Exhibit 4.2

 




EXECUTION VERSION





	 






 


CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES
CORP.


 


as Depositor


 


KEYBANK NATIONAL ASSOCIATION,


 


as Servicer


 


AEGON USA REALTY ADVISORS, LLC,


 


as Special Servicer


 


WELLS FARGO BANK, NATIONAL ASSOCIATION,


 


as Certificate Administrator


 


and


 


WELLS FARGO BANK, NATIONAL ASSOCIATION,


 


as Trustee


 





 



 


TRUST AND SERVICING AGREEMENT


 


Dated as of December 22, 2015


 





 



 


CSMC 2015-GLPB


Commercial Mortgage Pass-Through Certificates,
Series 2015-GLPB





	 


 






    	 



    	 



    

 


	 	 	 
	TABLE OF CONTENTS
	 	 	 
	ARTICLE 1
	 	 	 
	DEFINITIONS
	 	 	 
	Section 1.1	Definitions	5
	Section 1.2	Interpretation	53
	Section 1.3	Certain Calculations in Respect of the Trust Loan or the Whole Loan	53
	 	 	 
	ARTICLE 2
	 	 	 
	DECLARATION OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES
	 	 	 
	Section 2.1	Creation and Declaration of Trust; Conveyance of the Trust Loan	56
	Section 2.2	Acceptance by the Trustee and the Certificate Administrator	60
	Section 2.3	Representations and Warranties of the Trustee	61
	Section 2.4	Representations and Warranties of the Servicer	62
	Section 2.5	Representations and Warranties of the Special Servicer	63
	Section 2.6	Representations and Warranties of the Depositor	64
	Section 2.7	Representations and Warranties of the Certificate Administrator	65
	Section 2.8	Representations and Warranties Contained in the Loan Purchase Agreement	67
	Section 2.9	Execution and Delivery of Certificates; Issuance of Uncertificated Lower-Tier Interests	70
	Section 2.10	Miscellaneous REMIC Provisions	71
	 	 	 
	ARTICLE 3
	 	 	 
	ADMINISTRATION AND SERVICING OF THE MORTGAGE LOAN
	 	 	 
	Section 3.1	Servicer to Act as the Servicer; Special Servicer to Act as the Special Servicer	71
	Section 3.2	Sub-Servicing Agreements	73
	Section 3.3	Cash Management Account	75
	Section 3.4	Collection Account	75
	Section 3.5	Distribution Account	80
	Section 3.6	Foreclosed Property Account	81
	Section 3.7	Appraisal Reductions	81
	Section 3.8	Investment of Funds in the Collection Account and Any Foreclosed Property Account	84
	Section 3.9	Payment of Taxes, Assessments, etc	86
	Section 3.10	Appointment of Special Servicer	86
	Section 3.11	Maintenance of Insurance and Errors and Omissions and Fidelity Coverage	91
	Section 3.12	Procedures with Respect to the Whole Loan; Realization upon the Properties	93


 






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	Section 3.13	Certificate Administrator to Cooperate; Release of Items in the Mortgage File	95
	Section 3.14	Title and Management of Foreclosed Properties	96
	Section 3.15	Sale of Foreclosed Properties	98
	Section 3.16	Sale of the Whole Loan and the Trust Loan	100
	Section 3.17	Servicing Compensation	102
	Section 3.18	Reports to the Certificate Administrator; Account Statements	106
	Section 3.19	[Reserved]	107
	Section 3.20	[Reserved]	107
	Section 3.21	Access to Certain Documentation Regarding the Whole Loan and Other Information	107
	Section 3.22	Inspections	108
	Section 3.23	Advances	108
	Section 3.24	Modifications of Loan Documents	111
	Section 3.25	Servicer and Special Servicer May Own Certificates	114
	Section 3.26	Rating Agency Confirmations	114
	Section 3.27	Intercreditor Agreement; Notice of Loan Event of Default; Notice of Controlling Class Control Period Commencement	116
	Section 3.28	Miscellaneous Provisions	116
	Section 3.29	Companion Loan Intercreditor Matters	117
	 	 	 
	ARTICLE 4
	 	 	 
	PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS
	 	 	 
	Section 4.1	Distributions	118
	Section 4.2	Withholding Tax	122
	Section 4.3	Allocation and Distribution of Yield Maintenance Premiums	122
	Section 4.4	Statements to Certificateholders	123
	Section 4.5	Investor Q&A Forum and Investor Registry	126
	 	 	 
	ARTICLE 5
	 	 	 
	THE CERTIFICATES
	 	 	 
	Section 5.1	The Certificates	128
	Section 5.2	Form and Registration	129
	Section 5.3	Registration of Transfer and Exchange of Certificates	131
	Section 5.4	Mutilated, Destroyed, Lost or Stolen Certificates	138
	Section 5.5	Persons Deemed Owners	138
	Section 5.6	Access to List of Certificateholders’ Names and Addresses; Special Notices	138
	Section 5.7	Maintenance of Office or Agency	139


 






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	ARTICLE 6
	 	 	 
	THE DEPOSITOR, THE SERVICER, THE SPECIAL SERVICER AND THE
	CONTROLLING CLASS REPRESENTATIVE
	 	 	 
	Section 6.1	Respective Liabilities of the Depositor, the Servicer and the Special Servicer	139
	Section 6.2	Merger or Consolidation of the Servicer or the Special Servicer	139
	Section 6.3	Limitation on Liability of the Depositor, the Servicer, the Special Servicer and Others	140
	Section 6.4	Termination of the Special Servicer Without Cause	140
	Section 6.5	The Controlling Class Representative	142
	Section 6.6	Servicer and Special Servicer Not to Resign	146
	Section 6.7	Indemnification by the Servicer, the Special Servicer and the Depositor	147
	 	 	 
	ARTICLE 7
	 	 	 
	SERVICER TERMINATION EVENTS; SPECIAL
	SERVICER TERMINATION EVENTS;
	TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE
	 	 	 
	Section 7.1	Servicer Termination Events; Special Servicer Termination Events	147
	Section 7.2	Trustee to Act; Appointment of Successor	152
	Section 7.3	Notification to Certificateholders, the Depositor and the Rating Agencies	154
	Section 7.4	Other Remedies of Trustee	154
	Section 7.5	Waiver of Past Servicer Termination Events and Special Servicer Termination Events	155
	Section 7.6	Trustee as Maker of Advances	155
	 	 	 
	ARTICLE 8
	 	 	 
	THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 	 	 
	Section 8.1	Duties of the Trustee and the Certificate Administrator	156
	Section 8.2	Certain Matters Affecting the Trustee and the Certificate Administrator	159
	Section 8.3	Neither the Trustee nor the Certificate Administrator is Liable for Certificates or the Trust Loan	161
	Section 8.4	Trustee and Certificate Administrator May Own Certificates	163
	Section 8.5	Trustee’s and Certificate Administrator’s Fees and Expenses	163
	Section 8.6	Eligibility Requirements for the Trustee and the Certificate Administrator; Errors and Omissions Insurance	164
	Section 8.7	Resignation and Removal of the Trustee or the Certificate Administrator	165
	Section 8.8	Successor Trustee or Successor Certificate Administrator	166


 






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	Section 8.9	Merger or Consolidation of the Trustee or the Certificate Administrator	167
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	167
	Section 8.11	Appointment of Authenticating Agent	169
	Section 8.12	Indemnification by Trustee and the Certificate Administrator	170
	Section 8.13	Certificate Administrator and Servicer Not Responsible for Inconsistent Payment Information	170
	Section 8.14	Access to Certain Information	170
	 	 	 
	ARTICLE 9
	 	 	 
	TERMINATION
	 	 	 
	Section 9.1	Termination	177
	Section 9.2	Additional Termination Requirements	178
	Section 9.3	Trusts Irrevocable	178
	 	 	 
	ARTICLE 10
	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 
	Section 10.1	Amendment	179
	Section 10.2	Recordation of Agreement; Counterparts	182
	Section 10.3	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	182
	Section 10.4	Notices	183
	Section 10.5	Notices to the Rating Agencies	186
	Section 10.6	Severability of Provisions	186
	Section 10.7	Limitation on Rights of Certificateholders	187
	Section 10.8	Certificates Nonassessable and Fully Paid	187
	Section 10.9	Reproduction of Documents	188
	Section 10.10	No Partnership	188
	Section 10.11	Actions of Certificateholders	188
	Section 10.12	Successors and Assigns	188
	Section 10.13	Acceptance by Authenticating Agent, Certificate Registrar	189
	Section 10.14	Streit Act	189
	Section 10.15	Assumption by Trust of Duties and Obligations of the Loan Sellers Under the Loan Documents	189
	Section 10.16	Notice to the 17g-5 Information Provider and Each Rating Agency	189
	Section 10.17	Exchange Act Rule 17g-5 Procedures	192
	Section 10.18	Cooperation with the Loan Sellers with Respect to Rights Under the Loan Agreement	194
	 	 	 
	ARTICLE 11
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 
	Section 11.1	Intent of the Parties; Reasonableness	195


 






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	Section 11.2	Succession; Sub-Servicers; Subcontractors	195
	Section 11.3	Other Securitization Trust’s Filing Obligations	197
	Section 11.4	Form 10-D Disclosure	197
	Section 11.5	Form 10-K Disclosure	198
	Section 11.6	Form 8-K Disclosure	198
	Section 11.7	Annual Compliance Statements	199
	Section 11.8	Annual Reports on Assessment of Compliance with Servicing Criteria	200
	Section 11.9	Annual Independent Public Accountants’ Servicing Report	201
	Section 11.10	Significant Obligor	202
	Section 11.11	Sarbanes-Oxley Backup Certification	203
	Section 11.12	Indemnification	204
	Section 11.13	Amendments	205
	Section 11.14	Termination of the Certificate Administrator	205
	Section 11.15	Termination of Sub-Servicing Agreements	205
	Section 11.16	Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan	205
	 	 	 
	ARTICLE 12
	 	 	 
	REMIC ADMINISTRATION
	 	 	 
	Section 12.1	REMIC Administration	207
	Section 12.2	Foreclosed Property	210
	Section 12.3	Prohibited Transactions and Activities	212
	Section 12.4	Indemnification with Respect to Certain Taxes and Loss of REMIC Status	212


 


	EXHIBITS	 
	 	 
	Exhibit A-1	Form of Class A Certificates
	 	 
	Exhibit A-2	Form of Class X-A Certificates
	 	 
	Exhibit A-3	Form of Class X-B Certificates
	 	 
	Exhibit A-4	Form of Class B Certificates
	 	 
	Exhibit A-5	Form of Class C Certificates
	 	 
	Exhibit A-6	Form of Class D Certificates
	 	 
	Exhibit A-7	Form of Class R Certificates
	 	 
	Exhibit B	Form of Request for Release
	 	 
	Exhibit C	Form of Transfer Certificate for Rule 144A Global Certificate to Temporary Regulation S Global Certificate
	 	 
	Exhibit D	Form of Transfer Certificate for Rule 144A Global Certificate to Regulation S Global Certificate


 






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	Exhibit E	Form of Transfer Certificate for Temporary Regulation S Global Certificate to Rule 144A Global Certificate during
    Restricted Period
	 	 
	Exhibit F	Form of Certification to be given by Beneficial Owner of Temporary Regulation S Global Certificate
	 	 
	Exhibit G	Form of Transfer Certificate of Non-Book Entry Certificate to Temporary Regulation S Global Certificate
	 	 
	Exhibit H	Form of Transfer Certificate of Non-Book Entry Certificate to Regulation S Global Certificate
	 	 
	Exhibit I	Form of Transfer Certificate of Non-Book Entry Certificate to Rule 144A Global Certificate
	 	 
	Exhibit J-1	Form of Investment Representation Letter
	 	 
	Exhibit J-2	Form of Affidavit Pursuant to Section 860E(e) of the Internal Revenue Code of 1986
	 	 
	Exhibit J-3	Form of Transferor Letter
	 	 
	Exhibit K	Form of Investor Certification for Exercising Voting Rights
	 	 
	Exhibit L	Applicable Servicing Criteria
	 	 
	Exhibit M	NRSRO Certification
	 	 
	Exhibit N	Form of Power of Attorney
	 	 
	Exhibit O	Form of ERISA Representation Letter
	 	 
	Exhibit P	[Reserved]
	 	 
	Exhibit Q	Form of Online Vendor Certification
	 	 
	Exhibit R	Form of Notice of Mezzanine Collateral Foreclosure
	 	 
	Exhibit S	Additional Form 10-D Disclosure
	 	 
	Exhibit T	Additional Form 10-K Disclosure
	 	 
	Exhibit U	Form 8-K Disclosure Information
	 	 
	Exhibit V	Additional Disclosure Notification
	 	 
	Exhibit W	Initial Sub-Servicers
	 	 
	Exhibit X	Form of Back-up Certification
	 	 
	Exhibit Y-1	Form of Investor Certification for Non-Borrower Affiliate


 






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	Exhibit Y-2	Form of Investor Certification for Borrower Affiliate
	 	 
	Exhibit Y-3	Form of Notice of Borrower Affiliate
	 	 
	Exhibit Y-4	Form of Notice of Borrower Affiliate to Certificate Administrator
	 	 
	Exhibit Y-5	Form of Certification of the Controlling Class Representative
	 	 
	Exhibit Z-1	Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	 	 
	Exhibit Z-2	Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights


 






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THIS TRUST AND SERVICING
AGREEMENT (“Agreement”) is dated as of December 22, 2015, among Credit Suisse First Boston Mortgage Securities
Corp., as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo
Bank, National Association, as Certificate Administrator, and Wells Fargo Bank, National Association, as Trustee.


 


INTRODUCTORY STATEMENT


 


Terms not defined in
this Introductory Statement shall have the meanings specified in Article 1 hereof.


 


Reference is made to that certain 7-year fixed-rate mortgage
loan (the “Whole Loan”), evidenced by six promissory notes (the “Notes”).


 


The Whole Loan was
co-originated by Column Financial, Inc. (“Column”) and Morgan Stanley Bank, N.A.
(“MSBNA”, and collectively with Column and their respective successors and assigns, the
“Originators”), pursuant to that certain Loan Agreement, dated as of November 4, 2015 (as amended by that
certain First Amendment to Loan Agreement and Other Loan Documents, dated as of November 19, 2015, that certain Note Splitter
Agreement and Second Amendment to Loan Agreement and Other Loan Documents, dated as of November 20, 2015, and that certain
Third Amendment to Loan Agreement and Other Loan Documents, dated as of December 3, 2015, the “Loan
Agreement”), by and among the Originators and 24 Delaware limited liability companies (collectively, the
“Loan Borrowers”). As of the Cut-off Date, the aggregate outstanding principal balance of the Whole
Loan was $964,000,000.


 


The Whole Loan consists
of (a) a portion that has an unpaid principal balance as of the Cut-off Date of $804,000,000, and is evidenced by Promissory Note
A-1 (as the same may hereafter be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or
otherwise modified, “Note A-1”), Promissory Note A-2 (as the same may hereafter be amended, restated, replaced,
extended, renewed, supplemented, consolidated, severed, split or otherwise modified, “Note A-2”), Promissory
Note B-1 (as the same may hereafter be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split
or otherwise modified, “Note B-1)” and Promissory Note B-2 (as the same may hereafter be amended, restated,
replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified “Note B-2”, and
together with Note A-1, Note A-2 and Note B-1, the “Trust Loan Notes”), and (b) a portion that has an aggregate
unpaid principal balance as of the Cut-off Date of $200,000,000, and is evidenced by Promissory Note A-3 and Promissory A-4 (as
the same may each hereafter be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise
modified, collectively, the “Companion Loan Notes”). Note A-1, Note A-2, Note A-3 and Note A-4 are collectively
referred to herein as the “A-Notes” and, each, as an “A-Note”. Note B-1 and Note B-2 are
collectively referred to herein as the “B-Notes” and, each, as a “B-Note”. The Trust Loan
Notes and the Companion Loan Notes are collectively referred to herein as the “Notes” and, each, as a “Note”.


