 






    	-30-



    	 



    

 


shall
not be deemed to be continuing in the event the Certificate Balances of all Classes of Sequential Pay 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 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 H Certificates; provided that if, at any time,
the Certificate Balances of all Control Eligible Certificates, as notionally reduced by any Appraisal Reduction Amounts allocable
to such Classes, have 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; provided, further that if at any time the Certificate Balance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates have
been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then the “Controlling Class”
shall be the most subordinate class of Control Eligible Certificates that has an aggregate Certificate Balance greater than zero
without regard to the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class.


 


“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 Seer Capital Commercial Real Estate Debt Fund I Ltd. (or its affiliate), and
the Certificate Registrar and the other parties to this Agreement shall be entitled to assume Seer Capital Commercial Real Estate
Debt Fund I Ltd. (or its affiliate), 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 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


 






    	-31-



    	 



    

 


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. As of the Closing Date, each of the Williamsburg Premium Outlets
Pari Passu Note A-1 and the Birch Run Premium Outlets Pari Passu Note A-2 will be a Controlling Companion Loan related to the
Trust.


 


“Corporate Trust
Office”: The offices of: (i) the Trustee located at 1100 North Market Street, Wilmington, Delaware 19890, Attention:
CMBS Trustee COMM 2016-DC2, or the principal trust office of any successor trustee qualified and appointed pursuant to this Agreement;
and (ii) to the Certificate Administrator, located at 1761 East St. Andrew Place, Santa Ana, California 92705-4934, Attention:
Trust Administration—DB16D2, or, in the case of any surrender, transfer or exchange at Deutsche Bank Trust Company Americas,
c/o DB Services Americas, Inc., 5022 Gate Parkway, Suite 200, Jacksonville, Florida 32256, Attention: Transfer Unit, 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.


 


“Credit Risk
Retention Compliance Agreement”: As defined in Section 3.33(d).


 


“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 transaction-specific information relating to
commercial mortgage pass-through certificates and


 






    	-32-



    	 



    

 


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 Directing Holder.


 


“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 June 30, 2016, and (b) annual financial statements beginning with annual financial
statements for the 2016 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.


 






    	-33-



    	 



    

 


“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.


 






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“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.


 






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“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 Class of Sequential Pay Certificates is
(or will be) reduced to zero.


 






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“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.


 


“Cut-off Date”:
With respect to each Mortgage Loan, the later of the related Due Date of such Mortgage Loan in March 2016 and the date of origination
of such Mortgage Loan.


 


“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, 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


 






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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 Loan”:
A Mortgage Loan or Serviced Companion 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 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
Mortgage 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”:
Deutsche Mortgage & Asset Receiving Corporation, a Delaware corporation, and its successors and assigns.


 


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


 


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


 


“Determination
Date”: With respect to any Distribution Date, the sixth day of the calendar month of the related Distribution Date or,
if such sixth day is not a Business Day, then the immediately following Business Day, commencing in April 2016.


 






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“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 following documents:


 


(i)      the
Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to the order of the Trustee
or in blank and further showing a complete, unbroken chain of endorsement from the Originator (or, if the original Mortgage Note
has been lost, an affidavit to such effect from the applicable Mortgage Loan Seller or another prior holder, together with a copy
of the Mortgage Note and an indemnity properly assigned and endorsed to the Trustee);


 


(ii)     the
Mortgage, together with an original or copy of any intervening assignments of the Mortgage, in each case with evidence of recording
indicated thereon or certified to have been submitted for recording;


 


(iii)    assignment
of the Mortgage in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank
and (subject to the completion of certain missing recording information and, if applicable, the assignee’s name) in recordable
form (or, if the related Mortgage Loan Seller is responsible for the recordation of that assignment, a copy of such assignment
to be sent for recordation);


 


(iv)   any
related Assignment of Leases, Rents and Profits of any intervening assignments (if such item is a document separate from the Mortgage),
with evidence of recording indicated thereon or certified to have been submitted for recording;


 


(v)    an
assignment of any related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage) in favor
of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank and (subject to the completion
of certain missing recording information and, if applicable, the assignee’s name) in recordable form (or, if the related
Mortgage Loan Seller is responsible for the recordation of that assignment, a copy of such assignment to be sent for recordation);


 


(vi)   the
assignment of all unrecorded documents relating to the Mortgage Loan or a Serviced Whole Loan, if not already assigned pursuant
to items (iii) or (v) above;


 


(vii)  all
modification, consolidation, assumption, written assurance and substitution agreements in those instances in which the terms or
provisions of the Mortgage or Mortgage Note have been modified or the Mortgage Loan has been assumed or consolidated;


 


(viii) the
policy or certificate of lender’s title insurance issued on the date of the origination of such Mortgage Loan, or, if such
policy has not been


 






    	-39-



    	 



    

 


issued
or located, an irrevocable, binding commitment (which may be a marked version of the policy that has been executed by an authorized
representative of the title company or an agreement to provide the same pursuant to binding escrow instructions executed by an
authorized representative of the title company) to issue such title insurance policy;


 


(ix)    any
UCC financing statements, related amendments and continuation statements in the possession of the applicable Mortgage Loan Seller;


 


(x)     an
original assignment in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) of any
financing statement executed and filed in favor of the applicable Mortgage Loan Seller in the relevant jurisdiction (or, if the
related Mortgage Loan Seller is responsible for the filing of that assignment, a copy of such assignment to be sent for filing);


 


(xi)    any
Intercreditor Agreement relating to permitted debt of the mortgagor, including any Intercreditor Agreement relating to a Serviced
Whole Loan;


 


(xii)   any
loan agreement, escrow agreement, security agreement or letter of credit relating to a Mortgage Loan or a Serviced Whole Loan;


 


(xiii)  any
ground lease, ground lessor estoppel, indemnity or guaranty relating to a Mortgage Loan or a Serviced Whole Loan;


 


(xiv)
 any property management agreement relating to a Mortgage Loan or a Serviced Whole Loan;


 


(xv)   any
franchise agreements and comfort letters or similar agreements relating to a Mortgage Loan or Serviced Whole Loan and, with respect
to any franchise agreement, comfort letter or similar agreement, any assignment of such agreements or any notice to the franchisor
of the transfer of a Mortgage Loan or Serviced Whole Loan and a request for confirmation that the issuing entity is a beneficiary
of such comfort letter or other agreement, or for the issuance of a new comfort letter in favor of the issuing entity, as the case
may be;


 


(xvi)  any
lock-box or cash management agreement relating to a Mortgage Loan or a Serviced Whole Loan;


 


(xvii) any
related mezzanine intercreditor agreement;


 


(xviii)all
related environmental reports;


 


(xix)  all
related environmental insurance policies;


 


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


 






    	-40-



    	 



    

 


(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;


 


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


 


(k)          copies
of any zoning reports;


 


(l)            copies
of financial statements of the related mortgagor;


 


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


 


(n)          copies
of all UCC searches;


 


(o)          copies
of all litigation searches;


 


(p)          copies
of all bankruptcy searches;


 


(q)          a copy
of the origination settlement statement;


 


(r)           a copy
of the insurance consultant report;


 


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


 


(t)           copies
of the escrow statements;


 






    	-41-



    	 



    

 


(u)          a copy
of any closure letter (environmental);


 


(v)          a copy
of any environmental remediation agreement for the related Mortgaged Property or Mortgaged Properties; and


 


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


 


provided, that
with respect to any Mortgage Loan which is a Non-Serviced Mortgage Loan on the Closing Date, any assignments in favor of the trustee
will be in favor of the trustee under the related Other Pooling and Servicing Agreement;


 


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).


 


“Directing Holder”:  
With respect to (i) any Mortgage Loan (other than a Non-Serviced Mortgage Loan, Servicing Shift Mortgage Loan or Excluded Mortgage
Loan) or Serviced Whole Loan, the Controlling Class Representative, (ii) each Servicing Shift Whole Loan, the related Loan-Specific
Directing Holder, and (iii) each Excluded Mortgage Loan, there will be no Directing Holder.


 


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


 






    	-42-



    	 



    

 


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, 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; provided that any compensation and other remuneration that the Master
Servicer or Certificate Administrator is permitted to receive or retain pursuant to the terms of this Agreement in connection with
its respective duties in such capacity as Master Servicer or Certificate Administrator under this Agreement shall not be Disclosable
Special Servicer Fees.


 


“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


 






    	-43-



    	 



    

 


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 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.


 


“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 fourth Business Day following such Determination Date in each calendar month,
commencing in April 2016. The first Distribution Date shall be April 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.


 






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“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 “F1” by Fitch, “P-1” by Moody’s and at least the
equivalent by KBRA (if then rated by KBRA), in the case of accounts in which deposits are held for 30 days or less or (B) in the
case of accounts in which deposits are held for more than 30 days, the long-term unsecured debt obligations of which are rated
at least “A” by Fitch, “A2” by Moody’s and at least the equivalent by KBRA (if then rated by KBRA),


 


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


 


(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,


 


(v)           with respect solely to the KeyBank Mortgage Loans, an account or accounts maintained with KeyBank so long as KeyBank’s
(a) long-term unsecured debt or deposit accounts are rated at least “A2” by Moody’s, “A-” by Fitch
and at least the equivalent by KBRA (if then rated by KBRA) if the deposits are to be held in the account for more than 30 days
or (b) short term deposit


 






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accounts
or short term unsecured debt is rated at least “P-1” by Moody’s, “F1” by Fitch and at least the
equivalent by KBRA (if then rated by KBRA) if the deposits are to be held in the account for 30 days or lessor, or


 


(vi)          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 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 Directing Holder
or any of their respective Affiliates, or have been paid any fees, compensation or other remuneration by any of them in connection
with any such services, and (e) does not directly or indirectly, through one or more Affiliates or otherwise, own any interest
in any Certificates, any Mortgage Loans, any 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 or operating advisor 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 or operating advisor as the sole or material factor in
such rating action, (ii) that can and will make the representations and warranties set forth in


 






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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 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 or that elects pursuant to the terms of this Agreement to enforce the rights of the issuing entity against
the related Mortgage Loan Seller with respect to the Repurchase Request.


 


“Enforcing Servicer”:
As defined in Section 2.03(k) 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 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.


 






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“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 “Deutsche Bank Trust Company Americas,
as Certificate Administrator, for the benefit of the holders of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-DC2 – 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 Rate”:
With respect to each of the Mortgage Loans indicated on the Mortgage Loan Schedule as having a Revised Rate, the excess of (i) the
applicable Revised Rate over (ii) the applicable Mortgage Rate, each as set forth in the Mortgage Loan Schedule.


 


“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 Controlling Class Representative or
any Controlling Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling Class
Mortgage 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


 






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Secure
Data Room 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 the Special Servicer’s net present
value calculation, any appraisal reduction amount calculations, environmental assessments, seismic reports and property condition
reports and such other information and reports designated as Excluded Information (other than such information with respect to
such Excluded Controlling Class Mortgage Loan(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.


 


“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.


 






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“FHLMC”:
The Federal Home Loan Mortgage 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 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(l)(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.


 


“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.


 






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“FNMA”:
The Federal National Mortgage Association or any successor thereto.


 


“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.


 


“GACC”:
German American Capital Corporation, in its capacity as a Mortgage Loan Seller, and its successors in interest.


 


“GACC Indemnification
Agreement”: The agreement dated the Pricing Date, between GACC, the Depositor, the Underwriters and the Initial Purchasers.


 


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


 


“GACC Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated the Pricing Date, between GACC and the Depositor.


 


“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 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 “Deutsche Bank Trust Company Americas, as
Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders
of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2 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


 






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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.


 


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


 


“Indemnification
Agreements”: Each of the GACC Indemnification Agreement, the KeyBank Indemnification Agreement and the JLC Indemnification
Agreement.


 


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


 


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


 


“Independent”:
When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any
material indirect financial interest, in any of 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


 






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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”:
Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC and their respective successors in interest.


 


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


 


“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(k) 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 Sun MHC Portfolio Whole Loan, the Williamsburg Premium Outlets Whole Loan, the Intercontinental
Kansas City Hotel Whole Loan, the Columbus Park Crossing Whole Loan, the Promenade Gateway Whole Loan, the Birch Run Premium Outlets
Whole Loan and the Santa Monica Multifamily Portfolio 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


 






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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 “Deutsche Bank Trust Company
Americas, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, for the benefit
of the Holders of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, 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 Noteholder, 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.


 


“Intercontinental
Kansas City Hotel Companion Loan”: As defined in the Preliminary Statement.


 


“Intercontinental
Kansas City Hotel Whole Loan”: The Intercontinental Kansas City Hotel Companion Loan, together with the Intercontinental
Kansas City Hotel Mortgage Loan. References herein to the Intercontinental Kansas City Hotel Whole Loan shall be construed to refer
to the aggregate indebtedness under the Intercontinental Kansas City Hotel Pari Passu Note A-1 and the Intercontinental Kansas
City Hotel Pari Passu Note A-2.


 






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“Intercontinental
Kansas City Hotel Mortgage Loan”: As defined in the Preliminary Statement.


 


“Intercontinental
Kansas City Hotel Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of
the Intercontinental Kansas City Hotel Whole Loan. The Intercontinental Kansas City Hotel Pari Passu Note A-1 is included in the
Trust Fund and is pari passu in right of payment to the Intercontinental Kansas City Hotel Pari Passu Note A-2, as
set forth in the related Intercreditor Agreement. The Intercontinental Kansas City Hotel Pari Passu Note A-1 is a Mortgage Loan.


 


“Intercontinental
Kansas City Hotel Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of
the Intercontinental Kansas City Hotel Whole Loan. The Intercontinental Kansas City Hotel Pari Passu Note A-2 is not included in
the Trust Fund and is pari passu in right of payment to the Intercontinental Kansas City Hotel Pari Passu Note A-1,
as set forth in the related Intercreditor Agreement. The Intercontinental Kansas City Hotel Pari Passu Note A-2 is held by GACC.


 


“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, any 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, any 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 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


 






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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.


 


“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.


 


“JLC”:
Jefferies LoanCore LLC, in its capacity as a Mortgage Loan Seller, and its successors in interest.


 


“JLC Indemnification
Agreement”: The agreement dated the Pricing Date, between JLC, the Depositor, the Underwriters and the Initial Purchasers.


 


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


 


“JLC Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated the Pricing Date, between JLC and the Depositor.


 


“Joint Mortgage
Loan”: A Mortgage Loan originated by more than one Mortgage Loan Seller. There are no Joint Mortgage Loans related to
the Trust.


 


“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


 






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hereto,
and specific ratings of KBRA herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.


 


“KeyBank”:
KeyBank National Association, in its capacity as a Mortgage Loan Seller, and its successors in interest.


 


“KeyBank Defeasance
Rights and Obligations”: As defined in Section 3.24(h) of this Agreement.


 


“KeyBank Indemnification
Agreement”: The agreement dated the Pricing Date, between the Depositor, KeyBank and the Underwriters.


 


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


 


“KeyBank Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated the Closing Date, between KeyBank and the Depositor.


 


“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 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,


 






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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% 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; 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.


 


No Liquidation Fee shall
be payable:


 


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


 


(b) with respect
to any existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future date, in connection with the purchase
of the related Mortgage Loan by a mezzanine lender 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) the purchase of the
related Mortgage Loan by the related Companion Loan Noteholder pursuant to the related Intercreditor Agreement within 90 days after
the first time that such Companion Loan Noteholder’s option to purchase such Mortgage Loan becomes exercisable;


 


(d) in the case
of a repurchase or replacement of a Mortgage Loan (other than an REO Loan) by the applicable Mortgage Loan Seller pursuant to the
related Mortgage Loan Purchase Agreement, 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);


 


(e) with respect
to any Serviced Companion Loan that is the subject of an Other Securitization, to the Special Servicer under this Agreement in
connection with (A) a repurchase


 






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or
replacement of such Serviced 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
Companion Loan pursuant to a clean-up call or similar liquidation under the related Other Pooling and Servicing Agreement;


 


(f) in connection
with the purchase of any Defaulted Loan by the Special Servicer or any Affiliate thereof or the Directing Holder or any Affiliate
thereof if such purchase occurred within 90 days after the transfer of the Defaulted Loan to special servicing;


 


(g) 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


 


(h) 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).


 


“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 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 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


 






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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.


 


“Loan-Specific
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 Loan-Specific Directing Holder under the Pooling and Servicing Agreement with respect to the related Servicing
Shift Whole Loan. As of the Closing Date, GACC is expected to be the Loan-Specific Directing Holder with respect to each of the
Williamsburg Premium Outlets Whole Loan and the Birch Run Premium Outlets Whole Loan.


 


“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 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


 






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this
Agreement. The Loss of Value Reserve Fund will be part of the Trust Fund but not part of the Grantor Trust or any Trust REMIC.


 


“Lower-Tier
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 “Deutsche Bank
Trust Company Americas, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, for
the benefit of the Holders of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, 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-3 Interest, the Class LA-SB Interest,
the Class LA-4 Interest, the Class LA-5 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, the Class LG Interest and the Class LH 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 (exclusive of Excess Interest),
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 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.


 






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“Major Decision”:
Shall mean 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 Loan
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
the timing or acceptance related to 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 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 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 Purchase
Price;


 


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


 


(e)           any release of material 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 immaterial condemnation
actions and other similar takings or if otherwise 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
or Serviced Whole Loan or any consent to such a waiver or consent to a transfer of the Mortgaged Property or direct or indirect
interests in the Borrower (including any interests in any applicable mezzanine 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 or related to an immaterial easement, right of way or similar encumbrance;


 


(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 related borrower) or franchise changes
for which the lender is required to consent or approve under the Loan Documents;


 






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(h)           releases of any escrow accounts, reserve accounts or letters of credit, in each case, held as performance or earn-out 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 or any other agreement permitting a transfer of interests in the related Borrower
or guarantor releasing such Borrower or guarantor 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 or Serviced Whole Loan following a default or an event of default with respect to a
Mortgage Loan (other than a Non-Serviced Mortgage Loan) or such Serviced Whole Loan, any initiation of judicial, bankruptcy or
similar proceedings under the related Loan Documents or with respect to the related Borrower or Mortgaged Property;


 


(m)          any consent to the incurrence of additional debt or mezzanine debt to the extent lender consent or approval is required
under the Loan Documents;


 


(n)           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 or
such Serviced Whole Loan, or an action to enforce rights with respect thereto;


 


(o)           any material modification of any franchise or license agreement other than those required pursuant to the specific terms
of the Mortgage Loan Documents and for which there is no material lender discretion; and


 


(p)           any material modification of any ground lease.


 


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.


 


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


 






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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.


 


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


 


“Master Servicer
Decision”: As defined in Section 3.26(o) of this Agreement.


 


“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). For the avoidance of doubt, with respect
to any Subordinate Companion Loan, no Master Servicing Fee shall accrue or be payable on the principal balance thereof.


 


“Master Servicing
Fee Rate”: With respect to each Mortgage Loan, the rate per annum set forth on Exhibit B to this Agreement.


 


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


 


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


 


“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


 






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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(m)(i).


 


“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.


 


“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.


 






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“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
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 GACC Purchase Agreement, the KeyBank Purchase Agreement and the JLC 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;


 






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(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.


 


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 GACC, KeyBank and JLC.


 


“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.


 






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“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.


 


“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, the fee rate paid to the Sub-Servicer, if any, with respect to any Non-Serviced Mortgage Loan and 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


 






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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 2017), 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.


 


“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


 






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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 Williamsburg
Premium Outlets Companion Loans, on and after the Williamsburg Premium Outlets Pari Passu Note A-1 Securitization Date, the Promenade
Gateway Companion Loan, the Birch Run Premium Outlets Companion Loans, on and after the Birch Run Premium Outlets Pari Passu Note
A-2 Securitization Date, and the Santa Monica Multifamily Portfolio Companion Loan are the Non-Serviced Companion Loans related
to the Trust.


 


“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) each Servicing Shift Mortgage Loan will be such amount as set forth
in the related Other Pooling and Servicing Agreement for such Servicing Shift Whole Loan, (B) the Promenade Gateway Mortgage Loan
will be 0.0025%, and (C) the Santa Monica Multifamily Portfolio Mortgage Loan will be 0.0025%.


 


“Non-Serviced
Mortgage Loan Service Providers”: (a) With respect to the Williamsburg Premium Outlets Whole Loan, on and after the Williamsburg
Premium Outlets Pari Passu Note A-1 Securitization Date, the Williamsburg Premium Outlets Service Providers, (b) with respect to
the Promenade Gateway Whole Loan, the Promenade Gateway Service Providers, (c) with respect to the Birch Run Premium Outlets Whole
Loan, on and after the Birch Run Premium Outlets Pari Passu Note A-2 Securitization Date, the Birch Run Premium Outlets Service
Providers, and (d) with respect to the Santa Monica Multifamily Portfolio Whole Loan, the Santa Monica Multifamily Portfolio Service
Providers.


 


“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 Williamsburg Premium Outlets Mortgage Loan, on and after the Williamsburg Premium Outlets Pari Passu Note
A-1 Securitization Date, the Promenade Gateway Mortgage Loan, the Birch Run Premium Outlets Mortgage Loan, on and after the Birch
Run Premium Outlets Pari Passu Note A-2 Securitization Date, and the Santa Monica Multifamily Portfolio Mortgage Loan are the Non-Serviced
Mortgage Loans related to the Trust.


 


“Non-Serviced
Whole Loan Custodian”: With respect to any Non-Serviced Mortgage Loan, the applicable other “custodian” under
the Other Pooling and Servicing


 






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Agreement
that governs the servicing and administration of the related Non-Serviced Whole Loan.


 


“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 Williamsburg Premium Outlets Whole Loan, on and after the Williamsburg
Premium Outlets Pari Passu Note A-1 Securitization Date, the Promenade Gateway Whole Loan, the Birch Run Premium Outlets Whole
Loan, on and after the Birch Run Premium Outlets Note A-2 Securitization Date, and the Santa Monica Multifamily Portfolio Whole
Loan are the 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 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


 






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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.


 


“Notice to Refer”:
As defined in Section 2.03(k)(ii).


 


“Notional Amount”:
As of any date of determination: (i) with respect to each of the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and
Class X-F 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.


 


“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


 






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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)(v) 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 Servicing Shift Mortgage Loan)
and any Distribution Date, an amount per Interest Accrual Period equal to the product of (i) the applicable Operating 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).


 






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“Operating Advisor
Fee Rate”: For each Interest Accrual Period, a per annum rate equal to (a) 0.0027% with respect to all Mortgage
Loans (other than Non-Serviced Mortgage Loans, Servicing Shift Mortgage Loans, the Sun MHC Portfolio Mortgage Loan, the Intercontinental
Kansas City Hotel Mortgage Loan and the Columbus Park Crossing Mortgage Loan), (b) 0.0054% per annum with respect to the Sun MHC
Portfolio Mortgage Loan, (c) 0.0071% per annum with respect to the Intercontinental Kansas City Hotel Mortgage Loan and (d) 0.0077%
per annum with respect to the Columbus Park Crossing Mortgage Loan. At any time there is no Operating Advisor, the Operating Advisor
Fee Rate shall be 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 any Trust REMIC as a REMIC or the imposition of tax under the REMIC Provisions
on any income or property of any 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.


 


“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.


 






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“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 Promenade Gateway Whole Loan, the Promenade Gateway Pooling and Servicing Agreement,
(ii) with respect to the Santa Monica Multifamily Portfolio Whole Loan, the Santa Monica Multifamily Portfolio Pooling and Servicing
Agreement, (iii) with respect to the Williamsburg Premium Outlets Whole Loan, on and after the Williamsburg Premium Outlets Pari
Passu Note A-1 Securitization Date, the Williamsburg Premium Outlets Pooling and Servicing Agreement, and (iv) with respect to
the Birch Run Premium Outlets Whole Loan, on and after the Birch Run Premium Outlets Pari Passu Note A-2 Securitization Date, the
Birch Run Premium Outlets 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 respect thereto. The initial Other Securitization related to the Trust as of the Closing Date includes the COMM 2016-CCRE28
Mortgage Trust securitization (with respect to each of the Promenade Gateway Companion Loan and the Santa Monica Multifamily Portfolio
Companion Loan). On an after the Williamsburg Premium Outlets Pari Passu Note A-1 Securitization Date, the related securitization
shall also be an Other Securitization. On an after the Birch Run Premium Outlets Pari Passu Note A-2 Securitization Date, the related
securitization shall also be an Other Securitization. In addition, each of the Sun MHC Portfolio Pari Passu Note A-2, the Intercontinental
Kansas City Hotel Pari Passu Note A-2 and the Columbus Park Crossing Pari Passu Note A-2 is expected to be included in a future
securitization, 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.


 


“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


 






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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”: With respect to any Whole Loan, any related mortgage note not included in the Trust 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.


 


“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-2	Class A-2 Pass-Through Rate
	Class A-3	Class A-3 Pass-Through Rate
	Class A-SB	Class A-SB Pass-Through Rate
	Class A-4	Class A-4 Pass-Through Rate
	Class A-5	Class A-5 Pass-Through Rate
	Class X-A	Class X-A Pass-Through Rate
	Class X-B	Class X-B Pass-Through Rate
	Class X-C	Class X-C Pass-Through Rate
	Class X-D	Class X-D Pass-Through Rate
	Class X-E	Class X-E Pass-Through Rate
	Class X-F	Class X-F 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
	Class H	Class H 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
and any Excess Interest.


 






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“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 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


 






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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 such lower rating as is the subject of a Rating Agency Confirmation by each
of the Rating Agencies relating to the Certificates and any Serviced Companion Loan Securities);


 


(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 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 (or such lower rating as is the subject of a Rating Agency Confirmation by each
of the Rating Agencies relating to the Certificates and any Serviced Companion Loan Securities);


 


(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); provided, further that (1) such commercial
paper carries a short term rating by Fitch of “F1” or better, unless the obligation is for a term of more than 30
days, in which case such commercial paper carries either (i) a short term rating of at least “F1+” or (ii) a long
term rating of at least “AA-”; (2)(i) if maturing in three months or less, such commercial paper carries either a
short term rating of at least “P1” by Moody’s or a long term rating of at least “A2” by Moody’s,
(ii) if maturing in six months or less but more than three months, carries a short term rating of at least “P1” by
Moody’s and a long term rating of at least “Aa3” by Moody’s, and (iii) if maturing in longer than six
months, carries a short term rating of at least “P1” by Moody’s and a long term rating of at least “Aaa”
by Moody’s (provided


 






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investments
of funds in any Escrow Account or Reserve Account pursuant to this clause (2) must only be rated at least “P-1” by
Moody’s); and (3) such commercial paper is rated in the highest short term category by KBRA (if then rated by KBRA) (or
such lower rating as is the subject of a Rating Agency Confirmation by each of the Rating Agencies relating to the Certificates
and any Serviced Companion Loan Securities);


 


(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, US Bank Long Term Eurodollar Sweep or the
Wells Fargo Advantage Heritage Money Market Fund) so long as any such fund is rated in the highest short term unsecured debt ratings
category by each of Moody’s, Fitch and KBRA (or, if not rated by any such Rating Agency, an equivalent rating (or higher)
by at least two (2) NRSROs (which may include any of the Rating Agencies) or otherwise acceptable to such Rating Agency, 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 the highest rating obtainable
for money market funds from Moody’s and 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 if such investment may be prepaid or called at a price less than its purchase
price prior to stated maturity, (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


 






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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 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 Transfer) to the effect that the Transfer
of an Ownership Interest in any Class R Certificate to such Person will not cause any 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 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 related Directing Holder and the Special Servicer
that would be Privileged Information) pursuant to the provisions of this Agreement.


 


“Preliminary
Dispute Resolution Election Notice”: As defined in Section 2.03(l)(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.


 






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“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 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).


 


“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”:
March 3, 2016.


 


“Primary Servicing
Fee Rate”: (A) With respect to a Mortgage Loan (other than Non-Serviced Mortgage Loans and Servicing Shift Mortgage Loans),
the rate per annum set forth on Exhibit B to this Agreement, (B) with respect to a Servicing Shift Mortgage
Loan, prior to the related Servicing Shift Securitization Date, the applicable rate per annum set forth on Exhibit B
to this Agreement, and (C) with respect to a Non-Serviced Mortgage Loan, the related Non-Serviced Mortgage Loan Primary Servicing
Fee Rate charged by the applicable Other Servicer pursuant to the related Other Pooling and Servicing Agreement. With respect to
a Non-Serviced Mortgage Loan, no Primary Servicing Fee Rate will be charged by the Master Servicer.


 






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“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 scheduled interest due on any date
or dates in any month or months subsequent to the month of prepayment.


 






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“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-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class H, 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 Non-Regular
Certificate”: Each of the Class V and Class R Certificates.


 


“Private Placement
Memorandum”: Means the Private Placement Memorandum, dated March 4, 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, 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), each Loan-Specific Directing Holder, the Operating Advisor, any Affiliate
of the Operating Advisor designated by the Operating Advisor, the Asset Representations Reviewer, any Serviced Companion Loan Noteholder
who provides a certification substantially in the form


 






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of
Exhibit FF hereto, 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 obtains knowledge that it is 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.


 


“Promenade Gateway
Companion Loans”: As defined in the Preliminary Statement.


 


“Promenade Gateway
Whole Loan”: The Promenade Gateway Companion Loan, together with the Promenade Gateway Mortgage Loan. References herein
to the Promenade Gateway Whole Loan shall be construed to refer to the aggregate indebtedness under the Promenade Gateway Pari
Passu Note A-1 and the Promenade Gateway Pari Passu Note A-2.


 


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


 


“Promenade Gateway
Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Promenade Gateway
Whole Loan. The Promenade Gateway Pari Passu Note A-1 is not included in the Trust Fund and is pari passu in right of payment
to the Promenade Gateway Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. As of the Closing Date,
the Promenade Gateway Pari Passu Note A-1 is held by the COMM 2016-CCRE28 Mortgage Trust.


 






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“Promenade Gateway
Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Promenade Gateway
Whole Loan. The Promenade Gateway Pari Passu Note A-2 is included in the Trust Fund and is pari passu in right of payment
to the Promenade Gateway Pari Passu Note A-1, as set forth in the related Intercreditor Agreement. The Promenade Gateway Pari Passu
Note A-2 is also the Promenade Gateway Mortgage Loan.


 


“Promenade Gateway
Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of February 1, 2016 between Deutsche
Mortgage & Asset Receiving Corporation, 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, paying agent and custodian, 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 COMM 2016-CCRE28 Mortgage Trust.


 


“Promenade Gateway
Service Providers”: With respect to the Promenade Gateway 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.


 


“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(l)(i).


 


“Prospectus”:
The Depositor’s Prospectus dated March 4, 2016, relating to the offering of the Publicly Offered Certificates.


 


“PTCE”:
Prohibited Transaction Class Exemption.


 


“Publicly Offered
Certificates”: Each of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, 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


 






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Serviced
Loan or any Serviced REO Loan to be sold pursuant to Section 3.16 of this Agreement or (iii) any Defaulted 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 Loans or Serviced REO 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 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 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, (ii) with respect to a sale


 






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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 and (iii) with respect to a Joint Mortgage Loan, the “Purchase Price” for each of the applicable Mortgage Loan
Sellers shall be its respective percentage interest as of the Closing Date of the total Repurchase Price for such Joint Mortgage
Loan.


 


“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
and the Asset Representations Reviewer, that is in the business of performing the duties of an operating advisor or an asset representations
reviewer, respectively), 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, the Operating Advisor or the Asset Representations Reviewer,
as applicable, or by any Person or Persons who directly or indirectly own equity ownership interests in the Master Servicer, the
Special Servicer, the Operating Advisor or the Asset Representations Reviewer, 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 “A-”
by Fitch (or, if not rated by Fitch, an equivalent rating by (x) at least two NRSROs (which may include S&P, Moody’s
and/or Morningstar) or (y) one NRSRO (which may include S&P, Moody’s and/or Morningstar) and A.M. Best), and (b)
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, Fitch and/or Morningstar) or (y) one NRSRO (which may include S&P, Fitch and/or Morningstar)
and A.M. 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).


 


“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.


 






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“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 Breach or 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
Directing Holder; (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 any Trust REMIC or the imposition of tax on any 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 (at the cost of the applicable Mortgage Loan Seller); (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 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


 






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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
Directing Holder.


 


“RAC No-Response
Scenario”: As defined in Section 3.30(a).


 


“Rated Final
Distribution Date”: The Distribution Date in February 2049. The Class X-F, Class H, Class V and Class R Certificates
will not have a Rated Final Distribution Date.


 


“Rating Agency”:
Any of Moody’s, Fitch or KBRA; 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” shall mean, 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 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 


 



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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-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class
X-F, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H 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-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G and Class H 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; provided,
further, 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


 






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Payment
is received after the Determination Date but on or prior to the Business Day immediately prior to the related Distribution Date.


 


“Relevant Distribution
Date”: means with respect to (a) any Significant Obligor with respect to the Trust, the Distribution Date, and (b)
any “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization
holding a Serviced Companion Loan, the “Distribution Date” (or analogous concept) under the related Other Pooling and
Servicing Agreement.


 


“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


 






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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;


 


(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) (whether or not such charges are separately stated); 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.


 






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“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.


 


“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.


 


“Resolution
Extension Period” shall mean:


 


(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;


 


(b)           for purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing 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 Performing 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


 






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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(k).


 


“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
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; in each case, with direct
responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom
such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and, 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 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
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.


 






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“Rule 144A
Global Certificate”: Each of the Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class
G and Class H 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.


 


“Santa Monica
Multifamily Portfolio Companion Loan”: As defined in the Preliminary Statement.


 


“Santa Monica
Multifamily Portfolio Whole Loan”: The Santa Monica Multifamily Portfolio Companion Loan, together with the Santa Monica
Multifamily Mortgage Loan. References herein to the Santa Monica Multifamily Whole Loan shall be construed to refer to the aggregate
indebtedness under Santa Monica Multifamily Pari Passu Note A-1 and the Santa Monica Multifamily Pari Passu Note A-2.


 


“Santa Monica
Multifamily Portfolio Mortgage Loan”: As defined in the Preliminary Statement.


 


“Santa Monica
Multifamily Portfolio Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion
of the Santa Monica Multifamily Whole Loan. The Santa Monica Multifamily Pari Passu Note A-1 is not included in the Trust Fund
and is pari passu in right of payment to the Santa Monica Multifamily Pari Passu Note A-2, as set forth in the related
Intercreditor Agreement. As of the Closing Date, the Santa Monica Multifamily Pari Passu Note A-1 is held by the COMM 2016-CCRE28
Mortgage Trust.


 


“Santa Monica
Multifamily Portfolio Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion
of the Santa Monica Multifamily Whole Loan. The Santa Monica Multifamily Pari Passu Note A-2 is included in the Trust Fund and
is pari passu in right of payment to the Santa Monica Multifamily Pari Passu Note A-1, as set forth in the related Intercreditor
Agreement. The Santa Monica Multifamily Pari Passu Note A-2 is also the Santa Monica Multifamily Mortgage Loan.


 


“Santa Monica
Multifamily Portfolio Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of February 1,
2016 between Deutsche Mortgage & Asset Receiving Corporation, 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, paying agent and custodian, Park
Bridge Lender


 






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Services
LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset representations reviewer, and entered into in connection
with the COMM 2016-CCRE28 Mortgage Trust.


 


“Santa Monica
Multifamily Portfolio Service Providers”: With respect to the Santa Monica Multifamily 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.


 


“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 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
“https://tss.sfs.db.com/investpublic”), 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-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C,
Class D, Class E, Class F, Class G and Class H Certificates.


 


“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


 






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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 Sun MHC Portfolio Companion Loan,
the Intercontinental Kansas City Hotel Companion Loan and the Columbus Park Crossing Companion Loan are Serviced Companion Loans
related to the Trust. With respect to the Williamsburg Premium Outlets Companion Loans, (i) prior to the Williamsburg Premium
Outlets Pari Passu Note A-1 Securitization Date, each Williamsburg Premium Outlets Companion Loan shall be a Serviced Companion
Loan and (ii) on and after the Williamsburg Premium Outlets Pari Passu Note A-1 Securitization Date, each Williamsburg Premium
Outlets Companion Loan shall be a Non-Serviced Companion Loan. With respect to the Birch Run Premium Outlets Companion Loans,
(i) prior to the Birch Run Premium Outlets Pari Passu Note A-2 Securitization Date, each Birch Run Premium Outlets Companion Loan
shall be a Serviced Companion Loan and (ii) on and after the Birch Run Premium Outlets Pari Passu Note A-2 Securitization Date,
each Birch Run Premium Outlets Companion Loan shall be a Non-Serviced Companion Loan.


 


“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.


 


“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.


 






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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 Sun MHC Portfolio Companion Loan, the Intercontinental
Kansas City Hotel Companion Loan and the Columbus Park Crossing Companion Loan are Serviced Pari Passu Companion Loans related
to the Trust. With respect to the Williamsburg Premium Outlets Companion Loans, (i) prior to the Williamsburg Premium Outlets Pari
Passu Note A-1 Securitization Date, each Williamsburg Premium Outlets Companion Loan shall be a Serviced Pari Passu Companion Loan,
and (ii) on and after the Williamsburg Premium Outlets Pari Passu Note A-1 Securitization Date, each Williamsburg Premium Outlets
Companion Loan shall be a Non-Serviced Pari Passu Companion Loan. With respect to the Birch Run Premium Outlets Companion Loans,
(i) prior to the Birch Run Premium Outlets Pari Passu Note A-2 Securitization Date, each Birch Run Premium Outlets Companion Loan
shall be a Serviced Pari Passu Companion Loan, and (ii) on and after the Birch Run Premium Outlets Pari Passu Note A-2 Securitization
Date, each Birch Run Premium Outlets Companion Loan shall be a Non-Serviced Pari Passu Companion Loan.