 


As of the Closing Date, the aggregate outstanding
principal balance of Note A-1, Note A-2, Note B-1 and Note B-2 is $804,000,000 (the “Trust Loan”).


 



    	 



    	 



    




 


On or prior to the Closing
Date, Morgan Stanley Mortgage Capital Holdings LLC (“MSMCH”) purchased the portion of the Trust Loan it is selling
to the Depositor (which consists of Note A-2 and Note B-2) from MSBNA.


 


On or prior to the Closing
Date, Column and MSMCH (collectively, with their respective successors and assigns, the “Loan Sellers”) sold
the Trust Loan to the Depositor pursuant to a Mortgage Loan Purchase and Sale Agreement, dated as of the date hereof, by and among
the Loan Sellers and the Depositor (the “Loan Purchase Agreement”).


 


As of the Closing Date,
Promissory Note A-3 was held by Column and Promissory Note A-4 was held by MSMCH (collectively, the “Companion Loan”).
The relative rights of the respective lenders in respect of the Whole Loan are set forth in a co-lender agreement dated as of November
4, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Co-Lender Agreement”),
between the holders of the Trust Loan Notes and the holders of the Companion Loan Notes. From and after the Closing Date, the entire
Whole Loan is to be serviced and administered in accordance with this Agreement.


 


As provided for herein,
the Certificate Administrator shall elect or shall cause elections to be made to treat designated portions of the Trust Fund for
federal income tax purposes as two separate real estate mortgage investment conduits (the “Upper-Tier REMIC”
and the “Lower-Tier REMIC” and, each, a “REMIC”). Each Class of Regular Certificates will
represent a single Class of “regular interests” in the Upper-Tier REMIC, as further described herein. Each Class of
Uncertificated Lower-Tier Interests will represent a single class of “regular interests” in the Lower-Tier REMIC as
further described herein. The Class R Certificates will evidence the sole Class of “residual interests” in each of
the Upper-Tier REMIC and Lower-Tier REMIC for purposes of the REMIC Provisions under federal income tax law.


 


In exchange for the Trust
Loan and the Uncertificated Lower-Tier Interests, the Trust shall issue to the Depositor all the Class A, Class X-A, Class X-B,
Class B, Class C, Class D and Class R Certificates (collectively, the “Certificates”), which Certificates in
the aggregate shall evidence the entire beneficial interest in the Trust Fund. The Trust Fund consists principally of the Trust
Loan Notes, the Mortgages and related Loan Documents (exclusive of the rights of the Companion Loan Holders thereunder) and all
payments under, and proceeds of, the Trust Loan following the Cut-off Date.


 


The Depositor intends
to sell the Certificates to the Initial Purchasers in an offering exempt from the registration requirements of the federal securities
laws.


 


UPPER-TIER REMIC


 


As further described
in Section 2.10, the Class A, Class X-A, Class X-B, Class B, Class C and Class D Certificates will evidence “regular
interests” in the Upper-Tier REMIC created hereunder. The Class UT-R Interest will constitute the sole Class of “residual
interests” in the Upper-Tier REMIC created hereunder, and will be evidenced by the Class R Certificates. The following table
sets forth the class designation, the Pass-Through Rate and the aggregate initial Certificate Balance (the “Initial Certificate
Balance”) or Notional Amount (“Initial


 



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Notional Amount”), as applicable, for each Class
of Certificates and the Class UT-R Interest comprising the interests in the Upper-Tier REMIC created hereunder:


 





	Class 

Designation	 	Approximate Initial

 Pass-Through Rate 

(per annum)	 	Initial Certificate 

Balance or Initial 

Notional Amount
	Class A	 	3.6393%	 	$468,700,000
	Class X-A	 	0.2985%(1)	 	$468,700,000
	Class X-B	 	None(2)	 	$111,200,000
	Class B	 	3.9378%(3)	 	$111,200,000
	Class C	 	3.9378%(3)	 	$102,300,000
	Class D	 	3.9378%(3)	 	$121,800,000
	Class UT-R	 	None(4)	 	None(4)


 


 









		(1)	The
                                         Class X-A Certificates will not have a Certificate Balance and will not be entitled to
                                         receive distributions of principal. Interest will accrue on such Class at the applicable
                                         Pass-Through Rate thereof on the applicable Notional Amount thereof. The Notional Amount
                                         of the Class X-A Certificates will be equal to the Certificate Balance of the Class A
                                         Certificates. The Class X-A Pass-Through Rate for any Certificate Interest Accrual Period
                                         is a variable per annum rate and will equal the Class X Strip Rate for the Class
                                         A Certificates.



 


		(2)	The
                                         Class X-B Certificates will not have a Certificate Balance or Pass-Through Rate and will
                                         not be entitled to receive distributions of interest or principal (other than a payment
                                         of $100 on the first Distribution Date, which will be deemed a payment of principal on
                                         the principal balance of the REMIC regular interest represented by the Class X-B Certificates
                                         for federal income tax purposes), and will only be entitled to distributions of Yield
                                         Maintenance Premiums. The Notional Amount of the Class X-B Certificates will be equal
                                         to the Certificate Balance of the Class B Certificates.



 


		(3)	For
                                         any Distribution Date, the Pass-Through Rates of the Class B, Class C and Class D Certificates
                                         will be a per annum rate equal to the Net Trust Loan Rate.



 


		(4)	The
                                         Class UT-R Interest (evidenced by the Class R Certificates) will not have a Certificate
                                         Balance or Notional Amount, will not bear interest and will not be entitled to distributions
                                         of Yield Maintenance Premiums. Any Available Funds remaining in the Upper-Tier Distribution
                                         Account, after all required distributions under this Agreement have been made to each
                                         other Class of Certificates and the Class LT-R Interest, will be distributed to the Holders
                                         of the Class R Certificates in respect of the UT-R Interest.



 


LOWER-TIER REMIC


 


The Class LA, Class LB,
Class LC and Class LD Uncertificated Interests will evidence “regular interests” in the Lower-Tier REMIC created hereunder.
The Class LT-R Interest will constitute the sole Class of “residual interests” in the Lower-Tier REMIC created hereunder
and will be evidenced by the Class R Certificates. The following table sets forth the initial Lower-Tier Principal Amounts and
Pass-Through Rates for the Uncertificated Lower-Tier Interests and the Class LT-R Interest comprising the interests in the Lower-Tier
REMIC created hereunder:


 



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	Class 

Designation	 	Original Lower-Tier 

Principal Amount
	Class LA	 	$468,700,000
	Class LB	 	$111,200,000
	Class LC	 	$102,300,000
	Class LD	 	$121,800,000
	Class LT-R	 	None(1)







 


 



 


		(1)	The
                                         Class LT-R Interest (evidenced by the Class R Certificates) will not have a Certificate
                                         Balance or Notional Amount, will not bear interest and will not be entitled to distributions
                                         of Yield Maintenance Premiums. Any Available Funds constituting assets remaining in the
                                         Lower-Tier Distribution Account after distributing the Lower-Tier Distribution Amount
                                         shall be distributed to the Holders of the Class R Certificates in respect of the Class
                                         LT-R Interest (but only to the extent of the Available Funds for such Distribution Date,
                                         if any, remaining in the Lower-Tier Distribution Account).



 


The Depositor, the Servicer,
the Special Servicer, the Certificate Administrator and the Trustee are entering into this Agreement, and the Trustee is accepting
the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.


 



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W I T N E S S E T H T H A T:


 


In consideration of the
mutual agreements herein contained, the parties hereto agree as follows:


 


ARTICLE 1


 


DEFINITIONS


 


Section 1.1.      Definitions.
Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following
meanings and such meanings shall be equally applicable to the singular and plural forms of such terms, as the context may require.


 


“15Ga-1 Notice”: As defined in Section
2.8(a).


 


“15Ga-1 Notice Provider”: As defined in Section
2.8(a).


 


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


 


“17g-5 Information Provider’s Website”:      The
internet website of the 17g-5 Information Provider that shall initially
be located within the Certificate Administrator’s Website (www.ctslink.com), under the “NRSRO” tab on the page
relating to this transaction. Such website shall provide means of navigation for each NRSRO (including the Rating Agencies) to
the portion of the Certificate Administrator’s website available to Privileged Persons.


 


“A-Notes”: As defined in the Introductory
Statement.


 


“Acceptable
Insurance Default”: Any modification or waiver of any material provision in the Loan Documents governing the type, nature
or amount of insurance coverage required to be obtained and maintained by the Loan Borrowers that is approved or consented to by
the Special Servicer pursuant to this Agreement.


 


“Accepted Servicing Practices”: As defined
in Section 3.1.


 


“Acquisition
Date”: The date upon which, under the Code (and in particular the REMIC Provisions and Section 856(e) of the Code), the
Trust Fund is deemed to have acquired the Property.


 


“Additional
Disclosure Notification”: The form of notification to be included with any Additional Form 10-D Disclosure, Additional
Form 10-K Disclosure or Form 8-K Disclosure Information which is attached to this Agreement as Exhibit V.


 


“Additional Form 10-D
Disclosure” The information described in the Form 10-D items set forth under the “Item on Form 10-D”
column on Exhibit S hereto.


 



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“Additional Form 10-K
Disclosure” The information described in the Form 10-K items set forth under the “Item on Form 10-K”
column on Exhibit T hereto.


 


“Additional
Servicer”: Each Affiliate of the Servicer or the Special Servicer that Services the Whole Loan and each Person who is
not an Affiliate of the Servicer, other than the Special Servicer, who Services the Whole Loan as of any date of determination.


 


“Administrative Advances”: As defined in
Section 3.4(c).


 


“Administrative Fee
Rate”: The sum of the Servicing Fee Rate, the Certificate Administrator Fee Rate and the CREFC® Intellectual
Property Royalty License Fee.


 


“Advance”:     Any Administrative
Advance, Monthly Payment Advance or any Property Protection Advance.


 


“Advance Rate”: As defined in Section
3.23(d).


 


“Adverse REMIC Event”: As defined in Section
12.1(j).


 


“Affiliate”:
With respect to any specified Person, any other Person, directly or indirectly, 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, relation to individuals or otherwise, and the
terms “controlling” and “controlled” have meanings correlative to the foregoing. For purposes of this
definition and the Loan Borrowers, any Person that is a Restricted Holder shall be deemed to be an Affiliate of the Loan
Borrowers. The Trustee and the Certificate Administrator may request and rely upon an Officer’s Certificate of the
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, a Loan Borrower or the Depositor, as applicable,
to determine whether any Person is an Affiliate of the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, a Loan Borrower or the Depositor.


 


“Affiliate Ethical
Wall”: Reasonable policies and procedures to be maintained by an Affiliate of the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, as applicable, taking into account the nature of its business, to ensure
(1) that such Affiliate will not obtain Confidential Information from the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as applicable, and (2) that the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as applicable, will not obtain information regarding 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 Servicer, the Special
Servicer, the Certificate Administrator 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 Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable,
to such Affiliate and (b) policies and procedures against the disclosure of information regarding Investments in Certificates from
such Affiliate to the Depositor, the Servicer, the Special Servicer, the Certificate Administrator or the


 



    	-6-



    	 



    

 





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 participate in or 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; 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.


 


“Agreement”: This Trust
and Servicing Agreement (including all exhibits hereto) and all amendments and supplements hereto.


 


“Allocated Loan Amount”: As defined in the
Loan Agreement.


 


“Applicable Laws”: As defined in Section
8.2(d).


 


“Applicable
Servicing Criteria”: With respect to the Servicer, the Special Servicer or any Servicing Function Participant, the Servicing
Criteria applicable to it, as set forth on Exhibit L attached hereto. For clarification purposes, multiple parties can have
responsibility for the same Applicable Servicing Criteria and with respect to a Servicing Function Participant engaged by the Servicer
or the Special Servicer, the term “Applicable Servicing Criteria” may refer to a portion of the Applicable Servicing
Criteria applicable to the Servicer or the Special Servicer, as the case may be.


 


“Applied Realized Loss
Amount”: All amounts applied to reduce the Certificate Balance of a Class of Certificates in respect of Realized
Losses pursuant to Section 4.1(g).


 


“Appraisal”:
With respect to the Properties or any Foreclosed Property, an appraisal of such Property or Foreclosed Property, conducted by an
Independent Appraiser in accordance with the standards of the Appraisal Institute and certified by such Independent Appraiser as
having been prepared in accordance with the requirements of the Standards of Professional Practice of the Appraisal Institute with
an “MAI” designation and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, as well
as the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended; provided that after an initial “Appraisal”
has been obtained pursuant to the terms of this Agreement, an update of such initial Appraisal shall be considered an “Appraisal”
hereunder for all purposes. All Appraisals (and updates thereof) obtained pursuant to the terms of this Agreement shall include
a valuation using the “income capitalization – discounted cash flow approach” and set forth the discount rate
and terminal capitalization rate utilized by the Appraiser. All calculations under this Agreement requiring that a “value”
or “appraised value” be used with respect to the Properties or any Foreclosed Property shall use the most recently
determined appraised value set forth in an Appraisal (or update thereof) unless a different valuation is specifically required
(such as the appraised value of the Properties at origination).


 


“Appraisal Reduction
Amount”: As to the Whole Loan and as of any date of determination, an amount equal to the excess of (i) the outstanding
principal balance of the Whole Loan on such date plus the sum of (A) all accrued and unpaid interest on each Note at the applicable
Note Rate, (B) all unreimbursed Administrative Advances, Property Protection


 



    	-7-



    	 



    

 





Advances and interest on all Advances (including
interest on advances with respect to a Companion Loan made under an Other Pooling and Servicing Agreement) at the Advance Rate
in respect of the Whole Loan or the Properties, (C) the amount of any Advances (including advances with respect to a Companion
Loan made under an Other Pooling and Servicing Agreement) and interest thereon previously reimbursed from principal collections
on the Whole Loan that have not otherwise been recovered from the Loan Borrowers, (D) all currently due and unpaid real estate
taxes and assessments and insurance premiums and all other amounts, including, if applicable, ground rents, due and unpaid in respect
of the Properties (which taxes, premiums and other amounts have not been the subject of an Advance) and (E) to the extent not duplicative
of amounts in clauses (B), (C) or (D), all unpaid Trust Fund Expenses then due under the Loan Agreement over (ii) the sum of (A)(x)
90% of the appraised value (as determined by updated appraisals or an updated appraisal of a Property that was performed within
9 months prior to the Appraisal Reduction Event if the Special Servicer is not aware of any material change in the market or condition
or value of the Properties since the date of such appraisals, in which case such appraisals may be used) of the Properties or (y)
if the events described in clauses (i) through (iii) in Section 3.7(e) occur with respect to the Properties, the Assumed
Appraised Value of the Properties, in each case, less the amount of any liens (exclusive of Permitted Encumbrances) on the Properties
senior to the lien of the Loan Documents plus (B) any escrows with respect to the Whole Loan, including for taxes, insurance premiums
and ground rents.