 


“Serviced Pari
Passu Companion Loan Noteholder”: Any holder of a Serviced Pari Passu Companion Loan.


 


“Serviced REO
Loan”: Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.


 


“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. There are no Serviced Subordinate Companion Loans 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 Sun MHC Portfolio Whole Loan, the Intercontinental Kansas City
Hotel Whole Loan and the Columbus Park Crossing Whole Loan are Serviced Whole Loans related to the Trust. With


 






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respect
to the Williamsburg Premium Outlets Whole Loan, (i) prior to the Williamsburg Premium Outlets Pari Passu Note A-1 Securitization
Date, the Williamsburg Premium Outlets Whole Loan shall be a Serviced Whole Loan and (ii) on and after the Williamsburg Premium
Outlets Pari Passu Note A-1 Securitization Date, the Williamsburg Premium Outlets Whole Loan shall be a Non-Serviced Whole Loan.
With respect to the Birch Run Premium Outlets Whole Loan, (i) prior to the Birch Run Premium Outlets Pari Passu Note A-2 Securitization
Date, the Birch Run Premium Outlets Whole Loan shall be a Serviced Whole Loan and (ii) on and after the Birch Run Premium Outlets
Pari Passu Note A-2 Securitization Date, the Birch Run Premium Outlets Whole Loan shall be a Non-Serviced Whole Loan.


 


“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 Deutsche Mortgage & Asset Receiving
Corporation, COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, 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
earlier of (A) Master Servicer Remittance Date or (B) the Business Day immediately succeeding the “determination date”
set forth in the related Other Pooling and Servicing Agreement, or such earlier date as required by the related Intercreditor Agreement;
provided, however, that, unless otherwise required under the related Intercreditor Agreement, no remittance is required
to be made until two (2) Business Days after receipt of the related Periodic Payment with respect to the related Serviced Whole
Loan.


 


“Serviced Whole
Loan REO Account”: As defined in Section 3.15(b) of this Agreement.


 






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“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) 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.


 


“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


 






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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.


 


“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, (B) with respect to the
Sun MHC Portfolio Companion Loan, 0.0025%, (C) with respect to the Intercontinental Kansas City Hotel Companion Loan, 0.0025%,
(D) with respect to the Columbus Park Crossing Companion Loan, 0.0125%, (E) prior to the related Servicing Shift Securitization
Date, with respect to the Williamsburg Premium Outlets Companion Loans, 0.0025% and (F) prior to the related Servicing Shift Securitization
Date, with respect to the Birch Run Premium Outlets Companion Loans, 0.0025%.


 


“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.


 


“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.


 






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“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
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. As of the Closing Date, each of the Williamsburg Premium
Outlets Pari Passu Note A-1 and Birch Run Premium Outlets Pari Passu Note A-2 will be a Servicing Shift Lead Note 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 Servicer and the Other Trustee. Each of the Williamsburg Premium Outlets Pari Passu Note A-1 Securitization
Date and the Birch Run Premium Outlets Note A-2 Securitization Date is a Servicing Shift Securitization Date related to
the Trust.


 


“Servicing
Shift Mortgage Loan” With respect to any Servicing Shift Whole Loan, a Mortgage Loan included in the Trust Fund 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. As of the Closing Date, each of the Williamsburg Premium Outlets Mortgage Loan and the Birch
Run Premium Outlets Mortgage Loan will be a Servicing Shift Mortgage Loan 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 Trust Fund and one or more Pari Passu Companion Loans not included in the Trust Fund, 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. As of the Closing Date, each of the Williamsburg
Premium Outlets Whole Loan and the Birch Run Premium Outlets Whole Loan will be a Servicing Shift Whole Loan related to the Trust.


 






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“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 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, 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


 






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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.


 


“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 balance as of the Cut-off Date). For the avoidance of doubt, there are no Significant Obligors relating 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 fifteen (15) days after the Relevant Distribution Date 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
Mortgage Loan documents. The parties to this Agreement acknowledge that that in the event the Mortgaged Property securing any 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,
thirty (30) days (or, in the case of any related Serviced Companion Loan with respect to a Servicing Shift Whole Loan, prior to
the related Servicing Shift Securitization Date, forty-five (45) days) following the end of each fiscal quarter, subject to the
terms of the related loan agreement.


 


“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.


 






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“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 Certificates) or an assignment of the Voting Rights thereof; provided, that the Notional Amounts
of the Class X-A, Class X-B and Class X-C Certificates and the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class
A-SB, Class A-4, Class A-5, 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-D, Class X-E and Class X-F Certificates have assigned all of the Voting Rights of the Class
X-D, Class X-E and Class X-F Certificates to the Holder of 100% of the then outstanding Class E, Class F, Class G and Class H Certificates,
then “Sole Certificateholder” shall mean the Holder of 100% of the Class E, Class F, Class G and Class H 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 the Special Servicer pursuant
to Section 3.22(d) of this 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 any Non-Serviced Mortgage Loan and any Excluded Special Servicer Mortgage
Loan) and any Serviced Companion Loans, CWCapital Asset Management LLC, or its successor in interest, or any successor special
servicer appointed as provided herein and (ii) 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
Servicing Personnel”: The divisions and individuals of any Special Servicer who are involved in the performance of the
duties of such 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 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


 






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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”: A rate equal to 0.25% per annum.


 


“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 Directing Holder (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 Directing Holder 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 delivered 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), 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


 






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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;


 


(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, 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


 






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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.


 


“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 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


 






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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(a).


 


“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. There are no 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).


 


“Sun MHC Portfolio
Companion Loan”: As defined in the Preliminary Statement.


 


“Sun MHC Portfolio
Whole Loan”: The Sun MHC Portfolio Companion Loan, together with the Sun MHC Portfolio Mortgage Loan. References herein
to the Sun MHC Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness under the Sun MHC Portfolio Pari
Passu Note A-1 and the Sun MHC Portfolio Pari Passu Note A-2.


 


“Sun MHC Portfolio
Mortgage Loan”: As defined in the Preliminary Statement.


 


“Sun MHC Portfolio
Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Sun MHC Portfolio
Whole Loan. The Sun MHC Portfolio Pari Passu Note A-1 is included in the Trust Fund and is pari passu in right of payment
to the Sun MHC Portfolio Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. The Sun MHC Portfolio Pari
Passu Note A-1 is a Mortgage Loan.


 


“Sun MHC Portfolio
Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Sun MHC Portfolio
Whole Loan. The Sun MHC Portfolio Pari Passu Note A-2 is not included in the Trust Fund and is pari passu in right of payment
to the Sun MHC Portfolio Pari Passu Note A-1, as set forth in the related Intercreditor Agreement. The Sun MHC Portfolio Pari
Passu Note A-2 is held by GACC.


 






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“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.


 


“Terminated
Party”: As defined in Section 7.01(e) of this Agreement.


 


“Terminating
Party”: As defined in Section 7.01(e) of this Agreement.


 


“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.


 


“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 Interest Reserve Account and the Trust’s interest in any REO Account, including any
amounts on deposit therein, assets credited thereto


 






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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 (xv) 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).


 


“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”:
Deutsche Bank Securities Inc., KeyBanc Capital Markets Inc., Jefferies LLC and Academy Securities, 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


 






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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.


 


“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 “Deutsche Bank
Trust Company Americas, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, for
the benefit of the Holders of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, 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).


 






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“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-C, Class X-D, Class X-E and Class X-F Certificates (allocated to the Class X-A, Class X-B, Class X-C, Class X-D,
Class X-E and Class X-F 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.


 


“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 Sun MHC Portfolio Whole Loan, the Williamsburg Premium Outlets Whole Loan, the Intercontinental Kansas City Hotel Whole
Loan, the Columbus Park Crossing Whole Loan, the Promenade Gateway Whole Loan, the Birch Run Premium Outlets Whole Loan and the
Santa Monica Multifamily Portfolio Whole Loan.


 


“Williamsburg
Premium Outlets Companion Loans”: As defined in the Preliminary Statement.


 


“Williamsburg
Premium Outlets Whole Loan”: The Williamsburg Premium Outlets Companion Loans, together with the Williamsburg Premium
Outlets Mortgage Loan. References herein to the Williamsburg Premium Outlets Whole Loan shall be construed to refer to the aggregate
indebtedness under the Williamsburg Premium Outlets Pari Passu Note A-1, the Williamsburg Premium Outlets Pari Passu Note A-2,
the Williamsburg Premium Outlets Pari Passu Note A-3, the Williamsburg Premium Outlets Pari Passu Note A-4, the Williamsburg Premium
Outlets Pari Passu Note A-5 and the Williamsburg Premium Outlets Pari Passu Note A-6.


 






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“Williamsburg
Premium Outlets Mortgage Loan”: As defined in the Preliminary Statement. The Williamsburg Premium Outlets Pari Passu
Note A-3 and the Williamsburg Premium Outlets Pari Passu Note A-4, together, make up the Williamsburg Premium Outlets Mortgage
Loan.


 


“Williamsburg
Premium Outlets Pari Passu Note A-1”: The promissory note designated as note A-1, which evidences a portion of the
Williamsburg Premium Outlets Whole Loan. The Williamsburg Premium Outlets Pari Passu Note A-1 is not included in the Trust Fund
and is pari passu in right of payment to each Williamsburg Premium Outlets Companion Loan and to the Williamsburg Premium
Outlets Mortgage Loan, as set forth in the related Intercreditor Agreement. As of the Closing Date, the Williamsburg Premium Outlets
Pari Passu Note A-1 is held by GACC.


 


“Williamsburg
Premium Outlets Pari Passu Note A-2”: The promissory note designated as note A-2, which evidences a portion of the
Williamsburg Premium Outlets Whole Loan. The Williamsburg Premium Outlets Pari Passu Note A-2 is not included in the Trust Fund
and is pari passu in right of payment to each Williamsburg Premium Outlets Companion Loan and to the Williamsburg Premium
Outlets Mortgage Loan, as set forth in the related Intercreditor Agreement. As of the Closing Date, the Williamsburg Premium Outlets
Pari Passu Note A-2 is held by GACC.


 


“Williamsburg
Premium Outlets Pari Passu Note A-3”: The promissory note designated as note A-3, which evidences a portion of the
Williamsburg Premium Outlets Whole Loan. The Williamsburg Premium Outlets Pari Passu Note A-3 is included in the Trust Fund and
is pari passu in right of payment to each Williamsburg Premium Outlets Companion Loan and to the Williamsburg Premium Outlets
Pari Passu Note A-4, as set forth in the related Intercreditor Agreement.


 


“Williamsburg
Premium Outlets Pari Passu Note A-4”: The promissory note designated as note A-4, which evidences a portion of the
Williamsburg Premium Outlets Whole Loan. The Williamsburg Premium Outlets Pari Passu Note A-4 is included in the Trust Fund and
is pari passu in right of payment to each Williamsburg Premium Outlets Companion Loan and the Williamsburg Premium Outlets
Pari Passu Note A-3, as set forth in the related Intercreditor Agreement.


 


“Williamsburg
Premium Outlets Pari Passu Note A-1 Securitization Date”: With respect to the Williamsburg Premium Outlets Whole Loan,
the date on which the Williamsburg Premium Outlets Pari Passu Note A-1 is included in a securitization trust, provided that the
related Companion Loan Noteholder provides each of the Master Servicer, the Special Servicer, the Certificate Administrator and
the Trustee (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 the Williamsburg Premium Outlets Pari Passu Note A-1 is
to be included in such Other Securitization, which notice shall include contact information for the related Other Servicer, the
Other Special Servicer and the Other Trustee.


 


“Williamsburg
Premium Outlets Pooling and Servicing Agreement”: This Agreement, for so long as the Williamsburg Premium Outlets Whole
Loan is serviced pursuant to this Agreement and, on and after the Williamsburg Premium Outlets Pari Passu Note A-1


 






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Securitization
Date, the related Other Pooling and Servicing Agreement for the Williamsburg Premium Outlets Pari Passu Note A-1.


 


“Williamsburg
Premium Outlets Service Providers”: With respect to the Williamsburg Premium Outlets Whole Loan, (i) prior to
the Williamsburg Premium Outlets Pari Passu Note A-1 Securitization Date, the Trustee, Master Servicer, Special Servicer and any
related sub-servicer hereunder and (ii) on and after the Williamsburg Premium Outlets Pari Passu Note A-1 Securitization Date,
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 the Williamsburg Premium Outlets Pari Passu Companion Loans or property
advances in respect of the Williamsburg Premium Outlets Whole Loan pursuant to the related Other Pooling and Servicing Agreement.


 


“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% 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, Default Interest and Excess 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(c) of this Agreement and (2) $1,000,000,
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(c) of this Agreement; provided,
further that no Workout Fee shall be payable by the Trust with respect to any Corrected Mortgage Loan


 






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if
and to the 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


 






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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, any
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.


 






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(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 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);


 


(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 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 (to the extent


 






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that
collections have not been 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 and 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.


 






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(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 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);


 


(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 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 (to the extent that collections have not theretofore
been allocated as a recovery of accrued and unpaid interest pursuant to this clause (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 and Default Interest and Excess Interest then due and owing under the related
Mortgage Loan;


 






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(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-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F,
Class G and Class H Certificates. For purposes of this Agreement, each Class of Certificates (other than the Class X-A, Class X-B,
Class X-C, Class X-D, Class X-E, Class X-F, 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-C, Class
X-D, Class X-E and Class X-F 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


 






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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 the 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 the 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.


 


On and after the Williamsburg
Premium Outlets Pari Passu Note A-1 Securitization Date, the Williamsburg Premium Outlets Whole Loan shall be a “Non-Serviced
Whole Loan,” each Williamsburg Premium Outlets Pari Passu Companion Loan shall be a “Non-


 






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Serviced
Companion Loan”, and the Williamsburg Premium Outlets Mortgage Loan shall be a “Non-Serviced Mortgage Loan”.


 


On and after the Birch
Run Premium Outlets Pari Passu Note A-2 Securitization Date, the Birch Run Premium Outlets Whole Loan shall be a “Non-Serviced
Whole Loan,” each Birch Run Premium Outlets Pari Passu Companion Loan shall be a “Non-Serviced Companion Loan”,
and the Birch Run Premium Outlets Mortgage Loan shall be a “Non-Serviced Mortgage Loan”.


 


On each Servicing Shift
Securitization Date (i) the Custodian shall, upon receipt of a Request for Release transfer the related Mortgage File (other than
the note(s) designating the related Servicing Shift Mortgage Loan), the original of which shall be retained by the Custodian) for
the related Servicing Shift Whole Loan to the related Other Trustee under the related Other Pooling and Servicing Agreement and
retain a copy of such Mortgage File and (ii) the Master Servicer shall, upon receipt of notice from the applicable Mortgage Loan
Seller that the applicable Servicing Shift Lead Note has been or is being securitized on the related Servicing Shift Securitization
Date, transfer (and cooperate with reasonable requests in connection with such transfer of) the Servicing File for the related
Servicing Shift Whole Loan, and any Escrow Payments, reserve funds and originals of items specified in Sections 2.01(a)(xix) and
(xx) for the related Servicing Shift Whole Loan, to the related Other Servicer on the related Servicing Shift Securitization Date


 


Upon receipt of notice
from the applicable Mortgage Loan Seller that the applicable Servicing Shift Lead Note has been or is being securitized on the
related Servicing Shift Securitization Date, the Master Servicer shall provide the Custodian with a Request for Release of the
Mortgage File on the related Servicing Shift Securitization Date and transfer (and cooperate with reasonable requests in connection
with such transfer of) the Servicing File to the related Other Servicer identified to it pursuant to the related notice from the
related Mortgage Loan Seller on the related Servicing Shift Securitization Date.


 


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 “COMM 2016-DC2 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


 






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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.


 


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 COMM 2016-DC2 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, 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


 






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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)          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 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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-DC2” (and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion
Loan Noteholders);


 


(iv)          (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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2” (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 (iii) above;


 


(v)           (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 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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-DC2” (in such capacity and, with


 






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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;


 


(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 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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-DC2” (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 (iii) 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;


 






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(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 where the Borrower is a lessee and 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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-DC2” (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;


 


(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;


 






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(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 this Agreement) of any letter of credit held by the lender as beneficiary or assigned as security for such Mortgage Loan
or Serviced Whole 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 Serviced Whole Loan (or copy thereof, if the original is held by the Master Servicer or applicable Other
Servicer pursuant to Section 2.01(c) of this Agreement) which entitles the Master Servicer on behalf of the Trust
and the Companion Noteholders (with respect to any Serviced Whole Loan) 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.


 


Notwithstanding anything
to the contrary contained in this Section 2.01(a), (b) or (c) or in Section 2.02, in connection with a Servicing Shift Whole Loan
(1) instruments of assignment to the Trustee may be in blank and need not be recorded pursuant to this Agreement (other than the
endorsements to the Note(s) evidencing the related Servicing Shift Mortgage Loan) until the earlier of (i) the related Servicing
Shift Securitization Date, in which case such instruments shall be assigned and recorded in accordance with the related Other Pooling
and Servicing Agreement, and (ii) such Servicing Shift Whole Loan becoming a Specially Serviced Loan prior to such Servicing Shift
Securitization Date, in which case assignments and recordations shall be effected in accordance with this Section 2.01(a) until
the occurrence, if any, of such Servicing Shift Securitization Date, (2) no letter of credit need be amended (including, without
limitation, to change the beneficiary thereon) until the earlier of (i) the related Servicing Shift Securitization Date, in which
case such amendment shall be in accordance with the related Other Pooling and Servicing Agreement and (ii) such Servicing Shift
Whole Loan becoming a Specially Serviced Loan prior to such Servicing Shift Securitization Date in which case such amendment shall
be effected in accordance with the terms of this Section 2.01, and (3) on and following such Servicing Shift Securitization Date,
the Person selling the related Servicing Shift Lead Note to the related Other Depositor, at its own expense, shall be (a) entitled
to direct in writing, which may be conclusively relied upon by the Custodian, the Custodian to deliver the originals of all the
Loan Documents relating to such Servicing Shift Whole Loan in its


 






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possession
(other than the original Note(s) evidencing such Servicing Shift Mortgage Loan) to the related Other Trustee or the related Other
Custodian, (b) if the right under clause (a) is exercised, required to cause the retention by or delivery to the Custodian of
photocopies of Loan Documents related to such Servicing Shift Whole Loan so delivered to such Other Trustee or such Other Custodian,
(c) entitled to cause the completion (or, in the event of a recordation as contemplated by clause (1)(ii) of this paragraph, the
preparation, execution and delivery) and recordation of instruments of assignment in the name of the related Other Trustee or
related Other Custodian, (d) if the right under clause (c) is exercised, required to deliver to the Trustee or Custodian photocopies
of any instruments of assignment so completed and recorded, and (e) entitled to require the Master Servicer to transfer, and to
cooperate with all reasonable requests in connection with the transfer of, the Servicing File, and any Escrow Payments, reserve
funds and items specified in clauses (xix) and (xx) of Section 2.01(a) for such Servicing Shift Whole Loan to the related Other
Servicer.


 


With respect to Serviced
Whole Loans, except for the Mortgage Note referred to in clause (i)(B) of the second 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, 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 and (1) if the Custodian is not also the related Non-Serviced
Whole Loan Custodian, the preceding document delivery requirements will be met by the delivery by the applicable 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 or (2) if the Custodian is also the related Non-Serviced
Whole Loan Custodian, the preceding document delivery requirements shall be met by the delivery by the Mortgage Loan Seller to
the Custodian of only the original Mortgage Note and intervening endorsements evidencing such Non-Serviced Mortgage Loan (and,
if any document specified in Section 2.01(a) of this Agreement was not required to be delivered in connection with the related
Other Securitization, a copy of such document); provided that with respect to such Non-Serviced Mortgage Loan, if Deutsche
Bank Trust Company Americas 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 requirements of the third paragraph of Section 2.01(b), after
such later date on which the Mortgage Loan Seller has received all the missing recording/filing 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 COMM
2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2” (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)(iii) which has not yet been submitted for recording and (b) each


 






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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)(v)(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
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.


 






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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 0) 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 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 (subject to any qualifications provided
for herein or in the related Mortgage Loan Purchase Agreement with respect to a Non-Serviced 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)(iii),
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


 






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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 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. 4, 14, 25, 27, 29, 35, 47, 53, 55 and 58 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 have 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


 






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Servicer,
or take any such other required action, in any event, 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)           Notwithstanding anything to the contrary contained herein, with respect to any Joint Mortgage Loan, the obligations of the
related Mortgage Loan Seller to deliver a Note to the Trustee, or a Custodian on its behalf, shall be limited to delivery of only
the Note held by such party to the Trustee, or Custodian on its behalf. With respect to any Joint Mortgage Loan, the obligations
of each Mortgage Loan Seller to deliver the remaining portion of the related Mortgage File or any document required to be delivered
with respect thereto shall be joint and several, provided that either of the related Mortgage Loan Sellers may deliver one Mortgage
File or one of any other document required to be delivered with respect to the Joint Mortgage Loan hereunder and such delivery
shall satisfy such delivery requirements for each of the related Mortgage Loan Sellers.


 


(f)            Each Mortgage Loan Purchase Agreement shall provide that within 60 days after the Closing Date, each Mortgage Loan Seller
shall deliver or cause to be delivered an electronic copy of the Diligence File for each of its Mortgage Loans to (or as instructed
by) the Depositor, together with an index identifying each such document delivered, each such Diligence File being organized and
categorized in accordance with the electronic file structure reasonably agreed to by the Depositor and the related Mortgage Loan
Seller. Each Mortgage Loan Purchase Agreement shall further provide that within 60 days after the Closing Date, the applicable
Mortgage Loan Seller shall provide to the Depositor (together with copies to the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Custodian, the Directing Holder and the Asset Representations Reviewer) with a certificate stating
that (i) the applicable Mortgage Loan Seller has delivered or caused to be delivered an electronic copy of the Diligence File for
each of its Mortgage Loans, (ii) the Diligence File contains all documents and information required under the definition of “Diligence
File” and (iii) the Diligence File is organized and categorized in accordance with the electronic file structure reasonably
agreed to by the Depositor and the related Mortgage Loan Seller (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 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


 






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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)
and Section 2.01(a)(vii) and, to the extent delivered, 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 (iii), (iv)(B),
(v)(B) 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)(iv), Section 2.01(a)(vi), Section 2.01(a)(viii),
Section 2.01(a)(ix), Section 2.01(a)(x), Section 2.01(a)(xi), 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 as
a document required to be delivered 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 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.


 






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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 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


 






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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 corporation 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 certificate of incorporation or bylaws, 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 certificate of incorporation of the Depositor provides that the Depositor is permitted to engage in only the following
activities:


 


 (A)          to acquire, own, hold, sell, transfer, assign, pledge and otherwise deal with the following: (I) “fully-modified pass-through”
certificates (“GNMA Certificates”) issued and guaranteed as to timely payment of principal and interest by the
Government National Mortgage Association (“GNMA”), a wholly-owned corporate instrumentality of the United States
within the Department of Housing and Urban Development organized and existing under Title III of the National Housing Act of 1934;
(II) Guaranteed Mortgage Pass-Through Certificates


 






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(“FNMA
Certificates”) issued and guaranteed as to timely payment of principal and interest by FNMA; (III) Mortgage Participation
Certificates (“FHLMC Certificates”) issued and guaranteed as to timely payment of interest and ultimate or
full payment of principal by FHLMC; (IV) any other participation certificates, pass-through certificates or other obligations
or interests backed directly or indirectly by mortgage loans and issued or guaranteed by GNMA, FNMA or FHLMC (collectively with
the GNMA Certificates, FNMA Certificates and FHLMC Certificates, the “Agency Securities”); (V) mortgage-backed
securities, which securities need not be issued or guaranteed, in whole or in part, by any governmental entity, issued by one
or more private entities (hereinafter referred to as “Private Securities”); (VI) mortgage loans secured
by first, second or more junior liens on one-to-four family residential properties, multifamily properties that are either rental
apartment buildings or projects containing five or more residential units or commercial properties, regardless of whether insured
or guaranteed in whole or in part by any governmental entity, or participation interests or stripped interests in such mortgage
loans (“Mortgage Loans”); (VII) conditional sales contracts and installment sales or loan agreements or
participation interests therein secured by manufactured housing (“Contract”); and (VIII) receivables of
third-parties or other financial assets of third-parties, either fixed or revolving, that by their terms convert into cash within
a finite time period (“Other Assets”);


 


(B)           to loan its funds to any person under loan agreements and other arrangements which are secured by Agency Securities, Private
Securities, Mortgage Loans, Contracts and/or Other Assets;


 


(C)           to authorize, issue, sell and deliver bonds or other evidences of indebtedness that are secured by Agency Securities, Private
Securities, Mortgage Loans, Contracts and/or Other Assets;


 


(D)           to authorize, issue, sell and deliver certificates evidencing beneficial ownership interests in pools of Agency Securities,
Private Securities, Mortgage Loans, Contracts and/or Other Assets; and


 


(E)           to engage in any activity and to exercise any powers permitted to corporations under the laws of the State of Delaware that
are incident to the foregoing and necessary or convenient 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;


 


(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,


 






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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 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.


 


(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)


 






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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 receives notice of a Repurchase Request Withdrawal or Repurchase
Request Rejection from the Special Servicer or the Master Servicer, as applicable, then such receiving party 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 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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-DC2 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


 






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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, 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 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;


 






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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 Directing Holder, 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, 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 Joint Mortgage Loan, each applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan
Seller’s pro rata share based on such Mortgage Loan Seller’s percentage interest as of the date of the
applicable Mortgage Loan Purchase Agreement in the Joint Mortgage Loan. 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
the related Mortgage Loan Purchase 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 and such Material Breach or Material
Defect will be considered Resolved 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 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 Directing Holder 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 Performing 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


 






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the
Servicing File and 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 pursuant to Section 2.03 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. With respect to any Joint Mortgage Loan,
the applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro rata share based
on such Mortgage Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in
such Joint Mortgage Loan.


 


If any Breach pertains
to a representation or warranty to the effect 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. With respect to any Joint Mortgage
Loan, the applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro rata share based
on such Mortgage Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in such
Joint Mortgage Loan.


 






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(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 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 Enforcing Servicer 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.


 


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 Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Controlling Class Representative (as identified to the


 






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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.


 


(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


 






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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 (including but not limited to) 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)            Notwithstanding anything to the contrary contained in this Agreement, for the purposes of Section 2.03 of this
Agreement and any provision relating to repurchase and substitution obligations for a Material Breach or Material Defect, with
respect to any Joint Mortgage Loan, the obligations of each of the applicable Mortgage Loan Sellers to repurchase or substitute
such Joint Mortgage Loan shall be limited to a repurchase, substitution or Loss of Value Payment with respect to the Note it sold
to the Depositor in accordance with the related Mortgage Loan Purchase Agreement. With respect to any Joint Mortgage Loan, any
cure by either of the applicable Mortgage Loan Sellers with respect to the Note sold by it to the Depositor in accordance with
the related Mortgage Loan Purchase Agreement that also cures the Material Defect or Material Breach with respect to the entire
related Joint Mortgage Loan shall satisfy the cure obligations of both Mortgage Loan Sellers with respect to such Joint Mortgage
Loan.


 


(k)           (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 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 Master Servicer
and the Special Servicer, and the Master Servicer or the Special Servicer, as applicable, 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(l), the Master Servicer (with respect to Performing Loans) and the Special Servicer
(with respect to Specially Serviced Loans) (the “Enforcing Servicer”) shall be the Enforcing Party with respect
to the Repurchase Request. If a Resolution Failure occurs with respect to the Certificateholder Repurchase Request, the provisions
described below under Section 2.03(l) shall apply.


 


(ii)            In the event that the Depositor, the Master Servicer, the Special Servicer, a Responsible Officer of the Trustee, a Responsible
Officer of the Certificate Administrator, the Operating Advisor (solely in its capacity as Operating Advisor) or the Directing
Holder has knowledge of a Material Breach or Material Defect with respect to a Mortgage Loan, that party shall deliver prompt
written notice of such Material Breach or Material Defect to the Master Servicer and the Special Servicer, and the Master Servicer
or the Special Servicer, as applicable, shall promptly forward to the related Mortgage Loan Seller, identifying the applicable
Mortgage Loan and the Depositor 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”),
and the Enforcing Servicer shall be required to promptly send the PSA Party Repurchase Request to the related Mortgage Loan Seller
and the Depositor. Subject to Section 2.03(l), the Enforcing Servicer shall be the Enforcing Party with respect to the


 






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PSA
Party Repurchase Request. If a Resolution Failure occurs with respect to the PSA Party Repurchase Request, the provisions described
below under Section 2.03(l) shall apply.


 


(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”) shall be deemed to have occurred. 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.


 


(l)            (i) After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase
Request was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer shall
send a notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to
the address specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator,
who shall make such notice available to all other Certificateholders and Certificate Owners (by posting such notice on the Certificate
Administrator’s Website) indicating the Enforcing Servicer’s intended course of action with respect to the Repurchase
Request (the “Proposed Course of Action”). If the Master Servicer is the Enforcing Servicer, the Master Servicer
may (but shall not be obligated to) consult with the Special Servicer and (for so long as no Consultation Termination Event has
occurred) the Directing Holder regarding any Proposed Course of Action. Such notice shall include (a) a request to Certificateholders
to indicate 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 the course of action agreed to and/or proposed
by the majority of the responding Certificateholders, (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(l) 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 


 






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Repurchase
Request does not involve pursuing further action to exercise rights against the applicable 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
responses shall be considered Preliminary Dispute Resolution Election Notices supporting the Proposed Course of Action
for purposes of determining the course of action proposed by the 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 to any consent or consultation rights of the Directing Holder 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 accordance with the Servicing Standard 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”).


 






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(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 will be entitled to make all decisions
relating to such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or 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 Breach or Material Defect shall be deemed waived for all purposes under this Agreement and the related
Mortgage Loan Purchase Agreement; provided, however, that such Material Breach or 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 posted on the Certificate Administrator’s Website and (iii) if the Proposed Course of Action Notice
had indicated a course of action other than the course of action under clause (ii), then the Enforcing Servicer shall again become
the Enforcing Party and, as such, 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.


 


(vi)          Notwithstanding the foregoing, the dispute resolution provisions described above under this Section 2.03(l) will
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; provided that the degree and extent
to which the Enforcing Servicer actively prepares for and participates in such proceeding shall be


 






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determined
by such Enforcing Servicer in consultation with the Directing Holder, provided that a Consultation Termination Event has
not occurred and is continuing, and in accordance with the Servicing Standard. 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.


 


(viii)         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.


 


(ix)           If (i) a Repurchase Request is made with respect to any Mortgage Loan based on any particular alleged Material Breach or
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 Breach or Material Defect unless there is a material change in the facts
and circumstances known to such party.


 


(x)            The Depositor, the Mortgage Loan Seller and any of their respective Affiliates shall not be entitled to be an Initial Requesting
Certificateholder or a Requesting Certificateholder.


 


(m)          
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 in accordance with published mediation procedures (the “Mediation Rules”) promulgated by a nationally
recognized mediation services provider selected by the Mortgage Loan Seller (such provider, the “Meditation 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 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)           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.


 






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(iv)          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.


 


(n)           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 in accordance with published arbitration procedures (the “Arbitration Rules”) promulgated
by a nationally recognized arbitration services provider selected by the Mortgage Loan Seller (such provider, the “Arbitration
Services Provider”).


 


(ii)           The arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years
of experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon being supplied
a list of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two
peremptory 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.


 






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(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 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.


 


(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.


 


(o)           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 if such court shall have subject matter
jurisdiction, or if the Southern District 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 will 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


 






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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 will promptly
notify the other party to the resolution procedure and will 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 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
proceedings shall be determined by such Enforcing Servicer in consultation with the Directing Holder, 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 its behalf, and deposited in the Collection Account.
The agreement with the arbitrator or mediation, as the case may be, will 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 Directing Holder
(including without limitation, a liquidation, foreclosure, negotiation of a loan modification or workout, acceptance of a discounted
pay off or deed in lieu, or bankruptcy or other litigation).


 






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(viii)        For the avoidance of doubt, any expenses required to be borne by or allocated to the Enforcing Servicer in mediation or
arbitration or related responsibilities under this Agreement 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 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 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 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 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, (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


 






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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 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)           The Special Servicer 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 Master 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 Special Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws
of the State of Delaware, and the 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 Special Servicer, and the performance and compliance with the terms
of this Agreement by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents or (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 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 Special Servicer
to perform its obligations under this Agreement or its financial condition;


 


(iii)           The Special Servicer has the full limited liability company power and authority to enter into and consummate all transactions
to be performed by it


 






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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 Special Servicer, enforceable against the 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;


 


(v)           The 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 Special Servicer’s reasonable judgment
is likely to materially and adversely affect the financial condition or operations of the 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 Special Servicer’s knowledge, threatened against the Special Servicer
which would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and
reasonable judgment is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations
under this Agreement or the financial condition of the Special Servicer;


 


(vii)         No consent, approval, authorization or order of any court or governmental agency or body is required for the execution,
delivery and performance by the Special Servicer of, or compliance by the 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 Special
Servicer to perform its obligations hereunder; and


 


(viii)        Each officer and employee of the 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 Special Servicer self-insures for such risks in compliance with the requirements
of Section 3.08(d) of this Agreement.


 


(c)            It is understood and agreed that the representations and warranties set forth in this Section shall survive delivery
of the respective Mortgage Files to the Custodian on behalf of the Trustee until the termination of this Agreement, and shall inure
to the benefit of the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the Serviced Companion Loan Noteholders and the Master Servicer or Special Servicer, as the case may be. Upon discovery by the
Depositor, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset


 






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Representations
Reviewer or a Responsible Officer of the Trustee (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, Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Serviced Companion Loan Noteholders or the Trustee in any Mortgage Loan, the party discovering such breach shall
give prompt written notice to the other parties hereto, the Serviced Companion Loan Noteholders and the Mortgage Loan Sellers.


 


(d)           The Trustee hereby represents and warrants to and covenants with 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).


 


(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.


 






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(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 and covenants with the Trustee, for its own benefit and
the benefit of the Certificateholders, the Depositor, 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 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


 






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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.


 


(f)            The Operating Advisor 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 Master Servicer, the Special Servicer, the Asset Representations Reviewer,
the Certificate Administrator 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, (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


 






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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 Asset Representations
Reviewer, 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 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
Operating Advisor’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability
of the Operating Advisor to perform its obligations under this Agreement or the financial condition of the Operating Advisor;


 


(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 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 of, 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 and covenants with 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 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 Asset Representations Reviewer, and the performance and compliance
with the terms of this


 






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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
by it 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;


 


(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;


 


(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


 






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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 (excluding the Excess Interest) 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) acknowledges and hereby declares that it
holds the Excess Interest for the benefit of the Holders of the Class V Certificates; (iii) 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; (iv) 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 (other than the Class V Certificates); and (v) 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 R Certificates and the Class V Certificates, which Certificates evidence ownership of the entire Trust Fund.


 


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


 






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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 non-Specially Serviced Loans) and the 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 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


 






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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 non-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 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.


 






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(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 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 grant any modification, waiver 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.


 






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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 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.


 


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.


 


The Master Servicer or
the Special Servicer, as applicable, shall monitor the performance and enforce the obligations of each Mortgage Loan Seller Sub-Servicer
and each Sub-Servicer that it retains under a related Sub-Servicing Agreement, except that the Master Servicer shall only be required
to use reasonable efforts to cause any Mortgage Loan Seller Sub-Servicer to comply with Article X hereof. No Sub-Servicer shall
be permitted under any Sub-Servicing Agreement to make material servicing decisions, such as loan modifications or determinations
as to the manner or timing of enforcing remedies under the Mortgage Loan documents, without the consent of the Master Servicer
or Special Servicer, as applicable.


 






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(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 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


 






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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.


 


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


 






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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 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


 






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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
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 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


 






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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 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 Deutsche Mortgage & Asset Receiving Corporation,
COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2 and Various Borrowers and, if applicable,
Serviced Companion Loan Noteholders”. Withdrawals from an Escrow Account may be made by the Master Servicer only:


 






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(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 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


 






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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;


 


(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


 






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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(d) 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;







 


(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 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


 






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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.


 


(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


 






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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 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 any 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 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


 






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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(d) 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);


 


(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;


 






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(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 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


 






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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)          
Except as otherwise set forth in Section 3.06(b), 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 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


 






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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 Deutsche Bank Trust Company
Americas 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.


 


(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 any 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


 






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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, 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;


 


(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 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), (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


 






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Asset
Representations Reviewer, the unpaid Asset Representations Reviewer Asset Review Fee (to the extent such fee is to be paid by
the Trust Fund) 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 any related Serviced Pari Passu Companion Loan, from collections
on the related Serviced Whole Loan allocable to such Serviced Subordinate Companion Loan) during 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,


 






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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 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 (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 (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
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


 






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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(d) 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 (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 applicable 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 of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller under Section 6
of the applicable Mortgage Loan Purchase Agreement, 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,


 






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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(b) 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 non-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(b), 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 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;


 






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(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 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; 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;


 






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(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)), 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


 






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Mortgage
Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;


 


(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


 






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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 the extent such Operating Advisor Consulting Fees are actually received from the Borrowers), the
Asset Representations Reviewer Asset Review Fee (to the extent owed by the Trust pursuant to Section 11.02(c) of
this Agreement), 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 any 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


 






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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
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.