 


“Appraisal Reduction
Event”: With respect to the Whole Loan, the earliest of (i) 60 days after an uncured payment delinquency (other than
a delinquency in respect of the Balloon Payment) occurs in respect of the Whole Loan, (ii) 90 days after an uncured delinquency
occurs in respect of the Balloon Payment for the Whole Loan unless a refinancing is anticipated within 120 days after the Stated
Maturity Date of the Whole Loan (as evidenced by a written refinancing commitment from an acceptable lender and reasonably satisfactory
in form and substance to the Servicer and, during a Controlling Class Control Period, the Controlling Class Representative, that
provides that such refinancing shall occur within 120 days after the Stated Maturity Date), in which case 120 days after such uncured
delinquency, (iii) 60 days after a reduction in Monthly Payments, (iv) 60 days after an extension of the Stated Maturity Date of
the Whole Loan (except for an extension within the time periods described in clause (ii) above), (v) immediately after a receiver
has been appointed in respect of the Properties on behalf of the Trust or any other creditor, (vi) immediately after any Loan Borrower
declares, or becomes the subject of, bankruptcy, insolvency or similar proceedings, admits in writing the inability to pay its
debts as they come due or makes an assignment for the benefit of creditors, or (vii) immediately after a Property becomes a Foreclosed
Property.


 


“Asset Status Report”: As defined in Section
3.10(h).


 


“Assignment
of Mortgages”: An assignment of the Mortgages without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the Properties are located to reflect of record the assignment
of the Mortgages to the Trustee on behalf of the Trust Fund; provided, however, that the Trustee, the Certificate
Administrator, the Servicer and the Special Servicer shall not be responsible for determining whether any such assignment is legally
sufficient or in recordable form.


 



    	-8-



    	 



    

 





 


“Assumed Appraised Value”: As defined in
Section 3.7(e).


 


“Assumed Loan
Payment Date”: With respect to the Whole Loan for any calendar month following a delinquency in the payment of the Balloon
Payment or the foreclosure of the Whole Loan or acceptance by the Special Servicer on behalf of the Trust of a deed-in-lieu of
foreclosure or comparable conversion of the Whole Loan, the date that would have been the Loan Payment Date in such calendar month
if the Stated Maturity Date or the foreclosure of the Whole Loan or acceptance by the Special Servicer on behalf of the Trust of
a deed-in-lieu of foreclosure or comparable conversion of the Whole Loan had not occurred.


 


“Assumed Monthly
Payment”: With respect to any Distribution Date (following the Stated Maturity Date or the foreclosure of the Whole Loan
or acceptance by the Special Servicer on behalf of the Trust Fund of a deed-in-lieu of foreclosure or comparable conversion of
the Trust Loan or a portion of the Trust Loan), the scheduled monthly payment of interest that would have been due in respect of
the Trust Loan on its Stated Maturity Date and each subsequent Loan Payment Date (or Assumed Loan Payment Date) if the Trust Loan
had been required to continue to accrue interest in accordance with its terms in effect immediately prior to, and without regard
to the occurrence of the Stated Maturity Date (or after the occurrence of a foreclosure, in whole or in part, of the Whole Loan
or acceptance by the Special Servicer on behalf of the Trust Fund of a deed-in-lieu of foreclosure or comparable conversion of
the Trust Loan or a portion of the Trust Loan, the scheduled monthly payment of interest that would have been due in respect of
the Trust Loan on the last Loan Payment Date (or Assumed Loan Payment Date) prior to its foreclosure or acceptance of a deed-in-lieu
of foreclosure), in each case as such terms and amortization schedule may have been modified, and such Stated Maturity Date may
have been extended, in connection with a bankruptcy or similar proceeding involving the parties under the Whole Loan or a modification,
waiver or amendment granted or agreed to by the Servicer or Special Servicer.


 


“Authenticating Agent”: As defined in Section
8.11(a).


 


“Available Funds”:
On each Distribution Date shall be equal to (i) (x) all amounts (other than Yield Maintenance Premiums) received in respect of
principal and interest on the Trust Loan during the related Collection Period or advanced in respect of interest with respect to
such Distribution Date (including, without limitation, any Repurchase Price or purchase price of the Trust Loan (or any Loan Seller
Percentage Interest thereof), Net Liquidation Proceeds, the Mezzanine Option Price, Condemnation Proceeds and Insurance Proceeds
(to the extent not needed for the repair or restoration of the Properties) received by the Trust and allocable to the Trust Loan)
excluding payments received that are due on a subsequent Loan Payment Date and reduced by (y) the Available Funds Reduction Amount
(other than amounts payable in respect of the Companion Loans), plus (ii) (x) if such Distribution Date is the Distribution Date
occurring in March of each year (or February, if such Distribution Date is the final Distribution Date), Withheld Amounts to be
withdrawn from the Interest Reserve Account for such Distribution Date, and reduced by (y) an amount equal to the applicable Withheld
Amount in the case of the February Distribution Date and any January Distribution Date occurring in a year that is not a leap year
(unless, in either case, such Distribution Date is the final Distribution Date). Available Funds shall not include any amounts
allocable to the Companion Loans under the Co-Lender Agreement.


 



    	-9-



    	 



    




 


“Available Funds
Reduction Amount”: As of each Distribution Date, all amounts withdrawn on the related Remittance Date or during the related
Collection Period from the Collection Account pursuant to Section 3.4(c).


 


“B-Notes”: As defined in the Introductory
Statement.


 


“Balloon Payment”:
The payment of the outstanding principal balance of the Whole Loan, Trust Loan or a Companion Loan, as applicable, together with
all unpaid interest, due and payable on the Stated Maturity Date.


 


“Base Interest
Fraction”: With respect to any principal prepayment of the Trust Loan and any Class of Sequential Pay Certificates, a
fraction (A) whose numerator is the greater of (x) zero and (y) the excess of (i) the Pass-Through Rate on such Class of Sequential
Pay Certificates over (ii) the Treasury Constant Yield as provided by the Servicer used in calculating the Yield Maintenance Premiums,
as applicable, with respect to such principal prepayment and (B) whose denominator is the excess of (i) the weighted average of
the Note Rates of the Trust Notes over (ii) the Treasury Constant Yield used in calculating the Yield Maintenance Premium, as applicable,
with respect to such principal prepayment; provided, however, that under no circumstances shall the Base Interest Fraction be greater
than one. If the Treasury Constant Yield is greater than the weighted average of the Note Rates of the Trust Notes, then the Base
Interest Fraction shall equal zero.


 


“Beneficial
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). Each of the Depositor,
the Trustee, the Certificate Administrator, the Special Servicer and the Servicer, as applicable, shall have the right to require,
as a condition to acknowledging the status of any Person as a Beneficial Owner under this Agreement, that such Person provide an
Investor Certification, and each of Depositor, the Trustee, the Certificate Administrator, the Special Servicer and the Servicer
shall be entitled to rely on such Investor Certification.


 


“Benefit Plan”: As defined in Section
5.3(m).


 


“Borrower Affiliate”:
Any of the Loan Borrowers, a Restricted Holder, the Property Manager, the Sponsor, the general partner or managing member of any
Loan Borrower, the Guarantor, the Property Manager or the Sponsor or any of their respective agents or Affiliates.


 


“Borrower Related
Party”: Any of (a) the Loan Borrowers, the Sponsor, the Property Manager or a Restricted Holder, (b) any other Person
controlling or controlled by or under common control with a Loan Borrower, Sponsor, Property Manager or Restricted Holder, as applicable,
or (c) any other Person owning, directly or indirectly, twenty-five percent (25%) or more of the beneficial interests in a Loan
Borrower, Sponsor, Property Manager or Restricted Holder, as applicable. 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


 



    	-10-



    	 



    

 


otherwise and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.


 


“Breach”: As defined in Section 2.8(a).


 


“Business Day”:
Any day other than a Saturday and a Sunday or any other day on which the following are not open for business: (a) national banks
in New York, New York, Cleveland, Ohio, Overland, Kansas or (b) the office of the Trustee, the Certificate Administrator, the Servicer,
the Special Servicer or the financial institution that maintains the Collection Account.


 


“Cash Management Account”: As defined in
the Loan Agreement.


 


“Cash Management and Control Agreement”:
As defined in the Loan Agreement.


 


“CERCLA”: The Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended.


 





“Certificate”: Any Class A, Class X-A, Class
X-B, Class B, Class C and Class D Certificate.


 


“Certificate
Administrator”: Wells Fargo Bank, National Association, in its capacity as certificate administrator, or if any successor
certificate administrator is appointed as herein provided, such certificate administrator.


 


“Certificate
Administrator Fee”: With respect to any Distribution Date, an amount accrued during the related Interest Accrual Period
at the Certificate Administrator Fee Rate on the outstanding principal balance of the Trust Loan as of the close of business on
the Distribution Date in such Interest Accrual Period; provided that such amounts shall be computed for the same period
and on the same interest accrual basis respecting which any related principal and interest payment due or deemed due on the Trust
Loan is computed and shall be prorated for partial periods. A portion of the Certificate Administrator Fee, shall be payable to
the Trustee as the Trustee Fee. For the avoidance of doubt, the Certificate Administrator Fee shall be deemed to be payable from
the Lower-Tier REMIC.


 


“Certificate Administrator Fee Rate”: 0.0026%
per annum.


 


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


 


“Certificate
Balance”: With respect to any outstanding Class of Sequential Pay Certificates at any date, an amount equal to the aggregate
Initial Certificate Balance of such Class as set forth in Section 5.1(a) less the sum of (a) all amounts distributed to
Holders of Certificates of such Class on all previous Distribution Dates and treated under this Agreement as


 



    	-11-



    	 



    

 





allocable to principal and (b) the aggregate
amount of Realized Losses allocated to such Class of Certificates, if any, pursuant to Section 4.1(g) on all previous Distribution
Dates. With respect to any individual Certificate in any such Class, the product of (x) the Percentage Interest represented by
such Certificate multiplied by (y) the Certificate Balance of such Class.


 


“Certificate Register”
and “Certificate Registrar”: The register maintained and the registrar appointed pursuant to Section 5.3(a).


 


“Certificateholder”
or “Holder”: With respect to any Certificate, the Person in whose name a Certificate is registered in the Certificate
Register; provided, however, that (1) solely for the purposes of providing, distributing or otherwise making available
any reports, statements or other information required or permitted to be provided or distributed or made available to a Certificateholder
under this Agreement, a Certificateholder shall include any Beneficial Owner to the extent that the Person providing, distributing
or making available such reports, statements or other information has received from such Beneficial Owner information and a written
certification reasonably acceptable to such Person regarding its name, and address and beneficial ownership of a Certificate; and
(2) solely for the purposes of giving any consent or taking of any action pursuant to this Agreement (except as set forth in the
following sentence), any Certificate beneficially owned by the Servicer, the Special Servicer, the Certificate Administrator, the
Trustee or any Borrower Related Party shall be deemed not to be outstanding and the consent or 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
or take any such action has been obtained. For purposes of obtaining the consent of Certificateholders to an amendment of this
Agreement, any Certificate beneficially owned by the Certificate Administrator, the Trustee, the Servicer or the Special Servicer
or any Affiliates thereof shall be deemed to be outstanding, provided that (1) if such amendment relates to the termination,
increase in compensation or material reduction of obligations of the Certificate Administrator, the Trustee, the Servicer or the
Special Servicer (other than any replacement of the Special Servicer by the Controlling Class Representative under this Agreement),
as applicable, or benefit the Certificate Administrator, the Trustee, the Servicer or the Special Servicer, as applicable in its
capacity as such or any of its affiliates (other than solely in its capacity as a Certificateholder) in any material respect, then
such Certificate will be deemed not to be outstanding; and (2) if the Certificate Administrator, the Trustee, the Servicer or the
Special Servicer has provided an Investor Certification in which it has certified as to the existence of an Affiliate Ethical Wall
between it and the Trustee, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, then any Certificates
beneficially owned by such affiliate will be deemed to be outstanding. The Trustee and the Certificate Registrar may obtain and
conclusively rely upon an Officer’s Certificate of the Servicer, the Special Servicer, any Loan Borrower, the Property Manager,
the Sponsor or any sub servicer to determine whether a Certificate is beneficially owned by an Affiliate of any of them. Notwithstanding
the foregoing, the restrictions above shall not apply (i) to the exercise of the rights of the Servicer, the Special Servicer or
an Affiliate of the Servicer or the Special Servicer, if any, as a member of the Controlling Class (but not if it is a Borrower
Related Party) or (ii) to any Affiliate of the Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate Administrator
that has provided an Investor Certification in which it has certified as to the existence of certain policies and procedures restricting
the flow of information between it and the Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate Administrator,
as applicable.


 



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“Certification Parties”: As defined in Section
5.3(m).


 


“Certifying Person”: As defined in Section
5.3(m).


 


“Class”:
With respect to the Certificates, all of the Certificates bearing the same alphabetical designation, and each Uncertificated Lower-Tier
Interest.


 


“Class A Certificate”:
A Certificate executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit A-1
hereto and designated as a Class A Certificate.


 


“Class A Pass-Through
Rate”: As set forth in the Upper-Tier REMIC section of the Introductory Statement of this Agreement.


 


“Class B Certificate”:
A Certificate executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit A-4
hereto and designated as a Class B Certificate.


 


“Class B Pass-Through
Rate”: As set forth in the Upper-Tier REMIC section of the Introductory Statement of this Agreement.


 


“Class C Certificate”:
A Certificate executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit A-5
hereto and designated as a Class C Certificate.


 


“Class C Pass-Through
Rate”: As set forth in the Upper-Tier REMIC section of the Introductory Statement of this Agreement.


 


“Class D Certificate”:
A Certificate executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit A-6
hereto and designated as a Class D Certificate.


 


“Class D Pass-Through
Rate”: As set forth in the Upper-Tier REMIC section of the Introductory Statement of this Agreement.


 


“Class LA Uncertificated
Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier REMIC and has the
Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Lower-Tier section of the Introductory
Statement.


 


“Class LB Uncertificated
Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier REMIC and has the
Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Lower-Tier section of the Introductory
Statement.


 


“Class LC Uncertificated
Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier REMIC and has the
Original Lower-Tier Principal


 



    	-13-



    	 



    

 





Amount and per annum rate of interest set forth in the
Lower-Tier section of the Introductory Statement.


 


“Class LD Uncertificated
Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier REMIC and has the
Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Lower-Tier section of the Introductory
Statement.


 


“Class LT-R Interest”:  The residual
interest in the Lower-Tier REMIC. The Class LT-R Interest will be represented by the Class R Certificates.


 


“Class R Certificate”:
A Certificate executed and authenticated by the Certificate Administrator, in substantially the form set forth in Exhibit A-7
hereto and designated as a Class R Certificate, which shall only be issued as Definitive Certificates. The Class R Certificates
will not have a Certificate Balance, Notional Amount or a Pass-Through Rate. The Class R Certificates will evidence the Class LT-R
and Class UT-R Interests.


 


“Class UT-R Interest”:  The residual
interest in the Upper-Tier REMIC.  The Class UT-R Interest will be represented by the Class R Certificates. 


 


“Class X Certificates”:  The Class X-A
and/or Class X-B Certificates, as applicable.


 


“Class X-A Certificate”:
A Certificate executed and authenticated by the Certificate Administrator, in substantially the form set forth in Exhibit A-2
and designated as a Class X-A Certificate.


 


“Class X-A Notional Amount”:
An amount equal to Certificate Balance of the Class A Certificates.


 


“Class X-A Pass-Through
Rate”: A variable rate that for each Distribution Date shall be equal to the Class X Strip Rate for the Class A Certificates
for such Distribution Date.


 


“Class X-B Certificate”:
A Certificate executed and authenticated by the Certificate Administrator, in substantially the form set forth in Exhibit A-3
and designated as a Class X-B Certificate.


 


“Class X-B Notional Amount”:
An amount equal to the Certificate Balance of the Class B Certificates.


 


“Class X Strip
Rate”: For the Class A Certificates for any Distribution Date shall equal the excess, if any, of (i) the Net Trust Loan
Rate for such Distribution Date over (ii) the Pass-Through Rate for such Class of Certificates.