 






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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.


 


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


 






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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;


 


(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


 






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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;


 


(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


 






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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 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(d), 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);


 






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(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 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);


 






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(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;


 


(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.


 






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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 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, two (2) Business
Days of receipt of properly identified funds and (y) with respect to any Serviced Pari Passu Companion Loan, one (1) Business
Day of 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) on any given Business Day (and to the extent any such amounts are received after 3:00 p.m. Eastern time on any
given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such Late Collections or Principal Prepayments
to the related Serviced Companion Loan Noteholders within one (1) Business Day of receipt of properly identified funds but, in
any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified funds) (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


 






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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 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;


 






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(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;


 


(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;


 






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(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;


 


(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) 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, 


 






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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 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


 






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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 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


 






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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:


 


(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, if no Control Termination Event has
occurred and is continuing, the Directing Holder 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


 






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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 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 


 






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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 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, 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,


 






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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 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.


 






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(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, “A-” by Fitch and no lower than its equivalent by KBRA (if then rated by KBRA),
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 of the Master Servicer or deposit accounts (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, “A-” by Fitch and no lower than its equivalent by KBRA (if then rated
by KBRA), 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),


 






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(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, neither the Master Servicer (with respect to Performing Loans other than a Non-Serviced
Mortgage Loan) nor the Special Servicer (with respect to Specially Serviced Loans), as applicable, on behalf of the Trust Fund,
shall be required to enforce any such due-on-sale clauses and in connection therewith neither shall 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 Master Servicer (with respect to Performing Loans (other than a Non-Serviced Mortgage Loan) and with the consent
of the Special Servicer) or the Special Servicer (with respect to Specially Serviced Loans), as applicable, 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. If the Master Servicer (with respect to Performing Loans (other than a Non-Serviced Mortgage Loan)
and with the consent of the Special Servicer) or the Special Servicer (with respect to Specially Serviced Loans), as applicable,
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 Master Servicer
(with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans) 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 Master Servicer (with respect to Performing Loans (other than a Non-Serviced
Mortgage Loan)) or the Special Servicer (with respect to Specially Serviced Loans), as applicable, 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 KBRA 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


 






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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 Companion Loan, neither the
Master Servicer nor the Special Servicer, as applicable, shall 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 Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect
to Specially Serviced Loans) shall notify the Trustee, the Certificate Administrator, the Directing Holder and the Master Servicer
or the Special Servicer, as applicable, 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, neither the Master Servicer (with respect to Performing Loans) nor the Special Servicer (with
respect to Specially Serviced Loans) shall 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),


 






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(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


 


(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, neither the Master Servicer
(with respect to Performing Loans other than a Non-Serviced Mortgage Loan) nor the Special Servicer (with respect to Specially
Serviced Loans), on behalf of the Trust Fund, shall 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 Master Servicer (with the consent of the Special Servicer) or the Special Servicer,
as applicable, 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 KBRA 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, neither the Master Servicer nor the Special Servicer, as applicable, shall 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, neither the Master Servicer (with respect to Performing Loans)
nor the Special Servicer (with respect to Specially Serviced Loans) shall approve an assumption or substitution without requiring
the related


 






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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 such amount allocable to the related Serviced Companion Loans
from the holders of such Serviced Companion Loans.


 


(c)           
Neither the Master Servicer, without the consent of the Special Servicer, nor the Special Servicer, without, if no Control
Termination Event has occurred and is continuing, the consent of the Directing Holder, may waive its rights or grant its consent
under any “due-on-sale” or “due-on-encumbrance” clause relating to any Mortgage Loan. The Directing
Holder shall have 10 Business Days (or longer period provided by the related Intercreditor Agreement) 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.


 






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(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 not Master Servicer Decisions, the Master Servicer shall process all defeasances
of Mortgage Loans (other than any Non-Serviced Mortgage Loan) and 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 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,
subject only to the Special Servicer’s and Directing Holder’s consent rights with respect to any modification, waiver
or amendment that constitutes a Major Decision and the Special Servicer’s consent rights with respect to any modification,
waiver or amendment that does not constitute a Master Servicer Decision.


 


(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


 






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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 any Trust REMIC to fail to qualify as a REMIC at any time that any Certificates
are outstanding or cause a tax to be imposed on the Trust Fund under the REMIC Provisions; 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).


 


(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 Regulation’s Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents;
provided, that the Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will
not 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


 






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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 (or such longer period if necessary for a Serviced
Whole Loan pursuant to the terms of the related Intercreditor Agreement) 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 requested by the Special Servicer.


 


Section 3.10     Appraisals;
Realization upon Defaulted 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, (i) the Special Servicer shall, using commercially reasonable effeorts, within 30 days of the end of each 9-month
period following the related Appraisal Reduction Event, order an Appraisal (which may be an update of a prior Appraisal), the
cost of which shall constitute a Servicing Advance and (ii) the Master 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 Master
Servicer shall recalculate the Appraisal


 






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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, 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


 






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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, 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) 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


 






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excess
shall be treated as a Principal Prepayment received in respect of such Mortgage Loan or Serviced Companion Loan, as applicable.


 


(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 the imposition
of a tax on any Trust REMIC under the REMIC Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any time that
any Certificate is outstanding (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 the imposition of a tax on any Trust REMIC under the REMIC Provisions or cause
any Trust REMIC to fail to qualify as a REMIC at any time that any Certificate is outstanding.


 






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(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 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


 






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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 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 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 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


 






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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 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


 






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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. 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 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


 






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the
Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee’s sale.


 


With respect to each
Servicing Shift Whole Loan, on and after the related Servicing Shift Securitization Date, if pursuant to the related Intercreditor
Agreement and the related Other Pooling and Servicing Agreement, and as appropriate for enforcing the terms of such Servicing Shift
Whole Loan, as applicable, the related Other Servicer requests in writing delivery to it of the original Note, then the Custodian
shall release or cause the release of such original Note to the related Other Servicer or its designee.


 


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 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(d), (iii) any amounts
collected for checks returned for insufficient funds (with respect to any Performing Loan or Specially Serviced Loan) and (iv) to
the extent permitted by applicable law and the related Loan Documents, 100% of any Modification Fees and consent fees (or similar
fees) related to any consents, modifications, waivers, extensions or amendments of any Mortgage Loans (and the related Serviced
Companion Loans) that are non-Specially Serviced Loans that involve one or more Master Servicer Decisions, provided that
the consent of the Special Servicer is not required to take such actions, 50% of any Modification Fees and consent fees (or similar
fees) related to any consents, modifications, waivers, extensions or amendments of any Mortgage Loans (and the related Serviced
Companion Loans) that are non-Specially Serviced Loans that involve one or more Major Decisions or decisions that are not Master
Servicer Decisions, provided that the consent of the Special Servicer is required to take such actions, 100% of any defeasance
fees (provided that for the avoidance of doubt, any such defeasance fee shall not include the Special Servicer’s portion
of any Modification Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to under this Agreement),
100% of Assumption Fees relating to the transactions referred to in Section 3.09 of


 






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this
Agreement with respect to Performing Loans or Serviced Companion Loans; provided, that with respect to such transactions,
the consent of the Special Servicer is not required to take such actions, 50% of Assumption Fees with respect to Performing Loans
or Serviced Companion Loans; provided, that the consent of the Special Servicer is required to take such actions, 100%
of beneficiary statement charges or demand fees (but not including Prepayment Premiums or Yield Maintenance Charges) with respect
to Performing Loans or Serviced Companion Loan and 100% of assumption application fees with respect to Performing Loans or Serviced
Companion Loans, in each case to the extent received and not required to be deposited or retained in the Collection Account (or
Serviced Whole Loan Collection Account), in each case pursuant to Section 3.05 of this Agreement. 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 the related Borrower 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.


 


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


 






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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 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.


 






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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.


 


(b)          
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(d) 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) 100% of any Modification Fees
and consent fees (or similar fees) related to any Specially Serviced Loan or Serviced REO Loan, (iii) 50% of any Modification Fees
and consent fees (or similar fees) related to any consents, modifications, waivers, extensions or amendments of any Mortgage Loans
(and the related Serviced Companion Loans) that are non-Specially Serviced Loans that involve one or more Major Decisions or decisions
that are not Master Servicer Decisions, provided that the consent of the Special Servicer is required to take such actions,
(iv) 100% of Assumption Fees on any Specially Serviced Loan or Serviced REO Loan, (v) 50% of any Assumption Fees relating to the
transactions referred to in Section 3.09 of this Agreement with respect to the Performing Loans and the related Companion
Loans relating to any Performing Loan; provided, that with respect to such transactions, the consent of the Special Servicer
is required to take such actions, (vi) any interest or other income earned on deposits in the REO Accounts and (vii) 100%
of any assumption application fees, beneficiary statement charges or demand fees relating to any Specially Serviced Loan or Serviced
REO Loan.


 


Notwithstanding anything
to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower 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


 






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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(b) with respect to a Non-Serviced
Mortgage Loan.


 


(c)           
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
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 after the


 






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Initial
Resolution Period (and giving effect to any Resolution Extension Period) in accordance with Section 2.03(e) of this
Agreement, (ii) each Specially Serviced Loan as to which the Special Servicer obtains a full, partial or discounted payoff
from the related Borrower, (iii) any Specially Serviced Loan or Serviced REO Property as to which the Special Servicer recovered
any Liquidation Proceeds and (iv) each Defaulted 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 as to which the Special Servicer recovered any Liquidation
Proceeds; provided, however, for clarification, in the case of clause (iv), 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 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. 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


 






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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.


 


(d)          
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


 






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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).


 


If a Servicing Shift
Whole Loan becomes a Specially Serviced Loan prior to the applicable Servicing Shift Securitization Date, the Special Servicer
shall service and administer such Servicing Shift Whole Loan and any related REO Property in the same manner as any other Specially
Serviced Loan or Serviced REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced
Whole Loan as Special Servicer of such Serviced Whole Loan. With respect to a Servicing Shift Mortgage Loan, prior to the applicable
Servicing Shift Securitization Date, no other special servicer will be entitled to any such compensation or have such rights and
obligations. If a Servicing Shift Whole Loan is still a Specially Serviced Loan on the applicable Servicing Shift Securitization
Date, the Other Special Servicer and the Special Servicer shall be entitled to compensation with respect to such Servicing Shift
Whole Loan as if the Special Servicer were being terminated as the Special Servicer with respect to such Servicing Shift Whole
Loan and the Other Special Servicer were replacing the Special Servicer as the successor Special Servicer with respect to such
Servicing Shift Whole Loan.


 


If a Servicing Shift
Whole Loan is being specially serviced on the applicable Servicing Shift Securitization Date, the Special Servicer shall be entitled
to compensation for the period during which it acted as Special Servicer with respect to such Whole Loan, including its share of
any liquidation or workout fees and any additional servicing compensation as well as all surviving indemnity and other rights in
respect of such special servicing role under this Agreement.


 


(e)           
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


 






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expenses
shall be treated as costs and expenses of the Lower-Tier REMIC and the related Serviced Whole Loan, if applicable.


 


(f)            
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 reasonable 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 April 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 (no later than the


 






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time(s)
that it or any portion thereof is made available to the Certificate Administrator) 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 Agreement on a monthly basis.


 


(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 April 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), the Serviced
Companion Loan Noteholders 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


 






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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 Trustee without any duty or obligation to recompute, verify or recalculate
any of the amounts and other information stated therein.


 


(d)          
The Master Servicer 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 with respect to
the Mortgage Loans that the Master Servicer 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 June 30, 2016, with respect to each Mortgage 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 2017. 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, 2017, 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 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 2016), together with copies of the related operating statements and related 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


 






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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
June 30, 2016).


 


(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 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 Serviced REO Property), commencing within 45 or 60 days, as applicable, of receipt of
such statements for year-end 2016, 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, upon request for receipt of any such items
from any Rating Agency, 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 Property) relating to a Mortgage Loan that it
is servicing. The CREFC® Operating Statement


 






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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 June 30, 2016)
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 Master Servicer (with
respect to Performing Loans and Specially Serviced Loans) shall deliver to the Certificate Administrator, the Operating Advisor
and (solely with respect to the related Mortgaged Property) each holder of a Serviced Companion Loan by electronic means the CREFC®
Operating Statement Analysis Report for each Mortgaged Property upon request.


 


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.


 


(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


 






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Advisor,
the Depositor, the Controlling Class or any Rating Agency, to such requesting party, without charge, the following materials for
Serviced REO Properties, 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 Serviced REO Loan, a
CREFC® Operating Statement Analysis Report for the related 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
each Mortgaged Property related to a Specially Serviced Loan and each related 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 Serviced REO Property, a CREFC® NOI Adjustment Worksheet for such 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 Serviced
REO Property to update the CREFC® Operating Statement Analysis Report for such Serviced REO 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 Serviced REO Property. The CREFC®
Operating Statement Analysis Report for 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 Serviced REO Property; provided, that, the Special Servicer may instead provide data files in an electronic form 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


 






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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 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


 






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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, the Special Servicer or the Certificate Administrator, 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,
the Special Servicer or the Certificate Administrator 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 Serviced Companion Loan Noteholder or a regulator or governmental body and
will keep such information confidential.


 


(c)           
Upon the reasonable request of (1) any Certificateholder identified to the Master Servicer to the Master Servicer’s
reasonable satisfaction (or, with respect to any Serviced Companion Loan, the request of any Serviced Companion Loan Noteholder),
the Master Servicer may provide (or forward electronically) (at the expense of such Certificateholder, Serviced


 






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Companion
Loan Noteholder) copies of any appraisals, operating statements, rent rolls and financial statements obtained by the Master Servicer,
or (2) any Controlling Class Certificateholder identified to the Master Servicer to the Master Servicer’s reasonable satisfaction,
the Master Servicer shall provide (or forward electronically) (at the expense of such Controlling Class Certificateholder) any
Excluded Information in the Master Servicer’s 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 an Excluded Controlling Class Holder; provided that, in connection therewith, the Master Servicer
may require a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable
to the Master Servicer or Special Servicer, generally to the effect that such Person is a Holder of Certificates or a Serviced
Companion Loan Noteholder 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 Certificate
Administrator nor the Master Servicer 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 17g5information.provider@db.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 “COMM 2016-DC2 Mortgage Trust, Series 2016-DC2” 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;


 


(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;


 






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(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;


 


(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;


 






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(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 will 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 17g5information.provider@db.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 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


 






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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 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,


 






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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 “COMM 2016-DC2 Mortgage
Trust, Series 2016-DC2” 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.


 


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.


 






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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 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


 






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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 notify 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 notification 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 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


 






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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(e); 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 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


 






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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 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.


 


The 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


 






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shall
be entitled “CWCapital Asset Management LLC, as Special Servicer, on behalf of Wilmington Trust, National Association, as
Trustee, for the benefit of the Holders of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-DC2 and the related Serviced Companion Loan Noteholders REO Account,” 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.


 


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


 






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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 is (x) on or prior to the related Determination Date or (y) 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 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


 






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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 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 H Certificates; second, to the Class G; third, to the Class F Certificates; fourth,
to the Class E Certificates; fifth, to the Class D Certificates; sixth, to the Class C Certificates; seventh,
to the Class B Certificates; eighth, to the Class A-M Certificates; and then to Class A-1, Class A-2, Class
A-3, Class A-SB, Class A-4 and Class A-5, 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


 






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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 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 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 to attempt to sell a Defaulted Loan (other than any Non-Serviced Mortgage Loan) and any related Serviced Companion Loan,
the Special Servicer shall use reasonable efforts to solicit offers for each such Defaulted Loan on behalf of the Certificateholders
and, if applicable, the related Serviced Companion Loan Noteholders in such manner as will be 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 shall be entitled to sell for a Liquidation Fee (with the consent
of the Directing Holder prior to the occurrence and continuance of a Control Termination Event) 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
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 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 Loan, and notwithstanding anything
to the contrary herein, neither the Trustee, in its individual capacity, nor any of its


 






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Affiliates
may make an offer for or purchase any such Defaulted Loan pursuant to this Agreement.


 


(c)           
Whether any cash offer constitutes a fair price for such Defaulted 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; provided, that no offer from an Interested Person shall constitute a fair price unless (i) if the
offer is equal to or greater than the applicable Purchase Price, then the offer is the highest offer received, or (ii) if the offer
is less than the applicable Purchase Price, then (a) the offer is the highest offer received and (b) 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 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 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 Loan, the Special Servicer
shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative appraisal that it may have
obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person
constitutes a fair price for any such Defaulted 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 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 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


 






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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 Loan related to a Serviced Whole Loan, shall be construed and calculated as
if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder) for any such Defaulted 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 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 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 Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of such Defaulted 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 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 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 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


 






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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 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
Whole Loan, shall be construed and calculated as if the loans in such Serviced 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


 






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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 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 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 Directing Holder (unless a Consultation
Termination Event exists) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related
Companion Loan Noteholder(s)), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests
of the Certificateholders and, in the case of a Serviced 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 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 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).


 


(l)          
With respect to each defaulted Serviced Companion Loan, the Special Servicer shall generally have the right to sell such
defaulted Serviced Companion Loan together


 






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with
the related Mortgage Loan pursuant to the terms of the related Intercreditor Agreement as if such Mortgage Loan and Serviced 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 Companion Loan. With respect to Serviced Whole Loans, the Special Servicer shall be required to obtain the consent
of any holder of a related Serviced Companion Loan prior to a sale of such Serviced 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 Companion Loans: (A) at least fifteen (15) Business Days’ prior written notice of any decision to attempt
to sell the related Serviced 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 Whole
Loan, and any documents in the servicing file reasonably requested by the holders of the applicable Serviced Companion Loans that
are material to the sale price of such Serviced 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 Companion Loans (or, in any case, their respective representatives)
shall be permitted to submit an offer at any sale of such related Serviced Whole Loan; however, the related Borrower and its agents
and Affiliates shall not be permitted to submit an offer at such sale.


 


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 (commencing in 2017) and (B) less than
$2,000,000 at least once every 24 months (commencing in 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
if any scheduled payment becomes more than sixty (60) days delinquent on the related Mortgage Loan, 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


 






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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 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 20 days of completion and receipt 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)           
The Master Servicer shall deliver all Compensating Interest Payments (other than the portion of any Compensating Interest
Payment allocated to a Serviced Pari Passu Companion Loan) to the Certificate Administrator for deposit in the Lower-Tier REMIC
Distribution Account on each Master Servicer Remittance Date, without any right of reimbursement therefor. The Master Servicer
shall deliver the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan to the holder
of the Serviced Companion Loan on each Master Servicer Remittance Date, without any right of reimbursement therefor.


 


(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 


 






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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.


 


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.


 






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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 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, “BBB” from Fitch and an equivalent rating from KBRA if rated by KBRA. 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


 



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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, 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, the
Master Servicer shall not make any Servicing Advance to the extent that it has received written notice that the Special Servicer
has determined (if no Consultation Termination Event has occurred, in consultation with the Directing Holder) 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


 



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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 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


 



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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 by but shall not be 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 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 a Performing 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


 



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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 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 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,


 



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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, 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) CWCapital Asset Management LLC
is hereby appointed as the initial Special Servicer to service each Specially Serviced Loan.


 


(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; provided further, with respect to a Servicing Shift Whole Loan, the limitations on termination
without cause set forth in clause (b) shall not apply to the related Loan-Specific Directing Holder’s right to terminate
the Special Servicer’s rights and obligations under this Agreement without cause with respect to such Servicing Shift Whole
Loan pursuant to the terms of 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


 



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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 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).


 


(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 expenses 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


 



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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 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. Further, such successor Special Servicer 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 or former operating advisor, the Asset Representations Reviewer or former asset representations reviewer, or an affiliate
of any of the foregoing, (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)
is not a special servicer that has been cited by KBRA 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. In addition, any replacement
Special Servicer that will service any Serviced Whole Loan shall meet any requirements specified in the


 



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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; 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(c) 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 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


 



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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 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)           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.


 


(j)           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 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, at the expense of the Trust Fund, the Certificate Administrator shall promptly provide written notice of such resignation
to all Certificateholders by posting such notice on the Certificate


 



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Administrator’s Website and the Excluded Special Servicer
shall be appointed upon the written direction of more than 50% of the Voting Rights of the Certificates that exercise their right
to vote (provided that holders of at least 20% of the Voting Rights of the Certificates exercise their right to vote). If such
Excluded Special Servicer has not been appointed pursuant to the preceding sentence within 30 days after the Special Servicer has
provided its written notice of resignation, the Certificate Administrator shall provide written notice to the resigning Special
Servicer that such Excluded Special Servicer has not been appointed and such resigning Special Servicer shall use reasonable efforts
to appoint such 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 related Mortgage Loan Seller, if no Consultation Termination Event has
occurred, 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 Special Servicer with the Servicing File and all other information,
documents (but excluding the original documents constituting the Mortgage File)


 



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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 a Performing 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 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 being understood and agreed that to the extent this information is provided in accordance with Section 3.13(g) of this
Agreement, this


 



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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 Directing Holder (only if no Consultation Termination Event 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 Operating Advisor (but only if a Control Termination Event has occurred and
is continuing), the Controlling Class Representative (so long as such Mortgage Loan is not an Excluded Mortgage Loan), 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;


 


(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


 



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Master Servicer for
regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted 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.


 


As provided in Section
3.12(d), if a Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the applicable Servicing Shift Securitization
Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and related REO Property in the same manner
as any other Specially Serviced Loan or Serviced REO Property, shall be entitled to all Special Servicing Compensation earned with
respect to such Serviced Whole Loan and shall have all the rights and obligations with respect to such Serviced Whole Loan as Special
Servicer of such Serviced Whole Loan.


 


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


 



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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 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


 



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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 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 uscmbs.info@db.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 Business Days following the later of
receipt of (i) such Asset Status Report, and (ii) such related additional information reasonably requested by the Operating Advisor,
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, 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 Business 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 Business 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, the Directing Holder shall have no right to receive any
Asset Status Report


 



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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.]


 


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.


 


(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.


 


(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


 



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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.


 


(g)          With
respect to certain Mortgage Loans originated or acquired by KeyBank that are subject to defeasance, KeyBank has retained on behalf
of itself or its Affiliate the right to establish or designate the successor borrower and to purchase or cause to be purchased
the related defeasance collateral (“KeyBank Defeasance Rights and Obligations”). In the event the Master Servicer
receives notice of a defeasance request with respect to a Mortgage Loan that provides for KeyBank Defeasance Rights and Obligations
in the related Loan Documents, the Master Servicer shall provide, within five (5) business days of receipt of such notice, written
notice of such defeasance request to KeyBank in the case of the Mortgage Loans for which KeyBank is the related Mortgage Loan Seller.
If the successor borrower is not designated or formed by KeyBank or any affiliate or successor thereto, the successor borrower
shall be reasonably acceptable to the Master Servicer in accordance with the Servicing Standard.


 


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
approve (i) actions that are Major Decisions or are not Master Servicer Decisions 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
if it recommends approval of such request for approval (a “Request for Approval”) received relating to the
Special Servicer’s above-referenced approval rights 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).


 



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Subject to Section 3.09(h) of 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 relating to a Major Decision 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), the Master
Servicer may deem such Request for Approval 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-Controlling Note Holder, or due to any failure
to approve an action by the Directing Holder, or due to any objection by the Directing Holder or a Non-Controlling Note Holder
that would (i) cause any one of them to violate applicable law, the terms of any Loan Documents, any Intercreditor Agreement, this
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 scope of the Master Servicer’s
or the Special Servicer’s responsibilities, or (iv) cause the Master


 



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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 Performing Loan, the Master
Servicer (subject to the Special Servicer’s consent for any action that is a Major Decision or which is not a Master
Servicer Decision) or (ii) with respect to any Specially Serviced Loan, the Special Servicer, 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 a
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 (1) cause any Trust REMIC to fail to qualify as
a REMIC or (2) 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” under Section 860G(c) of the Code). 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 Whole Loan, then such calculation
shall exclude the value of any personal property and going concern value, if any. 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.


 






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(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.


 


(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), 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


 



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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, 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 Section 1.860G-2(b) and would
not otherwise endanger the status of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or result in the imposition of a tax
upon the Lower-Tier REMIC, the Upper-Tier 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”) 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


 



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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 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.


 






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(m)         Any
modification, waiver or amendment of or consents or other actions relating to a Performing Loan (other than a Non-Serviced Mortgage
Loan) shall be subject to the consent of the Special Servicer (other than with respect to any Master Servicer Decision), and, only
to the extent provided in this Agreement and/or the applicable Intercreditor Agreement, the Special Servicer shall (i) obtain the
consent of (or consult with) the related Directing Holder and (ii) consult with the Operating Advisor. When the Special Servicer’s
consent is required (with respect to any Performing Loan (other than a Non-Serviced Mortgage Loan)), the Master Servicer shall
promptly provide the Special Servicer with written notice of any request for modification, waiver, amendment, consent or other
action accompanied by the Master Servicer’s written recommendation and analysis, to the extent the Master Servicer is recommending
approval, and any and all information in the Master Servicer’s possession or control that the Special Servicer may reasonably
request to grant or withhold such consent. When the Special Servicer’s 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 Major Decision or modification,
waiver, amendment, consent or other action that is not a Master Servicer Decision together with such other information reasonably
requested by the Special Servicer and reasonably available to the Master Servicer. With respect to all Major Decisions for Specially
Serviced Loans and Performing Loans (other than a 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 requested by such Directing Holder.


 


(n)          [Reserved]


 


(o)          For
any performing Mortgage Loan (other than a Non-Serviced Mortgage Loan) and Serviced Whole Loan, and subject to the rights of the
Special Servicer, the Directing Holder and the Operating Advisor under this Agreement, the Master Servicer, without the consent
of the Special Servicer, the Directing Holder or the Operating Advisor, as applicable, and without Rating Agency Confirmation shall
be responsible to determine whether to consent to or approve any of the following requests by the related Borrower (each, a “Master
Servicer Decision”):


 


(i)           approving
routine leasing activity including the granting of subordination and non-disturbance and attornment agreements and consent involving
routine leasing activities that affects an area less than the lesser of (i) 30,000 square feet and (ii) 30% of the net rentable
area of the related Mortgaged Property;


 


(ii)          approving
any waiver affecting the timing of receipt of financial statements from any Borrower; provided that such financial statements
are delivered no less than quarterly and within 60 days after the end of the calendar quarter;


 






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(iii)         approving
annual budgets for the related Mortgaged Property;


 


(iv)         subject
to other restrictions herein regarding Principal Prepayments, waiving any provision of a Mortgage Loan or Serviced Whole Loan
requiring a specified number of days’ notice prior to a Principal Prepayment;


 


(v)          consent
to releases of non-material, non-income producing parcels of a Mortgaged Property that do not materially affect the use or value
of the Mortgaged Property or the ability of the related Mortgagor to pay amounts due in respect of the Mortgage Loan or Companion
Loan as and when due; provided such releases are required by the related Mortgage Loan Documents and there is no lender
discretion permitted under the Mortgage Loan Documents;


 


(vi)         consent
to actions related to condemnation of non-material, non-income producing parcels of the Mortgaged Property that do not materially
affect the use or value of the Mortgaged Property or the ability of the related Mortgagor to pay amounts due in respect of the
Mortgage Loan or Companion Loan when due;


 


(vii)        approving
non-material modifications, consents or waivers (other than modifications, consents or waivers specifically prohibited under this
Section 3.26) in connection with a defeasance permitted by the terms of this Agreement, and subject to certain conditions,
including in certain cases, delivery of an Opinion of Counsel (which Opinion of Counsel shall be an expense of the Borrower) to
the effect that such modification, waiver or consent would not cause either Trust REMIC to fail to qualify as a REMIC under the
Code or result in a “prohibited transaction” under the REMIC provisions of the Code for federal income tax purposes;


 


(viii)       approving
consents with respect to non-material rights of way and non-material easements and consent to subordination of the related Mortgage
Loan or Serviced Whole Loan to such non-material rights of way or easements; provided that the Master Servicer has determined
in accordance with the Servicing Standard that such right-of-way or easement does not materially affect with the then-current
use or value of the related Mortgaged Property, the security intended to be provided by the related Mortgage or the Mortgagor’s
ability to make payments with respect to the related Mortgage Loan or Serviced Whole Loan;


 


(ix)         granting
waivers of minor covenant defaults (other than financial covenants);


 


(x)          as
permitted under the related Mortgage Loan Documents, payment from any escrow, reserve or letter of credit except releases of any
escrows, reserve accounts or letters of credit held as performance escrows or earn-out escrows or reserves unless required pursuant
to the specific terms of the related Mortgage Loan or Serviced Whole Loan and for which there is no lender discretion (other than
confirming the satisfaction of the other conditions to the transaction set forth in the related Mortgage Loan Documents that do
not include any other approval);


 






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(xi)         approving
a change of the property manager at the request of the related borrower so long as (i) the successor property manager is not affiliated
with the Borrower and is a nationally or regionally recognized manager of similar properties, and (ii) the subject Mortgage Loan
or Serviced Whole Loan does not have an outstanding principal balance in excess of the lesser of $2,500,000 or 2% of the then
aggregate principal balance of the Mortgage Loans and Serviced Whole Loans; and


 


(xii)        for
all Mortgage Loans and Serviced Whole Loans, subject to the satisfaction of any conditions precedent set forth in the related
Mortgage Loan Documents, approving disbursements of any holdback amounts in accordance with the related Mortgage Loan Documents,
provided that such disbursements are required pursuant to the specific terms of the related Mortgage Loan or Serviced
Whole Loan and for which there is no lender discretion (other than confirming the satisfaction of the other conditions to the
transaction set forth in the related Mortgage Loan Documents that do not include any other approval);


 


(xiii)       any
non-material modifications, waivers or amendments that do not have a monetary impact not provided for in clauses (i) through
(xi) above, which are necessary to correct scrivener’s errors in the terms of the related Mortgage Loan or Serviced
Whole Loan; and


 


(xiv)       in
accordance with this Agreement, approving, consenting to, disapproving or waiving any assumption, transfer or further encumbrance
where the consent of the lender is not required.


 


With respect to any borrower
request or other action on a Performing Loan including matters that are Major Decisions and that are otherwise not Master Servicer
Decisions, the Master Servicer shall not agree to such modification, waiver, amendment, consent, request or other action without
the prior written consent of the Special Servicer. In connection with such consent, to the extent the Master Servicer is recommending
approval, the Master Servicer shall promptly provide the Special Servicer with written notice of any request for such modification,
waiver, amendment, consent, request or other action, along with the Master Servicer’s written recommendation and analysis,
and all information in the Master Servicer’s possession that may be reasonably requested in order to grant or withhold such
consent by the Special Servicer or the Directing Holder or other Person with consent or consultation rights; provided that in the
event that the Special Servicer does not respond within ten (10) Business Days after receipt of such written notice and all such
reasonably requested information, plus the time period provided to the Controlling Class Representative or other relevant party
under this Agreement and, if applicable, any time period provided to a Companion Loan Noteholder under a related Intercreditor
Agreement, the Special Servicer’s consent to such modification, waiver, amendment, consent, request or other action shall
be deemed granted.


 


Section
3.27     Certain Intercreditor Matters Relating to the 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


 



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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 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


 



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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 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


 



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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 information of such parties to such Intercreditor Agreement
are actually known to the Certificate Administrator.


 


(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 or, as applicable, upon the receipt of notice by the Certificate Administrator of a Servicing Shift Securitization
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


 



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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 (but
without regard to whether or not the Directing Holder actually has lost any rights to receive such information as a result of a
Consultation Termination Event), hereunder with (1) copies of each financial statement received by the Master Servicer pursuant
to the terms of the related Loan 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


 



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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.


 


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.


 


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


 



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(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 Certificate of the Controlling Class
is a Global Certificate, then the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following
such request) request from the Depository, with the assistance of the Trustee, the list of Depository Participants for the Controlling
Class and make reasonable efforts to obtain a list of Certificate Owners from such Depository Participants, and the Certificate
Administrator shall provide such list of Depository Participants and such list of Certificate Owners (to the extent the Certificate
Administrator obtains such list of Certificate Owners), to the requesting party promptly upon receipt. The Certificate Administrator
shall be entitled to conclusively rely on the list of Depository Participants for the Controlling Class provided by the Depository
and the list of Certificate Owners provided by any Depository Participant and shall not have any liability for such reliance; provided
that, if any Certificate of the Controlling Class is a Global Certificate and the Certificate Administrator has actual knowledge
of the identity of the related Certificate Owners, 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 or in connection with a request made by the Operating Advisor
in connection with its obligation under this Agreement to deliver a copy of the 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.


 


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,


 



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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 (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 or in connection
with a request made by the Operating Advisor in connection with its obligation under this Agreement to deliver a copy of the 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.


 


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


 



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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 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


 



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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 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, (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


 



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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) the applicable
replacement master servicer or special servicer, as applicable, confirms in writing that KBRA 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 in any other commercial mortgage-backed
securities transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating
Agency, and (z) with respect to a replacement or successor to the Operating Advisor in any circumstance where a Rating Agency Confirmation
is required pursuant to the terms hereof, such condition will be deemed to be waived with respect to any non-responding Rating
Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material
factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect
to which the replacement operating advisor acts as trust advisor or operating advisor prior to the date of determination.


 


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) 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 Performing 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


 



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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 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.


 






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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 (as a collective whole as if such Certificateholders and, in the case of any Serviced Whole Loan (other
than any Servicing Shift Whole Loan), any related 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
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 Sponsors, the Mortgage Loan Sellers, 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 or 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 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 each Asset Status Report pursuant to Section 3.23(e) of
this Agreement.


 






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(ii)          consult
(on a non-binding basis) with the Special Servicer in connection with any Major Decision pursuant to Section 6.07 of this
Agreement;


 


(iii)         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;


 


(iv)         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;


 


(v)          within
120 days of the end of the prior calendar year (if any such Mortgage Loans (other than Non-Serviced Mortgage Loans and Servicing
Shift Mortgage Loans) or Serviced Whole Loans (other than Servicing Shift Whole Loans) were Specially Serviced Loans during the
prior calendar year and if a Control Termination Event was continuing as of the end of such 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 the resolution and liquidation of such Specially Serviced Loans during
the prior calendar year (the “Operating Advisor Annual Report”) to the Trustee, 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. 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


 



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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.


 


(vi)         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 and (ii) so long as CWCapital Asset Management LLC is acting as Special Servicer
then the Special Servicer, upon reasonable written request, shall provide the Operating Advisor with electronic access (reasonably
acceptable to the Special Servicer and the Operating Advisor) to the Special Servicer’s stated policies and procedures to
permit the Operating Advisor to review such policies and procedures. The Operating Advisor shall be permitted to review such 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 CWCapital Asset Management LLC as the special servicer
pursuant to the provisions of this Agreement. Notwithstanding the foregoing, the Operating Advisor shall 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. The Operating Advisor’s assessment may not take into account
the fact that CWCapital Asset Management LLC limited the Operating Advisor’s access to the Special Servicer’s written
policies and procedures pursuant to the provisions of this Agreement. 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 the Special Servicer’s written policies and procedures
will be subject to the terms of this Section 3.31(d). 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 solely for
purposes of complying with its duties and obligations under this Agreement.


 


(e)          With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan or 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


 



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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 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, after the calculation
but prior to the utilization by the Special Servicer of any of the calculations 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 and, in the case of the Appraisal Reduction
Amount, only to the extent the Master Servicer has provided such information to the Special Servicer), 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 the Master Servicer
or the Special Servicer, as applicable, 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 Master Servicer or the Special Servicer, as applicable, 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.


 






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(h)          The
Operating Advisor and its Affiliates 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 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 and in no event shall take any enforcement action with respect to the collection of such Operating
Advisor Consulting Fee other than requests for collection. 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.


 


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 uscmbs.info@db.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,


 



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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
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).


 


Section 3.33     Certain
Matters with Respect to Joint Mortgage Loans.


 


(a)          If
a Mortgage Loan Seller of a Joint Mortgage Loan (a “Repurchasing Seller”) repurchases, or substitutes for, the
Note(s) (as such term is defined in this Section 3.33(a)) (a “Repurchased Note”) related to such Joint
Mortgage Loan that it sold to the Depositor, but the other Mortgage Loan Seller of such Joint Mortgage Loan does not repurchase,
or substitute for, the Note(s) related to such Joint Mortgage Loan that it sold to the Depositor, the provisions of this Section
3.33 shall apply prior to the adoption, pursuant to Section 12.08, of any amendment to this Agreement that provides
otherwise. Each Mortgage Loan Seller of a Joint Mortgage Loan has agreed pursuant to the terms of the related Mortgage Loan Purchase
Agreement that the terms set forth in this Section 3.33 with respect to the servicing and administration of such Joint Mortgage
Loan shall apply if one or more of the Notes related to such Joint Mortgage Loan has been repurchased or, by way of substitution,
otherwise removed from the Trust and at least one other Note related to such Joint Mortgage Loan is included in the Trust until
such time as all of the Notes related to such Joint Mortgage Loan are no longer included in the Trust. For purposes of this Section
3.33 and Section 12.08 only, “Note” shall mean with respect to any Joint Mortgage Loan, each original
promissory note that collectively represents the Note (as defined in Article I) with respect to such Joint Mortgage Loan and shall
not be a collective reference to such promissory notes.


 


(b)          Custody
of and record title under the Loan Documents with respect to the applicable Joint Mortgage Loan shall be held exclusively by the
Trustee or the Custodian as provided under this Agreement, except that the Repurchasing Seller shall hold and retain title to its
original Repurchased Note and any related endorsements thereof.


 


(i)           All
of the Notes with respect to any Joint Mortgage Loan shall be of equal priority, and no portion of any Note shall have priority
or preference over any other portion of the other Notes or security therefor. Payments from the related Borrower (including, without
limitation, any late fees) or any other amounts received with respect to each Note shall be collected as provided in this Agreement
by the Master Servicer and


 



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shall be applied upon receipt by the Master Servicer pro rata to each related Note based on
its respective Repurchased Percentage Interest (as defined in Section 3.33(b)(ii)), subject to Section 3.33(b)(ii).
Payments or any other amounts received with respect to the related Repurchased Note shall be held for the benefit of the applicable
Repurchasing Seller and remitted (net of its pro rata share of any Master Servicing Fees, Special Servicing Fees, Operating
Advisor Fees and any other amounts due to the Master Servicer or the Special Servicer) to the applicable Repurchasing Seller or
its designee by the Master Servicer on each Distribution Date pursuant to instructions provided by the applicable Repurchasing
Seller and deposited and applied in accordance with this Agreement, subject to Section 3.33(b)(ii). If any Joint Mortgage
Loan to which this Section 3.33 applies becomes REO Loans, payments or any other amounts received with respect to any such
Joint Mortgage Loan shall be collected and shall be applied upon receipt by the Master Servicer pro rata to each related Note
based on its respective Repurchased Percentage Interest, subject to Section 3.33(b)(ii). Any Appraisal Reduction Amounts
calculated with respect to any Joint Mortgage Loan subject to this Section 3.33 shall be allocated to each related Note
pro rata based upon the respective Stated Principal Balances thereof.


 


(ii)          If
the Master Servicer or the Special Servicer, as applicable, receives an aggregate payment of less than the aggregate amount due
under any such Joint Mortgage Loan at any particular time, the applicable Repurchasing Seller shall receive from the Master Servicer
an amount equal to such Repurchasing Seller’s Repurchased Percentage Interest of such payment. All expenses, losses and
shortfalls relating solely to such Joint Mortgage Loan including, without limitation, losses of principal or interest, Nonrecoverable
Advances, interest on Advances, Operating Advisor expenses, Special Servicing Fees, Workout Fees and Liquidation Fees (including
any such fees related to the applicable Notes), shall be allocated between the holders of the related Notes pro rata based
upon the respective Stated Principal Balances thereof. In no event shall any costs, expenses, fees or any other amounts related
to any Mortgage Loan or Joint Mortgage Loan other than the applicable Joint Mortgage Loan be deducted from payments or any other
amounts received with respect to such Joint Mortgage Loan and payable to the applicable Repurchasing Seller. For purposes of Section
3.33(b)(i), this Section 3.33(b)(ii) and Section 3.33(g), “Repurchased Percentage Interest”
shall mean the percentage interest of the applicable Mortgage Loan Seller in the applicable Joint Mortgage Loan.


 


(iii)         A
Joint Mortgage Loan to which this Section 3.33 applies shall be serviced for the benefit of the applicable Repurchasing
Seller and the Certificateholders pursuant to the terms and conditions of this Agreement in accordance with the Servicing Standard
and in accordance with the provisions herein as if (A) such Joint Mortgage Loan were a Serviced Whole Loan, (B) the related Note(s)
not repurchased were (1) a Mortgage Loan serviced pursuant to this Agreement and (2) the only Mortgage Loan that is part of such
Joint Mortgage Loan, and (C) the related Repurchased Note were a Serviced Companion Loan. No Repurchasing Seller shall be permitted
to terminate the Master Servicer, the Special Servicer or the Operating Advisor as servicer, special servicer or operating advisor,
respectively, of the related Repurchased Note. All rights of the mortgagee under each such Joint Mortgage Loan shall be exercised
by the Master


 



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Servicer or the Special Servicer, on behalf of the Trust to the extent of its interest therein and the applicable
Repurchasing Seller in accordance with this Agreement.


 


(iv)         The
related Repurchasing Seller shall be treated hereunder as if it were a Serviced Companion Loan Noteholder on a pari passu
basis. Funds collected by the Master Servicer or the Special Servicer, as applicable, and applied to the applicable Notes shall
be deposited and disbursed in accordance with the provisions hereof relating to Serviced Companion Loan Noteholders. Compensation
shall be paid to the Master Servicer, the Special Servicer and the Operating Advisor with respect to each Repurchased Note as
provided in this Agreement as if each such Note were a Serviced Companion Loan. None of the Trustee, the Certificate Administrator,
the Master Servicer, the Special Servicer or the Operating Advisor shall have any obligation to make P&I Advances with respect
to any Repurchased Note or, if no related Note is part of the Trust, an Advance with respect to any Repurchased Note. Except as
otherwise specified herein, the Master Servicer and the Special Servicer shall have no reporting requirement with respect to any
Repurchased Note other than to deliver to the related Repurchasing Seller any document as is required to be delivered to a Serviced
Companion Loan Noteholder hereunder.


 


(c)          If
any non-repurchased Note relating to a Joint Mortgage Loan to which this Section 3.33 applies is considered a Specially
Serviced Loan, then any related Repurchased Note shall also be a Specially Serviced Loan under this Agreement. The Special Servicer
shall cause such related Repurchased Note to be specially serviced for the benefit of the applicable Repurchasing Seller in accordance
with the terms and provisions set forth in this Agreement and shall be entitled to any Special Servicing Fee, Workout Fee or Liquidation
Fee payable to the Special Servicer under this Agreement as with respect to a Serviced Companion Loan.


 


(d)          If
(A) the Master Servicer shall pay any amount to any Repurchasing Seller pursuant to the terms hereof in the belief or expectation
that a related payment has been made or will be received or collected in connection with either or both of the applicable Notes
and (B) such related payment is not received or collected by the Master Servicer, then the applicable Repurchasing Seller shall
promptly on demand by the Master Servicer return such amount to the Master Servicer. If the Master Servicer determines at any time
that any amount received or collected by the Master Servicer in respect of any Joint Mortgage Loans to which this Section 3.33
applies must be returned to the related Borrower or paid to any other person or entity pursuant to any insolvency law or otherwise,
notwithstanding any other provision of this Agreement, the Master Servicer shall not be required to distribute any portion thereof
to the related Repurchasing Seller, and such Repurchasing Seller shall promptly on demand by the Master Servicer repay (which obligation
shall survive the termination of this Agreement) any portion thereof that the Master Servicer shall have distributed to such Repurchasing
Seller, together with interest thereon at such rate, if any, as the Master Servicer may pay to the related Borrower or such other
person or entity with respect thereto.


 


(e)          Subject
to this Agreement (including, without limitation, the consent and consultation rights of the Controlling Class Representative and
any consultation rights of the Operating Advisor), the Master Servicer or the Special Servicer, as applicable, on behalf of the
holders of any of the Repurchased Notes, shall have the exclusive right and obligation to (i) administer, service and make all
decisions and determinations regarding the related Joint


 



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Mortgage Loan and (ii) enforce the applicable Loan Documents as provided
hereunder. Without limiting the generality of the preceding sentence, the Master Servicer or the Special Servicer, as applicable,
may agree to any modification, waiver or amendment of any term of, forgive interest on and principal of, capitalize interest on,
permit the release, addition or substitution of collateral securing, and/or permit the release of the related Borrower on or any
guarantor of any Joint Mortgage Loan it is required to service and administer as contemplated by this Section 3.33, without
the consent of the related Repurchasing Seller, subject, however, to the terms of this Agreement as they pertain to a Serviced
Companion Loan.


 


(f)           In
taking or refraining from taking any action permitted hereunder, the Master Servicer and the Special Servicer shall each be subject
to the same degree of care with respect to the administration and servicing of the Joint Mortgage Loans to which this Section
3.33 applies as is consistent with this Agreement; and shall be liable to any Repurchasing Seller only to the same extent as
set forth herein with respect to any holder of a Serviced Companion Loan.


 


(g)          If
the Trustee, the Master Servicer or the Special Servicer has made an Advance with respect to any Repurchased Note which would otherwise
be reimbursable to such advancing party under this Agreement, and such Advance is determined to be a Nonrecoverable Advance, the
applicable Repurchasing Seller shall reimburse the Trust in an amount equal to such Repurchasing Seller’s Repurchased Percentage
Interest of such Nonrecoverable Advance with interest thereon; provided, if the Repurchasing Seller does not reimburse the
Trustee, the Master Servicer or the Special Servicer, as applicable, the Master Servicer shall reimburse the Trustee, itself and/or
the Special Servicer, as applicable, for such amounts from the Collection Account. Notwithstanding the foregoing, the applicable
Repurchasing Seller shall not be obligated to reimburse the Trustee, the Master Servicer or the Special Servicer (and amounts due
to the applicable Repurchasing Seller shall not be offset) for Advances or interest thereon or any amounts related to any Mortgage
Loans or any other Joint Mortgage Loan other than such amounts relating to the applicable Repurchased Note. To the extent that
the applicable Repurchasing Seller reimburses any such Nonrecoverable Advances and such amounts are subsequently recovered, the
applicable Repurchasing Seller shall receive a reimbursement from such recovery based on its Repurchased Percentage Interest of
such recovery. This reimbursement right shall not limit the Trustee’s, the Master Servicer’s or the Special Servicer’s
rights to reimbursement under this Agreement. Notwithstanding anything to the contrary contained herein, the total liability of
each Repurchasing Seller shall not exceed an amount equal to its Repurchased Percentage Interest of the amount to be reimbursed.


 


(h)          Each
Repurchasing Seller shall have the right to assign the related Repurchased Note; provided that the assignee of the related
Repurchased Note shall agree in writing to be bound by the terms of this Agreement.


 


(i)           The
Master Servicer and the Special Servicer shall, in connection with their servicing and administrative duties under this Agreement,
exercise efforts consistent with the Servicing Standard to execute and deliver, on behalf of each Repurchasing Seller as a holder
of a pari passu interest in the applicable Joint Mortgage Loan, any and all financing statements, continuation statements
and other documents and instruments necessary to maintain the lien created by any Mortgage or other security document related to
the applicable Joint Mortgage Loan on the related Mortgaged Property and related collateral, any and all modifications,


 



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waivers,
amendments or consents to or with respect to the related Joint Mortgage Loan documents, and any and all instruments of satisfaction
or cancellation, or of full release or discharge, and all other comparable instruments with respect to the related Repurchased
Note or related Repurchased Notes and the related Mortgaged Property all in accordance with, and subject to, the terms of this
Agreement. Each Repurchasing Seller agrees to furnish, or cause to be furnished, to the Master Servicer and the Special Servicer
any powers of attorney or other documents necessary or appropriate to enable the Master Servicer or the Special Servicer, as the
case may be, to carry out its servicing and administrative duties under this Agreement related to the applicable Joint Mortgage
Loan; provided, however, that such Repurchasing Seller shall not be liable, and shall be indemnified by the Master Servicer or
the Special Servicer, as applicable, for any negligence with respect to, or misuse of, any such power of attorney by the Master
Servicer or the Special Servicer, as the case may be; and further provided that the Master Servicer or the Special Servicer, without
the written consent of the applicable Repurchasing Seller, shall not initiate any action in the name of such Repurchasing Seller
without indicating its representative capacity or take any action with the intent to cause and that actually causes, such Repurchasing
Seller to be registered to do business in any state.


 


(j)           Pursuant
to the related Mortgage Loan Purchase Agreement, the applicable Repurchasing Seller is required to deliver to the Master Servicer
or the Special Servicer, as applicable, the Loan Documents related to the applicable Repurchased Note, any requests for release
and any court pleadings, requests for trustee’s sale or other documents necessary to the foreclosure or trustee’s sale
in respect of the related Mortgaged Property or to any legal action or to enforce any other remedies or rights provided by the
Note(s) or the Mortgage(s) or otherwise available at law or equity with respect to the related Repurchased Note.


 


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(s) 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


 



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related Class of Corresponding Certificates thereon as provided in Section
4.01(b) of this Agreement; and provided, further, that distributions of principal or reimbursement of
Realized Losses and Additional Trust Fund Expenses with respect to a Class of Certificates having more than one Corresponding
Lower-Tier Regular Interest, shall be allocated sequentially to the Corresponding Lower-Tier Regular Interests for such
Class, starting with the Corresponding Lower-Tier Regular Interest having the lowest alphanumeric designation.


 


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(s) (and with respect to
a Class of Certificates having more than one Corresponding Lower-Tier Regular Interest, shall be allocated sequentially to the
Corresponding Lower-Tier Regular Interests for such Class, starting with the Corresponding Lower-Tier Regular Interest having the
lowest alphanumeric designation) 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).


 


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 with respect
to 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 occurring prior to the Cross-Over 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-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E
and Class X-F Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance with, the respective
aggregate Interest Distribution Amount for those Classes;


 






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(ii)         Second,
to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 Certificates, in reduction of the Certificate Balances
thereof, in the following priority:


 


(A)          first,
to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount for such Distribution Date, until the Certificate Balance of such Class is reduced to the Class A-SB Planned Principal Balance;


 


(B)          second,
to the Class A-1 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion of it remaining after distributions on the Class A-SB Certificates pursuant to (A) above in this clause (b)(ii))
for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;


 


(C)          third,
to the Class A-2 Certificates, in reduction of Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion of it remaining after distributions on the Class A-1 and Class A-SB Certificates pursuant to (A) and (B) above
in this clause (b)(ii)) for such Distribution Date, until the aggregate Certificate Balance of such Class is reduced to zero;


 


(D)          fourth,
to the Class A-3 Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion of it remaining after distributions on the Class A-1, Class A-2 and Class A-SB Certificates pursuant to (A), (B)
and (C) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;


 


(E)          fifth,
to the Class A-4 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount (or the portion of it remaining after distributions on the Class A-1, Class A-2, Class A-3 and Class A-SB Certificates
pursuant to (A), (B), (C) and (D) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of
such Class is reduced to zero;


 


(F)          sixth,
to the Class A-5 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount (or the portion of it remaining after distributions on the Class A-1, Class A-2, Class A-3, Class A-SB and A-4
Certificates pursuant to (A), (B), (C), (D) and (E) above in this clause (b)(ii)) for such Distribution Date, until the
Certificate Balance of such Class is reduced to zero;


 






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(G)          seventh,
to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount (or the portion of it remaining after distributions on the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class
A-5 Certificates pursuant to (A), (B), (C), (D), (E) and (F) above in this clause (b)(ii)) for such Distribution Date, until
the Certificate Balance of such Class is reduced to zero;


 


(iii)            
Third, to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 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 aggregate 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 aggregate 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 aggregate 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 C is reduced to zero;







 



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(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 aggregate 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;


(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 aggregate 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;


(xvix)            
Nineteenth, to the Class F Certificates in respect of interest, up to an amount equal to the aggregate 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;







 






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(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 aggregate 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;


(xxv)            
Twenty-fifth, to the Class H Certificates in respect of interest, up to an amount equal to the aggregate Interest
Distribution Amount of such Class;


(xxvi)            
Twenty-sixth, to the Class H 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;


(xxvii)            
Twenty-seventh, to the Class H Certificates, up to an amount equal to the aggregate of unreimbursed Realized
Losses previously allocated to such Class; and


(xxviii)            
Twenty-eighth, to the Class R Certificates (in respect of the Class LTR 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-2, Class A-3, Class A-SB, Class A-4 and Class A-5 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.


 






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(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
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-2, Class A-3,
Class A-SB, Class A-4, Class A-5, 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-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H 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-2, Class A-3, Class A-SB, Class A-4, Class A-5 and Class A-M 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;


 


(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 B and Class C 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


 


(iii)        to
the Class X-C 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 D 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-D Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distribution to the Class E and Class F Certificates on such Distribution Date and


 



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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;


 


(v)        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 G 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


 


(vi)       to
the Class X-F Certificates, the IO Group YM Distribution Amount remaining after such distribution to the holders of the Class X-A,
Class X-B, Class X-C, Class X-D and Class X-E Certificates described in (i) through (vi) 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-C, Class X-D,
Class X-E and Class X-F 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-C, Class X-D, Class X-E and Class X-F 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


 



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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.


 


(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-C, Class X-D, Class X-E and Class X-F 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-C, Class X-D, Class X-E and Class X-F 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-C, Class X-D, Class X-E and Class X-F Certificates) that previously were allocated Realized Losses, first,
to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 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 H Certificates; second, to the Class G Certificates; third, to the
Class F Certificates; fourth, to the Class E Certificates; fifth, to the Class D Certificates; sixth, to the
Class C Certificates; seventh, to the Class B Certificates; eighth, to the Class A-M Certificates; and finally,
to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 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


 



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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.


 


(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


 



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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 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 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 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 or
Classes 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)           [Reserved.]


 


(k)          [Reserved.]


 


(l)           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.


 






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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, Certificate Administrator 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;


 


(ii)          the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Sequential Pay Certificates
and the Class V 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, if any, paid to the Trustee, the Certificate Administrator, CREFC®, the Operating
Advisor and the Asset Representations Reviewer and servicing compensation, if any, 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;


 






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(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 V or 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 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 allocated during the related Collection Period on a loan-by-loan basis; and the total
Appraisal Reduction 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


 



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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)       the
original and then-current ratings of each Class of Certificates (other than the Class R Certificates);


 


(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);


 






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(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 Master Servicer may
omit from the reports that it delivers to the Certificate Administrator (and the Special Servicer may omit from the reports it
delivers to the Master Servicer) in connection with the preparation of the Distribution Date Statement any information that the
Master Servicer or the Special Servicer, as applicable, regards as confidential, so long as such information is not required to
be disclosed pursuant to Item 1125 of Regulation AB. None of the Master Servicer, the Special Servicer, the Trustee or the Certificate
Administrator shall be responsible for the accuracy or completeness of any information supplied to it by 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.


 


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, unless the Certificate Administrator has an explicit
obligation to review or prepare such information.


 


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


 



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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 dbinvestor@list.db.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 Administrator shall include such summary in Item 1B on the Form 10-D 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;


 






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(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;


 


(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, the Operating
Advisor or the Asset Representations Reviewer;


 


(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
Asset Review Report Summary received by the Certificate Administrator;


 






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(K)          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;


 


(L)          any
notice of the termination of the Trust;


 


(M)         any
notice of the occurrence and continuance of a Control Termination Event;


 


(N)          any
notice of the occurrence of a Consultation Termination Event;


 


(O)          any
notice of the occurrence of an Operating Advisor Termination Event;


 


(P)          any
notice of the occurrence of an Asset Representations Reviewer Termination Event;


 


(Q)          any
Proposed Course of Action Notice;


 


(R)          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


 


(S)          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


 



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L-1F, which shall include each of the User ID’s for
the Secure Data Room 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 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).


 






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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 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.


 






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(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 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


 






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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 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


 






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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 requested 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 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


 






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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.


 


The Certificate Administrator
may require a Privileged Person to execute an Investor Certification 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 the Lower-Tier REMIC and the
Upper-Tier REMIC shall constitute, and that the affairs of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted
so as to qualify it as, a “real estate


 






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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 REMIC and shall on behalf of each such
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 REMIC
as required by the REMIC Provisions and other applicable federal, state or local income tax laws;


 


(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 of each Trust REMIC pursuant to Treasury Regulations
Section 1.860F-


 






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4(d) and shall be the “partnership representative” within the meaning of Section 6223 of the Code, to
the extent such provision is applicable to the Trust REMICs. 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 or “partnership representative”. The Certificate Administrator shall act as attorney-in-fact
and agent for the tax matters person and/or “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 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


 






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(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 of the Code (or successor provisions) to any REMIC
and (ii) to avoid payment by any Trust REMIC under Section 6226 of the Code (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 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


 






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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 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;


 






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(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 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


 






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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 (other
than, in the case of any Non-Serviced Mortgage Loan, the servicing fee rate pursuant to the applicable Other Pooling and Servicing
Agreement)) 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 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, the Master Servicer shall not make any P&I Advance to the extent that it has received written notice that the Special
Servicer has determined (if no Consultation Termination Event has occurred, in consultation with the Directing Holder) 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


 






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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 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.


 






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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 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


 






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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 will 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) 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.


 






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(e)          With
respect to any Non-Serviced Mortgage Loan, the Master 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 or 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 or 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 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


 






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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.


 


(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. (a) For purposes of (x) determining 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 H Certificates; second, to the Class G Certificates, third, to the Class F Certificates, fourth,
to the Class E Certificates, fifth, to the Class D Certificates, sixth, to the Class C Certificates, seventh,
to the Class B Certificates, eighth, to the Class A-M Certificates and tenth, to the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4 and Class A-5 Certificates, pro rata, based on their Certificate Balances).


 


The Master Servicer shall
notify the Certificate Administrator of the amount of any Appraisal Reduction Amount allocated to each Mortgage Loan or Serviced
Whole Loan. 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


 






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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 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 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 Event has occurred (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 60 days from receipt of the Requesting Holders’ written request. Any Appraised-Out Class for
which the Requesting Holders are challenging the Appraisal Reduction 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 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 is warranted and, if so warranted, shall direct the
Master Servicer to, and the Master Servicer shall, recalculate such Appraisal Reduction Amount based upon such second Appraisal.
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


 






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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 exists.


 


(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)          The
Special Servicer, upon reasonable request, shall deliver to the Master Servicer any information in the Special Servicer’s
possession reasonably required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount.


 


On the first Determination
Date occurring at least 10 Business Days after the date the Master Servicer receives from the Special Servicer the related Updated
Appraisal or the Special Servicer’s Small Loan Appraisal Estimate, as applicable, the Master 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, 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.


 


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 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 (or, if the Grantor Trust is a WHFIT,


 






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information will be provided on 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)
If the Certificate Administrator receives notice that any Class V Certificate is held through a “middleman” as defined
in WHFIT Regulations, then the Grantor Trust will be treated as a WHFIT that is a WHMT. In such event, 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 shall be entitled
to rely on its receipt of notice of the first sentence of this Section 4.09(c)(i), and shall be entitled to indemnification
in accordance with the terms of this Agreement in the event that the IRS makes a determination that such notice 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.


 


(iv)         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 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.


 






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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 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 (but shall not be obligated to) direct the Certificate
Administrator in writing to delete the Diligence File related to such Mortgage Loan from the Secure Data Room; provided
that absent such direction, the Certificate Administrator shall not be obligated to delete any Diligence File from the Secure Data
Room. Following the termination of the Trust pursuant to Section 9.01, the Certificate Administrator


 






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shall be permitted
to delete all files from the Secure Data Room. Upon deletion pursuant to this Section 4.10, 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-2 Certificates, the Class A-3 Certificates, the Class A-SB Certificates, the Class A-4 Certificates, the Class A-5
Certificates, the Class A-M Certificates, the Class X-A Certificates, the Class X-B Certificates, the Class X-C Certificates,
the Class X-D Certificates, the Class X-E Certificates, the Class X-F 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 H Certificates, the Class V Certificates and the Class R Certificates.


 


The Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F,
Class B, Class C, Class D, Class E, Class F, Class G, Class H, 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	 	 	$	35,639,000	 
	A-2          	 	$	10,000	 	 	$	4,483,000	 
	A-3          	 	$	10,000	 	 	$	15,740,000	 
	A-SB        	 	$	10,000	 	 	$	60,282,000	 
	A-4          	 	$	10,000	 	 	$	200,000,000	 
	A-5          	 	$	10,000	 	 	$	248,192,000	 
	X-A          	 	$	100,000	 	 	$	614,723,000	 
	A-M          	 	$	10,000	 	 	$	50,387,000	 
	B           	 	$	10,000	 	 	$	40,310,000	 
	C           	 	$	10,000	 	 	$	42,325,000	 
	X-B          	 	$	1,000,000	 	 	$	82,635,000	 
	X-C          	 	$	1,000,000	 	 	$	42,326,000	 
	X-D          	 	$	1,000,000	 	 	$	23,178,000	 



 






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	Class	 	Minimum
 Denomination	 	Aggregate Denomination of
 all Certificates of Class
	X-E          	 	$	1,000,000	 	 	$	14,108,000	 
	X-F          	 	$	1,000,000	 	 	$	29,225,159	 
	D           	 	$	100,000	 	 	$	42,326,000	 
	E           	 	$	100,000	 	 	$	13,100,000	 
	F           	 	$	100,000	 	 	$	10,078,000	 
	G           	 	$	100,000	 	 	$	14,108,000	 
	H           	 	$	100,000	 	 	$	29,225,159	 


 


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


 






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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 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 Depositor is 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,


 






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without limitation, any delay in delivery of such instructions. Upon the issuance of Individual Certificates, the Trustee, the
Certificate Administrator, the Certificate 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.


 






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(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


 






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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 or 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.


 






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(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


 






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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


 






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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


 






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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


 






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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


 






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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


 






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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 X-D, Class X-E, Class X-F, Class E, Class F, Class G, Class H, 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 or 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


 






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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


 






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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


 






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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, “A” from Fitch and an equivalent rating from KBRA (if rated by KBRA), 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, (ii) the name of the transaction, COMM 2016-DC2, and (iii) 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 reasonably
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


 






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Communication Request. Requesting Investors will be responsible for
their own expenses in making any Communication Request, but will not be required to bear any 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.


 






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(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.


 


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


 






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purchasers of any Class of Certificates are subject to and shall
be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.


 


(c)          The
Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator
shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible
or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall not be counted.
Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of the vote.
Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition and
the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.08(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,
retabulate the votes or conduct a new vote for the same proposition.


 


(d)          Unless
otherwise paid for by any Holder pursuant to Section 8.01 or Section 8.02, or clause (e) below, 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 Servicer shall keep in full effect its existence, rights and good standing as a national banking association
under the laws


 






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of the United States of America and a limited liability company in good standing under the laws of the State
of Delaware, 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 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, the Operating Advisor or the Asset Representations Reviewer shall be required
to obtain a Rating Agency Confirmation from any Rating Agency if the Master Servicer, Special Servicer, Operating Advisor or Asset
Representations Reviewer, 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, the
Operating Advisor or the Asset Representations Reviewer enters into a merger and the Master Servicer, the Special Servicer, the
Operating Advisor or the Asset Representations Reviewer, as applicable, is the surviving entity under applicable law, the Master
Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, as applicable, shall not, as a result
of the merger, be required to provide a Rating Agency Confirmation or obtain the consent of the Depositor. Notwithstanding the
foregoing, no Master Servicer, Special Servicer, Operating Advisor or Asset Representations Reviewer may remain the Master Servicer,
Special Servicer, Operating Advisor or 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


 






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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 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


 






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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.


 


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 Asset Representations Reviewer and the Operating Advisor and each of their respective Affiliates and each of their respective
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 Asset Representations Reviewer and the Depositor and each of their respective Affiliates and each of their
respective 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,


 






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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.


 


The Asset Representations
Reviewer shall indemnify the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Depositor,
the Operating Advisor and the Trust and each of their Affiliates and any partner, director, officer, shareholder, member, manager,
employee, representative or agent thereof, and hold them harmless, from and against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, 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, fraud 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.


 


(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.


 


(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


 






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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 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


 






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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
Directing Holder, 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 and the Certificate Administrator 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. If no successor Operating Advisor
has been so appointed and accepted the appointment within 30 days after the notice of resignation, the resigning Operating Advisor
may petition any court of competent jursidiction for the appointment of a successor Operating Advisor that is an Eligible Operating
Advisor. 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 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


 






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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 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


 






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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 (other than any Excluded Mortgage Loan or Servicing Shift Mortgage Loan), (2) the Special Servicer with
respect to Performing Loans (other than any Excluded Mortgage Loan or Servicing Shift Mortgage Loan) as to all matters for
which the Master Servicer must obtain the consent or deemed consent of the Special Servicer, and (3) the Special Servicer
with respect to all Mortgage Loans (other than any Excluded Mortgage Loan or Servicing Shift Mortgage Loan) 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. 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 shall not be permitted
to take any action constituting a Major 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 Directing Holder 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 together with such other information reasonably requested by the
Directing Holder (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 Directing Holder 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 Directing Holder (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 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, 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


 






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Directing Holder or the Operating Advisor to respond will not relieve the Special Servicer from
seeking consent of or consulting with, as applicable, the Directing Holder or the Operating Advisor on any future matters
with respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage 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, 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 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 Agreements will
not result in any liability on the part of the Master Servicer or the Special Servicer.


 






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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.


 


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
misconduct, bad faith or negligence in the performance of duties or by reason of negligent 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 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,
with the assistance of the Trustee, the list of Depository Participants for the Controlling Class and make reasonable efforts to
obtain a list of Certificate Owners from such Depository Participants, and the Certificate Administrator shall provide such list
of Depository Participants and such list of Certificate Owners (to the extent the Certificate Administrator obtains such list of
Certificate Owners), to the requesting party promptly upon receipt. 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


 






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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 the 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.


 


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


 






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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 related 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, 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


 






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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;


 


(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)
any of Moody’s or KBRA 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 or KBRA, as applicable, within sixty (60) days of such event), and, in 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; or (b) 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 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));


 






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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 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.


 


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-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


 






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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).


 


(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


 



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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 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;


 



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(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) any of
Moody’s or KBRA 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 or KBRA, as applicable, within sixty (60) days of such event), and, in 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; or (b) 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 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 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(c) 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, 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


 



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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, 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 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(c) 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


 



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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 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


 



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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 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 in the case of the
appointment of a successor Master Servicer) 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


 



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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 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


 



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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 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


 



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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;


 


(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


 



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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 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


 



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terminated and, without limitation, the terminated Operating Advisor shall execute any and all documents and other instruments,
and do or accomplish all other acts or things reasonably necessary or appropriate to effect the purposes of such notice of termination.
As soon as practicable, but in no event later than 15 Business Days after (1) the Operating Advisor resigns pursuant to Section
6.04(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.


 


(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, 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).


 



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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
to the Trustee or the Certificate Administrator pursuant to any provision of this Agreement (other than the Mortgage Files, the
review of which is specifically governed in Article II, any CREFC® reports, and any information delivered for posting
to the Certificate Administrator’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 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,


 



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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 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


 



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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 Operating Advisor or the Asset Representations Reviewer 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
hereunder, the Trustee shall comply with the Servicing Standard.


 


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


 



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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;


 


(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


 



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Certificate Administrator, as the case may be, may not perform
any duties hereunder through any Person that is a Prohibited Party;


 


(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; and


 


(ix)          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 the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or cause
the Grantor Trust to fail to qualify as a grantor trust, at any time that any Certificates are outstanding, or subject the Lower-Tier
REMIC or the Upper-Tier REMIC to any tax under the REMIC Provisions or other applicable provisions of federal, state and local
law or ordinances or cause the Grantor Trust not to be treated 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)          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).


 



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(f)          In order to comply with laws,
rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation,
those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA Patriot Act of the
United States (“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.


 


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


 



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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 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 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


 



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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 $250.00 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 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(c) 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


 



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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), the Asset Representations Reviewer 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, 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.


 



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(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”) 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”), 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 the applicable Indemnifying Party’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”) shall, solely in its capacity as the
17g-5 Information Provider, indemnify each Mortgage Loan Seller and Deutsche Bank Securities Inc. (each, for purposes of this Section
8.05(h), 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) related to (i) the applicable Indemnifying Party’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.


 


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,


 



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(iii)         have a combined
capital and surplus of at least $50,000,000,


 


(iv)         be subject
to supervision or examination by federal or state authority and, solely in the case of the Trustee, 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),


 


(v)          not be a Prohibited
Party,


 


(vi)         be an institution
insured by the Federal Deposit Insurance Corporation, and


 


(vii)        have a rating
on its long-term senior unsecured debt of at least “A2” by Moody’s and “A” by Fitch; provided that
neither the Trustee nor the Certificate Administrator will become ineligible to serve based on a failure to satisfy such rating
requirements as long as (a) it has a rating on its long-term unsecured debt of at least “Baa2” by Moody’s and
“BBB” by Fitch, (b) it has a rating on its short-term debt obligations of at least “P-2” by Moody’s
and “F2” by Fitch, and (c) in the case of the Trustee, the Master Servicer has a rating on its long-term senior unsecured
debt 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


 



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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
appointment of a successor. The Trustee or the Certificate Administrator, as applicable, shall bear all reasonable out of
pocket costs and expenses of each other party hereto and each Rating Agency in connection with its resignation.


 


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.


 


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


 



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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 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, (a) 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 COMM 2016-DC2
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2 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; (b) 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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-DC2 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


 



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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 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


 



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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 exists, the Depositor 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


 



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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.


 


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 Directing Holder 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


 



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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 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 such REMIC and for the Grantor Trust for the period ending with such termination, and shall retain books and records with
respect to such 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


 



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(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 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.


 


For purposes of this Section 9.01,
the Directing Holder 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.


 


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


 



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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 LTR 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:


 


(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


 



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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, the Class X-B Notional Amount, the Class X-C Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates if the Sole Certificateholder has only taken an assignment
of the Voting Rights of the Class X-D, Class X-E Certificates and Class X-F 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
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-D, Class X-E Certificates and Class X-F Certificates have assigned their Voting Rights to the “Sole
Certificateholder”, then the Sole Certificateholder may exchange the Class E, Class F, Class G and Class H 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-D, Class X-E Certificates and Class X-F 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-D, Class X-E Certificates
and Class X-F 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-D
Certificates, Class X-E Certificates and Class X-F Certificates if the Sole Certificateholder has only taken an assignment of the
Voting Rights of the Class X-D Certificates, Class X-E Certificates and Class X-F 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,


 



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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-D Certificates, Class X-E Certificates and Class X-F Certificates if the Sole Certificateholder has
only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates and Class X-F 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 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-D Certificates, Class X-E Certificates and
Class X-F Certificates pursuant to the definition of “Sole Certificateholder”, upon receipt of the Class X-D, Class
X-E Certificates and Class X-F Certificates, release the Class X Payoff Amount to the Holders of the Class X-D Certificates, Class
X-E Certificates and Class X-F 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-D Certificates, Class X-E Certificates and Class X-F
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-D Certificates, Class X-E Certificates and Class X-F 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 Trust Fund.


 






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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 COMM 2016-DC2 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2016-DC2 and any Other Securitization subject to Regulation AB that includes a
Serviced 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


 



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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 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


 



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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 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 COMM 2016-DC2 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


 



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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 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


 



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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.


 


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


 



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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 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 required to be delivered by the related Mortgagor under the related
Mortgage Loan documents.


 


The Master Servicer shall (or 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


 



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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.


 


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


 



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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 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 10.05(c) 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 10.05(c). 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 hereby represents
to the Certificate Administrator that the Depositor has filed all such required reports during the preceding 12 months and that
it has been subject to such filing requirement for the past 90 days. The Depositor shall notify the Certificate Administrator in
writing, 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”; 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


 



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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: Lainie Kaye, Telephone: (212) 504-6678. 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(b), the Certificate Administrator
shall include such Asset Review Report Summary under Item 1B on the Form 10-D for such reporting period in which the Asset Review
Report Summary was received by the Certificate Administrator.


 


To the extent the Certificate Administrator
receives a Communication 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.


 


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;


 






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(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 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.


 



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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 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
1st, 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 6th Business Day prior to the 10-K Filing Deadline, the Certificate Administrator shall forward electronically a copy
of the Form 10-K to the Depositor for review and approval. Within three Business Days after receipt of such copy, but no later
than March 24th, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of
any changes to or approved


 



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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 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 hereby represents
to the Certificate Administrator that the Depositor has filed all such required reports during the preceding 12 months and that
it has been subject to such filing requirement for the past 90 days. The Depositor shall notify the Certificate Administrator in
writing, 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”; 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


 






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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 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 Deutsche Mortgage & Asset Receiving Corporation at 60 Wall Street, New York, New
York 10005, Attention: Lainie Kaye, with a copy to Salvatore Palazzolo, Esq. 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.


 



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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 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.


 



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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 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, (c), 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


 



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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 (which 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 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


 



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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 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 Master Servicer 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


 



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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 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


 



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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-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


 



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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 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


 



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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 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


 



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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 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


 



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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 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


 



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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 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 Deutsche Mortgage & Asset Receiving Corporation
at 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye, with a copy to Salvatore Palazzolo.


 


(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) 797-4487, Attention: Lainie Kaye, with a copy to (212) 839-5599, Attention: Anna
H. Glick (or such other number as the Depositor may instruct) and/or by email to Lainie.kaye@db.com, with a copy to anna.glick@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 (714) 247-6471, Attention: Business Control Office, or such other number as the
Certificate Administrator may instruct and/or by email to dbsec.notifications@db.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


 



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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
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 10.05(c),


 



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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-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 CREFC® Loan Periodic Update
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 the Asset Representations Reviewer, the Master
Servicer, the Special Servicer, the Directing Holder and 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 their 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 date a statement describing the events that caused the Asset Review Trigger to
occur: “As of the [Date of Distribution], the following mortgage loans identified below are 60 or more days delinquent and
an Asset Review Trigger as defined in the Pooling and Servicing Agreement has occurred.” On each Distribution Date after
providing such notice to Certificateholders, the Certificate Administrator, based on information provided to it by the Master Servicer,
shall determine whether (1) any additional Mortgage Loan has become a Delinquent Mortgage Loan, (2) any Mortgage Loan has ceased
to be a Delinquent Mortgage 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, the Asset Representations Reviewer and the Directing Holder.