 


“Clearing Agency”:
An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. The initial Clearing
Agency shall be The Depository Trust Company.


 



    	-14-



    	 



    

 





“Clearstream”: As defined in Section 5.2(a).


 


“Closing Date”: December 22, 2015.


 


“Code”:
The Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto,
and applicable U.S. Department of the Treasury regulations issued pursuant thereto in temporary or final form and any proposed
regulations thereunder, to the extent that, by reason of their proposed effective date, such proposed regulations would apply to
the Trust Fund.


 


“Collateral”:
The Property securing the Whole Loan, the Reserve Accounts (and all sums held, deposited or invested therein and all proceeds thereof)
with respect to the Whole Loan and all other collateral which is subject to security interests and liens granted to secure the
Whole Loan.


 


“Collateral
Security Documents”: Any document or instrument given to secure or guaranty the Whole Loan, including without limitation,
the Mortgages, each as amended, supplemented, assigned, extended or otherwise modified from time to time.


 


“Collection Account”: As defined in Section
3.4(a).


 


“Collection
Period”: With respect to any Distribution Date, the period commencing immediately following the Determination Date in
the calendar month preceding the calendar month in which such Distribution Date occurs and ending on and including the Determination
Date in the calendar month in which such Distribution Date occurs; provided, that the first Collection Period will commence
immediately following the Cut-off Date and end on and include the Determination Date in January, 2016.


 


“Commission”: The Securities and Exchange
Commission.


 


“Companion Loan”: As defined in the Introductory
Statement.


 


“Companion Loan Notes”: As defined in the
Introductory Statement.


 


“Companion Loan
Advance”: With respect to a Companion Loan that is part of an Other Securitization Trust, any advance of delinquent scheduled
payments of interest with respect to such Companion Loan made by the master servicer or trustee with respect to such Other Securitization
Trust.


 


“Companion Loan Holder”: The holder of a
Companion Loan.


 


“Companion Loan
Rating Agency”: With respect to a Companion Loan, any rating agency that was engaged by a participant in the securitization
of such Companion Loan to assign a rating to the related Companion Loan Securities.


 


“Companion Loan
Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Companion Loan
as to which any Companion Loan Securities exist, confirmation in writing (which may be in electronic form) by each


 



    	-15-



    	 



    

 





applicable 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 Companion Loan Securities (if then rated by such Companion
Loan Rating Agency); provided that upon receipt of a written waiver or other acknowledgment from a Companion Loan Rating
Agency indicating its decision not to review or declining to review the matter for which the Companion Loan Rating Agency Confirmation
is sought (such written notice, a “Companion Loan Rating Agency Declination”), or as otherwise provided in Section
3.28 of this Agreement, the requirement for the Companion Loan Rating Agency Confirmation from the applicable Companion Loan
Rating Agency with respect to such matter shall not apply.


 


“Companion Loan
Securities”: Any commercial mortgage-backed securities that evidence an interest in or are secured by the assets of an
Other Securitization Trust, which assets include a Companion Loan (or a portion thereof or interest therein).


 


“Condemnation”: As defined in the Loan Agreement.


 


“Condemnation
Proceeds”: The portion of the Loss Proceeds relating to a Condemnation other than amounts to be applied to the restoration,
preservation or repair of the applicable Property or to be released to the Loan Borrowers each in accordance with the terms of
the Loan Agreement, or if not required to be so applied or so released under the terms of the Loan Agreement, Accepted Servicing
Practices.


 


“Confidential
Information”: With respect to the Servicer, the Special Servicer, the Certificate Administrator and the Trustee, all
material non-public information obtained in the course of and as a result of such Person’s performance of its duties under
the Trust and Servicing Agreement as the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable,
with respect to the Whole Loan, the Loan Borrowers, the Sponsor and the Properties, 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 Servicer or the Special Servicer, as applicable, or (iii) is or becomes generally available to
the public other than as a result of a disclosure by Servicer Servicing Personnel, Special Servicer Servicing Personnel or Trustee
Personnel, as applicable.


 


“Consultation
Termination Event”: The event that occurs when (i) the Class D Certificates do not have an outstanding Certificate Balance,
without regard to the application of any Appraisal Reduction Amounts, at least equal to 25% of the Initial Certificate Balance
of such Class or (ii) deemed to occur pursuant to Section 6.5(c) of this Agreement.


 


“Control Termination
Event”: The event that occurs when (i) the Class D Certificates do not have an aggregate Certificate Balance (as notionally
reduced by any Appraisal Reduction Amounts allocable to such Class in accordance with Section 3.7(a) of this Agreement)
at least equal to 25% of the Initial Certificate Balance of such Class or (ii) deemed to occur pursuant to Section 6.5(c)
of this Agreement.


 


“Controlling Class”: The Class D Certificates.


 


“Controlling Persons”: As defined in Section
6.3(a).


 



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


 


“Controlling
Class Consultation Period”: The period that commences on the date of a Control Termination Event, and terminates upon
the occurrence and during the continuance of a Consultation Termination Event.


 


“Controlling
Class Control Period”: The period that commences on the date that the Mezzanine A Loan has been foreclosed upon or otherwise
repaid in full, and terminates upon the occurrence and during the continuance of a Control Termination Event.


 


“Controlling
Class Representative”: The Controlling Class Certificateholder (or other representative) selected by at least 75% of
the Controlling Class Certificateholders by Certificate Balance, as identified by notice to the Certificate Registrar by the applicable
Controlling Class Certificateholders from time to time, with notice of such selection delivered to the Special Servicer, the Servicer,
the Trustee and the Certificate Administrator; provided that (i) absent such selection, or (ii) until a Controlling Class
Representative is so selected, or (iii) upon receipt of notice from a majority of the Controlling Class Certificateholders, by
Certificate Balance, that a Controlling Class Representative is no longer so designated, the Controlling Class Representative shall
be the Controlling Class Certificateholder that owns Certificates representing the largest aggregate Certificate Balance of the
Controlling Class as identified to the Certificate Administrator.


 


The initial Controlling
Class Representative on the Closing Date shall be Prima Capital Advisors LLC. The Certificate Registrar and the other parties to
this Agreement shall be entitled to assume that Prima Capital Advisors LLC or any successor Controlling Class Representative selected
by Prima Capital Advisors LLC is the Controlling Class Representative on behalf of clients of Prima Capital Advisors LLC as Holder
(or Beneficial Owner) of a majority of the Controlling Class, until the Certificate Registrar receives (a) written notice of a
replacement Controlling Class Representative or (b) written notice that clients of Prima Capital Advisors LLC are no longer the
Holder (or Beneficial Owner) of a majority of the Controlling Class.


 


“Corporate Trust
Office”: The corporate trust office of the Trustee or the Certificate Administrator, as applicable, at which at any particular
time its corporate trust business shall be administered, which office at the date of the execution of this Agreement is located
at 9062 Old Annapolis Road, Columbia, Maryland 21045, or for certificate transfer services, Wells Fargo Center, Sixth Street and
Marquette Avenue, Minneapolis, Minnesota 55479-0113, Attention: Corporate Trust
Services: CSMC 2015-GLPB, or at such other address as the Trustee or the Certificate Administrator may designate from time to time
by notice to the Certificateholders, the Depositor, the Servicer and the Special Servicer.


 


“CREFC®”:CRE
Finance Council, formerly known as Commercial Mortgage Securities Association, or any successor thereto.


 



    	-17-



    	 



    

 





“CREFC®
Advance Recovery Report”: The 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 and, insofar as it requires the presentation of information in addition to that called for by the form
of the “Advance Recovery Report” available as of the Closing Date on the CREFC®
Website, is reasonably acceptable to the Servicer.


 


“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 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 monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “Bond Level File” 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 recommended by the CREFC® for commercial mortgage securities
transactions generally and is reasonably acceptable to the Certificate Administrator.


 


“CREFC®
Collateral Summary File”: The report substantially in the form of, and containing the information called
for in, the downloadable form of the “Collateral Summary File” 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 recommended by the CREFC® for commercial mortgage
securities transactions generally and is reasonably acceptable to the Certificate Administrator.


 


“CREFC®
Comparative Financial Status Report”: A report substantially in the form of, and containing the information
called for in, the downloadable form of the “Comparative Financial Status Report” available as of the Closing Date
on the CREFC® Website, or such other form for the presentation of such information
as may from time to time be recommended by the CREFC® for commercial mortgage
securities transactions generally and is reasonably acceptable to the Servicer and the Special Servicer.


 


“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 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 and is reasonably acceptable to the Servicer and the Special Servicer.


 


“CREFC®
Financial File”: A report substantially in the form of, and containing the information called for in, the
downloadable form of the “Financial File” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such


 






    	-18-



    	 



    

 


information and containing such additional information as
may from time to time be recommended by the CREFC® for commercial mortgage
securities transactions generally and is reasonably acceptable to the Servicer.


 


“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
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 and is reasonably acceptable to the Servicer.


 


“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 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 and is reasonably acceptable to the Servicer.


 


“CREFC®
Historical Loan Modification Forbearance and Corrected Loan Report”: A report substantially in the form
of, and containing the information called for in, the downloadable form of the “Historical Loan Modification Forbearance
and Corrected Loan 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 recommended by the CREFC® for commercial mortgage securities transactions generally
and is reasonably acceptable to the Servicer and the Special Servicer.


 


“CREFC®
Intellectual Property Royalty License Fee”: A fee payable monthly to the CREFC®
pursuant to Section 3.4(c) which will accrue at the CREFC® Intellectual
Property Royalty License Fee Rate, computed on the basis of the same principal amount, in the same manner, and for the same Loan
Interest Accrual Period respecting which any related interest payment on the Trust Loan is computed, and will be prorated for partial
periods.


 


“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to the Trust Loan, 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 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 and is reasonably acceptable to the Servicer.


 


“CREFC® Loan
Level Reserve LOC Report”: The monthly report substantially in the form of, and containing the information called
for in, the downloadable form of the “Loan Level Reserve LOC Report” available as of the Closing Date on
the CREFC® Website, or such


 






    	-19-



    	 



    

 


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 and is reasonably acceptable to the Servicer.


 


“CREFC® Loan
Modification Report”: A report substantially in the form of, and containing the information called for in, the
downloadable form of the “Loan Modification Report” 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 and is reasonably acceptable to the Servicer and the Special Servicer.


 


“CREFC® Loan
Periodic Update File”: The monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Loan Periodic Update File” 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 recommended by the CREFC® for commercial mortgage securities
transactions generally and is reasonably acceptable to the Servicer, the Special Servicer and the Certificate
Administrator.


 


“CREFC®
Loan Setup File”: The report substantially in the form of, and containing the information called for in, the downloadable
form of the “Loan Setup File” 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 recommended by the CREFC® for commercial mortgage securities transactions generally
and is reasonably acceptable to the Servicer, the Special Servicer and the Certificate Administrator.


 


“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 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 recommended by the CREFC® for commercial mortgage securities transactions
generally and is acceptable to the Servicer or the Special Servicer, as applicable, and in any event, shall present the computations
made in accordance with the methodology described in such form to “normalize” the full year net operating income and
debt service coverage numbers used in the other reports required by this Agreement.


 


“CREFC®
Operating Statement Analysis Report”: A report prepared with respect to each Property substantially in the form
of, and containing the information called for in, the downloadable form of the “Operating Statement Analysis Report”
available as of the Closing Date on the CREFC® Website or in 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 and is reasonably acceptable to the Servicer.


 


“CREFC®
Property File”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Property File” available as of the Closing Date on the CREFC® Website,
or such other form for the presentation of such


 



    	-20-



    	 



    




 


information and containing such additional
information as may from time to time be recommended by the CREFC® for commercial mortgage
securities transactions generally and is reasonably acceptable to the Servicer and the Special Servicer.


 


“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®
Reports”: Collectively refers to the following files and reports as may be amended, updated or supplemented from
time to time as part of the CREFC® Investor Reporting Package (IRP):


 


(i)           the following
seven electronic files (and any other files as may become adopted and promulgated by CREFC® as
part of the CREFC® Investor Reporting Package (IRP) from time to time): (i) CREFC®
Bond Level File, (ii) CREFC® Collateral Summary File, (iii) CREFC®
Property File, (iv) CREFC® Loan Periodic Update File, (v) CREFC®
Loan Setup File, (vi) CREFC® Financial File, and (vii) CREFC®
Special Servicer Loan File; and


 


(ii)           the following
18 supplemental reports (and any other reports as may become adopted and promulgated by CREFC®
as part of the CREFC® Investor Reporting Package (IRP) from time to time): (i)
CREFC® Comparative Financial Status Report, (ii) CREFC®
Delinquent Loan Status Report, (iii) CREFC® Historical Loan Modification and Corrected
Loan Report, (iv) CREFC® Operating Statement Analysis Report, (v) CREFC®
NOI Adjustment Worksheet, (vi) CREFC® REO Status Report, (vii) CREFC®
Servicer Watch List, (viii) CREFC® Loan Level Reserve – LOC Report, (ix)
CREFC® Advance Recovery Report, (x) CREFC® Total
Loan Report, (xi) CREFC® Appraisal Reduction Template, (xii) CREFC®
Servicer Realized Loss Template, (xiii) CREFC® Reconciliation of Funds Template,
(xiv) CREFC® Historical Bond/Collateral Realized Loss Reconciliation Template, (xv) CREFC®
Historical Liquidation Loss Template, (xvi) CREFC® Interest Shortfall Reconciliation
Template, (xvii) CREFC® Loan Liquidation Report, and (xviii) CREFC®
Loan Modification Report, as such reports may be amended, updated or supplemented from time to time.


 


“CREFC®
REO Status Report”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “REO Status Report” available as of the Closing Date on the CREFC® Website,
or in 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
and is reasonably acceptable to the Servicer.


 


“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.


 



    	-21-



    	 



    

 





“CREFC®
Servicer Watch List”: For any Determination Date, a report substantially in the form of, and containing the information
called for in, the downloadable form of the “Servicer Watch List” available as of the Closing Date on the CREFC®
Website, or in such other final form for the presentation of such information and containing such additional information
as may from time to time be promulgated as recommended by the CREFC® for commercial mortgage
securities transactions generally and, insofar as it requires the presentation of information in addition to that called for by
the form of the “Servicer Watch List” available as of the Closing Date on the CREFC®
Website, is reasonably acceptable to the Servicer.


 


“CREFC®
Special Servicer Loan File”: The monthly report substantially in the form of, and containing the information called
for in, the downloadable form of the “Special Servicer Loan File” 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 recommended by the CREFC® for commercial mortgage securities transactions
generally and is reasonably acceptable to the Servicer and the Special Servicer.


 


“CREFC®
Total Loan Report”: A monthly report substantially in the form of, and containing the information called for in,
the downloadable form of the “Total Loan Report” available as of the Closing Date on the CREFC®
Website, or in such other form for the presentation of such information and containing such additional information as may
from time to time be adopted by the CREFC® for commercial mortgage-backed securities transactions
and is reasonably acceptable to the Servicer.


 


“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.


 


“Current Interest
Distribution Amount”: With respect to any Distribution Date, (x) for any Class of Regular Certificates (other than the
Class X-B Certificates), the interest accruing during the related applicable Interest Accrual Period at the applicable Pass-Through
Rate for such Distribution Date on the outstanding Certificate Balance (or Notional Amount) of such Class as of the prior Distribution
Date (after giving effect to distributions of principal and allocations of Realized Losses on such prior Distribution Date) and
(y) any Uncertificated Lower-Tier Interest, interest accruing during the applicable Certificate Interest Accrual Period at the
applicable Pass-Through Rate for such Certificate Interest Accrual Period on the then outstanding Lower-Tier Principal Amount of
such Class as of the prior Distribution Date (after giving effect to distributions of principal and allocations of Realized Losses
on such prior Distribution Date).