 


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


 



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provide written notice thereof to the Asset Representations Reviewer
and to 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 a majority of an Asset Review Quorum within 150 days of
receipt of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator
shall promptly provide written notice thereof to all parties to this Agreement, the Underwriters, the Mortgage Loan Sellers, the
Directing Holder and the Certificateholders. 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 Mortgage Loan unless and until (A) an
additional Mortgage Loan has become a Delinquent Mortgage Loan after the expiration of such 150-day period, (B) an additional
Asset Review Trigger has occurred as a result or otherwise is in effect, (C) the Certificate Administrator has timely 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 Affirmative Asset Review Vote (the “Asset Review Notice”), the Custodian (with respect
to clauses (1) – (5) for Performing Loans), the Master Servicer (with respect to clause (6) for Performing
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, the “Review Materials”) by delivering such Review Materials to the Certificate Administrator for
posting to the Secure Data Room or the Certificate Administrator’s Website, as applicable:


 


(1)          a copy
of an assignment of the Mortgage in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage
Loan), with evidence of recording thereon, for each Delinquent Mortgage 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
(or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan), with evidence of recording thereon, related to each
Delinquent Mortgage Loan that is subject to an Asset Review;


 


(3)          a copy
of the assignment of all unrecorded documents relating to each Delinquent Mortgage Loan that is subject to an Asset Review, if
not already covered pursuant to items (1) or (2) above;


 



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(4)          a copy
of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each Delinquent
Mortgage Loan that is subject to an Asset Review;


 


(5)          a copy
of an assignment in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) of any financing
statement executed and filed in the relevant jurisdiction related to each Delinquent Mortgage Loan that is subject to an Asset
Review; and


 


(6)          any
other related documents that were entered into or delivered in connection with the origination of such Mortgage Loan that are necessary
in connection with the Asset Representations Reviewer’s completion of any Asset Review and that are requested (in writing)
by the Asset Representations Reviewer in the time frames and as otherwise set forth below.


 


(ii)          If,
as part of an Asset Review of any Mortgage Loan, the Asset Representations Reviewer determines that it is missing any documents
that are required to be a part of the Review Materials for such Mortgage Loan or which were entered into or delivered in connection
with the origination of such Mortgage Loan, in each case that are necessary in connection with its completion of any such Asset
Review, 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) through (5) above, notify (in writing) the Master Servicer (with respect to Performing
Loans) or the Special Servicer (with respect to Specially Serviced Loans), as applicable, of such missing documents, and request
(in writing) 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 to the extent in its possession; provided that any such notification and/or request shall be in writing,
specifically identify the documents being requested and sent to the notice address for the related party set forth in Section 12.05
of this Agreement. In the event any such missing documents are not provided by the Master Servicer or Special Servicer, as applicable,
within such 10 Business Day period, the Asset Representations Reviewer shall request such documents 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 only to the extent in the possession of such Mortgage Loan Seller; provided that the Mortgage Loan Seller shall
not be required to deliver information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents
or privileged or internal communications.


 


(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 each case in accordance with the Asset Review Standard relevant to the Asset Review conducted pursuant to this Section
11.01 hereof (such information, “Unsolicited Information”).


 



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(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 Mortgage Loan, the Asset Representations Reviewer, as an independent contractor, shall commence
a review of the compliance of each Delinquent Mortgage Loan with the representations and warranties related to that Delinquent
Mortgage 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 related Mortgage Loan Seller with respect to such Delinquent Mortgage 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 will be required or performed of that Mortgage Loan notwithstanding that
such Mortgage Loan may continue to be a Delinquent Mortgage Loan or become a Delinquent Mortgage Loan again at the time when a
new Asset Review Trigger occurs and a new Affirmative Asset Review Vote is obtained subsequent to the occurrence of such Asset
Review Trigger.


 


(v)          The
Asset Representations Reviewer will not be permitted to review any information other than (x) the Review Materials, or (y) 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)        If
the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and such missing documentation
is not delivered to the Asset Representations Reviewer by the applicable Mortgage Loan Seller, the Master Servicer (with respect
to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans) within 10 days of the written request by
the Asset Representations Reviewer, then the Asset Representations Reviewer shall list such missing documents in its preliminary
report setting forth the preliminary results of the application of the Tests and the reasons why such missing documents are necessary
to complete a Test and (if the Asset Representations Reviewer has so concluded) that the absence of such 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 to the related Mortgage Loan Seller no later than 60 days after the date on which access
to the Diligence Files in the Secure Data Room is made available to the Asset Representations Reviewer by the Certificate Administrator.
If the preliminary report indicates that any of the representations and warranties fails or is deemed to fail any Test, the applicable
Mortgage Loan Seller shall have 90 days (the “Cure/Contest Period”) to remedy or otherwise refute the failure.
Any documents provided or explanations given to support a conclusion that the representation and warranty has not failed a Test
or that any missing documents in the Review Materials are not required to complete a Test shall be promptly delivered by the related
Mortgage Loan Seller to the Asset Representations Reviewer.


 


(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 made


 



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available to the Asset Representations Reviewer by the Certificate Administrator or (y) 10 days after
the expiration of the Cure/Contest Period, complete an Asset Review with respect to each Delinquent Mortgage 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 and the applicable Mortgage Loan Seller for each Delinquent Mortgage Loan and the Directing Holder
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 may the Asset Representations Reviewer determine whether
any Test failure constitutes a Material Breach or 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 Master Servicer (with respect to Performing
Loans) or the Special Servicer (with respect to Specially Serviced Loans) pursuant to Section 2.03(g) of this Agreement.


 


(ix)         In
addition, in the event that the Asset Representations Reviewer does not receive any documentation that it requested from the Master
Servicer or the Special Servicer, as applicable, 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 pursuant to this
Agreement), the Asset Representations Reviewer shall prepare the Asset Review Report solely based on the documentation received
by the Asset Representations Reviewer with respect to the related Delinquent Mortgage Loan, and the Asset Representations Reviewer
shall have no responsibility to independently obtain any such documentation from any party to this Agreement.


 


(x)          Within
45 days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Master Servicer (with respect to any Performing
Loans) or the Special Servicer (with respect to Specially Serviced Loans) shall determine whether at that time, based on the Servicing
Standard, whether there exists a Material Breach or Material Defect with respect to such Mortgage Loan. If the Master Servicer
or the Special Servicer, as applicable, determines that a Material Breach or Material Defect exists, the Master Servicer or Special
Servicer, as applicable, shall enforce the obligations of the related Mortgage Loan Seller with respect to such Material Breach
or Material Defect in accordance with Section 2.03(d).


 


(c)          The Asset Representations
Reviewer and its Affiliates shall keep all Privileged Information confidential and shall not disclose such Privileged Information
to any Person (including Certificateholders), other than (1) to the extent expressly required by this


 



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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. The Asset Representations Reviewer shall keep all documents and information received by the Asset Representations Reviewer
in connection with an Asset Review that are provided by the applicable Mortgage Loan Seller, the Master Servicer and the Special
Servicer confidential and shall not disclose such documents or information except (i) for purposes of complying with its duties
and obligations under this Agreement, (ii) 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, (iii) if 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, (iv) if such documents or information was already known to the Asset Representations
Reviewer and not otherwise subject to a confidentiality obligation and/or (v) if 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, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator,
the Trustee, the Directing Holder or any of their respective Affiliates or (ii) have been paid any fees, compensation or other
remuneration by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the
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 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.


 


Section 11.02Payment
of Asset Representations Reviewer Asset Review Fees and Expenses; Limitation of Liability.


 


(a)          As compensation
for the performance of its duties hereunder, upon the completion of any Asset Review with respect to a Delinquent Mortgage 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 for similar consulting assignments at the time of


 



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such review and any related costs and expenses; provided
that the total payment to the Asset Representations Reviewer shall not be greater than the Asset Representations Reviewer Cap (the
“Asset Representations Reviewer Asset Review Fee”). With respect to an individual Asset Review Trigger and the
Mortgage Loans that are Delinquent Mortgage Loans and are subject to an Asset Review (the “Subject Loans”),
the “Asset Representations Reviewer Cap” shall 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, taking
into account the 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.


 


(b)          [Reserved]


 


(c)          The related Mortgage
Loan Seller with respect to each Delinquent Mortgage Loan that is subject to an Asset Review shall pay the portion of the Asset
Representations Reviewer Asset Review Fee attributable to the Delinquent Mortgage Loan(s) contributed by it, as allocated on the
basis of the hourly charges and costs and expenses incurred with respect to its related Delinquent Mortgage Loans; provided
that if the total charge for the Asset Representations Reviewer on an hourly fee 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 written request by the Asset Representations Reviewer, 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, to the extent consistent with the Servicing Standard, pursue
remedies against such Mortgage Loan Seller in order to seek recovery of such amounts from such Mortgage Loan Seller or its insolvency
estate. The Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Mortgage 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 by the related Mortgage
Loan Seller.


 


(d)         The Asset Representations
Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.


 


(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 its Asset Representations Reviewer portfolio, provided that: (i) the purchaser or transferee accepting such


 



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assignment
and delegation (A) is an 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 Asset 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 11.03Resignation
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.


 


Section 11.04Restrictions
of the Asset Representations Reviewer. Neither the Asset Representations
Reviewer nor any of its Affiliates shall make any investment in any Class of Certificates; provided, however, that
such prohibition shall not apply to (i) riskless principal transactions effected by a broker-dealer Affiliate of the Asset
Representations Reviewer or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset Representations
Reviewer and such Affiliate maintain policies and procedures that (A) segregate personnel involved in the activities of the
Asset Representations Reviewer under this Agreement from personnel involved in such Affiliate’s investment activities and
(B) prevent such Affiliate and its personnel from gaining access to information regarding the Trust and the Asset Representations
Reviewer and its personnel from gaining access to such Affiliate’s information regarding its investment activities.


 


Section 11.05Termination
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:


 


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(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 shall have been given to the Asset Representations
Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee by the Holders of Certificates having greater
than 25% of the aggregate Voting Rights of all then outstanding Certificates, provided, if such failure is capable of being
cured and the Asset Representations Reviewer is diligently pursuing such cure, such 30 day period will be extended an additional
30 days;


 


(ii)          any
failure by the Asset Representations Reviewer to perform in accordance with the Asset Review Standard in any material respect,
which failure shall continue unremedied for a period of 30 days;


 


(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;


 


(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 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, either the Trustee (i) may or (ii) upon the written direction
of holders of Certificates evidencing not less than 25% of the Voting Rights, shall, terminate all of the rights


 



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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 shall 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 Sponsor 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 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 at least 75% of a Certificateholder
Quorum, the Trustee shall terminate all of the rights and obligations of the Asset Representations Reviewer under this Agreement
(other than any rights or obligations that accrued prior to the date of such termination and other than indemnification rights
arising out of events occurring prior to such termination) by notice in writing to the Asset Representations Reviewer and appoint
the proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders, on the other,
the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination of
the Asset Representations Reviewer. In the event that holders of the certificates entitled to at least 75% of a Certificateholder
Quorum elect to remove the asset representations reviewer without cause and appoint a successor, the successor Asset Representations
Reviewer will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.


 


(c)          On or after the
receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 11.05, all of its
authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations Reviewer
shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or
appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days after
(1) the Asset Representations Reviewer resigns pursuant to Section 11.03 of this Agreement or (2) the Trustee delivers such
written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor Asset Representations
Reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of the appointment of an
Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Directing Holder and each Certificateholder within one Business Day of such appointment.


 


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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 use commercially reasonable efforts to appoint a successor Asset Representations Reviewer
subject to and in accordance with this Section 11.05. 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.


 


(d)          Upon any termination
of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the Trustee shall,
as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator (who
shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor, the Sponsors, the Depositor
and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Holder 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 12.01Counterparts. 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 12.02Limitation
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


 


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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 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 12.03Governing
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.


 


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Section 12.04Waiver
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 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 12.05Notices. 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 COMM 2016-DC2

Telecopy: (302) 636-4140

Email: CMBSTrustee@wilmingtontrust.com


 


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If to the Certificate Administrator,
to:



Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2

Facsimile: (714) 656-2626


 


If to the Custodian, to:



Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Custody Administration — DB16D2

Facsimile: (714) 247-6478


 


If to the Depositor, to:



Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


If to the Operating Advisor,
to:



Park Bridge Lender Services LLC

41 Watchung Plaza, Suite 250

Montclair, New Jersey 07042

Attention: COMM 2016-DC2-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

41 Watchung Plaza, Suite 250

Montclair, New Jersey 07042

Attention: COMM 2016-DC2-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

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2016-DC2 Asset Manager


 


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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:



CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Brian Hanson (COMM 2016-DC2)

Facsimile No.: (202) 715-9699


 


with a copy to:


 


CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Legal Department (COMM 2016-DC2);


 


with a copy to:


 


			Stinson Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

Facsimile No.: (816) 691-3495

Email: kenda.tomes@stinson.com



 


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If to German American Capital
Corporation as Mortgage Loan Seller, to:



German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


If to KeyBank National Association,
as Mortgage Loan Seller, to:



KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Joe DeRoy

Facsimile: (877) 379-1625


 


with an electronic copy to:



Polsinelli PC

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Facsimile: (816) 753-1536


 


If to Jefferies LoanCore LLC,
as Mortgage Loan Seller, to:



Jefferies LoanCore LLC

c/o LoanCore Capital

80 Field Point Road

Greenwich, Connecticut

Attention: Dan Bennett

Fax No.: (203) 861-6006


 


With a copy to:


 


Cadwalader, Wickersham & Taft
LLP

200 Liberty Street

New York, New York 10281

Attention: Anna Glick


 


If to Deutsche Bank Securities
Inc., as Initial Purchaser or Underwriter, to:



Deutsche Bank Securities Inc.

Commercial Mortgage-Backed Securities

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 



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If to KeyBanc Capital Markets
Inc., as Underwriter, to:


 


KeyBanc Capital Markets Inc.

127 Public Square

Cleveland, Ohio 44114

Attention: Gary Andrews

Facsimile: (216) 689-0976


 


If to Academy Securities, Inc.,
as Underwriter, to:


 


			Academy Securities, Inc.

277 Park Avenue

New York, New York, 10172

Attention: Michael Boyd, Chief Compliance Officer

Facsimile Number: (646) 736-3995



 


If to Wells Fargo Securities,
LLC, as Initial Purchaser, to:


 


Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor

New York, NY 10152

Attention: A.J. Sfarra

Facsimile: (212) 214-8970


 


If to the initial Controlling
Class Representative with respect to any Mortgage Loan, to:



c/o Seer Capital Management, LP

1177 Avenue of the Americas, 34th Floor

New York, New York 10036

Attention: Richard Parkus

Facsimile number: (212) 850-2011

Email: rparkus@seercap.com


 


with a copy to:


 


Kaye Scholer LLP

70 West Madison Street

Suite 4100

Chicago, Illinois 60602

Attention: Daniel J. Hartnett

Facsimile number: (312) 582-2580

Email: daniel.hartnett@kayescholer.com


 


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If to the 17g-5 Information Provider,
electronically to:



17g5information.provider@db.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 “COMM 2016-DC2 Mortgage Trust” and an identification of the type of information
being provided in the body of such electronic mail)


 


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 “COMM 2016-DC2 Mortgage Trust” (or substantially similar language) (i) in
the case of the Depositor, to lainie.kaye@db.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 karlene.benvenuto@db.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 CWCAMnoticesCOMM2016-DC2@cwcapital.com, (viii) in the case of German American Capital Corporation, to lainie.kaye@db.com, (ix)
in the case of KeyBank National Association, to joe_a_deroy@keybank.com, (x) in the case of Jefferies LoanCore LLC, to pgershon@loancorecapital.com,
(xi) in the case of Deutsche Bank Securities Inc., to lainie.kaye@db.com, (xii) in the case of KeyBanc Capital Markets Inc., to
gandrews@keybanccm.com, (xiii) in the case of Academy Securities, Inc. to mboyd@academysecurities.com, (xiv) in the case of Wells
Fargo Securities, LLC, to anthony.sfarra@wellsfargo.com and (xv) in the case of the 17g-5 Information Provider, to 17g5information.provider@db.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


 


    	-449-



    	 



    
 

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 12.06Severability
of Provisions. If any one or more of
the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then, to the
extent permitted by applicable law, such covenants, agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other
provisions of this Agreement or of the Certificates or the rights of the Holders thereof.


 


Section 12.07Notice
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.


 


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(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,


 


(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


 


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Kroll Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395


 


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


 


or in each case to such other address as
any Rating Agency shall specify by written notice to the parties hereto.


 


Section 12.08Amendment. 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 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


 



    	-452-



    	 



    

 


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 a Disqualified Organization or a Non-U.S. Tax Person;


 


(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 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


 



    	-453-



    	 



    

 


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 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 (1) an Opinion of Counsel or (2) 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;


 


    	-454-



    	 



    
 

(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 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,


 


    	-455-



    	 



    
 

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 the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC at any time that any Certificates are outstanding, or cause the Grantor Trust to fail to qualify as
a grantor trust, or cause a tax to be imposed on the Trust Fund or any such Trust REMIC or 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,


 



    	-456-



    	 



    

 


the Operating Advisor, the Asset Representations Reviewer, the Trustee, each Mortgage Loan Seller, the Underwriters
and the Initial Purchasers.


 


Notwithstanding any contrary
provision contained in this Agreement, if one but not all of the Notes evidencing a Joint Mortgage Loan is repurchased by the applicable
Mortgage Loan Sellers, this Agreement may be amended by the parties hereto (at the expense of the party requesting such amendment),
without the consent of any Certificateholder, to add or modify provisions relating to the applicable Repurchased Note for purposes
of the servicing and administration of such Repurchased Note, provided that the amendment shall not adversely affect in any material
respect the interests of the Certificateholders, as evidenced by a No Downgrade Confirmation from each Rating Agency (obtained
at the expense of the repurchasing Mortgage Loan Seller) with respect to such amendment (or, if no such No Downgrade Confirmation
is actually received, by an opinion of counsel to such effect). Prior to the effectiveness of such amendment, if one but not all
of the Notes with respect to a Joint Mortgage Loan is repurchased, the terms of Article III shall govern the servicing and
administration of such Joint Mortgage Loan.


 


Section 12.09Confirmation
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 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.


 


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Section 12.10No
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 and for the avoidance of doubt, subject to Section 12.12 of this Agreement, 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 12.11Entire
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 12.12Third
Party Beneficiaries. Each of the Trustee,
the Certificate Administrator, the Master Servicer and the Special Servicer acknowledge that (i) each Mortgage Loan Seller
and Deutsche Bank Securities Inc. 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 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, Section 3.33, Section 8.05, Section
11.01 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, (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


 



    	-458-



    	 



    

 


provisions set forth in Sections 3.29 and 6.07, as applicable,
of this Agreement and (vii) if one, but not all, of the Notes with respect to any Joint Mortgage Loan is repurchased, the applicable
Repurchasing Seller shall be a third party beneficiary of this Agreement to the same extent as if it was a Companion Loan Noteholder,
as contemplated by Section 3.33 hereof.


 


[NO FURTHER TEXT ON THIS
PAGE]


 



    	-459-



    	 



    

 

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.





	 	 	 
	 	DEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION, 

as Depositor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Master Servicer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CWCAPITAL ASSET MANAGEMENT LLC, 

as Special Servicer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


COMM 2016-DC2 Mortgage Trust:
Pooling and Servicing Agreement


 


    	 



    	 



    



	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Certificate Administrator, Paying Agent and Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 

COMM 2016-DC2 Mortgage Trust: Pooling and Servicing
Agreement


 




    	 



    	 



    



	 	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, 

as Operating Advisor
	 	 	 	 	 
	 	By:	Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 	 	 
	 	 	By:	Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, 

as Asset Representations Reviewer
	 	 	 	 	 
	 	By:	Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 	 	 
	 	 	By:	Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:



 

COMM 2016-DC2 Mortgage
Trust: Pooling and Servicing Agreement


 


    	 



    	 



    
 


	STATE OF ______________	)
	 	: ss.:
	COUNTY OF ______________	)




 


On the ______ day of
March in the year 2016, before me, the undersigned, personally appeared _________________________________________________, 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 _____________________________ (insert the city or other
political subdivision and the state or county or other place the acknowledgment was taken).





	 	 	 
	 	 	Signature and Office of individual taking acknowledgment
	 	 	 
	This instrument prepared by:	 
	 	 	 
	Name:	Sidley Austin LLP	 
	Address:	787 Seventh Avenue	 
	 	New York, New York	 



 


COMM 2016-DC2 Mortgage Trust: Pooling and Servicing Agreement



 



    	 




    

 


 



 
 


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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


 

 


1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.


 



    	A-1-1



    	 



     


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS A-1


 


	Class A-1 Pass-Through Rate: 1.820%	 	
        CUSIP: 12594CBA7

         

        ISIN:     US12594CBA71

         

	Original Aggregate Certificate Balance of the Class A-1 Certificates: $35,639,000	 	Initial Certificate Balance of this Certificate: $35,639,000
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: January 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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”) and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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.


 



    	A-1-2



    	 



     


This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. 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 April 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 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


 



    	A-1-3



    	 



     


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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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


 



    	A-1-4



    	 



     


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 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; (xiv) the Interest Deposit Amount and (xv) 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 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-1-5



    	 



     


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (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


 



    	A-1-6



    	 



     


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 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).


 


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


 



    	A-1-7



    	 



     


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, 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


 



    	A-1-8



    	 



     


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 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 (defined
as 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 the Mortgage Loans as of the Cut-off 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.


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, Class A-M, Class B, Class C and Class D Certificates is


 



    	A-1-9



    	 



     


reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class
X-E Certificates and Class X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of
the Class X-D, Class X-E Certificates and Class X-F 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-1-10



    	 



     


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-1 Certificate to be duly executed.


 


Dated: March 16, 2016


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-1-11



    	 



     


EXHIBIT A-2


 


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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


 

 


1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.


 



    	A-2-1



    	 



     


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS A-2


 


	Class A-2 Pass-Through Rate: 2.301%	 	
        CUSIP: 12594CBB5

         

        ISIN:     US12594CBB54

         

	Original Aggregate Certificate Balance of the Class A-2 Certificates: $4,483,000	 	Initial Certificate Balance of this Certificate: $4,483,000
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: January 2021	 	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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”) and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class Class A-3, Class A-SB, Class A-4,
Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class
F, Class G, Class H, 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


 



    	A-2-2



    	 



     


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 April 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, (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


 



    	A-2-3



    	 



     


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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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 Interest Reserve Account, and the Trust’s interest in any REO


 



    	A-2-4



    	 



     


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; (xiv) the Interest Deposit Amount and (xv) 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 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


 



    	A-2-5



    	 



     


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (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


 



    	A-2-6



    	 



     


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 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).


 


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


 



    	A-2-7



    	 



     


 


	 	 	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.


 


The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer,


 



    	A-2-8



    	 



     


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 (defined as 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 the
Mortgage Loans as of the Cut-off 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.


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, Class A-M, Class B, Class C, Class D and Class E 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-D, Class X-E Certificates and Class
X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates
and Class X-F 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


 



    	A-2-9



    	 



     


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-2-10



    	 



     


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-2 Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-2-11



    	 



     


EXHIBIT A-3


 


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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


 

 


1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.


 



    	A-3-1



    	 



     


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS A-3


 


	Class A-3 Pass-Through Rate: 3.169%	 	
        CUSIP: 12594CBC3

         

        ISIN:     US12594CBC38

         

	Original Aggregate Certificate Balance of the Class A-3 Certificates: $15,740,000	 	Initial Certificate Balance of this Certificate: $15,740,000
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: December 2022	 	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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”), and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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.


 



    	A-3-2



    	 



     


This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. 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 April 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 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


 



    	A-3-3



    	 



     


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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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


 



    	A-3-4



    	 



     


Account, the Serviced Whole
Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve 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; (xiv) the Interest Deposit Amount and (xv) 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 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


 



    	A-3-5



    	 



     


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (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


 



    	A-3-6



    	 



     


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 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).


 


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-3-7



    	 



     


	 	(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-3-8



    	 



     


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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.


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans


 



    	A-3-9



    	 



     


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-3-10



    	 



     


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-3 Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-3-11



    	 



     


EXHIBIT A-4


 


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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


 

 


1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.


 



    	A-4-1



    	 



     


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS A-SB


 


	Class A-SB Pass-Through Rate: 3.550%	 	
        CUSIP: 12594CBD1

         

        ISIN:     US12594CBD11

         

	Original Aggregate Certificate Balance of the

Class A-SB Certificates: $60,282,000	 	Initial Certificate Balance of this Certificate: $60,282,000
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: July 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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”), and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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


 



    	A-4-2



    	 



     


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 April 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 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


 



    	A-4-3



    	 



     


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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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 Interest Reserve Account, and the Trust’s interest in any REO


 



    	A-4-4



    	 



     


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; (xiv) the Interest Deposit Amount and (xv) 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 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


 



    	A-4-5



    	 



     


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (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


 



    	A-4-6



    	 



     


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 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).


 


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


 



    	A-4-7



    	 



     


 


	 	 	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.


 


The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer,


 



    	A-4-8



    	 



     


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 (defined as 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 the
Mortgage Loans as of the Cut-off 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.


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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


 



    	A-4-9



    	 



     


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-4-10



    	 



     


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-SB Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-4-11



    	 



     


EXHIBIT A-5


 


FORM OF CLASS A-4 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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


 

 


1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.


 



    	A-5-1



    	 



     


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS A-4


 


	Class A-4 Pass-Through Rate: 3.497%	 	
        CUSIP: 12594CBE9

         

        ISIN:     US12594CBE93

         

	Original Aggregate Certificate Balance of the

Class A-4 Certificates: $200,000,000	 	Initial Certificate Balance of this Certificate: $200,000,000
	 	 	 
	First Distribution Date:April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: December 2025	 	No.: A-4-[_]


 


This certifies that [            ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-4 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and 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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (in such capacity, the “Certificate Administrator”),
paying agent and custodian, Park Bridge Lender Services LLC, as operating advisor
(in such capacity, the “Operating Advisor”), and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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.


 



    	A-5-2



    	 



     


This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. 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-4 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 April 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-4 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, (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


 



    	A-5-3



    	 



     


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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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


 



    	A-5-4



    	 



     


Account, the Serviced Whole
Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve 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; (xiv) the Interest Deposit Amount and (xv) 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 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


 



    	A-5-5



    	 



     


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (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


 



    	A-5-6



    	 



     


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 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).


 


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-5-7



    	 



     


	 	(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-5-8



    	 



     


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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.


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans


 



    	A-5-9



    	 



     


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-5-10



    	 



     


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-4 Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class
A-4 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: March 16, 2016


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-5-11



    	 



     


EXHIBIT A-6


 


FORM OF CLASS A-5 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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


 

 


1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.


 



    	A-6-1



    	 



     


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS A-5


 


	Class A-5 Pass-Through Rate: 3.765%	 	
        CUSIP:12594CBF6

         

        ISIN:     US12594CBF68

         

	Original Aggregate Certificate Balance of the Class A-5 Certificates: $248,192,000	 	Initial Certificate Balance of this Certificate: $248,192,000
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: January 2026	 	No.: A-5-[_]


 


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-5 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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (in such capacity, the “Certificate Administrator”),
paying agent and custodian, Park Bridge Lender Services LLC, as operating advisor
(in such capacity, the “Operating Advisor”) and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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


 


 



    	A-6-2



    	 



     


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-5 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 April 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-5 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, (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


 


 



    	A-6-3



    	 



     


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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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 Interest Reserve Account, and the Trust’s interest in any REO


 


 



    	A-6-4



    	 



     


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; (xiv) the Interest Deposit
Amount and (xv) 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 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


 


 



    	A-6-5



    	 



     


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (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


 


 



    	A-6-6



    	 



     


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 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).


 


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:


 


	 	(vi)	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


 


 



    	A-6-7



    	 



     


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;


 


	 	(vii)	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;


 


	 	(viii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;


 


	 	(ix)	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


 


	 	(x)	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.


 


The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer,


 


 



    	A-6-8



    	 



     


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 (defined as 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 the Mortgage Loans as of the Cut-off 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.


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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


 


 



    	A-6-9



    	 



     


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-6-10



    	 



     


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-5 Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 


Certificate of Authentication


 


This is one of the Class
A-5 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 


 



    	A-6-11



    	 



     


 


EXHIBIT A-7


 


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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


 

 


1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.


 


 



    	A-7-1



    	 



     


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS A-M


 


	Class A-M Pass-Through Rate: 4.243%	 	
        CUSIP:12594CBH2

         

        ISIN:     US12594CBH25

         

	Original Aggregate Certificate Balance of the Class A-M Certificates: $50,387,000	 	Initial Certificate Balance of this Certificate: $50,387,000
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (in such capacity, the “Certificate Administrator”),
paying agent and custodian, Park Bridge Lender Services LLC, as operating advisor
(in such capacity, the “Operating Advisor”), and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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


 


 



    	A-7-2



    	 



     


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 April 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 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


 


 



    	A-7-3



    	 



     


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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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 Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment


 


 



    	A-7-4



    	 



     


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; (xiv) the Interest Deposit Amount and (xv) 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 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-7-5



    	 



     


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (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


 


 



    	A-7-6



    	 



     


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 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).


 


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


 


 



    	A-7-7



    	 



     


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.


 


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


 


 



    	A-7-8



    	 



     


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 (defined as 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 the Mortgage Loans as of the Cut-off 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.


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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.


 


 



    	A-7-9



    	 



     


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-7-10



    	 



     


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-M Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 



    	A-7-11



    	 



     


EXHIBIT A-8


 


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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


 

 


1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.


 


 



    	A-8-1



    	 



     


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS B


 


	Class B Pass-Through Rate: A per annum rate equal to the WAC Rate	 	
        CUSIP:12594CBJ8

         

        ISIN:     US12594CBJ80

         

	Original Aggregate Certificate Balance of the Class B Certificates: $40,310,000	 	Initial Certificate Balance of this Certificate: $40,310,000
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”), and as asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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


 


 



    	A-8-2



    	 



     


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 April 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 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


 


 



    	A-8-3



    	 



     


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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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 Interest Reserve Account, and the Trust’s interest in any REO


 


 



    	A-8-4



    	 



     


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; (xiv) the Interest Deposit
Amount and (xv) 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 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


 


 



    	A-8-5



    	 



     


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (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


 


 



    	A-8-6



    	 



     


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 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).


 


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


 


 



    	A-8-7



    	 



     


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.


 


The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer,


 


 



    	A-8-8



    	 



     


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 (defined as 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 the Mortgage Loans as of the Cut-off 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.


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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


 


 



    	A-8-9



    	 



     


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-8-10



    	 



     


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class B Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 


 



    	A-8-11



    	 



     


EXHIBIT A-9


 


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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


 

 


1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.


 


 



    	A-9-1



    	 



     


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS C


 


	Class C Pass-Through Rate: A per annum rate equal to the WAC Rate	 	
        CUSIP:12594CBK5

         

        ISIN:     US12594CBK53

         

	Original Aggregate Certificate Balance of the Class C Certificates: $42,325,000	 	Initial Certificate Balance of this Certificate: $42,325,000
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”) and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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


 


 



    	A-9-2



    	 



     


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 April 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 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


 


 



    	A-9-3



    	 



     


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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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 Interest Reserve Account, and the Trust’s interest in any REO


 


 



    	A-9-4



    	 



     


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; (xiv) the Interest Deposit
Amount and (xv) 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 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


 


 



    	A-9-5



    	 



     


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (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


 


 



    	A-9-6



    	 



     


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 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).


 


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


 


 



    	A-9-7



    	 



     


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.


 


The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer,


 


 



    	A-9-8



    	 



     


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 (defined as 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 the Mortgage Loans as of the Cut-off 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.


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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


 


 



    	A-9-9



    	 



     


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-9-10



    	 



     


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class C Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16__, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 



    	A-9-11



    	 



     


 


 


EXHIBIT A-10


 


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,” 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


 


 

 


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



    	 



     


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 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.


 


 



    	A-10-2



    	 



     


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-10-3



    	 



     


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS D


 


	Class D Pass-Through Rate: A per annum rate equal to the WAC Rate, minus 0.750%	 	
        CUSIP:    12594CAL45

        U2023KAF86

        12594CAM27

         

        ISIN:       US12594CAL468

        USU2023KAF859

        US12594CAM2910

         

	Original Aggregate Certificate Balance of the Class D Certificates: $42,326,000	 	Initial Certificate Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 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.


 


The Pooling and Servicing
Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”) and asset representations reviewer (in such


 


 

 


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-10-4



    	 



     


capacity,
the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class
E, Class F, Class G, Class H, 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 April 2016.


 


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.


 


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


 


 



    	A-10-5



    	 



     


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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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


 


 



    	A-10-6



    	 



     


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 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; (xiv)
the Interest Deposit Amount and (xv) 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 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-10-7



    	 



     


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to


 


 



    	A-10-8



    	 



     


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 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).


 


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


 


 



    	A-10-9



    	 



     


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, 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


 


 



    	A-10-10



    	 



     


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.


 


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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.


 


 



    	A-10-11



    	 



     


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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-10-12



    	 



     


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class D Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-10-13



    	 



     


EXHIBIT A-11


 


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-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 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 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


 


 



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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


 


 



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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



    	 



     


 


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS E


 


	Class E Pass-Through Rate: 2.750%	 	
        CUSIP:   12594CAN05

        U2023KAG66

        12594CAP57

         

        ISIN:        US12594CAN028

        USU2023KAG689

        US12594CAP5910

         

	 	 	 
	Original Aggregate Certificate Balance of the Class E Certificates: $13,100,000	 	Initial Certificate Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 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.


 


The Pooling and Servicing
Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”) and asset representations reviewer (in such 


 


 


 

 


 


 


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



    	 



     


 


capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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 April 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.


 


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


 


 



    	A-11-6



    	 



     


 


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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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


 


 



    	A-11-7



    	 



     


 


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 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; (xiv) the Interest Deposit
Amount and (xv) 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 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-11-8



    	 



     


 


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to


 


 



    	A-11-9



    	 



     


 


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 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).


 


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


 


 



    	A-11-10



    	 



     


 


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:


  


	 	(vi)	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;


 


	 	(vii)	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;


 


	 	(viii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;


 


	 	(ix)	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


 


	 	(x)	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


 


 



    	A-11-11



    	 



     


 


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.


 


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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.


 


 



    	A-11-12



    	 



     


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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.


 


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class E Certificate to be duly executed.


 


 



    	A-11-13



    	 



     


 


Dated: March 16, 2016 


 


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 


 



    	A-11-14



    	 



     


  


EXHIBIT A-12


 


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-12-1



    	 



     


 


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 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 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-12-2



    	 



     


 


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-12-3



    	 



     


 


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-12-4



    	 



     


 


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS F


 


	Class F Pass-Through Rate: 2.750%	 	
        CUSIP:   12594CAQ35

            U2023KAH46

            12594CAR17

         

        ISIN:       US12594CAQ338

            USU2023KAH429

            US12594CAR1610 

	 	 	 
	Original Aggregate Certificate Balance of the Class F Certificates: $10,078,000	 	Initial Certificate Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 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.


 


The Pooling and Servicing
Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”) and asset representations reviewer (in such


 


 


 

 


 


 


5 For Rule 144A Certificates 


6 For Regulation S Certificates 


7 For IAI Certificates 


8 For Rule 144A Certificates 


9 For Regulation S Certificates 


10 For IAI Certificates 


 


 



    	A-12-5



    	 



      


capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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 April 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.


 


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


 


 



    	A-12-6



    	 



     


 


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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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


 


 



    	A-12-7



    	 



     


 


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 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; (xiv) the Interest Deposit
Amount and (xv) 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 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-12-8



    	 



     


 


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to


 


 



    	A-12-9



    	 



     


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 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).


 


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


 


 



    	A-12-10



    	 



     


 


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, 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


 


 



    	A-12-11



    	 



     


 


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.


 


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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.


 


 



    	A-12-12



    	 



     


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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-12-13



    	 



     


 


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class F Certificate to be duly executed.


 


Dated: March 16, 2016 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16 2016


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 


 



    	A-12-14



    	 



     


  


EXHIBIT A-13


 


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-13-1



    	 



     


 


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 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 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-13-2



    	 



     


 


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-13-3



    	 



     


 


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-13-4



    	 



     


 


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS G


 


	Class G Pass-Through Rate: 2.750%	 	
        CUSIP:   12594CAS95

        U2023KAJ06

        12594CAT77

         

        ISIN:       US12594CAS988

        USU2023KAJ089

        US12594CAT7110

         

	Original Aggregate Certificate Balance of the Class G Certificates: $14,108,000	 	Initial Certificate Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 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.


 


The Pooling and Servicing
Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”) and asset representations reviewer (in such


 


 


 

 


 


 


5 For Rule 144A Certificates


 


6 For Regulation S Certificates


 


7 For IAI Certificates


 


8 For Rule 144A Certificates


 


9 For Regulation S Certificates


 


10 For IAI Certificates 


 


 



    	A-13-5



    	 



     


capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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 April 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.


 


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


 


 



    	A-13-6



    	 



     


 


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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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


 


 



    	A-13-7



    	 



     


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 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; (xiv) the Interest Deposit
Amount and (xv) 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 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-13-8



    	 



     


 


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to


 


 



    	A-13-9



    	 



     


 


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 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).


 


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


 


 



    	A-13-10



    	 



     


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, 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


 


 



    	A-13-11



    	 



     


 


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.