 


“Custodian”:
The Certificate Administrator in its capacity as Custodian, which role shall be performed through the Document Custody division
of Wells Fargo.


 


“Cut-off Date”: December 6, 2015.


 


“Default Interest”:
The amount by which interest accrued on the at their respective Default Rates exceeds the amount of interest that would have accrued
on the at their respective Rates.


 


“Default Rate”: As defined in the Loan Agreement.


 



    	-22-



    	 



    




 



“Defaulted Mortgage
Loan”: The Whole Loan (i) if it is delinquent at least 60 days in respect of its scheduled monthly payments or 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 Loan Documents or (ii)
if the Servicer or Special Servicer has, by written notice to the Loan Borrowers, accelerated the maturity of the indebtedness
evidenced by the related Notes.


 


“Defect”: As defined in Section 2.8(a).


 


“Definitive
Certificate”: Any Certificate in fully registered certificated form without interest coupons.


 


“Delivery Date”: As defined in Section
2.1(b).


 


“Depositor”:
Credit Suisse First Boston Mortgage Securities Corp., a Delaware corporation , and its successors in interest.


 


“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”: The eleventh (11th) day of each calendar month in which each Distribution
Date occurs, commencing in January 2016 or, if such eleventh (11th) day is not a Business
Day, the immediately succeeding Business Day.


 


“Directly Operate”:
With respect to any Foreclosed 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 Foreclosed Property, the holding of such Foreclosed Property primarily
for sale to customers, the use of such Foreclosed Property in a trade or business conducted by the Trust or the performance of
any construction work on the Foreclosed Property, other than through an Independent Contractor; provided, however,
that Foreclosed Property shall not be considered to be Directly Operated solely because the Trustee (or the Special Servicer on
behalf of the Trustee) 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 Foreclosed Property or takes other actions consistent
with Treasury Regulations Section 1.856-4(b)(5)(ii).


 


“Disclosable
Special Servicer Fees”: With respect to the Whole Loan or any Foreclosed Property, any (A) 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 Loan Borrower, the Property Manager, any guarantor or indemnitor in respect of the Trust Loan and any
purchaser of the


 



    	-23-



    	 



    

 


Whole Loan, the Trust Loan or any Foreclosed
Property)) in connection with the disposition, workout or foreclosure of the Whole Loan, the management or disposition of any Foreclosed
Property, and the performance by the Special Servicer or any such Affiliate of any other special servicing duties under this Agreement
other than (i) Permitted Special Servicer/Affiliate Fees and (ii) any special servicing compensation to which the Special Servicer
is entitled under this Agreement in the form of late payment charges, Default Interest, assumption fees, Modification Fees, consent
fees, loan service transaction fees, beneficiary statement fees, assumption application fees or other income earned on deposits
in the Foreclosed Property Account to the extent not reported in the CREFC® Reports and
(B) any fee-sharing arrangement with any Certificateholder or other controlling interest with respect to any special servicing
duties under this Agreement; provided that any compensation and other remuneration that the Servicer or Certificate Administrator
is specifically permitted to receive pursuant to the terms of this Agreement in connection with its respective capacity as a Servicer
or Certificate Administrator shall not be Disclosable Special Servicer Fees.


 


“Disqualified
Non-U.S. Person”: With respect to a Class R Certificate, any Non-U.S. Person or agent thereof other than (i) a Non-U.S.
Person that holds such 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 Administrator with an effective IRS Form W-8ECI or other prescribed form or (ii) a
Non-U.S. Person that has delivered to both the transferor and the Certificate Administrator an Opinion of Counsel of a nationally
recognized tax counsel to the effect that the transfer of such Class R Certificate to it is in accordance with the requirements
of the Code and the regulations promulgated thereunder and that such transfer of such Class R Certificate will not be disregarded
for federal income tax purposes under Treasury Regulations Section 1.860G-3.


 


“Disqualified
Organization”: Either (a) the United States, a State, or any political subdivision of a State, any possession of the
United States 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 FHLMC, a majority of its board of directors is not selected by any
such governmental unit), (b) a foreign government, International Organization or agency or instrumentality of either of the foregoing,
(c) an organization that is exempt from tax imposed by chapter 1 of the Code (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) of the Code or (e) any other Person so designated by the Certificate Administrator
based upon an Opinion of Counsel to the effect that any transfer of a Class R Certificate to such Person may cause either Trust
REMIC to be subject to a tax or to fail to qualify as a REMIC at any time that the Certificates are outstanding. The terms “United
States,” “State” and “International Organization” have the meanings set forth in Section 7701 of
the Code or successor provisions.


 


“Distribution
Account”: The account established and maintained by the Certificate Administrator pursuant to Section
3.5.


 



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“Distribution
Date”: The fourth (4th) Business Day after each Determination Date,
commencing in January 2016.


 


“Distribution Date Statement”: As defined
in Section 4.4(a).


 


“Due Diligence Service Provider”: As defined
in Section 3.21(c).


 


“Eligible Account”:
A separate and identifiable account from all other funds held by the holding institution that is either (a) an account or accounts
maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible
Institution or (b) a segregated trust account or accounts maintained with a federal or state chartered depository institution
or trust company acting in its fiduciary capacity the long-term unsecured debt obligations of which are rated at least “A2”
by Moody’s, which, in the case of a state chartered depository institution or trust company, is subject to regulations substantially
similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at least $50,000,000.00 and subject
to supervision or examination by federal or state authority, as applicable. An Eligible Account will not be evidenced by a certificate
of deposit, passbook or other instrument.


 


“Eligible
Institution”: (a) KeyBank, provided that (1) if funds are to be held for thirty (30) days or less,
KeyBank’s short-term unsecured debt obligations, commercial paper, or deposits are rated at least “P-2” by
Moody’s and (2) if funds are to be held for thirty (30) days or more, KeyBank’s long-term unsecured debt
obligations, commercial paper, or deposits are rated at least “A3” by Moody’s; (b) A depository institution
or trust company insured by the Federal Deposit Insurance Corporation, the short term unsecured debt obligations or
commercial paper of which are rated at least “P-1” by Moody’s and the long-term unsecured debt obligations
of which are rated at least “A2” by Moody’s; or (c) Wells Fargo Bank, National Association; provided
that the ratings by the Rating Agencies for the short-term unsecured debt obligations or commercial paper and long term
unsecured debt obligations do not decrease below the ratings set forth in clause (a) above.
“Environmental Indemnity”: As defined in the Loan Agreement.


 


“ERISA”: The Employee Retirement
Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.


 


“Euroclear”: As defined in Section 5.2(a).


 


“Excess Servicing
Fees”: With respect to the Whole Loan (and any successor Foreclosed Property with respect thereto), that portion of the
Servicing Fees that accrue at a per annum rate equal to the Servicing Fee Rate minus 0.00125%; provided that such
rate shall be subject to reduction at any time following any resignation of a Servicer pursuant to Section 6.4 (if no successor
is appointed in accordance with Section 6.4) or any termination of a Servicer pursuant to Section 7.1 to the extent
reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor servicer (which successor
may include the Trustee) that meets the requirements of Section 7.2.


 


“Excess Servicing Fee Right”:With
respect to the Whole Loan (and any successor Foreclosed Property with respect thereto), the right to receive Excess Servicing Fees.


 



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In the absence of any transfer of the Excess Servicing Fee Right,
the Servicer shall be the owner of such Excess Servicing Fee Right.


 


“Exchange Act”: The Securities Exchange Act
of 1934, as amended from time to time.


 


“Excluded Information”:
Any information and reports solely relating to the Whole Loan and/or the Properties, including, without limitation, any Asset Status
Reports or summaries thereof, or any Appraisals, inspection reports (related to a Specially Serviced Loan conducted by the Special
Servicer), any Officer’s Certificates delivered by the Servicer, the Special Servicer or the Trustee pursuant to Section
3.23(f) supporting a non-recoverability determination, any determination of the Special Servicer’s net present value
calculation, any Appraisal Reduction Amount calculations and such other information and reports designated as Excluded Information
by the Servicer or the Special Servicer, as applicable, 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) shall not
be considered “Excluded Information”. All Excluded Information shall be delivered pursuant to Section 8.14(c).


 


“FHLMC”: The Federal Home Loan Mortgage Corporation
and its successors in interest.


 


“FNMA”: The Federal
National Mortgage Association and its successors in interest.


 


“Foreclosed
Property”: Any portion of a Property, title to which has been acquired by the Special Servicer on behalf of the Trust
and the Companion Loan Holders through foreclosure, deed-in-lieu of foreclosure or otherwise in the name of the Trustee or its
nominee.


 


“Foreclosed Property Account”: As defined
in Section 3.6.


 


“Foreclosure”:
Any foreclosure, the taking of a deed-in-lieu of foreclosure, or the completion of any judicial or non-judicial foreclosure or
termination, cancellation or rescission of any such foreclosure of the Mortgages.


 


“Foreclosure
Proceeds”: Proceeds, net of any related expenses of the Servicer, Special Servicer, the Certificate Administrator and/or
the Trustee, received in respect of any Foreclosed Property(including, without limitation, proceeds from the operation or rental
of such Foreclosed Property) prior to the final liquidation of any Foreclosed Property.


 


“Form ABS Due
Diligence-15E”: The form certification of a Due Diligence Service Provider prescribed by Section 15E(s)(4)(B) of the
Exchange Act and Rule 17g-10 thereunder.


 


“Form 8-K Disclosure”
The information described in the Form 8-K items set forth under the “Item on Form 8-K” column on Exhibit U hereto.


 



    	-26-



    	 



    

 


“Global Certificates”: As defined in Section
5.2(b).


 


“Guarantor”: As
defined in the Loan Agreement or any Mezzanine Loan Agreement.


 


“Guaranty”: As
defined in the Loan Agreement or any Mezzanine Loan Agreement.


 


“Independent”:
When used with respect to any specified Person, such a Person who (i) does not have any direct financial interest or any material
indirect financial interest in the Depositor, the Loan Borrowers, the Sponsor, any Companion Loan Holder, the Certificate Administrator,
the Trustee, the Controlling Class Representative, the Servicer or the Special Servicer or in any of their respective Affiliates
and (ii) is not connected with the Depositor, the Loan Borrowers, the Sponsor, any Companion Loan Holder, the Certificate Administrator,
the Trustee, the Servicer or the Special Servicer or any of their respective Affiliates as an officer, employee, promoter, underwriter,
trustee, partner, director or person performing similar functions.


 


“Independent
Appraiser”: An Independent professional real estate appraiser who (i) is a member in good standing of the Appraisal Institute,
(ii) if the state in which the subject Property or Foreclosed Property is located certifies or licenses appraisers, is certified
or licensed in such state, and (iii) has a minimum of five (5) years’ experience in the appraisal of comparable properties
in the geographic area in which the subject Property is located.


 


“Independent
Contractor”: Either (i) any Person (other than the Special Servicer or Servicer) that would be an “independent
contractor” with respect to the Lower-Tier REMIC or the Upper-Tier REMIC within the meaning of Section 856(d)(3) of the Code
if such REMIC were a real estate investment trust (except that the ownership test set forth in that Section of the Code shall be
considered to be met by any Person that owns, directly or indirectly, 35% or more of any Class of Certificates or 35% or more of
the aggregate value of all Classes of Certificates or such other interest in the Certificates as is set forth in an Opinion of
Counsel, which shall, at no expense to the Trustee, the Certificate Administrator, the Special Servicer, the Servicer, or the Trust
Fund, be delivered to the Trustee, the Certificate Administrator, the Special Servicer or the Servicer on behalf of the Trustee);
provided that neither the Lower-Tier REMIC nor the Upper- Tier REMIC receives or derives any income from such Person and
the relationship between such Person and such REMIC is at arm’s length, all within the meaning of Treasury Regulations Section
1.856-4(b)(5), or (ii) any other Person (including the Special Servicer or the Servicer) if the Trustee and the Certificate Administrator
(or the Servicer or the Special Servicer on behalf of the Trustee) has received an Opinion of Counsel which shall, at no expense
to the Trustee, the Certificate Administrator, the Special Servicer, the Servicer (unless the Special Servicer or the Servicer
is providing the Opinion of Counsel with respect to itself) or the Trust, be to the effect that the taking of any action in respect
of any Foreclosed 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 Foreclosed 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 Foreclosed Property to fail to qualify as Rents from Real
Property.


 



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“Initial Purchasers”: Credit
Suisse Securities (USA) LLC and its successors in interest and Morgan Stanley & Co. LLC and its successors in interest.


 


“Inquiries”: As defined in Section 4.5.


 


“Institutional
Accredited Investor”: An institution that is an “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 “accredited
investors” within the meaning of Rule 501(a) (1), (2), (3) or (7) of Regulation D under the Securities Act.


 


“Insurance Proceeds”:
(a) The portion of Loss Proceeds paid as a result of a Casualty (as defined in the Loan Agreement) other than amounts to be applied
to the restoration, preservation or repair of the Properties or to be released to the Loan Borrowers each in accordance with the
terms of the Loan Agreement, or if not required to be so applied or so released under the terms of the Loan Agreement, Accepted
Servicing Practices and (b) amounts paid by any insurer pursuant to any insurance policy required to be maintained by the Servicer
pursuant to Section 3.11, to the extent related to this Agreement only.


 


“Intercreditor
Agreement”: That certain Intercreditor Agreement, dated as of November 4, 2015, among the Loan Lenders and the Mezzanine Lenders.


 


“Interest Accrual
Period”: (a) With respect to the Whole Loan for any Loan Payment Date, the period from and including the 6th
day of the calendar month preceding the month in which such Loan Payment Date occurs through and including the 5th
day of the calendar month in which such Loan Payment Date occurs and (b) with respect to the Certificates for any Distribution
Date, the calendar month preceding the calendar month in which such Distribution Date occurs.


 


“Interest Distribution
Amount”: With respect to any Distribution Date for any Class of Regular Certificates (other than the Class X-B Certificates)
or Uncertificated Lower- Tier Interests, the sum of the Current Interest Distribution Amount for such Distribution Date and such
Class of Certificates or Uncertificated Lower-Tier Interests plus the aggregate unpaid Interest Shortfalls in respect of prior
Distribution Dates for such Class of Certificates or Uncertificated Lower-Tier Interests.


 


“Interest Reserve Account”: As defined in
Section 3.4(d).


 


“Interest Shortfall”:
With respect to any Distribution Date for any Class of Regular Certificates or Uncertificated Lower-Tier Interests, the amount
by which the Current Interest Distribution Amount for such Class of Certificates exceeds the portion of such amount actually paid
in respect of such Class of Certificates on such Distribution Date.


 


“Interested
Person”: The Depositor, the Servicer, the Special Servicer, the Certificate Administrator, a holder of 50% or more of
the Controlling Class, the Controlling Class Representative, a Loan Borrower, any Companion Loan Holder, any Other Depositor, any
trustee for an Other Securitization, the Sponsor, the Property Manager, any holder of any of the Mezzanine Loans (except in connection
with the exercise of a purchase option set forth in the


 



    	-28-



    	 



    

 


Intercreditor Agreement), any independent contractor engaged
by the Special Servicer, or any of their respective Affiliates.


 


“Investment”:
Any direct or indirect ownership interest in any security, note or other financial instrument issued or executed by a Loan Borrower
or any Affiliate of a Loan 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
3.8(a).


 


“Investment
Decisions”: Investment, trading, lending or other financial decisions, strategies or recommendations with respect to
Investments, whether on behalf of the Servicer, the Special Servicer or any of their respective Affiliates, as applicable, or any
Person on whose behalf the Servicer, the Special Servicer or any of their respective Affiliates has discretion in connection with
Investments.


 


“Investor Certification”:
A certification representing that such Person executing the certificate is a Certificateholder, a Companion Loan Holder, the Controlling
Class Representative if the Controlling Class Representative is not a Certificateholder (and only during a Controlling Class Control
Period and Controlling Class Consultation Period), a Beneficial Owner or a prospective purchaser of a Certificate (or any investment
manager of the foregoing) and that (i) for purposes of obtaining certain information and notices pursuant to this Agreement (including
access to information and notices on the Certificate Administrator’s Website), (A) (1) such Person is not a Borrower Related
Party, in which case such Person shall have access to all the reports and information made available to Privileged Persons pursuant
to this Agreement or (2) such person is a Borrower Related Party, in which case such person shall be entitled to receive access
to the Distribution Date Statements posted on the Certificate Administrator’s Website, but shall not be entitled to any Excluded
Information, and (B) except in the case of a prospective purchaser of a Certificate, such person has received a copy of the final
Offering Circular, in the form of Exhibit Y-1 or Exhibit Y-2, as applicable, to this Agreement or in the form of
an electronic certification contained on the Certificate Administrator’s Website, and/or (ii) for purposes of exercising
Voting Rights (which shall not apply to a prospective purchaser of a Certificate), (A) such Person is not a Borrower Related Party,
(B) such person is or is not the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or an
Affiliate of any of the foregoing, (C) such person has received a copy of the final Offering Circular and (D) such person agrees
to keep any Privileged Information confidential and will not violate any securities laws; provided that if such person is
an Affiliate of the Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, such person certifies
to the existence or non-existence of appropriate policies and procedures restricting the flow of information between it and the
Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable; provided, further,
that a repurchasing Loan Seller shall be entitled to receive any and all reports and have access to any and all information that
a Certificateholder would otherwise have under the terms of this Agreement. The Certificate Administrator may require that Investor
Certifications be resubmitted from time to time in accordance with its policies and procedures.


 


“KeyBank”: KeyBank National Association,
and its successors-in-interest.


 



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“Liquidated
Property”: The Properties, if they have been liquidated and the Special Servicer has determined that all amounts which
it expects to recover from or on account of the Properties have been recovered.


 


“Liquidation
Expenses”: Reasonable and customary expenses (other than expenses covered by any insurance policy) incurred by the Servicer,
the Special Servicer, the Certificate Administrator or the Trustee in connection with the liquidation of the Whole Loan or Properties
(or portions thereof), such expenses including, without limitation, legal fees and expenses, appraisal fees, brokerage fees and
commissions, conveyance taxes and trustee and co-trustee fees, if any. Liquidation Expenses shall not include any previously incurred
expenses which have been previously reimbursed to the party incurring the same or which were netted against income from any Foreclosed
Property and were considered in the calculation of the amount of Foreclosure Proceeds pursuant to the definition thereof.


 


“Liquidation
Fee”: A fee payable to the Special Servicer with respect to the Liquidated Property, or any full, partial or discounted
payoff of the Whole Loan, Trust Loan or Companion Loan or the liquidation of the Whole Loan, Trust Loan, Companion Loan or the
Notes as to which the Special Servicer receives any Liquidation Proceeds, equal to the product of the Liquidation Fee Rate and
the Net Liquidation Proceeds related to such Liquidated Property, Whole Loan, Trust Loan, Companion Loan or Notes. The Special
Servicer shall not be entitled to receive a Liquidation Fee in connection with (i) a repurchase of the Trust Loan (or any Loan
Seller Percentage Interest thereof) by the Loan Sellers pursuant to the Loan Purchase Agreement if such repurchase occurs within
the time period required by the Loan Purchase Agreement, (ii) a sale of the Trust Loan and/or Companion Loans by the Special Servicer
to an Interested Person in accordance with Section 3.16, (iii) a purchase of the Trust Loan by a Mezzanine Lender pursuant
to the purchase option described in the Intercreditor Agreement (so long as such purchase option occurs within 90 days after notice
of the first applicable event giving rise to such Mezzanine Lender’s option is delivered to such Mezzanine Lender) or (iv)
a purchase of the Trust Loan or a Foreclosed Property by the Controlling Class Representative or any Affiliate thereof, if such
purchase occurs within 90 days after the date on which the Special Servicer first delivers to the Controlling Class Representative
notice of a Loan Event of Default. For the avoidance of doubt, the intent of Section 9.17(f) of the Loan Agreement requires the
Loan Borrowers to be responsible for the payment of Liquidation Fees and the Special Servicer will be entitled to, and may collect,
any Liquidation Fees payable to it from the Loan Borrowers pursuant to such Section 9.17(f) of the Loan Agreement as would be calculated
hereunder. The Liquidation Fee with respect to the Specially Serviced Loan or Foreclosed Property shall be reduced by the amount
of any Modification Fees paid by or on behalf of the Loan Borrowers with respect to the Specially Serviced Loan or Foreclosed Property
and received by the Special Servicer as compensation, but only to the extent those fees have not previously been deducted from
a Work-out Fee or Liquidation Fee. Notwithstanding the foregoing, if the Whole Loan or Trust Loan becomes a Specially Serviced
Loan solely due to an event described in clause (iii) of the definition of “Special Servicing Loan Event” and the related
Liquidation Proceeds are received within 2 months following the Stated Maturity Date as a result of the Whole Loan or Trust Loan
being refinanced or receipt of other final payment (other than a discounted pay-off), the Special Servicer shall not be entitled
to deduct a Liquidation Fee from amounts due to the Certificateholders but may collect and retain appropriate fees from the Loan
Borrowers in connection with such liquidation.


 



    	-30-



    	 



    

 


“Liquidation Fee Rate”: A rate equal to 0.50%.


 


“Liquidation
Proceeds”: Amounts (other than Insurance Proceeds and Condemnation Proceeds) received by the Special Servicer and/or
Certificate Administrator in connection with the liquidation of the Whole Loan, the Trust Loan, any Companion Loan or the Properties,
whether through judicial foreclosure, sale or otherwise, or in connection with the sale, discounted payoff or other liquidation
of the Whole Loan, the Trust Loan, any Companion Loan (other than amounts required to be paid to the Loan Borrowers pursuant to
law or the terms of the Loan Agreement) including the proceeds of any full, partial or discounted payoff of the Whole Loan, the
Trust Loan or any Companion Loan (exclusive of any portion of such payoff or proceeds that represents Default Interest or late
payment charges).


 


“Loan Agreement”: As defined in the Introductory
Statement.


 


“Loan Borrower”: As defined in the Introductory
Statement.


 


“Loan Borrower
Reimbursable Trust Fund Expenses”: All costs, expenses and fees of the Trust, the Servicer, the Special Servicer, the
Certificate Administrator or the Trustee resulting from defaults or the occurrence of a Special Servicing Loan Event pursuant to
this Agreement (including enforcement expenses and any Liquidation Fees, Work-out Fees, Special Servicing Fees, or any other similar
fees and interest payable on advances made by the Servicer, the Special Servicer, the Certificate Administrator or the Trustee
with respect to delinquent debt service payments or expenses of curing the Borrowers’ defaults under the Loan Documents,
and any expenses paid by the Servicer, the Special Servicer, the Certificate Administrator or the Trustee in respect of the protection
and preservation of any Property, such as payment of taxes and insurance premiums); and the costs of all property inspections and/or
appraisals (or any updates to any existing inspection or appraisal) that the Servicer or the Special Servicer may be required to
obtain pursuant to this Agreement due to a default under the Whole Loan or the occurrence of a Special Servicing Loan Event pursuant
to this Agreement, in each case to the extent such costs, expenses and fees are reimbursable by such Loan Borrower as provided
for in the Loan Agreement, and any other costs, expenses and fees to be paid by the Borrowers under Section 9.17(f) of the Loan
Agreement.


 


“Loan Documents”:
All documents executed or delivered by the Loan Borrowers or any other party evidencing or securing the Whole Loan and any amendment
thereof or thereafter or subsequently added to the Mortgage File, including without limitation the Loan Agreement.


 


“Loan Event of
Default”: An Event of Default as defined under the Loan Documents.


 


“Loan Lender”: Lender as defined in the Loan
Agreement.


 


“Loan Payment
Date”: The 6th day of each calendar month in which the related Interest
Accrual Period ends (or if such date is not a Business Day (as such term is defined the Loan Agreement), the immediately preceding
Business Day).


 



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“Loan Purchase Agreement”:
The Mortgage Loan Purchase and Sale Agreement, dated as of December 22, 2015, by and between the Loan Sellers and the Depositor.


 


“Loan Sellers”: As defined in the Introductory
Statement.


 


“Loan Seller Percentage
Interest”: As to Column, a 65% interest in the Trust Loan and the Whole Loan, as to MSMCH a 35% interest in the
Trust Loan and the Whole Loan.


 


“Lock Box Agreement”:
The Deposit Account Control Agreement (with Lock Box Services) entered into on the Origination Date among the Loan Borrowers, the
Originators and Wells Fargo Bank, National Association.


 


“Lower-Tier
Distribution Account”: A subaccount of the Distribution Account, which shall be an asset of the Trust Fund and the Lower-Tier
REMIC.


 


“Lower-Tier Distribution Amount”: As defined
in Section 4.1(b).


 


“Lower-Tier
Principal Amount”: With respect to any Class of Uncertificated Lower-Tier Interests, (i) on or prior to the first Distribution
Date, an amount equal to the Original Lower-Tier Principal Amount of such Class as specified in the Introductory Statement to this
Agreement, and (ii) as of any date of determination after the first Distribution Date an amount equal to the Certificate Balance
of the Class of Related Certificates on the preceding Distribution Date (after giving effect to distribution of principal and allocation
of Realized Losses).


 


“Lower-Tier
REMIC”: One of two separate REMICs comprising the Trust Fund, the assets of which consist of all of the assets of the
Trust Fund other than the assets of the Upper-Tier REMIC.


 


“MAI Standards”: Standards
of Professional Appraisal Practice established for Members of the Appraisal Institute.


 


“Major Decision”: Any of the following:


 


(i)          any proposed or
actual foreclosure upon or comparable conversion (which may include acquisitions of Foreclosed Property) of the ownership of any
of the Properties securing the Whole Loan as come into and continue in default;


 


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


 


(iii)        any sale of
the Trust Loan (other than in connection with the termination of the Trust Fund) if it becomes a defaulted mortgage loan for less
than the applicable Repurchase Price (excluding the amount described in clause (vi) of the definition of “Repurchase Price”);


 



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(iv)        any determination
to bring the Properties or any Foreclosed Property into compliance with applicable environmental laws or to otherwise address hazardous
materials located at a Foreclosed Property;


 


(v)         any release of
collateral or any acceptance of substitute or additional collateral for the 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 Whole Loan and for which there is no lender discretion;


 


(vi)        any waiver of
a “due on sale” or “due on encumbrance” clause with respect to the Whole Loan or, if lender consent is
required, any consent to such waiver or consent to a transfer of a Property or interests in a Loan 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 Loan Agreement or related to an immaterial easement, right of way or similar agreement;


 


(vii)       any property
management company changes to the extent the lender is required to consent or approve under the Loan Documents);


 


(viii)      releases of
any escrow accounts, reserve accounts or letters of credit held as performance or “earn out” escrows or reserves other
than those required pursuant to the specific terms of the Whole Loan and for which there is no lender discretion;


 


(ix)         any acceptance
of an assumption agreement or any other agreement permitting transfers of interests in a Loan Borrower or guarantor releasing a
Loan Borrower or guarantor from liability under the Whole Loan other than pursuant to the specific terms of the Whole Loan and
for which there is no lender discretion;


 


(x)          the determination
of the Servicer pursuant to clause (vii) or clause (viii) of the definition of “Special Servicing Loan Event”;


 


(xi)         following a default
or an event of default with respect to the Whole Loan, any acceleration of the Whole Loan or initiation of judicial, bankruptcy
or similar proceedings under the related Loan Documents or with respect to a Loan Borrower or Property;


 


(xii)        any proposed
modification or waiver of any material provision in the Loan Documents governing the type, nature or amount of insurance coverage
required to be obtained and maintained by the Loan Borrowers;


 


(xiii)       any approval
of any casualty insurance settlements or condemnation settlements, and any determination to apply casualty proceeds or condemnation
awards to the reduction of the debt rather than to the restoration of a Property;


 


(xiv)      any
modification, waiver or amendment of the Intercreditor Agreement or any other intercreditor agreement, co-lender agreement, participation
agreement or


 



    	-33-



    	 



    

 


similar agreement with any mezzanine
lender or subordinate debt holder related to the Whole Loan, or an action to enforce rights with respect thereto; and


 


(xv)        the exercise
of the rights and powers granted under the Intercreditor Agreement (or any other intercreditor agreement referenced in clause (xiv)
above) to the Loan Lenders as may be set forth therein, if and to the extent such rights or powers affect the priority, payments,
consent rights or security interest with respect to the Whole Loan.


 


“Material Breach”: As defined in Section
2.8(a).


 


“Mezzanine A Borrower”: As defined in the
Loan Agreement.


 


“Mezzanine A Lender”: As defined in the Loan
Agreement.


 


“Mezzanine A Loan”: As defined in the Loan
Agreement.


 


“Mezzanine Borrower”: As defined in the Loan
Agreement.


 


“Mezzanine
Collateral”: Collectively, the “Collateral” as defined in the Mezzanine Loan Agreements.


 


“Mezzanine Lender”: As defined in the Loan
Agreement.


 


“Mezzanine Loan Agreement”: As defined in
the Loan Agreement.


 


“Mezzanine Loan”: As defined in the Loan
Agreement.


 


“Mezzanine Option
Price”: The purchase price for the Whole Loan paid by a Mezzanine Lender in connection with such Mezzanine Lender’s
exercise of the purchase option set forth in the Intercreditor Agreement.


 


“Material Document Defect”: As defined in
Section 2.8(a).


 


“Modification
Fees”: With respect to the Whole Loan, any and all fees collected from the Loan Borrowers with respect to a modification,
extension, waiver or amendment that modifies, extends, amends or waives any term of the Loan Documents agreed to by the Servicer
or the Special Servicer, other than (a) any assumption fees, consent fees or assumption application fees and (b) Special Servicing
Fees, Work-out Fees and Liquidation Fees.


 


“Monthly Payment”:
(i) With respect to the Whole Loan and any Distribution Date, the scheduled payment of principal (if any) and interest on the Whole
Loan pursuant to the Loan Agreement, including the Balloon Payment, as applicable, in each case that is due and payable on the
immediately preceding Loan Payment Date, (ii) with respect to the Trust Loan and any Distribution Date, the scheduled payment of
principal (if any) and interest on the Trust Loan pursuant to the Loan Agreement, including the Balloon Payment, as applicable,
in each case that is due and payable on the immediately preceding Loan Payment Date and (iii) with respect to any Note and any
Distribution Date, the scheduled payment of principal (if any) and


 



    	-34-



    	 



    

 


interest on such Note pursuant to the Loan Agreement and the
related Balloon Payment, in each case that is due and payable on the immediately preceding Loan Payment Date.


 


“Monthly Payment
Advance”: Any advance made by the Servicer or the Trustee pursuant to Section 3.23(a) or (c) as applicable.
Each reference to the reimbursement or payment of a Monthly Payment Advance shall be deemed to include, whether or not specifically
referred to, payment or reimbursement of interest thereon at the Advance Rate through the date of payment or reimbursement.