 


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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.


 


 



    	A-13-12



    	 



     


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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-13-13



    	 



     


 


IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class G Certificate to be duly executed.


 


Dated: March 16, 2016 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 



    	A-13-14



    	 



     


EXHIBIT A-14


 


FORM OF CLASS H [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



    	 



     


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 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-14-2



    	 



     


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-14-3



    	 



     


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-14-4



    	 



     


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS H


 


	Class H Pass-Through Rate: 2.750%	 	
        CUSIP: 12594CAU45

                       U2023KAK76

                       12594CAV27

         

        ISIN:     US12594CAU458

                       USU2023KAK709

                       US12594CAV2810

         

	Original Aggregate Certificate Balance of the Class H Certificates: $29,225,159	 	Initial Certificate Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 2026	 	No.: H-[__]


 


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 H 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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”) and asset representations reviewer (in such


 


 

 


 


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-14-5



    	 



     


capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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 H 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 April 2016.


 


During each Interest Accrual
Period (as defined below), interest on the Class H 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


 



    	A-14-6



    	 



     


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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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


 



    	A-14-7



    	 



     


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 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; (xiv) the Interest Deposit
Amount and (xv) 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 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-14-8



    	 



     


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to


 



    	A-14-9



    	 



     


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 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).


 


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


 



    	A-14-10



    	 



     


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, 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


 



    	A-14-11



    	 



     


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.


 


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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.


 



    	A-14-12



    	 



     


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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-14-13



    	 



     


IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class H Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class
H Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: March 16, 2016


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-14-14



    	 



     


EXHIBIT A-15


 


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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


 

 


 


 


1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.


 



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COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS X-A


 


	Class X-A Pass-Through Rate: Variable	 	
        CUSIP: 12594CBG4

         

        ISIN:     US12594CBG42

         

	Original Aggregate Certificate Balance of the Class X-A Certificates: $614,723,000	 	Initial Certificate Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”) and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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


 



    	A-15-2



    	 



     


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 April 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 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


 



    	A-15-3



    	 



     


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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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 Interest Reserve Account and the Trust’s interest in any REO


 



    	A-15-4



    	 



     


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; (xiv) the Interest Deposit Amount and (xv) 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 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


 



    	A-15-5



    	 



     


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 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 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 a Disqualified
Organization or a Non-U.S. Tax Person; (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


 



    	A-15-6



    	 



     


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 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).


 


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


 


 



    	A-15-7



    	 



     


 


	 	 	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.


 


The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer,


 



    	A-15-8



    	 



     


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 (defined as 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 the
Mortgage Loans as of the Cut-off 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.


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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


 



    	A-15-9



    	 



     


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-15-10



    	 



     


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class X-A Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-15-11



    	 



     


EXHIBIT A-16


 


FORM OF CLASS X-B [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-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.


 


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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[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



    	 



     


COMM 2016-DC2 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS X-B


 


	
        Class X-B Pass-Through Rate: Variable

         
	 	
        CUSIP: 12594CAA85

                       U2023KAA96

                       12594CAB67

         

        ISIN:     US12594CAA808

                       USU2023KAA989

                       US12594CAB6310

         

	Original Aggregate Notional Balance of the Class X-B Certificates: $82,635,000	 	Initial Notional Balance of this Certificate: $[__________]
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate


 


 

 


 


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



    	 



     


Administrator”),
paying agent and custodian, Park Bridge Lender Services LLC, as operating advisor
(in such capacity, the “Operating Advisor”) and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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 April 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.


 



    	A-16-4



    	 



     


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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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.


 



    	A-16-5



    	 



     


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 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; (xiv) the Interest Deposit
Amount and (xv) 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 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


 



    	A-16-6



    	 



     


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 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 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


 



    	A-16-7



    	 



     


Transferor) to be subject
to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (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 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).


 



    	A-16-8



    	 



     


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-16-9



    	 



     


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.


 


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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®


 



    	A-16-10



    	 



     


 


	 	 	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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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-16-11



    	 



     


IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-B Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-16-12



    	 



     


EXHIBIT A-17


 


FORM OF CLASS X-C [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-17-1



    	 



     


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-C CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-C CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-C 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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[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-17-2



    	 



     


COMM 2016-DC2 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS X-C


 


	Class X-C Pass-Through Rate: Variable	 	
        CUSIP: 12594CAC45

                       U2023KAB76

                       12594CAD27

         

        ISIN:     US12594CAC478

                       USU2023KAB719

                       US12594CAD2010

         

	Original Aggregate Notional Balance of the Class X-C Certificates: $42,326,000	 	Initial Notional Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 2026	 	No.: X-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 X-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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate


 


 

 


 


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-17-3



    	 



     


Administrator”),
paying agent and custodian, Park Bridge Lender Services LLC, as operating advisor
(in such capacity, the “Operating Advisor”) and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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-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 April 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-C 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.


 



    	A-17-4



    	 



     


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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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.


 



    	A-17-5



    	 



     


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 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; (xiv) the Interest Deposit
Amount and (xv) 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 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


 



    	A-17-6



    	 



     


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 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 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


 



    	A-17-7



    	 



     


Transferor) to be subject
to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (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 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).


 



    	A-17-8



    	 



     


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-17-9



    	 



     


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.


 


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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®


 


 



    	A-17-10



    	 



     


	 	 	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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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-17-11



    	 



     


IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-C Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Certificate of Authentication


 


This is one of the Class
X-C Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: March 16, 2016


 


	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-17-12



    	 



     


 


EXHIBIT A-18


 


FORM OF CLASS X-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,” 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-18-1


    	 



      


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-D CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-D 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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[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-18-2


    	 



     


 


COMM 2016-DC2 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS X-D


 


	Class X-D Pass-Through Rate: Variable	 	
        CUSIP:  12594CAE05

        U2023KAC56

        12594CAF77

        

        

         

        ISIN:      US12594CAE038

        USU2023KAC549

        US12594CAF7710

         

	Original Aggregate Notional Balance of the Class X-D Certificates: $23,178,000	 	Initial Notional Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 2026	 	No.: X-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 X-D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and 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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate 


 


 

 


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-18-3


    	 



      


 


Administrator”),
paying agent and custodian, Park Bridge Lender Services LLC, as operating advisor
(in such capacity, the “Operating Advisor”) and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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-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 April 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-D 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.


 


 



     A-18-4


    	 



     


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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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.


 


 



     A-18-5


    	 



     


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 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; (xiv) the Interest Deposit
Amount and (xv) 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 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


 


 



     A-18-6


    	 



     


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 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 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


 


 



     A-18-7


    	 



     


Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (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 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).


 


 



     A-18-8


    	 



     


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-18-9


    	 



     


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.


 


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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®


 


 



     A-18-10


    	 



     


 


 


	 	 	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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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-18-11


    	 



     


IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-D Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


  


Certificate of Authentication


 


This is one of the Class
X-D Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 



     A-18-12


    	 



     


EXHIBIT A-19


 


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-19-1


    	 



      


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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[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-19-2


    	 



     


 


COMM 2016-DC2 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS X-E


 


 


	Class X-E Pass-Through Rate: Variable	 	
        CUSIP:    12594CAG55

        U2023KAD36

        12594CAH37

        

        

         

        ISIN:      US12594CAG508

        USU2023KAD389

        US12594CAH3410

         

	Original Aggregate Notional Balance of the Class X-E Certificates: $14,108,000	 	Initial Notional Balance of this Certificate: $[__________]
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 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.


 


The Pooling and Servicing
Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate 


 


 

 


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-19-3


    	 



      


 


Administrator”),
paying agent and custodian, Park Bridge Lender Services LLC, as operating advisor
(in such capacity, the “Operating Advisor”) and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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 April 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.


 


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.


 


 



     A-19-4


    	 



     


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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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.


 


 



     A-19-5


    	 



     


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 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; (xiv) the Interest Deposit
Amount and (xv) 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 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


 


 



     A-19-6


    	 



     


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 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 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


 


 



     A-19-7


    	 



     


Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (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 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).


 


 



     A-19-8


    	 



     


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-19-9


    	 



     


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.


 


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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®


 


 



     A-19-10


    	 



     


 


 


	 	 	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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2 Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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-19-11


    	 



     


IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-E Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 



     A-19-12


    	 



     


 


EXHIBIT A-20


 


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-20-1


    	 



      


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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[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-20-2


    	 



     


 


COMM 2016-DC2 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS X-F


 


 


	Class X-F Pass-Through Rate: Variable	 	
        CUSIP:    12594CAJ95

        U2023KAE16

        12594CAK67

        

        

         

        ISIN:      US12594CAJ998

        USU2023KAE119

        US12594CAK6210

         

	Original Aggregate Notional Balance of the Class X-F Certificates: $29,225,159	 	Initial Notional Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: April 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in March 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: February 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.


 


The Pooling and Servicing
Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate 


 


 

 


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-20-3


    	 



      


 


Administrator”),
paying agent and custodian, Park Bridge Lender Services LLC, as operating advisor
(in such capacity, the “Operating Advisor”) and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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 April 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.


 


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.


 


 



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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, 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 Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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.


 


 



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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 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; (xiv) the Interest Deposit
Amount and (xv) 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 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


 


 



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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 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 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


 


 



     A-20-7


    	 



     


Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (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 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).


 


 



     A-20-8


    	 



     


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-20-9


    	 



     


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.


 


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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®


 


 



     A-20-10


    	 



     


 


 


	 	 	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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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-20-11


    	 



     


IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-F Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 



     A-20-12


    	 



     


EXHIBIT A-21


 


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 REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE


 


 



     A-21-1


    	 



     


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-21-2


    	 



     


 


COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS V


 


	No.: V-1	 	Percentage Interest: [_____]%
	 	 	 
	 	 	
        CUSIP:   12594CAW01

        U2023KAL52

        12594CAX83

         

        ISIN:      US12594CAW014

        USU2023KAL535

        US12594CAX836



 


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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”) and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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-21-3


    	 



     


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 Class V 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 April 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, 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


 


 



     A-21-4


    	 



     


Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall 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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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 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; (xiv) the Interest Deposit
Amount and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the


 


 



     A-21-5


    	 



     


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 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-21-6


    	 



     


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 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 a Disqualified Organization or a Non-U.S. Tax Person; (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


 


 



     A-21-7


    	 



     


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).


 


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


 


 



     A-21-8


    	 



     


 


	 	 	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.


 


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 (defined
as 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 the Mortgage Loans as of the Cut-off Date) by purchasing on such date all, but not less
than all, of the Mortgage Loans then


 


 



     A-21-9


    	 



     


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.


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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




 


 



     A-21-10


    	 



     


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-21-11


    	 



     


 


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class V Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 



     A-21-12


    	 



      


 


EXHIBIT A-22


 


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 A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “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, AND (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY
BECOME DUE. 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 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


 


 



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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”
WITHIN THE MEANING OF SECTION 6223 OF THE CODE (TO THE EXTENT SUCH PROVISION IS APPLICABLE TO THE TRUST REMICS) OF THE TRUST REMICS
AND TO THE APPOINTMENT OF THE CERTIFICATE ADMINISTRATOR AS ATTORNEY IN FACT AND AGENT FOR THE TAX MATTERS PERSON AND “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 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.


 


 



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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.


 


 



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COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2016-DC2, CLASS R


 


	No.: R-1	 	Percentage Interest: [_]%
	 	 	 
	 	 	
        CUSIP:     12594CAY61

         

        ISIN:         US12594CAY662

         



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 March 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”), paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor (in such
capacity, the “Operating Advisor”) and asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F,
Class G, Class H, 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
Rule 144A Certificates


 


 



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This Class R Certificate
represents the sole “residual interest” in a “real estate mortgage investment conduit”, 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 “partnership representative”
(within the meaning of Section 6223 of the Code, to the extent such provision is applicable to the Trust REMICs) for each Trust
REMIC, and the Certificate Administrator is hereby irrevocably designated and shall serve as attorney-in-fact and agent for any
such Person that is the “tax matters person” or “partnership representative”.


 


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, (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, 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 Certificate shall have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders


 


 



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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 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 amounts remaining in the Excess Interest Distribution Account representing
Excess Interest shall be distributed to the Holders of the Class V Certificates.


 


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 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; (xiv) the Interest Deposit
Amount and (xv) 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,


 


 



     A-22-6


    	 



     


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 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 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


 


 



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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 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 a Disqualified Organization or a Non-U.S. Tax Person; (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 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


 


 



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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).


 


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;


 


 



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	 	(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.


 


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 (defined
as 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 the Mortgage Loans as of the Cut-off 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);


 


 



     A-22-10


    	 



     


 


	 	(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.


 


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,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4,
Class A-5, 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-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class
X-F 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


 


 



     A-22-11


    	 



     


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-22-12


    	 



     


 


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class R Certificate to be duly executed.


 


Dated: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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: March 16, 2016


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


 


 



     A-22-13



    

 

 


EXHIBIT B


 


MORTGAGE LOAN SCHEDULE


 



    	 



    	 



     


 


 


	COMM 2016 - DC2 - Mortgage Loan Schedule
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	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	 	Whole Loan	 	Interest	 	or Subordinate Debt	 
	GACC1	 	1	 	GACC	 	Sun MHC Portfolio	 	Various	 	Various	 	Various	 	Various	 	4.2800%	 	$75,000,000	 	$75,000,000.00 	 	12/1/2025	 	1	 	276,416.67	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	Yes	 	 	 	 	 
	GACC1.01	 	1.01	 	GACC	 	Silver Star	 	2350 North Hiawassee Road	 	Orlando	 	FL	 	32818	 	4.2800%	 	$16,503,857	 	$16,503,856.58 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC1.02	 	1.02	 	GACC	 	West Glen Village	 	1207 Rushmore Boulevard East	 	Indianapolis	 	IN	 	46234	 	4.2800%	 	$12,960,084	 	$12,960,083.69 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC1.03	 	1.03	 	GACC	 	Edwardsville	 	301 Beach Street	 	Edwardsville	 	KS	 	66113	 	4.2800%	 	$12,735,910	 	$12,735,910.40 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC1.04	 	1.04	 	GACC	 	Sherman Oaks	 	1144 Sherman Boulevard	 	Jackson	 	MI	 	49201	 	4.2800%	 	$6,940,732	 	$6,940,732.32 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC1.05	 	1.05	 	GACC	 	College Park Estates	 	51074 Mott Road	 	Canton	 	MI	 	48188	 	4.2800%	 	$5,968,726	 	$5,968,726.05 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC1.06	 	1.06	 	GACC	 	Snow to Sun	 	1701 North International Boulevard	 	Weslaco	 	TX	 	78596	 	4.2800%	 	$4,156,339	 	$4,156,339.34 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC1.07	 	1.07	 	GACC	 	Casa Del Valle	 	1048 North Alamo Road	 	Alamo	 	TX	 	78516	 	4.2800%	 	$3,599,461	 	$3,599,460.75 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC1.08	 	1.08	 	GACC	 	Valley View Estates	 	4115 Nine Mile Road South	 	Allegany	 	NY	 	14706	 	4.2800%	 	$3,204,583	 	$3,204,583.19 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC1.09	 	1.09	 	GACC	 	Colonial Village	 	3974 State Road 417	 	Allegany	 	NY	 	14706	 	4.2800%	 	$2,743,893	 	$2,743,892.72 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC1.1	 	1.10	 	GACC	 	Village Trails	 	518 Hickory Lane	 	Howard City	 	MI	 	49329	 	4.2800%	 	$2,440,141	 	$2,440,140.76 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC1.11	 	1.11	 	GACC	 	Maplewood	 	12451 Pendleton Pike	 	Indianapolis	 	IN	 	46236	 	4.2800%	 	$2,278,140	 	$2,278,139.71 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC1.12	 	1.12	 	GACC	 	Kenwood	 	1201 North Main Street	 	La Feria	 	TX	 	78559	 	4.2800%	 	$1,468,134	 	$1,468,134.48 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KeyBank2	 	2	 	KeyBank	 	North Point Center East	 	100, 200, 333 & 555 North Point Center East	 	Alpharetta	 	GA	 	30022	 	4.9300%	 	$61,950,000	 	$61,950,000.00 	 	2/1/2026	 	1	 	262,994.96	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC3	 	3	 	GACC	 	Williamsburg Premium Outlets	 	5715-62A Richmond Road	 	Williamsburg	 	VA	 	23188	 	4.2290%	 	$50,000,000	 	$50,000,000.00 	 	2/6/2026	 	6	 	182,081.94	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	Yes	 	 	 	 	 
	GACC4	 	4	 	GACC	 	Intercontinental Kansas City Hotel	 	401 Ward Parkway	 	Kansas City	 	MO	 	64112	 	4.7100%	 	$45,000,000	 	$45,000,000.00 	 	2/6/2026	 	6	 	182,512.50	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	Yes	 	 	 	 	 
	GACC5	 	5	 	GACC	 	Netflix HQ 1	 	131 Albright Way	 	Los Gatos	 	CA	 	95032	 	4.2850%	 	$42,190,000	 	$42,190,000.00 	 	10/6/2025	 	6	 	155,675.24	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC6	 	6	 	GACC	 	Columbus Park Crossing	 	5555 Whittlesey Boulevard	 	Columbus	 	GA	 	31909	 	4.7400%	 	$40,000,000	 	$40,000,000.00 	 	12/1/2025	 	1	 	163,266.67	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	Yes	 	Fee Simple/Leasehold	 	 	 
	JLC7	 	7	 	JLC	 	Promenade Gateway	 	1453-1457 3rd Street Promenade	 	Santa Monica	 	CA	 	90401	 	4.5320%	 	$30,000,000	 	$30,000,000.00 	 	12/6/2025	 	6	 	117,076.67	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	Yes	 	 	 	 	 
	JLC8	 	8	 	JLC	 	Shutterfly	 	7195 South Shutterfly Way	 	Tempe	 	AZ	 	85283	 	4.9410%	 	$30,000,000	 	$29,898,169.48 	 	1/6/2026	 	6	 	174,347.31	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank9	 	9	 	KeyBank	 	I-5 Self-Storage	 	2631 Michelle Drive	 	Tustin	 	CA	 	92780	 	4.7700%	 	$23,500,000	 	$23,500,000.00 	 	12/1/2025	 	1	 	96,526.25	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC10	 	10	 	GACC	 	Birch Run Premium Outlets	 	12240 South Beyer Road	 	Birch Run	 	MI	 	48415	 	4.2090%	 	$20,000,000	 	$20,000,000.00 	 	2/6/2026	 	6	 	72,488.33	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	Yes	 	 	 	 	 
	GACC11	 	11	 	GACC	 	Santa Monica Multifamily Portfolio	 	Various	 	Santa Monica	 	CA	 	Various	 	4.8970%	 	$20,000,000	 	$20,000,000.00 	 	12/6/2025	 	6	 	84,337.22	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	Yes	 	 	 	Yes	 
	GACC11.01	 	11.01	 	GACC	 	2001 Olympic Boulevard	 	2001 Olympic Boulevard	 	Santa Monica	 	CA	 	90404	 	4.8970%	 	$5,139,929	 	$5,139,929 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC11.02	 	11.02	 	GACC	 	2029 Olympic Boulevard	 	2029 Olympic Boulevard	 	Santa Monica	 	CA	 	90404	 	4.8970%	 	$3,042,964	 	$3,042,964 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC11.03	 	11.03	 	GACC	 	1423 on 6th Street	 	1423 6th Street	 	Santa Monica	 	CA	 	90401	 	4.8970%	 	$1,418,999	 	$1,418,999 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC11.04	 	11.04	 	GACC	 	1422 on 6th Street	 	1422 6th Street	 	Santa Monica	 	CA	 	90401	 	4.8970%	 	$1,403,232	 	$1,403,232 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC11.05	 	11.05	 	GACC	 	1430 on 7th Street	 	1430 7th Street	 	Santa Monica	 	CA	 	90401	 	4.8970%	 	$1,371,699	 	$1,371,699 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC11.06	 	11.06	 	GACC	 	1537 on 7th Street	 	1537 7th Street	 	Santa Monica	 	CA	 	90401	 	4.8970%	 	$1,355,932	 	$1,355,932 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC11.07	 	11.07	 	GACC	 	1422 on 7th Street	 	1422 7th Street	 	Santa Monica	 	CA	 	90401	 	4.8970%	 	$1,324,399	 	$1,324,399 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC11.08	 	11.08	 	GACC	 	1428 on 6th Street	 	1428 6th Street	 	Santa Monica	 	CA	 	90401	 	4.8970%	 	$1,324,399	 	$1,324,399 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC11.09	 	11.09	 	GACC	 	1425 on 6th Street	 	1425 6th Street	 	Santa Monica	 	CA	 	90401	 	4.8970%	 	$1,292,866	 	$1,292,866 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC11.1	 	11.10	 	GACC	 	1432 on 7th Street	 	1432 7th Street	 	Santa Monica	 	CA	 	90401	 	4.8970%	 	$1,174,616	 	$1,174,616 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC11.11	 	11.11	 	GACC	 	1522 on 6th Street	 	1522 6th Street	 	Santa Monica	 	CA	 	90401	 	4.8970%	 	$1,150,966	 	$1,150,966 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC12	 	12	 	GACC	 	Villas at Tenison	 	2222 Graycliff Drive	 	Dallas	 	TX	 	75228	 	4.6300%	 	$19,500,000	 	$19,500,000.00 	 	12/6/2025	 	6	 	77,745.42	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC13	 	13	 	GACC	 	Bowie Plaza	 	6824 Laurel Bowie Road	 	Bowie	 	MD	 	20715	 	4.9700%	 	$17,750,000	 	$17,726,103.44 	 	2/6/2026	 	6	 	94,960.66	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank14	 	14	 	KeyBank	 	Residence Inn Austin	 	1200 Barbara Jordan Boulevard, Building 4	 	Austin	 	TX	 	78723	 	4.5800%	 	$16,575,000	 	$16,575,000.00 	 	11/1/2025	 	1	 	65,369.96	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC15	 	15	 	JLC	 	Alexis at Town East	 	645 North Town East Boulevard	 	Mesquite	 	TX	 	75150	 	4.9470%	 	$16,000,000	 	$16,000,000.00 	 	2/6/2026	 	6	 	68,158.67	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank16	 	16	 	KeyBank	 	Coral Island Shopping Center	 	1650 Richmond Avenue	 	Staten Island	 	NY	 	10314	 	4.6900%	 	$13,514,000	 	$13,514,000.00 	 	12/1/2025	 	1	 	54,577.79	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC17	 	17	 	GACC	 	River Valley Plaza	 	1300-1540 River Valley Boulevard	 	Lancaster	 	OH	 	43130	 	4.7000%	 	$12,112,500	 	$12,112,500.00 	 	2/6/2026	 	6	 	49,021.98	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank18	 	18	 	KeyBank	 	MVP Indianapolis Parking Portfolio	 	Various	 	Indianapolis	 	IN	 	46204	 	4.5900%	 	$8,200,000	 	$8,184,321.34 	 	2/1/2026	 	1	 	45,998.16	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank18.01	 	18.01	 	KeyBank	 	112 East Washington Street	 	112 East Washington Street	 	Indianapolis	 	IN	 	46204	 	4.5900%	 	$5,426,548	 	$5,416,171.81 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KeyBank18.02	 	18.02	 	KeyBank	 	301 East Washington Street	 	301 East Washington Street	 	Indianapolis	 	IN	 	46204	 	4.5900%	 	$2,773,452	 	$2,768,149.53 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KeyBank19	 	19	 	KeyBank	 	MVP Missouri Parking Portfolio	 	Various	 	Various	 	MO	 	Various	 	4.5900%	 	$3,490,000	 	$3,483,327.01 	 	2/1/2026	 	1	 	19,577.27	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank19.01	 	19.01	 	KeyBank	 	916 Convention Plaza	 	916 Convention Plaza	 	St. Louis	 	MO	 	63101	 	4.5900%	 	$1,621,669	 	$1,618,568.49 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KeyBank19.02	 	19.02	 	KeyBank	 	1010 Convention Plaza	 	1010 Convention Plaza	 	St. Louis	 	MO	 	63101	 	4.5900%	 	$1,537,699	 	$1,534,759.12 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KeyBank19.03	 	19.03	 	KeyBank	 	1109 Cherry Street	 	1109 Cherry Street	 	Kansas City	 	MO	 	64106	 	4.5900%	 	$330,632	 	$329,999.40 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KeyBank20	 	20	 	KeyBank	 	Southeast Plaza	 	800 Cypress Gardens Boulevard	 	Winter Haven	 	FL	 	33880	 	4.6100%	 	$11,700,000	 	$11,626,943.43 	 	10/1/2025	 	1	 	60,049.33	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC21	 	21	 	GACC	 	Colony Crossing at Madison	 	111 & 119 Colony Crossing Way	 	Madison	 	MS	 	39110	 	4.8000%	 	$10,875,000	 	$10,875,000.00 	 	12/6/2022	 	6	 	44,950.00	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC22	 	22	 	GACC	 	Eastwood Square	 	600 South Avenue	 	Tallmadge	 	OH	 	44278	 	4.5300%	 	$10,600,000	 	$10,600,000.00 	 	12/6/2025	 	6	 	41,348.83	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank23	 	23	 	KeyBank	 	Bear Valley Medical and Business Center	 	17260-17330 Bear Valley Road	 	Victorville	 	CA	 	92395	 	4.6900%	 	$9,975,000	 	$9,938,101.63 	 	12/1/2025	 	1	 	51,674.18	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC24	 	24	 	JLC	 	8911 Aviation Blvd	 	8911 Aviation Blvd.	 	Inglewood	 	CA	 	90301	 	4.7580%	 	$9,800,000	 	$9,775,334.35 	 	1/6/2026	 	6	 	51,168.71	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC25	 	25	 	JLC	 	Hampton Inn Southgate	 	13555 Prechter Boulevard	 	Southgate	 	MI	 	48195	 	5.0540%	 	$9,560,000	 	$9,528,091.72 	 	1/6/2026	 	6	 	56,187.99	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC26	 	26	 	GACC	 	Santa Clarita Marketplace and Santa Clarita Crossroads	 	18723-18755 Via Princessa and 26850 Sierra Highway	 	Santa Clarita	 	CA	 	91387	 	4.2800%	 	$9,300,000	 	$9,274,472.10 	 	1/6/2026	 	6	 	45,913.89	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank27	 	27	 	KeyBank	 	Comfort Suites and La Quinta Inn Portfolio	 	Various	 	Various	 	TX	 	Various	 	4.9400%	 	$8,470,000	 	$8,427,948.06 	 	12/1/2025	 	1	 	49,219.14	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank27.01	 	27.01	 	KeyBank	 	Comfort Suites Beaumont	 	5955 Walden Road	 	Beaumont	 	TX	 	77707	 	4.9400%	 	$5,017,000	 	$4,992,091.55 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KeyBank27.02	 	27.02	 	KeyBank	 	La Quinta Inn Lumberton	 	104 North LHS Drive	 	Lumberton	 	TX	 	77657	 	4.9400%	 	$3,453,000	 	$3,435,856.51 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GACC28	 	28	 	GACC	 	Petsmart Sunnyvale	 	770 East El Camino Real	 	Sunnyvale	 	CA	 	94087	 	4.3400%	 	$8,100,000	 	$8,100,000.00 	 	12/6/2035	 	6	 	30,271.50	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	7.3400%	 	 	 	 	 	 	 
	JLC29	 	29	 	JLC	 	Hampton Inn Eau Claire	 	2622 Craig Road	 	Eau Claire	 	WI	 	54701	 	4.9850%	 	$8,100,000	 	$8,085,246.10 	 	2/6/2026	 	6	 	47,281.03	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC30	 	30	 	JLC	 	Colony Square Atascadero	 	6917 El Camino Real	 	Atascadero	 	CA	 	93422	 	4.8190%	 	$7,800,000	 	$7,780,586.40 	 	1/6/2026	 	6	 	41,013.52	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC31	 	31	 	JLC	 	Pioneer Business Center	 	1444, 1466 and 1488 Pioneer Way	 	El Cajon	 	CA	 	92020	 	4.9390%	 	$7,600,000	 	$7,600,000.00 	 	12/6/2025	 	6	 	32,323.01	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank32	 	32	 	KeyBank	 	Academy Sports Decatur	 	1205 Wimberly Drive Southwest	 	Decatur	 	AL	 	35603	 	4.7400%	 	$6,700,000	 	$6,675,458.42 	 	12/1/2025	 	1	 	34,910.00	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC33	 	33	 	GACC	 	Baggett and Shaw Warehouse	 	3100 First Avenue South	 	Birmingham	 	AL	 	35233	 	4.5000%	 	$6,675,000	 	$6,650,818.12 	 	1/6/2026	 	6	 	37,101.82	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank34	 	34	 	KeyBank	 	Western Village MHC	 	2000 Grand Avenue	 	West Des Moines	 	IA	 	50265	 	4.8500%	 	$6,500,000	 	$6,483,913.78 	 	1/1/2026	 	1	 	34,299.97	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank35	 	35	 	KeyBank	 	Comfort Suites Kissimmee	 	2775 Florida Plaza Boulevard	 	Kissimmee	 	FL	 	34746	 	4.8300%	 	$6,500,000	 	$6,467,164.13 	 	12/1/2025	 	1	 	37,357.34	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC36	 	36	 	JLC	 	Meadows of Geneseo	 	8 Hillside Drive	 	Geneseo	 	NY	 	14454	 	4.9360%	 	$6,400,000	 	$6,384,409.83 	 	1/6/2026	 	6	 	34,106.69	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC37	 	37	 	GACC	 	University at Buffalo Neurology Building	 	3980A Sheridan Drive	 	Amherst	 	NY	 	14226	 	4.8000%	 	$6,300,000	 	$6,300,000.00 	 	12/6/2022	 	6	 	26,040.00	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank38	 	38	 	KeyBank	 	West-Ward Pharmaceutical	 	4750 Pleasant Hill Road	 	Memphis	 	TN	 	38118	 	4.7700%	 	$6,175,000	 	$6,175,000.00 	 	10/1/2025	 	1	 	25,363.81	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank39	 	39	 	KeyBank	 	Mil-Pine Plaza	 	8400, 8404, 8405, 8414, 8426, 8438, 8442, 8450, 8460, & 8500 Niagara Falls Boulevard and 880 Military Road	 	Niagara Falls	 	NY	 	14304	 	4.6600%	 	$5,850,000	 	$5,809,195.61 	 	11/1/2025	 	1	 	33,049.75	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank40	 	40	 	KeyBank	 	Perry Place Apartments	 	815 Perry Street	 	Richmond	 	VA	 	23224	 	5.0700%	 	$5,750,000	 	$5,750,000.00 	 	1/1/2026	 	1	 	25,103.54	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC41	 	41	 	GACC	 	Shoppes at Banks Crossing 	 	110-480 Banks Crossing Drive	 	Commerce	 	GA	 	30529	 	4.5900%	 	$5,625,000	 	$5,603,781.50 	 	12/6/2025	 	6	 	28,802.64	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC42	 	42	 	JLC	 	Oak Hills Village	 	1847 Babcock Road	 	San Antonio	 	TX	 	78229	 	4.8480%	 	$5,400,000	 	$5,400,000.00 	 	12/6/2025	 	6	 	22,543.20	 	0.0025%	 	0.0000%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank43	 	43	 	KeyBank	 	BJ’s Wholesale Club Norfolk	 	5820 East Virginia Beach Boulevard	 	Norfolk	 	VA	 	23502	 	4.9500%	 	$5,350,000	 	$5,334,181.29 	 	1/1/2026	 	1	 	29,963.83	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	Leasehold	 	 	 
	GACC44	 	44	 	GACC	 	Walgreens –  Metairie, LA	 	909 David Drive	 	Metairie	 	LA	 	70003	 	4.7800%	 	$5,360,000	 	$5,332,709.51 	 	12/6/2025	 	6	 	30,650.85	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank45	 	45	 	KeyBank	 	Cypress Grove Plaza	 	5622-5692 Cypress Gardens Boulevard	 	Winter Haven	 	FL	 	33884	 	4.8200%	 	$5,190,000	 	$5,171,287.02 	 	12/1/2025	 	1	 	27,292.91	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC46	 	46	 	GACC	 	Walgreens – Mauldin, SC	 	104 West Butler Road	 	Mauldin	 	SC	 	29662	 	4.7800%	 	$5,068,000	 	$5,042,196.22 	 	12/6/2025	 	6	 	28,981.07	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC47	 	47	 	JLC	 	Radisson Cincinnati Riverfront	 	668 West Fifth Street	 	Covington	 	KY	 	41011	 	5.4650%	 	$5,000,000	 	$4,984,310.64 	 	1/6/2021	 	6	 	30,599.95	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	Fee Simple/Leasehold	 	 	 
	KeyBank48	 	48	 	KeyBank	 	Lockaway Self Storage O’Connor	 	17402 O’Connor Road	 	San Antonio	 	TX	 	78247	 	4.7100%	 	$4,990,000	 	$4,965,214.02 	 	6/1/2025	 	1	 	25,910.03	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank49	 	49	 	KeyBank	 	StaxUp Self Storage Alpine Portfolio	 	Various	 	Alpine	 	CA	 	91901	 	4.8700%	 	$4,820,000	 	$4,796,786.88 	 	9/1/2025	 	1	 	25,493.21	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank49.01	 	49.01	 	KeyBank	 	StaxUp Self Storage Tavern	 	856 Tavern Road	 	Alpine	 	CA	 	91901	 	4.8700%	 	$3,074,378	 	$3,059,571.80 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KeyBank49.02	 	49.02	 	KeyBank	 	StaxUp Self Storage Alpine	 	1849 Alpine Boulevard	 	Alpine	 	CA	 	91901	 	4.8700%	 	$1,745,622	 	$1,737,215.08 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KeyBank50	 	50	 	KeyBank	 	StaxUp Self Storage Murrieta	 	24850 Las Brisas Road	 	Murrieta	 	CA	 	92592	 	4.8700%	 	$4,370,000	 	$4,348,954.08 	 	8/1/2025	 	1	 	23,113.14	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC51	 	51	 	JLC	 	Mentis Medical Office	 	4360 Doniphan Drive	 	El Paso	 	TX	 	79922	 	4.9440%	 	$4,250,000	 	$4,250,000.00 	 	11/6/2025	 	6	 	18,093.67	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC52	 	52	 	JLC	 	1700 W. 18th Street	 	1700 West 18th Street	 	Chicago	 	IL	 	60608	 	4.8050%	 	$4,125,000	 	$4,110,082.84 	 	12/6/2025	 	6	 	21,654.91	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC53	 	53	 	GACC	 	Comfort Suites Locust Grove 	 	4699 Bill Gardner Parkway	 	Locust Grove	 	GA	 	30248	 	4.8200%	 	$3,920,000	 	$3,900,490.76 	 	1/6/2026	 	6	 	25,482.07	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank54	 	54	 	KeyBank	 	UP Industrial	 	100 Dorris Williams Industrial Drive	 	Villa Rica	 	GA	 	30180	 	4.5900%	 	$3,800,000	 	$3,780,685.61 	 	11/1/2025	 	1	 	19,457.78	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC55	 	55	 	JLC	 	Quality Suites Pineville	 	9840 Pineville-Matthews Road	 	Pineville	 	NC	 	28134	 	5.3160%	 	$3,750,000	 	$3,726,378.78 	 	11/6/2025	 	6	 	22,618.04	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank56	 	56	 	KeyBank	 	Storage Pros Redford	 	15440 Telegraph Road	 	Redford	 	MI	 	48239	 	4.6900%	 	$3,700,000	 	$3,700,000.00 	 	10/1/2025	 	1	 	14,942.86	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank57	 	57	 	KeyBank	 	Storage Pros Antioch	 	3541 Murfreesboro Pike	 	Antioch	 	TN	 	37013	 	4.7600%	 	$3,487,000	 	$3,487,000.00 	 	11/1/2025	 	1	 	14,292.83	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	GACC58	 	58	 	GACC	 	Comfort Suites Forsyth 	 	343 Harold G Clarke Parkway	 	Forsyth	 	GA	 	31029	 	4.8200%	 	$3,080,000	 	$3,064,671.30 	 	1/6/2026	 	6	 	20,021.63	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank59	 	59	 	KeyBank	 	Marquis Ranch Self Storage	 	20317 Highway 36	 	Covington	 	LA	 	70433	 	4.8100%	 	$3,000,000	 	$2,985,383.18 	 	11/1/2025	 	1	 	15,758.10	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank60	 	60	 	KeyBank	 	Paddock Building	 	230-240 Cumberland Bend	 	Nashville	 	TN	 	37228	 	4.8300%	 	$2,450,000	 	$2,450,000.00 	 	12/1/2025	 	1	 	10,189.96	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC61	 	61	 	JLC	 	Bronzeville Apartments	 	Various	 	Chicago	 	IL	 	60653	 	5.1790%	 	$2,400,000	 	$2,392,137.89 	 	1/6/2026	 	6	 	14,281.59	 	0.0025%	 	0.0025%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	JLC61.01	 	61.01	 	JLC	 	4417-4419 South Indiana Avenue	 	4417-4419 South Indiana Avenue	 	Chicago	 	IL	 	60653	 	5.1790%	 	$1,360,000	 	$1,355,544.80 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	JLC61.02	 	61.02	 	JLC	 	4235-4237 South Calumet Avenue 	 	4235-4237 South Calumet Avenue 	 	Chicago	 	IL	 	60653	 	5.1790%	 	$1,040,000	 	$1,036,593.09 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KeyBank62	 	62	 	KeyBank	 	Rochester House Apartments	 	2540 Rochester Road	 	Royal Oak	 	MI	 	48073	 	4.7500%	 	$2,000,000	 	$1,990,141.94 	 	11/1/2025	 	1	 	10,432.95	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank63	 	63	 	KeyBank	 	Elmsleigh Apartments	 	1820 Rochester Road	 	Royal Oak	 	MI	 	48073	 	4.7500%	 	$1,550,000	 	$1,542,360.03 	 	11/1/2025	 	1	 	8,085.53	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 
	KeyBank64	 	64	 	KeyBank	 	Pep Boys Winter Haven	 	5694 Cypress Gardens Boulevard	 	Winter Haven	 	FL	 	33884	 	4.6200%	 	$900,000	 	$895,301.56 	 	12/1/2025	 	1	 	5,063.99	 	0.0025%	 	0.0100%	 	Actual/360	 	None	 	 	 	 	 	 	 	 	 


 



    	 



    	 



     


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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, Class R (the
“Class R Certificate”) is a Permitted Transferee (as defined in Article I of the Pooling and Servicing Agreement,
dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), entered into and executed in connection with
the issuance of the COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2), 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.