 


“Moody’s”:
Moody’s Investors Service, Inc. or its successors-in-interest. If neither Moody’s 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 designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the
Servicer and the Special Servicer and specific ratings of Moody’s herein referenced shall be deemed to refer to the equivalent
ratings of the party so designated.


 


“Morningstar”:
Morningstar Credit Ratings, LLC, or any of its successors in interest, assigns, and/or changed entity name or designation resulting
from any acquisition by Morningstar, Inc. or other similar entity of Morningstar Credit Ratings, LLC. If neither Morningstar nor
any successor remains in existence, “Morningstar” shall be deemed to refer to such other nationally recognized statistical
rating agency or other comparable Person designated by the Depositor, notice of which designation shall be given to the Certificate
Administrator, the Trustee, the Servicer and the Special Servicer and specific ratings of Morningstar herein referenced shall be
deemed to refer to the equivalent ratings of the party so designated.


 


“Mortgages”: As defined in the Loan Agreement.


 


“Mortgage File”: As
defined in Section 2.1(b), and any additional documents required to be added to the Mortgage File pursuant to this Agreement.


 


“MSBNA”: As defined in the Introductory Statement.


 


“MSMCH”: As defined in the Introductory Statement.


 


“Net Foreclosure
Proceeds”: With respect to any Foreclosed Property, the Foreclosure Proceeds with respect to such Foreclosed Property
net of any insurance premiums, taxes, assessments, ground rents and other costs permitted to be paid therefrom pursuant to Section
3.14.


 


“Net Liquidation
Proceeds”: The excess of Liquidation Proceeds received with respect to a Property or the Whole Loan, as the case may
be, over the amount of Liquidation Expenses incurred with respect thereto.


 


“Net Trust
Loan Rate”: With respect to any Distribution Date and the Trust Loan, the annualized rate at which interest would have
to accrue in respect of the Trust Loan on the basis of a 360-day year consisting of twelve 30-day months in the Interest Accrual
Period preceding the Loan Payment Date that precedes such Distribution Date in order to produce the aggregate amount of interest
(net of interest at the Servicing Fee Rate, the CREFC® Intellectual




 



    	-35-



    	 



    

     

Property Royalty License Fee Rate and
the Certificate Administrator Fee Rate and exclusive of Default Interest) that actually accrues on the Trust Loan during such
Interest Accrual Period; provided, that any modification that changes the Net Trust Loan Rate shall be disregarded for purposes
of calculating the Pass-Through Rates for the corresponding Class(es) of Certificates; provided, further, that (i)
the Net Trust Loan Rate for the Interest Accrual Period preceding the Loan Payment Dates in (a) January and February in each year
that is not a leap year or (b) in February only in each year that is a leap year (unless in the case of either (a) or (b) the
related Distribution Date is the final Distribution Date), shall be the annualized rate at which interest would have to accrue
on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest (net of
interest at the Servicing Fee Rate, the CREFC® Intellectual Property Royalty License Fee Rate and the Certificate
Administrator Fee Rate and exclusive of Default Interest) actually accrued on the Trust Loan during such Interest Accrual Period,
minus the applicable Withheld Amount and (ii) the Net Trust Loan Rate for the Interest Accrual Period preceding the Loan Payment
Date in March (or February, if the related Distribution Date is the final Distribution Date), shall be the annualized rate at which
interest would have to accrue on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate
amount of interest (net of interest at the Servicing Fee Rate, the CREFC® Intellectual
Property Royalty License Fee Rate and the Certificate Administrator Fee Rate and exclusive of Default Interest) actually accrued
on the Trust Loan during such Interest Accrual Period, plus the applicable Withheld Amounts.


 


“Nondisqualification
Opinion”: An Opinion of Counsel, prepared at the Trust’s expense and payable from the Collection Account, to the
effect that a contemplated action will not cause (i) either 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 (ii) a “prohibited transaction” or “prohibited contributions”
tax to be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC at any time that any Certificates are outstanding.


 


“Nonrecoverable
Advance”: Any Advance or portion of an Advance previously made and not previously reimbursed, or proposed to be made,
including interest on such Advance, which, the Servicer, the Special Servicer or the Trustee determines in accordance with Accepted
Servicing Practices (in the case of the Servicer or the Special Servicer) or reasonable business judgment (in the case of the Trustee)
would not be ultimately recoverable from subsequent payments or collections (including Foreclosure Proceeds, Liquidation Proceeds,
Condemnation Proceeds and Insurance Proceeds) in respect of the Trust Loan or Whole Loan, as applicable, or the Properties or from
funds on deposit in the Collection Account pursuant to Section 3.4(c). The Trustee will be entitled to rely conclusively
on the Servicer’s determination that an Advance is a Nonrecoverable Advance, and the Servicer will be entitled to rely conclusively
on the Special Servicer’s determination that an Advance is a Nonrecoverable Advance.


 


“Non-Book Entry Certificates”: As defined
in Section 5.2(c).


 


“Non-U.S. Beneficial Ownership Certification”:
As defined in Section 5.3(f).


 


“Non-U.S. Person”: A Person other than a
U.S. Person.


 



    	-36-



    	 



    

 


“Notes”: As defined in the Introductory Statement.


 


“Notional Amount”:
With respect to (i) the Class X-A Certificates, the Class X-A Notional Amount and (ii) the Class X-B Certificates, the Class X-B
Notional Amount, in each case, as reduced by the aggregate amount of Realized Losses allocated to the Class A Certificates or Class
B Certificates, as applicable, pursuant to Section 4.1(g).


 


“NRSRO”:
A nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act..


 


“NRSRO Certification”: A certification
executed by an NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as Exhibit
M, which may be provided electronically by means of a “click-through” confirmation on the 17g-5 Information
Provider’s Website, stating that such certifying party is a Rating Agency under this Agreement or that such certifying
party has provided the Depositor with the appropriate certifications under Exchange Act Rule 17g-5(e), has access to the
17g-5 Information Provider’s Website and that any confidentiality agreement applicable to such certifying party with
respect to the information obtained from the 17g-5 Information Provider’s Website shall also be applicable to
information obtained from the 17g-5 Information Provider’s Website and the Certificate Administrator’s
Website.


 


“Offering Circular”: That
certain Confidential Offering Circular, dated as of December 8, 2015, relating to the offering of the Certificates.


 


“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), the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries, any Servicing
Officer, Responsible Officer or other officer of the Servicer, the Special Servicer, the Depositor, the Loan Sellers or any other
entity referred to herein, as the case may be, customarily performing functions similar to those performed by any of the above
designated officers 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.


 


“Opinion of
Counsel”: A written opinion of counsel (which counsel, in the case of any such opinion of counsel relating to the taxation
of the Trust Fund or any portion thereof or the status of each Trust REMIC as a REMIC for taxation purposes, shall be Independent
of the Depositor, the Servicer, the Special Servicer, the Certificate Administrator and the Trustee), who may, without limitation,
be counsel for the Depositor, the Servicer, the Special Servicer or the Trustee, reasonably acceptable to the Certificate Administrator
or the Trustee, as applicable.


 


“Original Lower-Tier
Principal Amount”: With respect to any Class of Uncertificated Lower-Tier Interests, the initial Lower-Tier Principal
Amount thereof as of the Closing Date, in each case as specified in the Introductory Statement to this Agreement.


 


“Origination Date”: means November 4, 2015.


 


“Originators”: As defined in the Introductory
Statement.


 



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“Other Depositor”:
With respect to any Other Securitization Trust, the related “depositor” (within the meaning of Item 1101(e) of
Regulation AB).


 


“Other Exchange
Act Reporting Party”: With respect to any Other Securitization Trust that is subject to the reporting requirements of
the Exchange Act, the trustee, certificate administrator, master servicer, special servicer or depositor under the related Other
Pooling and Servicing Agreement that is responsible for the preparation and/or filing of Form 8-K, Form 10- D and/or Form 10-K
with respect to such Other Securitization Trust, as identified in writing to the parties to this Agreement; and, with respect to
any Other Securitization Trust that is not subject to the reporting requirements of the Exchange Act and for the purposes of Sections
11.7, 11.8, 11.9 and 11.16
only, the trustee, certificate administrator, master servicer, special servicer or depositor under the related Other Pooling and
Servicing Agreement that is responsible for the preparation and/or dissemination of periodic distribution date statements or similar
reports, as identified in writing to the parties to this Agreement.


 


“Other Pooling
and Servicing Agreement”: The pooling and servicing agreement or other comparable agreement governing the creation of
any Other Securitization Trust and the issuance of securities backed by the assets of such Other Securitization Trust.


 


“Other Securitization
Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that holds a
Companion Loan (or any portion thereof or interest therein), as identified in writing to the parties to this Agreement.


 


“Pass-Through
Rate”: With respect to each Class of Regular Certificates (other than the Class X-B Certificates), the per annum rate
at which interest accrues on the Certificate Balance or Notional Amount, as applicable, of such Class as set forth in Section
5.1(a), and for each Uncertificated Lower-Tier Interest, the Net Trust Loan Rate, being, in each case, the rate at which interest
accrues on the Certificate Balance, Notional Amount or Lower-Tier Principal Amount, as applicable, of such Class as set forth in
the Introductory Statement to this Agreement.


 


“Percentage
Interest”: As to any Certificate, the percentage interest evidenced thereby in distributions required to be made with
respect to the related Class. With respect to any Regular Certificate, such “percentage interest” is equal to the Initial
Certificate Balance or Notional Amount, as applicable, of such Certificate divided by the Initial Certificate Balance or Notional
Amount, as applicable, of all of the Certificates of the related Class. With respect to the Class R Certificates, the percentage
specified on the Certificate held by the Holder of such Certificate.


 


“Performing Party”: As defined in Section
11.12.


 


“Permitted Encumbrances”: As defined in the
Loan Agreement.


 


“Permitted Investments”:
Any one or more of the following obligations or securities acquired at a purchase price of not greater than par, payable on demand
or having a maturity date not later than the Business Day immediately prior to the first Loan Payment Date following the date of
acquiring such investment and meeting one of the appropriate standards set forth below:


 



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(i)          direct obligations
of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America, Fannie Mae,
Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are backed by the full faith
and credit of the United States of America that mature in one (1) year or less from the date of acquisition; provided that any
obligation of, or guarantee by, any agency or instrumentality of the United States of America shall be a Permitted Investment only
if such investment would not result in the downgrading, withdrawal or qualification of the then-current rating assigned by each
Rating Agency to any Certificate as evidenced in writing, other than (a) unsecured senior debt obligations of the U.S. Treasury
(direct or fully funded obligations), U.S. Department of Housing and Urban Development public housing agency bonds, Federal Housing
Administration debentures, Government National Mortgage Association guaranteed mortgage-backed securities or participation certificates,
RefCorp debt obligations and SBA-guaranteed participation certificates and guaranteed pool certificates and (b) Farm Credit System
consolidated systemwide bonds and notes, Federal Home Loan Banks’ consolidated debt obligations, Freddie Mac debt obligations,
and Fannie Mae debt obligations;


 


(ii)         time deposits,
demand unsecured certificates of deposit, or bankers’ acceptances with maturities of not more than 365 days that are issued
or held by any depository institution or trust company (including the Certificate Administrator) incorporated or organized under
the laws of the United States of America or any State thereof and subject to supervision and examination by federal or state banking
authorities which (A) in the case of such investments with maturities of 30 days or less, the short term obligations of which are
rated in the highest short term rating category by Moody’s or the long term obligations of which are rated at least “A2”
by Moody’s, (B) 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 in the highest short term rating category by Moody’s and the long term obligations of
which are rated at least “A2” by Moody’s, (C) 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 in the highest short term rating category by Moody’s
and the long term obligations of which are rated at least “Aa3” by Moody’s and (D) in the case of such investments
with maturities of more than six months, the short term obligations of which are rated in the highest short term rating category
by Moody’s and the long term obligations of which are rated “Aaa” by Moody’s (or, in each case, if permitted
by the Whole Loan, if not rated by Moody’s, otherwise acceptable to Moody’s, as confirmed in writing that such investment
would not, in and of itself, result in a downgrade, qualification or withdrawal of the then current ratings assigned to the Certificates);


 


(iii)        repurchase
agreements or obligations with respect to any security described in clause (i) above where such security has a remaining maturity
of one year or less and where such repurchase obligation has been entered into with a depository institution or trust company (acting
as principal) described in clause (ii) above;


 


(iv)        debt
obligations bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United
States of America or any state thereof which mature in one (1) year or less from the date of acquisition, which (A) in the


 



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case of such investments with maturities of 30 days or less, the short term obligations of which are rated in the highest
short term rating category by Moody’s or the long term obligations of which are rated at least “A2” by
Moody’s, (B) 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 in the highest short term rating category by Moody’s and the long term obligations
of which are rated at least “A2” by Moody’s, (C) in the case of such investments with maturities of six
months or less, but more than three months, the long term obligations of which are rated at least “Aa3” by
Moody’s, and (D) in the case of such investments with maturities of more than six months, the long term obligations of
which are rated “Aaa” by Moody’s; provided, however, that securities issued by any particular
corporation will not be Permitted Investments to the extent that investment therein will cause the then outstanding principal
amount of securities issued by such corporation and held in the accounts established hereunder to exceed 10% of the sum of
the aggregate principal balance and the aggregate principal amount of all Permitted Investments in such accounts;


 


(v)         commercial paper
(including both non-interest-bearing discount obligations and interest-bearing obligations) payable on demand or on a specified
date maturing in one year or less after the date of issuance thereof and which (i) is (A) if maturing in three months or less,
such commercial paper carries either a short term rating of “P-1” by Moody’s or a long term rating of “A2”
or better by Moody’s, (B) if maturing in six months or less but more than three months, carries a short term rating of “P-1”
by Moody’s and a long term rating of “Aa3” or better by Moody’s and (C) if maturing in longer than six
months, carries a short term rating of “P-1” by Moody’s and a long term rating of “Aaa” by Moody’s
or (ii) have such other ratings as confirmed in a Rating Agency Confirmation;


 


(vi)        any money market
fund that (a) has substantially all of its assets invested continuously in the types of investments referred to in clause (i) above,
(b) has net assets of not less than $5,000,000,000, and (c) has the highest rating obtainable from Moody’s;


 


(vii)       units of money
market funds (including those managed or advised by the Trustee or its Affiliates) which maintain a constant net asset value, such
as the Wells Fargo Advantage Heritage Fund, provided that such units of money market funds are rated in the highest applicable
rating category by Moody’s and Morningstar (if rated by Morningstar); and


 


(viii)      any other
demand, money market or time deposit, obligation, security or investment with respect to which Rating Agency Confirmation has been
obtained from each Rating Agency;


 


Notwithstanding
the foregoing, “Permitted Investments” (i) shall be limited to investments that have an unqualified rating (i.e.,
one with no qualifying suffix), with the exception of ratings with regulatory indicators, such as the (sf) subscript, and
unsolicited ratings; (ii) shall be limited to those instruments that have a predetermined fixed dollar of principal due at
maturity that cannot vary or change; and (iii) shall exclude any investment where the right to receive principal and interest
derived from the underlying investment provides a yield to


 



    	-40-



    	 



    

 


maturity in excess of 120% of the yield to maturity at par of such
underlying investment. Interest may either be fixed or variable, and any variable interest must be tied to a single interest
rate index plus a single fixed spread (if any), and move proportionately with that index; and provided, that each
Permitted Investment qualifies as a “cashflow investment” pursuant to Section 860G(a)(6) of the Code and no
amount beneficially owned by the Upper-Tier REMIC or the Lower-Tier REMIC (even if not yet deposited in the Trust) may be
invested in investments (other than money market funds) treated as equity interests for federal income tax purposes, unless
the Servicer receives an Opinion of Counsel, at its own expense, to the effect that such investment will not adversely affect
the status of the Upper-Tier REMIC or the Lower-Tier REMIC. No investment shall be made that requires a payment above par for
an obligation if the obligation may be prepaid at the option of the issuer thereof prior to its maturity. All investments
shall mature or be redeemable upon the option of the holder thereof on or prior to the earlier of (x) three months from the
date of their purchase and (y) the Business Day preceding the day before the date such amounts are required to be applied
hereunder.