 


7.            That
the Purchaser is not a Disqualified Non-U.S. Tax 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. Tax Person and is otherwise a Permitted
Transferee.


 


 



    	C-1-1



    	 



     


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” is required to be designated with respect to the Upper-Tier REMIC and the Lower-Tier REMIC,
the Purchaser agrees to act as “tax matters person” and to perform the functions of “tax matters partner”
of the Upper-Tier REMIC and the 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” and “tax matters partner.”


 


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.


 


☐           The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,


 



    	C-1-2



    	 



     


 


(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]


 

Deutsche Bank Trust Company Americas


c/o DB Services Americas,
Inc.


5022 Gate Parkway, Suite
200


Jacksonville, Florida 32256


Attention: Transfer Unit


 


	 	Re:	Re: COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, 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


 


Deutsche Bank Trust Company Americas 


c/o DB Services Americas,
Inc. 


5022 Gate Parkway, Suite
200 


Jacksonville, Florida 32256 


Attention: Transfer Unit


 


Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan


 


	 	Re:	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2: Class [     ]	 


 


Ladies and Gentlemen:


 


This letter is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing
Agreement”), entered into and executed in connection with the above-referenced trasnaction, on behalf of the holders
of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2 (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 investors that is an “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 institutional investors that are “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act (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 Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.


 


 



    	D-1-1



    	 



     


	 	 	[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, or (ii) institutional investors that are “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 institutional investors that are “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, pursuant to any other exemption from the registration requirements of the Securities Act, subject in the case of this clause (ii) to (a) the receipt by the Certificate Registrar of a letter substantially in the form hereof, (b) the receipt by the Certificate Registrar of an opinion of counsel acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (c) the receipt by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act and other applicable laws (including applicable state and foreign securities laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed transfer. It understands that the 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 March 4, 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 successor form) if the Purchaser is an individual, or IRS Form W-8BEN-E (or successor form) if the Purchaser is an entity, 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. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable
Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).


 


Please
make all payments due on the 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]


Deutsche Bank Trust Company Americas


c/o DB Services Americas,
Inc. 


5022 Gate Parkway, Suite
200


Jacksonville, Florida 32256


Attention: Transfer Unit


 


Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan


 


	Re:	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, Class [     ]	 


 


Ladies and Gentlemen:




 


_______________ (the “Purchaser”)
intends to purchase from _______________ (the “Seller”) [$_____ initial Certificate Balance][$________ initial
Notional Balance][ or _____% Percentage Interest] of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-DC2, Class [_____], CUSIP No. _____ (the “Certificates”), issued pursuant to the Pooling and Servicing
Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), entered into and executed in connection
with the above-referenced transaction. 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 (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 any such Plan,
other than (except in the case of the Private Non-Regular 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


 


 



    	D-2-1



    	 



     


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 Private Non-Regular 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 Depositor, the Certificate
Administrator, the Trustee, the Asset Representations Reviewer 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]


 


Deutsche Bank Trust Company Americas

as Custodian


1761 East St. Andrew Place

Santa Ana, CA 92705


Attention: Custody Administration
— DB16D2


 


	 	Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”) relating to COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2	 


 


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)


 



    	E-1



    	 



     


 


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 [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


 


Deutsche Bank Trust Company Americas 


c/o DB Services Americas,
Inc. 


5022 Gate Parkway, Suite
200 


Jacksonville, Florida 32256 


Attention: Transfer Unit


 


	 	Re:	Transfer of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, Class [     ]	 


 


Ladies and Gentlemen:


 


This certificate is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing
Agreement”), and executed in connection with the above referenced transaction, on behalf of the holders of the COMM 2016-DC2
Mortgage Trust Commercial Mortgage Pass Through Certificates, Series 2016-DC2, 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


 


 

 


* Insert one of these two
provisions, which come from the definition of “offshore transaction” in Regulation S.


 


 



    	G-1



    	 



     


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___


 



    	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)


 


Deutsche Bank Trust Company Americas


c/o DB Services Americas,
Inc.


5022 Gate Parkway, Suite
200


Jacksonville, Florida 32256


Attention: Transfer Unit


 


	 	Re:	Transfer of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, Class [   ]	 


 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of March 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)


 


Deutsche Bank Trust Company Americas 


c/o DB Services Americas,
Inc. 


5022 Gate Parkway, Suite
200 


Jacksonville, Florida 32256 


Attention: Transfer Unit


 


	 	Re:	Transfer of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, Class [     ]	 


 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of March 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)


 


Deutsche Bank Trust Company Americas 


c/o DB Services Americas,
Inc. 


5022 Gate Parkway, Suite
200 


Jacksonville, Florida 32256 


Attention: Transfer Unit


 


	 	Re:	Transfer of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, Class [     ]	 


 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of March 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 depositary.


 



    	J-1



    	 



     


 


	 	[Insert Name of Transferor]
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 


 


 


Dated: ______________, 20__


 


 



    	J-2



    	 



     


EXHIBIT K


 


FORM OF DISTRIBUTION DATE STATEMENT


 



    	K-1



    	 



     


 


	 	 	 	 
		 	 	COMM 2016-DC2
	 	 	
         

        COMM 2016-DC2 Mortgage Trust
        Commercial Mortgage Pass-Through Certificates, Series 2016-DC2

	 	 	

April 12, 2016


	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	  1761 E. St. Andrew Place	 	 	Table of Contents
	  Santa Ana, CA 92705	 	 	 	 	 	 	 	 	 	 
	 	 	 	Certificate Payment Report	2	 	 	Stratification - Mortgage Balances/Rates	17
	  Website:	 	 	Certificate Factor Report	3	 	 	Stratification - Amortization Terms	18
	  https://tss.sfs.db.com/investpublic	 	 	Cash Reconciliation	4	 	 	Stratification - Geographic Distribution	19
	 	 	 	Other Related Information	5	 	 	Stratification - Financial Ratios and Others	20
	  Associated Files	 	 	Pool and Performance Detail	6	 	 	Loan Level Detail	21
	Supplements	 	 	Bond Interest Reconciliation	7	 	 	Specially Serviced Loan Detail	22
	Pool Periodic	 	 	Bond Reconciliation Detail	8	 	 	Specially Serviced Loan Comments	23
	Bond Periodic	 	 	Current Ratings	9	 	 	Appraisal Reduction Detail	24
	Loan Periodic	 	 	Performance History	10	 	 	Appraisal Reduction Comments	25
	Loan Setup	 	 	Delinquency Detail	11	 	 	Modifications/Extensions Detail/Description	26
	Governing Documents	 	 	Payoff History	12	 	 	Material Breaches and Document Defects	27
	Annex A	 	 	Defeased Loan Level Detail	13	 	 	Property Detail (Default/Transfer)	28
	 	 	 	REO Historical Detail	14	 	 	Extraordinary Event	 	29
	 	 	 	Historical Bond/Collateral Loss Reconciliation	15	 	 	 	 
	  Factor Information:	 	 	Historical Loss Liquidation	16	 	 	 	 
	(800) 735-7777	 	 	 	 	 	 	 	 
	 	 	 	Contacts	 	 	Dates
	  Main Phone Number:	 	 	 	 	 	 	 	 
	714-247-6000	 	 	Depositor	Deutsche Mortgage & Asset Receiving Corporation 	 	 	Current Distribution Date	04/12/2016     
	 	 	 	Master Servicer	Wells Fargo Bank, National Association 	 	 	Distribution Count	1     
	 	 	 	Special Servicer	CWCapital Asset Management LLC	 	 	 	 
	 	 	 	Underwriters	Deutsche Bank Securities Inc.	 	 	Prior Distribution Date	N/A     
	Administrator	 	 	 	KeyBanc Capital Markets Inc.	 	 	Next Distribution Date	05/12/2016     
	 	 	 	 	Jefferies LLC	 	 	Trust Collection Period	03/16/2016     to     04/06/2016     
	 	 	 	 	Academy Securities, Inc.	 	 	 	 
	 	 	 	Rating Agencies	Moody’s Investors Service, Inc.	 	 	Record Date	03/31/2016     
	 	 	 	 	Fitch Ratings, Inc.	 	 	Determination Date	04/06/2016     
	 	 	 	 	Kroll Bond Rating Agency, Inc.	 	 	 	 
	 	 	 	Trustee	Wilmington Trust, National Association	 	 	Cutoff Date	03/01/2016     
	 	 	 	Certificate Administrator	Deutsche Bank Trust Company Americas	 	 	Closing Date	03/16/2016     
	 	 	 	Operating Advisor	Park Bridge Lender Services LLC	 	 	Initial Distribution Date	04/12/2016     
	 	 	 	Asset Representations	Park Bridge Lender Services LLC	 	 	Rated Final Payment Date	02/12/2049     
	 	 	 	Reviewer	 	 	 	 	 
	 	 	 	Controlling Class 

Representative	Seer Capital Commercial Real Estate Debt Fund I Ltd.	 	 	 	 
	 	 	 	Controlling Class	Class H	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	In connection with the Certificate Administrator’s preparation of this Statement to Certificateholders, the Certificate Administrator is conclusively relying upon, and has not independently verified, information provided to it by various third parties, including the Master Servicer, Special Servicer and other parties to the transaction. The Certificate Administrator makes no representations as to the completeness, reliability, accuracy or suitability for any purpose of the information provided to it by such third parties.
	 	 	 	 	 	 	 	 	 	 
	Page 1 of 29	 	 	


 



    	 



    	 



     


	 	 	 	 
	COMM 2016-DC2	 	
	
         

        COMM 2016-DC2 Mortgage Trust
        Commercial Mortgage Pass-Through Certificates, Series 2016-DC2

	
         

        April 12, 2016

         
	 	 	 
	 	 	 
	Certificate Payment Report	 	 
	 	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Balance and Principal Components	 	Interest	 	Pass-Through Rate	 	Credit Support	 
	 	 	 	 	 	 	 	 	Original	 	Beginning	 	Principal	 	Non-Prin Adj/	 	Ending	 	Interest	 	Excess/	 	Current	 	Next	 	Original	 	Current	 
	 	Class	 	Class Type	 	CUSIP	 	 	Balance	 	Balance	 	 	 	Loss/Accretion	 	Balance	 	Distributed	 	Shortfall	 	 	 	 	 	%	 	%	 
	 	A-1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		A-SB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-5	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	X-A	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	X-B	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	X-C	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	X-D	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	X-E	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	X-F	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-M	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	B	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	C	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	D	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	E	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	F	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	G	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	H	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	V	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	R	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	SubTotal	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 
	 	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 
	Page 2 of 29	


 



    	 



    	 



     


	 	 	 	 
	COMM 2016-DC2	 	
	
         

        COMM 2016-DC2 Mortgage Trust
        Commercial Mortgage Pass-Through Certificates, Series 2016-DC2

	
         

        April 12, 2016

         
	 	 	 
	 	 	 
	Certificate Factor Report	 	 
	 	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Accrual	 	Balance Factors	 	Payment Factors	 
	 	Class	 	Cusip	 	
        Start

        Date
	 	
        End

        Date
	 	Methodology	 	 	
        Original

        Balance
	 	
        Beginning

        Balance
	 	
        Ending

        Balance
	 	 	
        Interest

        Distributed
	 	
        Principal

        Distributed
	 	
        Total

        Distributed
	 
	 	A-1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-SB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-5	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	X-A	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	X-B	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	X-C	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	X-D	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	X-E	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	X-F	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-M	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	B	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	C	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	D	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	E	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	F	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	G	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	H	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	V	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	R	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 
	Page 3 of 29	


 



    	 



    	 



     


	 	 	 	 
	COMM 2016-DC2	 	
	
         

        COMM 2016-DC2 Mortgage Trust
        Commercial Mortgage Pass-Through Certificates, Series 2016-DC2

	
         

        April 12, 2016

         
	 	 	 
	 	 	 
	Cash Reconciliation	 	 
	 	 	 


 


	Servicer Remittance Non-Adjusted	 	Adjustments	 	Trust	 
	Principal	 	Principal	 	Trust Related Fees & Expenses	 
	A. Scheduled Principal	 	A. Excess Amounts	 	Trustee Fee	 
	Current Principal	 	Subsequent Recovery	 	Certificate Administrator Fee	 
	Advanced Principal	 	Gain-on-Sale	 	Trustee Fee Strips	 
	Scheduled Maturity Payoff	 	 	 	CREFC® License Fee	 
	 	 	B. Shortfalls Amounts.	 	Trust Expense(s)	 
	B. Unscheduled Principal	 	Realized Loss	 	Guarantee Fee	 
	Voluntary	 	Additional Loss Claim	 	Unreimbursed Indemnification Expense	 
	Post-Maturity	 	 	 	 	 
	Liquidation	 	Net Excess/Shortfall	 	Trust Related Fees & Expenses 	 
	Curtailment	 	 	 	 	 
	Defeasance	 	Interest	 	 	 
	Neg Am/Deferred	 	A. Excesses	 	Sister Agreements	 
	 	 	Penalties/Yield Maintain/Exit	 	 	 
	Principal Non-Adjusted	 	Extension Interest (ARD)	 	 	 
	 	 	Default Interest	 	 	 
	 	 	Prepay Interest Excess (PPIE)	 	 	 
	Interest	 	Interest Recovery	 	 	 
	A. Scheduled Interest	 	ASER Recovered	 	 	 
	Current Interest	 	Other Interest Proceeds	 	Interest Reserve Account	 
	Delinquent Interest	 	 	 	Deposit	 
	 	 	B. Shortfalls	 	Cumulative Deposit	 
	B. Servicing Fees & Expenses	 	Gross PPIS (Prepay Interest Shortfall)	 	Withdrawal	 
	Current Servicer Fees	 	Servicer PPIS Cap	 	 	 
	Delinquent Servicer Fees	 	Net PPIS	 	Summary	 
	Sub-Servicer	 	Deferred Interest	 	Principal Adjusted	 
	Servicer Fee Strips	 	Modification Shortfall	 	Scheduled Interest	 
	Master Servicer Surveillance Fee 	 	ASER Applied	 	Servicer Fee & Expense	 
	Special Servicer Surveillance Fee 	 	Special Servicer Fees	 	Interest Shortfall Expense	 
	Other Fee Strips (incl. Insurer)	 	Workout Fees	 	Servicer Wire	 
	Miscellaneous Fees	 	Liquidation Fees	 	Trustee Fee & Expense	 
	Servicer Fees/Expenses	 	Non-Recoverable Advances	 	Sister Agreements	 
	Interest Non-Adjusted	 	Interest on Prior Advances	 	Interest Reserve Account	 
	Principal & Interest Non-Adjusted	 	Various Expenses	 	Due to Certificates	 
	 	 	Other Interest Loss	 	 	 
	 	 	Net Excess/Shortfall	 	 	 
	 	 	Workout - Delayed Reimbursement Amount	 	 	 


	 	 
	Page 4 of 29	


 



    	 



    	 



     


	 	 	 	 
	COMM 2016-DC2	 	
	
         

        COMM 2016-DC2 Mortgage Trust
        Commercial Mortgage Pass-Through Certificates, Series 2016-DC2

	
         

        April 12, 2016

         
	 	 	 


	 	 	 	 	 
	Other Related Information	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	Disclosable Special Servicer Fees*	 	 
	 	 	 	 	 
	 	 	Commissions	 	 
	 	 	Brokerage fees	 	 
	 	 	Commissions	 	 
	 	 	Other	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	*Fee-sharing arrangement	 	 
	 	 	 	 	 


	 	 
	Page 5 of 29	


 



    	 



    	 



     


	 	 	 	 
	COMM 2016-DC2	 	
	
         

        COMM 2016-DC2 Mortgage Trust
        Commercial Mortgage Pass-Through Certificates, Series 2016-DC2

	
         

        April 12, 2016

         
	 	 	 


	 	 
	Pool and Performance Detail	 


	 	 	 	 	 	 	 	 	 	 	 	 
	Pool Detail	 	WA Rates/Terms
	 	 	 	 	 	 	 	 	 	 	 	 
	Current	 	Amt	%	Cnt	%	 	 	Cutoff	Prior	Current	Next
	 	 	 	 	 	 	 	 	 	 	 	 
	Amortizing/Balloon	 	 	 	 	 	 	One-Month LIBOR 	 	 	 	 
	IO/Amortizing/Balloon	 	 	 	 	 	 	Six-Month LIBOR 	 	 	 	 
	IO/Balloon	 	 	 	 	 	 	WAC	 	 	 	 
	 	 	 	 	 	 	 	WAMM	 	 	 	 
	Smallest Balance	 	 	 	 	 	 	AWAM	 	 	 	 
	Average Balance	 	 	 	 	 	 	 	 	 	 	 
	Largest Balance	 	 	 	 	 	 	Performance Snapshot


	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	3 Mo Avg	 	6 Mo Avg	 	12 Mo Avg
	Current	 	 	Current	% Bal	% Cnt	 	% Bal	% Cnt	 	% Bal	% Cnt
	Beginning Balance	 	 	Current	 	 	 	 	 	 	 	 
	Scheduled Principal	 	 	30 Day	 	 	 	 	 	 	 	 
	Voluntary Payoff	 	 	60 Day	 	 	 	 	 	 	 	 
	Scheduled Maturity Payoff	 	90 Day Plus	 	 	 	 	 	 	 	 
	Post-Maturity Payoff	 	 	Foreclosures	 	 	 	 	 	 	 	 
	Net Liquidation	 	 	REOs	 	 	 	 	 	 	 	 
	Realized Loss	 	 	Bankruptcies	 	 	 	 	 	 	 	 
	Curtailment	 	 	Liquidations	 	 	 	 	 	 	 	 
	Defeasance	 	 	Defeasances	 	 	 	 	 	 	 	 
	Negative Amortization/Deferred	 	Modifications	 	 	 	 	 	 	 	 
	Ending Balance	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Advance Summary


	 	 	 	 	 	 	 	 	 	 	 
	Cumulative	 	 	Cumulative	Principal	 	Interest	 	Cnt	% Amt	% Cnt
	 	 	 	Prior Outstanding	 	 	 	 	 	 	 
	Scheduled Principal	 	 	Current Amount	 	 	 	 	 	 	 
	Voluntary Payoff	 	 	Recovery (-)	 	 	 	 	 	 	 
	Scheduled Maturity Payoff	 	Current Outstanding	 	 	 	 	 	 	 
	Post-Maturity Payoff	 	 	Non-Recoverable	 	 	 	 	 	 	 
	Net Liquidation	 	 	 	 	 	 	 	 	 	 
	Realized Loss	 	 	Appraisal Reduction Summary
	Curtailment	 	 	Prior Cumulative ASER	 	 	 	 	 	 	 
	Defeasance	 	 	Current ASER	 	 	 	 	 	 	 
	Negative Amortization/Deferred	 	Recovery (-)	 	 	 	 	 	 	 
	 	 	 	Cumulative ASER	 	 	 	 	 	 	 
	 	 	 	(*) ARA    Appraisal Reduction Amount	(*) ASER       Appraisal Subordination Entitlement


	 	 
	Page 6 of 29	


 



    	 



    	 



     


	 	 	 	 
	COMM 2016-DC2	 	
	
         

        COMM 2016-DC2 Mortgage Trust
        Commercial Mortgage Pass-Through Certificates, Series 2016-DC2

	
         

        April 12, 2016

         
	 	 	 


	 	 
	Bond Interest Reconciliation	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Accrual	 	 	 	 	 	 	 	 	 	 
	Class	 Prior Due 	Curr Due	Method Days	 	Beginning

Balance	Pass-Through

Rate	Prior

Shortfall	Current

Accrued	Current

Additions	Current

Deductions	Distributable

Interest	Distributed

Interest	Outstanding

Shortfall
	A-1

A-2

A-3

A-SB 

A-4

A-5

X-A

X-B

X-C

X-D

X-E

X-F

A-M

B

C

D

E

F

G

H

V

R

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SubTotal	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 
	Page 7 of 29	


 



    	 



    	 



     


	 	 	 	 
	COMM 2016-DC2	 	
	
         

        COMM 2016-DC2 Mortgage Trust
        Commercial Mortgage Pass-Through Certificates, Series 2016-DC2

	
         

        April 12, 2016

         
	 	 	 


	 	 
	Bond Reconciliation Detail	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Principal Components	 	Interest Additions	 	Interest Deductions
	Class	Scheduled	Unscheduled	Current

Loss	Cumulative

Loss	 	PPY, PPYYM,

Exit Fees	Interest

Adjustment	 Interest on Prior 

Shortfall	Interest on Prior

Loss 	 	Net

PPIS	Deferred

Accretion	Interest Loss

Expense
	A-1

A-2

A-3

A-SB

A-4

A-5

X-A

X-B

X-C

X-D

X-E

X-F

A-M

B

C

D

E

F

G

H

V

R

 

 

 



 

 

 

 

 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SubTotal 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 
	Page 8 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 
	 	 
	 	 
	Current Ratings	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Closing Ratings	 	Updated Ratings (1)
	 	Class	 	 	 	 	 	 	 	 	 	Fitch	 	Moody’s	 	S & P	 	Morningstar	 	DBRS	 	Kroll
	Class	Type	CUSIP	 	Fitch	  Moody’s  	S & P  	Morningstar  	  DBRS  	Kroll	 	Rating	 Eff Date	 	Rating	  Eff Date  	 	Rating	  Eff Date  	 	Rating	  Eff Date  	 	Rating	  Eff Date  	 	Rating	  Eff Date  
	  A-1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  A-2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  A-3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  A-SB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  A-4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  A-5	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  X-A	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  X-B	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  X-C	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  X-D	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  X-E	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  X-F	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  A-M	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  B	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  C	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  D	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  E	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  F	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  G	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  H	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  V	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  R	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 	 	 	 	 	 	 
	Contact Information	 	Fitch Ratings, Inc.	Moody’s Investors Service, Inc.  	Standard & Poor’s Rating Service  	Morningstar Credit Ratings, LLC  	DBRS, Inc.	Kroll Bond Rating Agency, Inc.
	 	 	33 Whitehall Street	7 World Trade Center	55 Water Street	410 Horsham Road Suite A	333 West Wacker Drive,  	845 Third Avenue, 4th Floor
	 	 	New York, New York, 10004  	New York, NY 10007	New York, New York 10041	Horsham, PA 19044	Suite 1800	New York, NY 10022
	 	 	(212) 908-0500	(212) 553-0300	(212) 438-2430	(267) 960-6014	Chicago, Illinois 60606	(212) 702-0707
	 	 	 	 	 	 	(312) 332-3429	 


	 	 	 
	Legend	 	 
	 	 	 
	NR     Class not rated at issuance	 	(1) These ratings are not a recommendation to buy, sell or hold these notes. Ratings may be changed or withdrawn at any time by each assigning rating agency.
	NA     Data not available	 	These ratings do not address the possibility that, as a result of principal prepayments or losses, the yield on your notes may be lower than anticipated.
	 	 	 
	 	 	Changed ratings provided on this report are based on information provided by the applicable rating agency via electronic transmission and captured during the processing window. Deutsche Bank does not hold itself responsible for any update that may have occurred outside the window during which the data was captured.


 


	Page 9 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 
	 	 
	 	 
	Performance History	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Delinquency Categories	 	Impaired Loans	 	Unique Events
	  Dist Date	 	30 Day	60 Day	90 Day	120+ Day	 	Foreclosure	REO	Bankruptcy	Curr FC not SS/REO	 	Modification	Specially Serviced
	  Dist Cnt	 	Cnt	Bal	Cnt	Bal	Cnt	Bal	Cnt	Bal	 	Cnt	Bal	Cnt	Bal	Cnt	Bal	Cnt	Bal	 	Cnt	Bal	Cnt	Bal
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


	Page 10 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 
	 	 
	Delinquency Detail	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	P&I Advances	 	Non-Advancing	 	 	Tracking	 	Status/Resolution w Relevant Dates	 	Loan Description
	 	 	 	 	 	Prior Outstanding	 	Current Outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Investor

  No.	 	PTD	 	 	Interest	 	Principal	 	 	Interest	 	Principal	 	 	ASER	 	Non-

Recoverable	 	 	 	Mo (s)

Delinq	 	Mo (s)

Recov	 	 	Loan

Status	 	Resoln

Strategy	 	 	SS Tran

Date	 	ARA

Date	 	FC/REO

Date	 	BK

Date	 	 	Prop

Type	 	DSCR	 	LTV
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 	 	 	 	 	Property Type Code
	 	 	Resolution Strategy Code	 	Loan Status Code	 	 
	 	 	1  	Modification	 	6  	DPO	 	10  	Deed in Lieu Of	 	0  	Current	 	3  	90 Days Delinquent	 	MF	Multi-Family	 	OF	Office
	 	 	2	Foreclosure	 	7	REO	 	 	Foreclosure	 	A	Grace	 	4	Matured Balloon	 	RT	Retail	 	MU	Mixed Use
	 	 	3	Bankruptcy	 	8	Resolved	 	11	Full Payoff	 	B	0 - 29 Days	 	7	Foreclosure	 	HC	Health Care	 	LO	Lodging
	 	 	4	Extension	 	9	Pending Return	 	12	Reps and Warranties	 	1	30 Days Delinquent	 	9	REO	 	IN	Industrial	 	SS	Self Storage
	 	 	5	Note Sale	 	 	to Master Servicer	 	13	Other or TBD	 	2	60 Days Delinquent	 	 	 	 	WH	Warehouse	 	OT	Other
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	MH	Mobile Home Park	 	 	 


 


	Page 11 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 
	 	 
	Payoff History	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Payoff Amount	 	Liquidation	 	Interest Additions/Deductions	 	Maturity (2)	 	Remaining Term
	Dist Date	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Dist Count	 	Count	Amount	 	Count 	Liquidation	  Realized Loss  	Net Liquidation	 	Type	Penalty(1)	PPIS/PPIE	Other	 	Prior	  Schd  	Post	 	Life	Amort
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 	 	 	 	 	 	 
	 	(1) Penalty Type	 	 	  (2) Maturity Var: Payoff to Maturity Date delta	 	 	 
	 	1     Prepay Penalties	 	 	 	 
	 	2     Yield Maintenance	 	 	 	 
	 	3     Exit Fees	 	 	 	 
	 	4     Yield Maintenance & Exit Fees	 	 	 	 


 


	Page 12 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 
	 	 
	Defeased Loan Level Detail	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Current P&I	 	Status	 	Static	 	Financial	 
	 	Investor

No.	 	Principal Components	 	Interest	 	 	 	 	 	Prop

Type	 	State	 	Amort

Type	 	Cutoff

Maturity	 	Most Recent	 	Cutoff	 
	 	 	Beginning Bal	 	Principal	 	Ending Bal	 	Rate	 	Accrual	 	Interest	 	PTD	 	Code	 	 	 	 	 	DSCR	 	LTV	 	OCC	 	NOI	 	DSCR	 	LTV	 	OCC	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Resolution Strategy Code	 	Loan Status Code	 	Property Type Code
	1  	 	Modification	 	6	DPO	 	10  	Deed in Lieu Of	 	0	Current	 	3	90 Days Delinquent	 	MF  	Multi-Family	 	OF	Office
	2	 	Foreclosure	 	7	REO	 	 	Foreclosure	 	A	Grace	 	4	Matured Balloon	 	RT	Retail	 	MU	Mixed Use
	3	 	Bankruptcy	 	8	Resolved	 	11	Full Payoff	 	B	0 - 29 Days	 	7	Foreclosure	 	HC	Health Care	 	LO	Lodging
	4	 	Extension	 	9	Pending Return	 	12	Reps and Warranties	 	1	30 Days Delinquent	 	9	REO	 	IN	Industrial	 	SS	Self Storage
	5	 	Note Sale	 	 	to Master Servicer	 	13	Other or TBD	 	2	60 Days Delinquent	 	 	 	 	WH	Warehouse	 	OT	Other
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	MH	Mobile Home Park	 	 	 


	Page 13 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 
	 	 
	REO Historical Detail	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	REO	 	Balances	 	Appraisal Information	 	Static	 	Liquidation Detail
	 	Investor	 	 	 	 	 	Most Recent	 	Appraisal	 	Appraisal	 	 	 	Prop	 	 	 	Amort	 	Cutoff	 	Liquidation	 	Net Liquidation	 	Realized	 	 
	 	No.	 	Date	 	Type	 	Scheduled	 	Actual	 	Appraisal	 	Date	 	Redn Amt	 	DSCR	 	Type	 	State	 	Type	 	Maturity	 	Date	 	Proceeds	 	Loss	 	Type
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 	 	 	 	 	 	 	 	 	 
	 	REO Type	 	 	 	Amortization Type	 	 	 
	 	1	Paid-in-Full	4	Final Recovery REO	 	1	Fully Amortizing	4	Interest Only/Amortizing	 
	 	2	Final Recovery Mode	5	Permitted Purchase of REO	 	2	Amortizing Balloon	5	Interest Only/Amortizing/Balloon	 
	 	3	Permitted Purchase	 	 	 	3	Interest Only/Balloon	6	Principal Only	 


 


	Page 14 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 	 	 
	 	 	 	 	 
	Historical Bond/Collateral Loss Reconciliation	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Liquidation Summary	 	 	Certificate Level	 	 	Cash Adjustment
	Investor

 No.	Period	 	Beginning

Balance (1)	Aggregate

Loss (2)	 	 	Prior Certificate

Writedown (3)	OC, Credit

Support (4)	Shortfalls/

Excesses (5)	Modification,

ARA Adjs (6)	Subseq Claims

Recoveries (7)	Curr Certificate

Writedown (8)	 	Cash

Recovery (9)	Curr Certificate

Writedown Adj.(10)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Loan Status Code	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 	 	 	 	 
	 	1	Current Scheduled Beginning Balance of the Loan at Liquidation	 	6	Modification Adjustments/Appraisal Reduction Adjustments
	 	2	Aggregate Realized Loss on Loans	 	7	Additional (Recoveries) Expenses applied to Realized Losses
	 	3	Prior Realized Loss Applied to Certificates	 	8	Realized Loss Applied to Certificates to Date ((3) -(4) - (5) - (6) + (7))
	 	4	Amounts covered by Overcollaterization and other Credit Supports  	 	9	Recoveries of Realized Losses Paid as Cash
	 	5	Interest (Shortages)/Excesses applied to Realized Losses	 	10 	Recoveries/Realized Losses applied to Certificate Interest
	 	

Note: In the initial period, the Realized Loss Applied to certificates to Date will equal Aggregate Realized Loss on Loans (- (4) - (5) -(6) +(7)) versus ( (3) - (4) - (5) -(6) +(7))


 


	Page 15 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 	 	 
	 	 	 	 	 
	Historical Loss Liquidation	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	Liquidation Components (time of resolution)	 	 	 	Subsequent Adjustments
	Investor  No.	 	Period	 	Begin Bal	Most Recent  

Appraisal	Liquidation

Sales Price	Liquidation

Proceeds	Liquidation

Expense	Net Liquidation

Proceeds	Loss to Trust	Loss

Type	 	 	 	Adjustment

Date	Adjustment

Amount	Minor Adjustment	Adjusted Loss

Cumulative
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


	Page 16 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 	 	 
	 	 	 	 	 
	Stratification - Mortgage Balances/Rates	 	 


	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Current	 	Original
	 	 	 	Summation	 	 	Weighted Average	 	Summation	 	 	Weighted Average
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Average	 	 	 	 	 	 	 	 	 	 
	 	Minimum	 	 	 	 	 	 	 	 	 	 
	 	Maximum	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Current	 	Original
	 	 	 	Summation	 	 	Weighted Average	 	Summation	 	 	Weighted Average
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 


	Page 17 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 	 	 
	 	 	 	 	 
	Stratification - Amortization Terms	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Amortizing/Balloon	 	Current	 	Original
	 	 	 	Summation	 	 	Weighted Average	 	Summation	 	 	Weighted Average
	 	 	 	 	Cnt	Balance	%	 	Term 	Rate 	DSCR	LTV	OCC	 	Cnt	Balance	%	 	Term 	Rate 	DSCR	LTV	OCC
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Average	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Minimum	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Maximum	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Only/Amortizing/Balloon	 	Current	 	Original
	 	 	 	Summation	 	 	Weighted Average	 	Summation	 	 	Weighted Average
	 	 	 	 	Cnt	Balance	%	 	Term 	Rate 	DSCR	LTV	OCC	 	Cnt	Balance	%	 	Term 	Rate 	DSCR	LTV	OCC
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Average	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Minimum	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Maximum	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Only/Balloon	 	Current	 	Original
	 	 	 	Summation	 	 	Weighted Average	 	Summation	 	 	Weighted Average
	 	 	 	 	Cnt	Balance	%	 	Term 	Rate 	DSCR	LTV	OCC	 	Cnt	Balance	%	 	Term 	Rate 	DSCR	LTV	OCC
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Average	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Minimum	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Maximum	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	Page 18 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 	 	 
	 	 	 	 	 
	Stratification - Geographic Distribution	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Summation	 	 	Weighted Average	 	 	 	Summation	 	 	Weighted Average
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	Page 19 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 	 	 
	 	 	 	 	 
	Stratification - Financial Ratios and Others	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Summation	 	 	Weighted Average	 	 	 	 	Summation	 	Weighted Average
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Average	 	 	 	 	 	 	 	 	 	Max DSCR	 	Min DSCR
	Minimum	 	 	 	 	 	 	 	 	 	 	 	 
	Maximum	 	 	 	 	 	 	 	 	 	 	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Summation	 	 	Weighted Average	 	 	 	 	Summation	 	Weighted Average
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Max LTV	 	Min LTV


	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Summation	 	 	Weighted Average	 	 	 	 	Summation	 	Weighted Average
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Max Occ	 	Min Occ


 


	Page 20 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 	 	 	 
	 	 	 	 	 
	Loan Level Detail	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Current P&I	 	Current Status	 	Additional Loan Interest Detail	 	Financial
	 	 	Principal Components	 	Interest	 	 	 	 	 	 	 	 	 	Most Recent	 	Cutoff
	Investor

 No.	 	Begin Bal	Principal	Ending Bal	 	Rate	Accrual	Interest	 	PTD	Loan

Status	Rsln

Strgy	 	 Int on Adv	Default Int	Penalty Int	 	DSCR	LTV*	Phy

Occ %	 	DSCR	LTV	Phy

Occ %
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	* The information might be from a prior reporting period	 	 	 	 	 	 	 	 	 	 	 	 
	 	Resolution Strategy Code	Loan Status Code	 	Property Type Code	Amortization Type
	 	1   	Modification  	6   	DPO	10  	Deed in Lieu Of	 	0  	Current	3  	90 Days Delinquent  	 	MF	Multi-Family	OF 	Office	 	1 	Fully Amortizing
	 	2	Foreclosure	7	REO	 	Foreclosure	 	A	Grace	4	Matured Balloon	 	RT	Retail	MU  	Mixed Use	 	2   	Amortizing Balloon
	 	3	Bankruptcy	8	Resolved	11	Full Payoff	 	B	0 - 29 Days	7	Foreclosure	 	HC	Health Care	LO	Lodging	 	3	Interest Only/Balloon
	 	4	Extension	9	Pending Return	12	Reps and Warranties 	 	1	30 Days Delinquent  	9	REO	 	IN	Industrial	SS	Self Storage  	 	4	Interest Only/Amortizing
	 	5	Note Sale	 	to Master Servicer  	13	Other or TBD	 	2	60 Days Delinquent	 	 	 	WH	Warehouse	OT	Other	 	5	Interest Only/Amortizing/Balloon
	 	 	 	 	 	 	 	 	 	 	 	 	 	MH  	Mobile Home Park 	 	 	 	6	Principal Only


 


	Page 21 of 29	


 



    	 



    	 



     


 


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


 


	 	 
	Specially Serviced Loan Detail	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Status/Resolutions	 	Balance/Rate/Terms	 	Static	 	Financial
	 	 	 	 	 	 	 	 	 	 	Remaining	 	 	 	 	 	 	Most Recent	 	Cutoff
	Investor	 	Paid Through  	Spec Serv	Loan	Resoln	 	Scheduled	Actual	Note	 	 	 	Prop	 	Amort	Cutoff	 	 	 	Phy	 	 	 	Phy 
	No.	 	Date	Trans Date	Status	Strategy	 	Balance	Balance	Rate	Life	Amort	 	Type	State	Type	Maturity	 	DSCR	LTV *	Occ %	 	DSCR	LTV	Occ %
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Loan Status (0,A,B)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	* The information might be from a prior reporting period	 	 	 	 	 	 	 	 	 	 
	 	Resolution Strategy Code	 	Loan Status Code	 	Property Type Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1  	Modification	6  	DPO	10	Deed in Lieu Of	 	0	Current	3  	90 Days Delinquent	 	MF      	Multi-Family	OF  	Office
	 	2	Foreclosure	7	REO	 	Foreclosure	 	A	Grace	4	Matured Balloon	 	RT	Retail	MU	Mixed Use
	 	3	Bankruptcy	8	Resolved	11	Full Payoff	 	B	0 - 29 Days	7	Foreclosure	 	HC	Health Care	LO	Lodging
	 	4	Extension	9	Pending Return	12  	Reps and Warranties	 	1	30 Days Delinquent   	9	REO	 	IN	Industrial	SS	Self Storage
	 	5	Note Sale	 	to Master Servicer  	13	Other or TBD	 	2	60 Days Delinquent	 	 	 	WH	Warehouse	OT	Other
	 	 	 	 	 	 	 	 	 	 	 	 	 	MH	Mobile Home Park  	 	 


 


	Page 22 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


 


	 	 
	Specially Serviced Loan Comments	 


	 	 	 	 	 	 	 	 
	 	 	Status/Resolutions	 	 
	Investor	 	 	Loan	Spec Serv	Resoln	 	 
	No.	 	PTD	Status	Trans Date	Strategy	 	Description
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 


 


	Page 23 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


 


	 	 
	Appraisal Reduction Detail	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Status/Resolutions	 	Appraisal Reduction Components	 	Static	 	Most Recent	 	Cutoff
	Investor	 	 	Spec Serv	Loan	Resoln	 	Scheduled	Appraisal	 	Actual	 	Prop	 	Amort	Cutoff	 	 	 	Phy	 	 	 	Phy
	No.	 	PTD	Trans Date	Status	Strategy	 	Balance	Reduction Amt	ASER	Balance	 	Type	State	Type	Maturity	 	DSCR	LTV*	Occ %	 	DSCR	LTV	Occ %
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	* The information might be from a prior reporting period	 	 	 	 	 	 	 	 	 	 
	 	Resolution Strategy Code	 	Loan Status Code	 	Property Type Code	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1    	Modification	6   	DPO	10      	Deed in Lieu Of	 	0  	Current	3      	90 Days Delinquent	 	MF     	Multi-Family	OF     	Office
	 	2	Foreclosure	7	REO	 	Foreclosure	 	A	Grace	4	Matured Balloon	 	RT	Retail	MU	Mixed Use
	 	3	Bankruptcy	8	Resolved	11	Full Payoff	 	B	0 - 29 Days	5	Non Performing	 	HC	Health Care	LO	Lodging
	 	4	Extension	9	Pending Return	12	Reps and Warranties	 	1	30 Days Delinquent 	 	Matured Balloon	 	IN	Industrial	SS	Self Storage
	 	5	Note Sale	 	to Master Servicer    	13	Other or TBD	 	2	60 Days Delinquent     	7	Foreclosure	 	WH	Warehouse	GC	Golf Course
	 	 	 	 	 	 	 	 	 	 	9	REO	 	MH	Mobile Home Park     	OT	Other


 


	Page 24 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


 


	 	 
	Appraisal Reduction Comments	 


	 	 	 	 	 	 	 	 
	 	 	Status/Resolutions	 	 
	Investor	 	 	Loan	Appraisal	Resoln	 	 
	No.	 	PTD	Status	Redn Date	Strategy	 	Description
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 


 


	Page 25 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 	 	 	 
	 	 	 	 	 
	Modifications/Extensions Detail/Description	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Modification Components	 	 
	Investor	 	Modification	 	Modification Terms	 	Cutoff/Current	 	 
	No.	 	Date	 	Type	 	Balance	 	Rate	 	Maturity	 	P&I Amount	 	Balance	 	Rate	 	Maturity	 	P&I Amount	 	Description
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


	 	 	 	 	 
	 	Modification Type	 
	 	 	 	 	 	 
	 	1	Maturity Date	6	Capitalization on Taxes
	 	2	Amortization Change	7	Other
	 	3	Principal Write-off	8	Combination
	 	4	Temporary Rate Reduction	 	 
	 	5	Capitalization of Interest	 	 


 


	Page 26 of 29	



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 	 	 
	 	 	 
	Material Breaches and Document Defects	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Status/Resolutions	 	 	 
	 	Investor	 	 	 	 	Loan	 	Breach or	 	Resoln	 	 	 
	 	No.	 	 	PTD	 	Status	 	Defect Date	 	Strategy	 	 	Description
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


	Page 27 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 	 	 
	 	 	 
	Property Detail (Default/Transfer)	 	 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Property No.	 	 	Name	 	City	 	State	 	Status	 	Foreclosure Date	 	Valuation Amount	 	Valuation Date	 	Conveyance/

Transfer (Y/N)	 	 	Description
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


	Page 28 of 29	


 



    	 



    	 



     


	COMM 2016-DC2	
	 
	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 
	April 12, 2016	 


	 	 	 	 
	 	 	 
	Extraordinary Event	 	 
	 	 	 


 


	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Loan Event of Default	 	No	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Special Servicing Loan Event	 	No	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Servicer Termination Event	 	No	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Special Servicer Termination Event	 	No	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Information with respect to any declared bankruptcy of any Mortgage Loan Borrower	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 


	Page 29 of 29	


 



    	 



    	 



      


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]


 


Deutsche Bank Trust Company Americas, as Custodian

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2


 


	 	Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”) relating to COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2	 


 


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.


 


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


 



    	L-1A-1



    	 



     


 


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

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2016-DC2 Asset Manager	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2

Facsimile: (714) 656-2626
	 	 
	CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Brian Hanson (COMM 2016-DC2)

Facsimile: (202) 715-9699	Park Bridge Lender Services LLC

c/o Park Bridge Financial LLC

41 Watchung Plaza, Suite 250

Montclair, New Jersey 07042

Attention: COMM 2016-DC2-Surveillance Manager
	 	 
	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee COMM 2016-DC2	(with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)


 


	 	Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”) relating to COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2


 


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


 



    	L-1B-1



    	 



     


 


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, unless required to do so by law, regulation or legal, judicial or administrative
process; provided, however, that the confidentiality requirement detailed above shall not apply to information which
(i) is already in the undersigned’s possession, (ii) is or becomes publicly available other than as a result of a disclosure
by the undersigned in breach of this agreement or (iii) is or becomes available to the undersigned from a source other than the
Certificate Administrator’s Website.


 


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.


 


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.]


 



    	L-1B-2



    	 



     


 


 


	 	[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]


 


Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2

Facsimile: (714) 656-2626




 


Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2016-DC2 Asset Manager


 


	 	Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”) relating to COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2


 


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             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


 



    	L-1C-1



    	 



     


 


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:	 
	 	 	Company:	 
	 	 	Phone:	 


 



    	L-1C-2



    	 



     


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

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2016-DC2 Asset Manager	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2

Facsimile: (714) 656-2626
	 	 
	
        CWCapital Asset Management LLC

        7501 Wisconsin Avenue, Suite 500 West

        Bethesda, Maryland 20814

        Attention: Brian Hanson (COMM 2016-DC2)

        Facsimile: (202) 715-9699

        

         

        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee COMM 2016-DC2
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        41 Watchung Plaza, Suite 250

        Montclair, New Jersey 07042

        Attention: COMM 2016-DC2-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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2


 


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].


 


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”)


 


 



    	L-1D-1



    	 



     


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 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.


 



    	L-1D-2



    	 



     


 


8.            The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.


 


9.            Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the 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

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2016-DC2 Asset Manager	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2

Facsimile: (714) 656-2626
	 	 
	
        CWCapital Asset Management LLC

        7501 Wisconsin Avenue, Suite 500 West

        Bethesda, Maryland 20814

        Attention: Brian Hanson (COMM 2016-DC2)

        Facsimile: (202) 715-9699

         

        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee COMM 2016-DC2
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        41 Watchung Plaza, Suite 250

        Montclair, New Jersey 07042

        Attention: COMM 2016-DC2-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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2


 


THIS NOTICE IDENTIFIES AN
“EXCLUDED CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE COMM 2016-DC2 MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES REQUIRING ACTION 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”):






 



    	L-1E-1



    	 



     


 


	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, 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.


 


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.


 


 



    	L-1E-2



    	 



     


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

Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2

uscmbs.info@db.com


  


	 	Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”) relating to COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2


 


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
	 	 	 	 
	 	 	 	 
	 	 	 	 


 


3.            The
following USER IDs for the Secure Data Room are affiliated with the undersigned and access to any information on the Certificate
Administrator’s Website with respect to the COMM 2016-DC2 Mortgage Trust securitization should be revoked as to such users:


  


	 	 	 	 


 


 


	 	 	 	 


 


 



    	L-1F-1



    	 



     


	 	 	 	 


 


 


 


	 	 	 	 


 


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 Secure Data Room has been revoked for

the users listed in Paragraph 3.


 


DEUTSCHE BANK TRUST COMPANY AMERICAS,

Certificate Administrator


 


	 	 
	Name:	 
	Title:	 


 


 


 



    	L-1F-2



    	 



     


EXHIBIT L-1G


 Form
of Certification of the Controlling Class Representative


 


[Date]


 


	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2016-DC2 Asset Manager	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2

Facsimile: (714) 656-2626
	 	 
	
        CWCapital Asset Management LLC

        7501 Wisconsin Avenue, Suite 500 West

        Bethesda, Maryland 20814

        Attention: Brian Hanson (COMM 2016-DC2)

        Facsimile: (202) 715-9699

         

        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee COMM 2016-DC2
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        41 Watchung Plaza, Suite 250

        Montclair, New Jersey 07042

        Attention: COMM 2016-DC2-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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2


 


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.


 


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.


 



    	L-1G-1



    	 



     


 


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
COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”),
entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association,
as master servicer, CWCapital Asset Management 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, and Deutsche Bank Trust Company Americas, 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 https://tss.sfs.db.com/investpublic (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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2	 


 


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.


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Custodian
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:


 


 


 



    	M-1



    	 



     


SCHEDULE A

TO

FORM OF NOTIFICATION FROM CUSTODIAN


 


Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan


 


Park Bridge Lender Services LLC

41 Watchung Plaza, Suite 250

Montclair, New Jersey 07042

Attention: COMM 2016-DC2-Surveillance Manager


 


Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2016-DC2 Asset Manager


 


CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Brian Hanson (COMM 2016-DC2)

Facsimile: (202) 715-9699


 


Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee COMM 2016-DC2

Email: cmbstrustee@wilmingtontrust.com


 


Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2

Facsimile: (714) 656-2626


 


To the applicable Mortgage Loan Seller:


 


German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan


 



    	M-2



    	 



     


 


Jefferies LoanCore LLC

c/o LoanCore Capital

80 Field Point Road

Greenwich, Connecticut

Attention: Dan Bennett

Fax No.: (203) 861-6006


 


KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Joe DeRoy

Facsimile: (877) 379-1625




 


 



    	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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2	 


 


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 Section
2.01(a)(i), (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 Sections 2.01(a)(ii) and 2.01(a)(vii) and, to the extent delivered, Sections 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.


 


Capitalized terms used but
not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.


 


 


	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2	 


 


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 (iii), (iv)(B), (v)(B) 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)(iv), (vi),
(viii), (ix), (x), (xi), (xii) through (xvi) and (xviii) through (xx) of the Pooling and Servicing Agreement, as identified to
it in writing by as a document required to be delivered 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.


 


Capitalized terms used but
not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.


 


	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Custodian
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:


 


 


 



    	N-2-1



    	 



     


 


SCHEDULE A 

TO POST-CLOSING CUSTODIAN CERTIFICATION


 


MORTGAGE LOAN SCHEDULE


 



    	N-2-2



    	 



     


 


EXHIBIT O


 


FORM OF TRUSTEE BACKUP CERTIFICATION


 


COMM 2016-DC2 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 March 1, 2016 (the “Pooling and Servicing Agreement”),
entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association,
as master servicer, CWCapital Asset Management 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, and Deutsche Bank Trust Company Americas, as certificate administrator
(the “Certificate Administrator”) , paying agent and custodian, certifies to [          ],
Deutsche Mortgage & Asset Receiving Corporation 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 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:_____________________


 


 


	 	WILMINGTON TRUST, NATIONAL ASSOCIATION


 



    	O-1



    	 



     


 


	 	By:	 
	 	 	Name:
	 	 	Title:


 



    	O-2



    	 



     


 


EXHIBIT P


 


FORM OF CUSTODIAN BACKUP CERTIFICATION


 


COMM 2016-DC2 Mortgage Trust (The “Trust”)


 


The undersigned, __________,
a __________ of Deutsche Bank Trust Company Americas, on behalf of Deutsche Bank Trust Company Americas, as custodian (in such
capacity, the “Custodian”), under that certain Pooling and Servicing Agreement, dated as of March 1, 2016 (the
“Pooling and Servicing Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital Asset Management 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, and Deutsche Bank Trust Company
Americas, as certificate administrator, paying agent and custodian (in such capacity as certificate administrator, the “Certificate
Administrator”), certifies to [          ], Deutsche Mortgage
& Asset Receiving Corporation 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 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:____________________


  


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 



    	P-2



    	 



     


 


EXHIBIT Q


 


FORM OF CERTIFICATE ADMINISTRATOR BACKUP
CERTIFICATION


 


COMM 2016-DC2 Mortgage Trust (The “Trust”)


 


The undersigned, __________,
a __________ of Deutsche Bank Trust Company Americas, on behalf of Deutsche Bank Trust Company Americas, as certificate administrator,
(in such capacity, the “Certificate Administrator”), paying agent and custodian, under that certain Pooling
and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), entered into between
Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), Wells Fargo Bank, National
Association, as master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special servicer
(the “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 Deutsche Bank Trust
Company Americas, as certificate administrator, paying agent and custodian, certifies to [          ],
Deutsche Mortgage & Asset Receiving Corporation 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 Administrator and related attestation report on assessment of compliance with servicing


 



    	Q-1



    	 



     


 


 


	 	 	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 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:____________________


 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


 


 



    	Q-2



    	 



     


EXHIBIT R


 


FORM OF OPERATING ADVISOR BACKUP CERTIFICATION


 


COMM 2016-DC2 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


 


COMM 2016-DC2 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


 


COMM 2016-DC2 Mortgage
Trust (the “Trust”)


 


I, [identify the certifying
individual], a [_______________] of Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”)
under that certain Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”),
entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, the Master Servicer, CWCapital Asset Management
LLC, as special servicer (the “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 Deutsche Bank Trust Company Americas, as certificate administrator
(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 preparing the servicer compliance statements required for inclusion on Form 10-K


 


 



    	T-1



    	 



     


	 	 	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


 


COMM 2016-DC2 Mortgage Trust (the “Trust”)


 


I, [identify the certifying
individual], a [_______________ ] of CWCapital Asset Management LLC, as special
servicer (the “Special Servicer”) under that certain Pooling and Servicing Agreement dated as of March 1, 2016
(the “Pooling and Servicing Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Park Bridge Lender Services LLC, as operating advisor, Park Bridge
Lender Services LLC, as asset representations reviewer, Wilmington Trust, National
Association, as trustee, Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate Administrator”),
paying agent and custodian, and Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”)
and the Special Servicer, on behalf of the 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 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 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, and except as disclosed in the compliance certificate delivered by the Special Servicer under Section 10.11 of the Pooling and Servicing Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects in the year to which such 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 with respect to the Trust’s fiscal year _____ have been provided all information relating to the Special Servicer assessment of compliance with the Relevant Servicing Criteria, in order


 


 



    	U-1



    	 



     


 


	 	 	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 for asset-backed securities with respect to the Special Servicer or any Servicing Function Participant retained by the 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:_____________


 


	 	 	 
	 	CWCAPITAL ASSET MANAGEMENT LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


 


 



    	U-2



    	 



     


EXHIBIT V


 


FORM OF SUB-SERVICER BACKUP CERTIFICATION


 


COMM 2016-DC2 Mortgage
Trust (the “Trust”)


 


As contemplated by Section 10.08 of that certain
Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), entered into
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer
(the “Master Servicer”), CWCapital Asset Management LLC, as special servicer (the “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, Deutsche Bank Trust Company
Americas, as certificate administrator (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 [___________], 20[__] 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 COMM 2016-DC2 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,
CWCapital Asset Management LLC, Wilmington Trust, National Association, Park Bridge Lender Services LLC, Deutsche Bank Trust Company
Americas 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
	
        North Point Center East (36)

        I-5 Self-Storage

        Residence Inn Austin

        Coral Island Shopping Center

        MVP Indianapolis Parking Portfolio

        MVP Missouri Parking Portfolio

        Southeast Plaza

        Bear Valley Medical and Business Center

        Comfort Suites and La Quinta Inn Portfolio

        Academy Sports Decatur

        Western Village MHC

        Comfort Suites Kissimmee

        West-Ward Pharmaceutical

        Mil-Pine Plaza

        Perry Place Apartments

        BJ’s Wholesale Club Norfolk

        Cypress Grove Plaza

        Lockaway Self Storage O’Connor

        StaxUp Self Storage Alpine Portfolio

        StaxUp Self Storage Murrieta

        UP Industrial

        Storage Pros Redford

        Storage Pros Antioch

        Marquis Ranch Self Storage

        Paddock Building

        Rochester House Apartments

        Elmsleigh Apartments

        Pep Boys Winter Haven
	KeyBank National Association
	Oak Hills Village	Berkadia Commercial Mortgage LLC
	
        Netflix HQ 1

        Santa Clarita Marketplace and Santa Clarita
        Crossroads

        Columbus Park Crossing
	Holliday Fenoglio Fowler, L.P.
	Shoppes at Banks Crossing	Grandbridge Real Estate Capital LLC


 


 



    	X-1



    	 



     


EXHIBIT Y


 


MORTGAGE LOANS WITH EARNOUT/HOLDBACK PROVISIONS



 


None.


 


 



    	Y-1



    	 



     


EXHIBIT Z


 


FORM OF NRSRO CERTIFICATION


 


[Date]






 


Deutsche Bank Trust Company Americas


 


1761 East St. Andrew Place


 


Santa Ana, CA 92705 


Attention: Trust Administration
— DB16D2


 


	 	Re:	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2


 


In accordance with the Pooling
and Servicing Agreement, dated as of March 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.


 


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.


 


 



    	Z-1



    	 



     


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 COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-DC2 (the “Certificates”) pursuant to the Pooling and Servicing Agreement, dated as
of March 1, 2016 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital Asset Management LLC, as special servicer,
Wilmington Trust, National Association, as trustee, Deutsche Bank Trust Company Americas, 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 Deutsche Bank Trust Company Americas, 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]


 


Deutsche Mortgage & Asset
Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan


 


	 	Re:	Deutsche Mortgage & Asset Receiving Corporation, COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2


 


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 March 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]


 


Deutsche Mortgage & Asset
Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan


 


Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2016-DC2 Asset Manager


 


	 	Re:	Deutsche Mortgage & Asset Receiving Corporation, COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2


 


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 March 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 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


 


 



    	AA-2-1



    	 



     


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.


 


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,


 


 



    	AA-2-2



    	 



     


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: COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2

Operating Advisor: Park Bridge Lender Services LLC

Special Servicer: CWCapital Asset Management LLC

Controlling Class Representative: Seer Capital Commercial Real Estate Debt Fund I Ltd.






 


I. Executive Summary



 


Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling and Servicing
Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association,
as master servicer, CWCapital Asset Management LLC, as special servicer, Wilmington Trust, National Association, as trustee, Deutsche
Bank Trust Company Americas, as certificate administrator, paying agent and custodian, Park Bridge Lender Services LLC,
as operating advisor, and Park Bridge Lender Services
LLC, as asset representations reviewer, as 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/or 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 and/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: [ ]


 


Operating Advisor Actions:


 


 



    	BB-1



    	 



     


	 	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.


 


 



    	BB-2



    	 



     


5.          The
Operating Advisor is not empowered to directly communicate with investors pursuant to the Pooling and Servicing Agreement. If investors
have questions 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, as Operating Advisor
	 	 	 
	 	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:


 


 



    	BB-3



    	 



     


EXHIBIT CC


 


ADDITIONAL DISCLOSURE NOTIFICATION


 


**SEND VIA FAX TO (714) 656-2626 AND VIA EMAIL
TO dbsec.notifications@db.com AND [_____] AND VIA OVERNIGHT MAIL TO THE ADDRESSES IMMEDIATELY BELOW**


 


Deutsche Bank Trust Company Americas 


1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2


 


Deutsche Mortgage & Asset Receiving Corporation,

as Depositor

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan


 


	 	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 March 1, 2016 (the “Pooling and Servicing Agreement”), entered
into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master
servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special servicer (the “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 Deutsche Bank Trust Company Americas, as certificate administrator (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

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2016-DC2 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 March 1, 2016 (the “Agreement”)
by and between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Deutsche Bank Trust Company Americas, as Certificate
Administrator, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Wells Fargo Bank, National
Association, as Master Servicer (the “Master Servicer”), CWCapital Asset Management LLC, as Special Servicer
(the “Special Servicer”) and Wilmington Trust, National Association, as Trustee, 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 (“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 Properties; provided, however, that the documents described below may only be executed and delivered by
such Attorneys-in-Fact if such documents are required or permitted under the Agreement. Capitalized terms used herein and not otherwise
defined herein have the meanings set forth in the Agreement.


 


	 	1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.


 


	 	2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the purpose of correcting 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-


 


 



    	DD-1-1



    	 



     


 


	 	 	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;


 


	 	d.	the cancellation/rescission of notices of default and/or notices of sale;


 


	 	e.	the taking of deed in lieu of foreclosure;


 


 



    	DD-1-2



    	 



     


	 	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


 


	 	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


 


 



    	DD-1-3



    	 



     


 


	 	 	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.


 


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


 


 



    	DD-1-4



    	 



     


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 Holders of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-DC2 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 Holders of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
	 	 	 	 
	 	 	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 BY TRUSTEE FOR
SPECIAL SERVICER


 


RECORDING REQUESTED BY:


CWCapital Asset Management LLC


7501 Wisconsin Avenue, Suite 500 West


Bethesda, Maryland 20814


Attention: Brian Hanson (COMM 2016-DC2)


Facsimile: (202) 715-9699


 


	 


 


 


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 March 1, 2016 (the “Agreement”) by and between
Deutsche Mortgage & Asset Receiving Corp., as the Depositor, Wells Fargo Bank, National Association, as master servicer (the
“Master Servicer”), CWCapital Asset Management LLC, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as Trustee, Deutsche Bank Trust Company Americas, as certificate administrator (the “Certificate
Administrator”), and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating
Advisor”) and asset representations reviewer (in such capacity, the “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.


 


	 	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


 


 



    	DD-2-1



    	 



     


 


	 	 	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;


 


	 	b.	the preparation and issuance of statements of breach or non-performance;


 


 



    	DD-2-2



    	 



     


	 	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 additional powers of attorney in favor of its attorneys-in-fact
as are necessary for such purpose.


 


 



    	DD-2-4



    	 



     


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 COMM 2016-DC2 Commercial Mortgage Trust Commercial Mortgage Pass Through Certificates,
Series 2016-DC2, 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 COMM 2016-DC2 Commercial Mortgage Trust Commercial Mortgage Pass Through Certificates, Series 2016-DC2
	 	 	 	 
	 	 	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 Special Servicer]


[ADDRESS]


 


[Other Trustee]


[ADDRESS]


 


The trust fund formed in
connection with the issuance of the COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2
(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 Holder 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 [_], 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


 


(ii)          [other
Master Servicer] and [other Certificate Administrator], as applicable, shall forward, deliver or otherwise make available, as the
case may be, all reports,


 


 



    	EE-1



    	 



     


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.


 


	 	 	 
	 	 	Deutsche Bank Trust Company Americas, as Certificate Administrator for the Holders of the COMM 2016-DC2 Mortgage Trust Pass-Through Certificates, Series 2016-DC2
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]
	 	 	 


 


 


 



    	EE-2



    	 



     


SCHEDULE I


 


TO FORM OF NOTICE FROM
THE CERTIFICATE ADMINISTRATOR


 


REGARDING [NON-SERVICED WHOLE LOAN]


 


Deutsche Mortgage & Asset
Receiving Corporation

60 Wall Street

New York, New York, 10005

Attention: Helaine M. Kaplan


 


Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2016-DC2 Asset Manager


 


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


 


CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Brian Hanson (COMM 2016-DC2)

Facsimile: (202) 715-9699


 


with a copy to:


 


CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Legal Department (COMM 2016-DC2)


 


Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee COMM 2016-DC2

Email: cmbstrustee@wilmingtontrust.com


 


 



    	EE-3



    	 



     


Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2

Facsimile: (714) 656-2626


 


Park Bridge Lender Services LLC

41 Watchung Plaza, Suite 250

Montclair, New Jersey 07042

Attention: COMM 2016-DC2-Surveillance Manager


 


with a copy via email to: cmbs.notices@parkbridgefinancial.com


 


c/o Seer Capital Management, LP

1177 Avenue of the Americas, 34th Floor

New York, New York 10036

Attention: Richard Parkus

Facsimile number: (212) 850-2011

Email: rparkus@seercap.com


 


Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com


 


Kroll Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395


 


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


 


 



    	EE-4



    	 



     


SCHEDULE II TO FORM OF NOTICE 


 


FROM THE CERTIFICATE ADMINISTRATOR


REGARDING [NON-SERVICED WHOLE LOAN] 


 


	 	Account:	Collection Account


 


	 	Account #:	[______]


 


	 	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 Deutsche Mortgage & Asset Receiving Corporation, COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2 Collection Account


 


	 	Location:	[___]


 


 



    	EE-5



    	 



     


EXHIBIT FF


 


FORM OF SERVICED COMPANION LOAN NOTEHOLDER
CERTIFICATION


 


[Date]


 




Wells Fargo Bank, National Association, as Master Servicer

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2016-DC2 Asset Manager


 


Deutsche Bank Trust Company Americas


1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2


 


	 	Re:	COMM 2016-DC2 Mortgage Trust – Companion Loan


 


In accordance with the requirements
for obtaining certain information under the Pooling and Servicing Agreement (the “Agreement”), dated as of March
1, 2016, between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as
master servicer, CWCapital Asset Management 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, and Deutsche Bank
Trust Company Americas, 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.


 


 



    	FF-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.


 


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:          COMM
2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2


 


Ladies and Gentlemen:


 


In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of March 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 Mortgage Loan identified by the Certificate Administrator, and is hereby issuing the following
Asset Review Report.


 


	 	1.	We have performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate Administrator 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 Mortgage 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:          COMM
2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2


 


Ladies and Gentlemen:


 


In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of March 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 Mortgage Loan identified by the Certificate Administrator, and is hereby issuing the following
Asset Review Report Summary.


 


	 	1.	We have performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate Administrator 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 Mortgage 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 Mortgage
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 Mortgage Loans subject to the Asset Review


 


	 	■	Review Materials for each Delinquent Mortgage Loan via Secure Data Room access, including the Diligence File


 


	 	■	Any Unsolicited Information (if applicable)


 


	 	Step 2	For each Delinquent Mortgage Loan, ARR inventories all Review Materials to which ARR is provided access in the Secure Data Room to determine what, if any, Review Materials for such Delinquent Mortgage 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 Mortgage Loan, to guide its review and determination


 


 



    	JJ-1



    	 



     


	 	Step 3	If ARR determines that the information made available to it in the Secure Data Room with respect to any Delinquent Mortgage Loan is missing any documents required to complete an Asset Review of such Delinquent Mortgage 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 Mortgage Loan for which ARR has received all Review Materials required to complete an Asset Review of such Delinquent Mortgage Loan, ARR tests such Delinquent Mortgage Loan for compliance with each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent Mortgage 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 Mortgage 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


 


FORM OF CERTIFICATION TO CERTIFICATE ADMINISTRATOR
REQUESTING ACCESS TO SECURE DATA ROOM


 


Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration — DB16D2

Email: uscmbs.info@db.com


 


In accordance with the requirements
for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling
and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank,
National Association, as master servicer, CWCapital Asset Management 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, and Deutsche Bank Trust Company Americas, as certificate administrator, paying agent and custodian, with respect to
the certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.          The
undersigned is an authorized representative of [________________________].


 


2.          The
undersigned acknowledges and agrees that (a) access to the Secure Data Room is being granted to it solely for purposes of the undersigned
carrying out its obligations under the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make information
contained on the Secure Data Room available to any other person except in accordance with the Pooling and Servicing Agreement or
otherwise with the written consent of the Depositor and (c) it will only access information relating to the Mortgage Loans to which
the Asset Review relates.


 


3.          The
undersigned agrees that each time it accesses the Secure Data Room, the undersigned is deemed to have recertified that the representations
above remains true and correct.


 


 



    	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: __________________


 


	 	 	 
	[Deutsche Mortgage & Asset Receiving Corporation]‡	 
	 	 
	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 Data Room.


 


 



    	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

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2016-DC2 Asset Manager	Park Bridge Lender Services LLC

41 Watchung Plaza, Suite 250

Montclair, New Jersey 07042

Attention: COMM 2016-DC2 Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)
	 	 
	CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Brian Hanson (COMM 2016-DC2)

Facsimile: (202) 715-9699	 
	 	 


	 	Attention:	COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2


 


In accordance with Section
11.01(a) of the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer,
CWCapital Asset Management 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, and Deutsche Bank Trust Company
Americas, as certificate administrator (the “Certificate Administrator”), paying agent and custodian, the Certificate
Administrator hereby notifies you that as of [RELATED DISTRIBUTION DATE]:


 


1.          _____
An additional Mortgage Loan has become a Delinquent Mortgage Loan.


 


2.          _____
A Mortgage Loan has ceased to be a Delinquent Mortgage 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.


 


	 	 	 
	 	Deutsche Bank Trust Company Americas, as Certificate Administrator for the Holders of the COMM 2016-DC2 Mortgage Trust Pass-Through Certificates
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]
	 	 	 


 


 



    	LL-2



    	 



     


SCHEDULE I


 


DIRECTING HOLDERS


 


	Mortgage Loan	Directing 
 Holder	Contact Information
	All Mortgage Loans (other than the Williamsburg Premium Outlets Mortgage Loan, the Promenade Gateway Mortgage Loan, the Birch Run Premium Outlets Mortgage Loan and the Santa Monica Multifamily Portfolio Mortgage Loan)	Seer Capital Commercial Real Estate Debt Fund I Ltd.	c/o Seer Capital Management, L.P.

1177 Avenue of the Americas, 34th Floor

New York, New York 10036

Attention: Richard Parkus

Facsimile number: (212) 850-2011

Email: rparkus@seercap.com
	 	 	 
	Williamsburg Premium Outlets Mortgage Loan (prior to the applicable Servicing Shift Securitization Date)	German American Capital Corporation	German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye
	 	 	 
	Promenade Gateway Mortgage Loan	KKR Real Estate Finance Holdings L.P.	KKR Real Estate Finance Holdings L.P.

9 West 57th Street, Suite 4200

New York, New York 10019

Facsimile number: (212) 750-0003
	 	 	 
	Birch Run Premium Outlets Mortgage Loan (prior to the applicable Servicing Shift Securitization Date)	German American Capital Corporation	German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye
	 	 	 
	Santa Monica Multifamily Portfolio Mortgage	KKR Real Estate Finance Holdings L.P.	KKR Real Estate Finance Holdings L.P.

9 West 57th Street, Suite 4200

New York, New York 10019



 


 



    	Sch. I-1



    	 



     


 


 


	Loan	 	Facsimile number: (212) 750-0003


 


 


 



    	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.	Trustee

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	 


 


 



    	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


 


 



    	Sch. II-5



    	 



     


SCHEDULE III


 


CLASS A-SB PLANNED PRINCIPAL BALANCE SCHEDULE


	 	 	 	 	 	 	 	 	 	 	 
	Period	 	Balance ($)	 	Period	 	Balance ($)	 	Period	 	Balance ($)
	 	 	 	 	 	 	 	 	 	 	 
	Initial Balance	 	60,282,000.00	 	39	 	60,282,000.00	 	78	 	39,872,647.22
	1	 	60,282,000.00	 	40	 	60,282,000.00	 	79	 	38,717,421.01
	2	 	60,282,000.00	 	41	 	60,282,000.00	 	80	 	37,639,060.45
	3	 	60,282,000.00	 	42	 	60,282,000.00	 	81	 	36,475,010.68
	4	 	60,282,000.00	 	43	 	60,282,000.00	 	82	 	35,412,606.55
	5	 	60,282,000.00	 	44	 	60,282,000.00	 	83	 	34,345,894.51
	6	 	60,282,000.00	 	45	 	60,282,000.00	 	84	 	33,038,667.81
	7	 	60,282,000.00	 	46	 	60,282,000.00	 	85	 	31,962,330.94
	8	 	60,282,000.00	 	47	 	60,282,000.00	 	86	 	30,803,211.51
	9	 	60,282,000.00	 	48	 	60,282,000.00	 	87	 	29,717,810.26
	10	 	60,282,000.00	 	49	 	60,282,000.00	 	88	 	28,549,883.19
	11	 	60,282,000.00	 	50	 	60,282,000.00	 	89	 	27,455,344.91
	12	 	60,282,000.00	 	51	 	60,282,000.00	 	90	 	26,356,368.08
	13	 	60,282,000.00	 	52	 	60,282,000.00	 	91	 	25,175,249.95
	14	 	60,282,000.00	 	53	 	60,282,000.00	 	92	 	24,067,027.27
	15	 	60,282,000.00	 	54	 	60,282,000.00	 	93	 	22,876,925.16
	16	 	60,282,000.00	 	55	 	60,282,000.00	 	94	 	21,759,382.50
	17	 	60,282,000.00	 	56	 	60,282,000.00	 	95	 	20,637,307.78
	18	 	60,282,000.00	 	57	 	60,282,000.00	 	96	 	19,356,809.37
	19	 	60,282,000.00	 	58	 	60,281,816.95	 	97	 	18,224,992.13
	20	 	60,282,000.00	 	59	 	59,452,081.79	 	98	 	17,011,963.74
	21	 	60,282,000.00	 	60	 	58,326,415.28	 	99	 	15,870,637.38
	22	 	60,282,000.00	 	61	 	57,421,765.61	 	100	 	14,648,369.21
	23	 	60,282,000.00	 	62	 	56,438,473.14	 	101	 	13,497,457.52
	24	 	60,282,000.00	 	63	 	55,526,096.07	 	102	 	12,341,878.08
	25	 	60,282,000.00	 	64	 	54,535,294.80	 	103	 	11,105,760.52
	26	 	60,282,000.00	 	65	 	53,615,127.85	 	104	 	9,940,481.48
	27	 	60,282,000.00	 	66	 	52,691,194.64	 	105	 	8,694,939.04
	28	 	60,282,000.00	 	67	 	51,689,164.16	 	106	 	7,519,882.63
	29	 	60,282,000.00	 	68	 	50,757,347.64	 	107	 	6,340,060.30
	30	 	60,282,000.00	 	69	 	49,747,656.86	 	108	 	4,930,254.10
	31	 	60,282,000.00	 	70	 	48,714,036.62	 	109	 	3,739,930.00
	32	 	60,282,000.00	 	71	 	47,676,223.86	 	110	 	2,470,051.85
	33	 	60,282,000.00	 	72	 	46,386,483.91	 	111	 	1,269,749.60
	34	 	60,282,000.00	 	73	 	45,339,231.16	 	112 and thereafter	 	0.00
	35	 	60,282,000.00	 	74	 	44,205,463.67	 	 	 	 
	36	 	60,282,000.00	 	75	 	43,149,364.39	 	 	 	 
	37	 	60,282,000.00	 	76	 	42,007,000.92	 	 	 	 
	38	 	60,282,000.00	 	77	 	40,941,984.17	 	 	 	 


 


 



    	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 COMM 2016-DC2 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

         

        ·     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 COMM 2016-DC2 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
	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)

         

        ·     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 COMM 2016-DC2 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



 


 



    	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
	Sun MHC Portfolio	
        German American Capital Corporation (Note A-2
        Holder)

         

         
	German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye
	Intercontinental Kansas City Hotel	German American Capital Corporation (Note A-2 Holder)	German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye
	Columbus Park Crossing	German American Capital Corporation (Note A-2 Holder)	German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye
	Williamsburg Premium Outlets (prior to the applicable Servicing Shift Securitization Date)	German American Capital Corporation (Note A-1, Note A-2, Note A-5 and Note A-6 Holder)	German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye
	Birch Run Premium Outlets (prior to the applicable Servicing Shift Securitization Date)	German American Capital Corporation (Note A-1-B, Note A-2, Note A-3 and Note A-4 Holder)	German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


 



    	Sch. VII-1



    	 



     


SCHEDULE VIII


 


CONTACT INFORMATION FOR
THE OTHER 17G-5 INFORMATION PROVIDER


 


	Other 17g-5 

Information Provider	Transaction	Contact Information
	Wells Fargo Bank, National Association	
        COMM 2016-CCRE28 Mortgage Trust
        Commercial Pass-Through Certificates, Series 2016-CCRE28

         

         

         
	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 “COMM 2016-CCRE28 Mortgage Trust” and an identification of the type of information being provided in the body of such electronic mail)


 


 



    	Sch. VIII-1