 


“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees or 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 the Whole Loan, subject to Section 3.17 of this Agreement.


 


“Permitted Transferee”:
Any Person or agent of such Person 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 would not cause the Trust to
fail to qualify as one or more REMICs at any time that the Certificates are outstanding, (c) a Disqualified Non-U.S. Person, (d)
any partnership if any of its interests are (or under the partnership agreement are permitted to be) owned, directly or indirectly
(other than through a U.S. corporation), by a Disqualified Non-U.S. Person or (e) a U.S. Person with respect to whom income from
the Class R Certificate is attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable
income tax treaty, of the transferee or any other U.S. Person.


 


“Person”:
Any individual, corporation, limited liability company, partnership, joint venture, estate, trust, unincorporated association,
any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such
capacity on behalf of any of the foregoing.


 


“Prime Rate”:
The “prime rate” published in The Wall Street Journal. If The Wall Street Journal ceases to publish the
“prime rate”, then the Servicer shall select an equivalent publication that publishes such “prime rate”,
and if such “prime rate” is no longer generally published or is limited, regulated or administered by a governmental
or quasi-governmental body, then the Servicer shall reasonably select a comparable interest rate index.


 


“Principal Distribution
Amount”: For each Distribution Date and any Class of Sequential Pay Certificates, the sum of (i) the Regular Principal
Distribution Amount for such Distribution Date and such Class and (ii) the aggregate Principal Shortfalls in respect of prior Distribution
Dates for such Class of Certificates.


 



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“Principal Shortfall”:
For each Distribution Date and any Class of Sequential Pay Certificates, the amount by which the Regular Principal Distribution
Amount for such Class exceeds the amount actually distributed to such Class in respect of principal on such Distribution Date.


 


“Privileged
Information”: Any (i) correspondence or other communications between the Controlling Class Representative and the Special
Servicer related to the Whole Loan if it is subject to a Special Servicing Loan Event or the exercise of the consent or consultation
rights of the Controlling Class Representative under this 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 Loan Borrowers or other interested party, and (iii) information subject to attorney client privilege.


 


“Privileged
Person”: The Depositor, the Initial Purchasers, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Sponsor, a designee of the Depositor, each Companion Loan Holder, any NRSRO that provides the 17g-5 Information provider with
an NRSRO Certification, and any Person that provides the Certificate Administrator with an Investor Certification in the form of
Exhibit Y-1, which Investor Certification may be submitted electronically via the Certificate Administrator’s website;
provided that in no event shall a Borrower Related Party be considered a Privileged Person.


 


“Property” or “Properties”:
As defined in the Loan Agreement.


 


“Property Protection Advances”: As defined
in Section 3.23(b).


 


“Property Manager”: The “Manager”
as defined in the Loan Agreement.


 


“QIB”: A “qualified institutional buyer”
within the meaning of Rule 144A.


 


“Qualified Bidder”: As defined in Section
7.2(b).


 


“Qualified Insurer
Ratings”: With respect to an insurer, a rating that is no lower than “A3” by Moody’s.


 


“Qualified Servicer”:
With respect to the applicable replacement Servicer or Special Servicer and the applicable non-responding Rating Agency pursuant
to Section 3.26 hereof, the applicable replacement (a) with respect to Morningstar, (i) such servicer or special servicer
is acting as servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating
Agency within the twelve (12) month period prior to the date of determination and (ii) such servicer or special servicer, as applicable,
has a master or special servicer ranking, as applicable, of at least “MOR CS3” from Morningstar and (b) with respect
to Moody’s, Moody’s has not cited servicing concerns of the applicable replacement servicer or special servicer, as
applicable, 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 loan securitization
that was rated by Moody’s and serviced by the applicable servicer prior to the time of determination.


 



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“Rated Final Distribution Date”: The Distribution
Date occurring in November 2034.


 


“Rating Agencies”: Any of Moody’s and
Morningstar.


 


“Rating Agency
Confirmation”: With respect to any matter, confirmation in writing (which may be in the form of electronic mail, facsimile,
press release, posting to its internet website or such other means then considered industry standard as determined by such Rating
Agency) by a 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 if a written waiver or other acknowledgment from the Rating Agency indicating its decision
not to review or to decline to review the matter for which the Rating Agency Confirmation is sought is received (such written notice,
a “Rating Agency Declination”), the requirement to receive a Rating Agency Confirmation from the Rating Agency
with respect to such matter will not apply; provided, further that any Rating Agency Confirmation is subject to the
terms set forth in Section 3.26.


 


“Realized Loss”:
With respect to any Distribution Date, the amount, if any, by which (i) the aggregate of the Certificate Balances of the Sequential
Pay Certificates after giving effect to distributions made on such Distribution Date exceeds (ii) the outstanding principal balance
of the Trust Loan after giving effect to (a) any payments of principal received with respect to the Loan Payment Date occurring
immediately prior to such Distribution Date and (b) the aggregate reductions of the principal balance of the Trust Loan that have
been permanently made as a result of a bankruptcy proceeding, modification or otherwise.


 


“Record Date”:
With respect to any Distribution Date, the close of business on the last day of the calendar month preceding the calendar month
in which such Distribution Date occurs, or if such last day is not a Business Day, the preceding Business Day.


 


“Regular Certificates”:
The Class A, Class X-A, Class X-B, Class B, Class C and Class D Certificates.


 


“Regular Principal
Distribution Amount”: For each Distribution Date and any Class of Sequential Pay Certificates, (i) all amounts collected
in respect of principal during the related Collection Period with respect to the Trust Loan and (ii) the principal portion of any
Repurchase Price, Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds or the sale of the Whole Loan to a Mezzanine
Lender or otherwise that is allocated as a receipt of principal on the Trust Loan, in each case received during the related Collection
Period, in the case of either (i) or (ii), that would be allocated to such Class of Certificates if distributed to the holders
of the Certificates to reduce the outstanding Certificate Balance of each Class of Sequential Pay Certificates to zero pursuant
to this Agreement.


 


“Regulation AB”:
Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as such rules 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


 






    	-43-



    	 



    

 


each case as effective from time to time
as of the compliance dates specified therein. Each of the parties hereto acknowledge that the Regulation AB provisions herein shall
be construed as if the Certificates were publicly registered and reporting were required at all times.


 


“Regulation S”: Regulation S under the Securities
Act.


 


“Regulation S Global Certificate”: As defined
in Section 5.2(a).


 


“Related Certificates”,
“Related Uncertificated Lower-Tier Interests”: For the following Classes of Certificates and Classes of Uncertificated
Lower Tier Interests, the related Class of Certificates or Class of Uncertificated Lower Tier Interest, as applicable, set forth
below: 





	 	 	 
	Related Uncertificated

Lower-Tier Interests	 	Related Certificates
	Class LA Uncertificated Interest	 	Class A
	Class LB Uncertificated Interest	 	Class B
	Class LC Uncertificated Interest	 	Class C
	Class LD Uncertificated Interest	 	Class D







 





“REMIC”: A “real estate mortgage investment
conduit” within the meaning of Section 860D of the Code.


 


“REMIC Provisions”:
Provisions of the Code relating to “real estate mortgage investment conduits,” including Sections 860A through 860G
of the Code and any related regulations or announcements promulgated thereunder by the U.S. Department of the Treasury.


 


“Relevant Action”: As defined in Section
5.2(a).


 


“Remittance
Date”: With respect to each Distribution Date, the Business Day immediately preceding such Distribution Date.


 


“Rents from
Real Property”: With respect to any Foreclosed Property, gross income of the character described in Section 856(c)(3)(A)
of the Code.


 


“REO Management
Fee”: As to a Property when it is a Foreclosed Property, a fee payable out of the Foreclosed Property Account to the
Successor Manager for managing such Property while it is owned by the Trust, which shall be reasonable and customary in the market
in which such Property is located.


 


“Reportable Event”: As defined in Section
5.2(a).


 


“Reporting Servicer”:
The Servicer, the Special Servicer or a Servicing Function Participant engaged by any such party, as the case may be.


 






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“Repurchase
Communication”: For purposes of Section 2.8(a) only, any communication, whether oral or written, which need not
be in any specific form.


 


“Repurchase Mortgage File”: With respect
to any repurchase of the Trust Loan


(or any portion thereof), the Mortgage File.


 


“Repurchase
Price”: An amount (without duplication) equal to the sum of (i) the unpaid principal balance of the Trust Loan, (ii)
accrued and unpaid interest on each Trust Loan Note at the related Note Rate (in each case, exclusive of a Default Interest) to
and including the last day of the related Interest Accrual Period in which the repurchase is to occur, (iii) unreimbursed Property
Protection Advances and Administrative Advances together with interest on such Advances, (iv) an amount equal to all interest on
outstanding Monthly Payment Advances, (v) any unpaid Trust Fund Expenses and (vi) any other expenses reasonably incurred or expected
to be incurred by the Servicer, the Special Servicer or the Trustee arising out of the enforcement of the repurchase obligation.
With respect to the Whole Loan, the Repurchase Price shall be the amount calculated in accordance with the first sentence of this
definition in respect of the Trust Loan as if the Trust Loan consisted of the Trust Loan and the Companion Loans. No Liquidation
Fee shall be payable by the Loan Sellers in connection with a repurchase of the Trust Loan (or any Loan Seller Percentage Interest
in the Trust Loan) pursuant to the Loan Purchase Agreement due to a Material Breach or a Material Document Defect pursuant to the
Loan Purchase Agreement.


 


“Repurchase Request”: As defined in Section
2.8(a).


 


“Repurchase Request Withdrawal”: As defined
in Section 2.8(a).


 


“Requesting Party”: As defined in Section
3.26(a).


 


“Required Advance
Amount”: With respect to any Distribution Date, an amount equal to (a) the amount of the Monthly Payment Advance (taking
into account any Appraisal Reduction Amount with respect to the Trust Loan as of such Distribution Date) that would be required
to be made on the related Remittance Date by the Servicer pursuant to this Agreement had the Loan Borrowers not made any portion
of the Monthly Payment of principal (if any) and interest (or an Assumed Monthly Payment) for the related Loan Payment Date or
Assumed Loan Payment Date less (b) the aggregate compensation payable on such Remittance Date to the Certificate Administrator
in respect of the Certificate Administrator Fee (including the portion that constitutes the Trustee Fee) and to CREFC®
in respect of the CREFC® Intellectual Property Royalty License
Fee.


 


“Reserve Account”: Any
reserve account required to be maintained under the Loan Agreement.





 





“Residual Ownership Interest”: Any record
or beneficial interest in the Class R Certificates.


 


“Responsible
Officer”: With respect to (i) the Trustee, any officer in the Corporate Trust department of the Trustee having direct
responsibility for the administration of this Agreement and (ii) the Certificate Administrator, any officer assigned to the Corporate
Trust


 






    	-45-



    	 



    

 


Services group, with direct responsibility
for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom a particular
matter is referred by the Certificate Administrator. With respect to the Depositor, any director, vice president, assistant vice
president, assistant secretary, treasurer, assistant treasurer, trust officer or any other officer of the Depositor, customarily
performing functions similar to those performed by any of the above-designated officers with direct responsibility for the administration
of this Agreement and also, with respect to a particular matter, 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 or other document required to be
signed by a Responsible Officer, an authorized signatory whose name and specimen signature appears on a list furnished to the Servicer
or the Special Servicer, as applicable, by the Depositor, as such list may from time to time be amended.


 


“Restricted
Holder”: Any Certificateholder, Beneficial Owner of a Certificate or prospective purchaser of a Certificate (whether
legally, beneficially or otherwise) or any other Person that is also a Mezzanine Lender (or any affiliate or agent thereof) or
an owner in any interest in any Mezzanine Loan (whether legally, beneficially or otherwise, including as a holder of a note evidencing
a Mezzanine Loan, a holder of a participation interest in a Mezzanine Loan or a Beneficial Owner of any securities collateralized
by any such Mezzanine Loan) (a) as to which an event of default has occurred under such Mezzanine Loan giving rise to an automatic
acceleration of such Mezzanine Loan or the right of the lender thereunder to accelerate such Mezzanine Loan or (b) as to which
foreclosure proceedings against the related collateral have been initiated (and in respect of which, the Special Servicer has received
notice thereof).


 


“Restricted Period”: As defined in Section
5.2(a).


 


“Rule 144A”: As defined in Section 5.2(b).


 


“Rule 144A Global Certificate”: As defined
in Section 5.2(b).


 


“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”: With respect to an Other Securitization Trust, the certification required to be filed together with such
Other Securitization Trust’s Exchange Act report on Form 10-K pursuant to Rule 13a-14 and Rule 15d-14 of the Exchange Act.


 





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





 





“Sequential Pay Certificates”: The Class
A, Class B, Class C and Class D Certificates.


 


“Servicer”: KeyBank, in
its capacity as servicer, and its successors in interest, or if any successor servicer is appointed as herein provided, such successor
servicer.


 


“Servicer
Customary Expense”: As defined in Section 3.17.


 






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


 


“Servicer Termination Event”: As defined
in Section 7.1(a).


 


“Service(s)”
or “Servicing”: In accordance with Regulation AB, the act of servicing and administering the Whole Loan 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 subject to 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
industry.


 


“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to time and which as of
the Closing Date are listed on Exhibit L hereto.


 


“Servicing Fee”:
With respect to the Whole Loan, a fee payable monthly to the Servicer pursuant to Section 3.17 which will accrue at the
Servicing Fee Rate, computed on the basis of the same principal amount, in the same manner, and for the same Interest Accrual Period
respecting which any related interest payment on each Note is computed. For the avoidance of doubt, the Servicing Fee shall be
deemed payable from the Lower-Tier REMIC.


 


“Servicing Fee
Rate”: With respect to the Whole Loan, 0.00125% per annum and a primary servicing fee rate of 0.00125% per
annum.


 


“Servicing Function
Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Certificate Administrator,
the Trustee, the Servicer and the Special Servicer, that is performing activities that address the Applicable Servicing Criteria
as of any date of determination.


 


“Servicing Officer”:
Any officer of the Servicer or the Special Servicer involved in, or responsible for, the administration and servicing of the Whole
Loan whose name and specimen signature appear on a list of servicing officers furnished to the Trustee and the Certificate Administrator
on the Closing Date by the Servicer or the Special Servicer, as applicable, in the form of an Officer’s Certificate, as such
list may from time to time be amended.


 


“Servicing Party”: As defined in Section
7.2(b).


 


“Servicing-Released Bid”: As defined in Section
7.2(b).


 


“Servicing-Retained Bid”: As defined in Section
7.2(b).


 


“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 distribution date under the Other Pooling and Servicing Agreement
occurring on or immediately following the 45th day after the end of such calendar quarter.


 






    	-47-



    	 



    

 


“Significant Obligor NOI Yearly Filing
Deadline”: With respect to each calendar year, the date that is the 120th day after the end of such calendar year.


 


“Special Notice”: As defined in Section
5.6.


 


“Special Servicer”:
AEGON USA Realty Advisors, LLC, in its capacity as special servicer, and its successors in interest, or if any successor special
servicer is appointed as herein provided, such successor special servicer.


 


“Special Servicer Customary Expense”: As
defined in Section 3.17.


 


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


 


“Special Servicer Termination Event”: As
defined in Section 7.1(a).


 


“Special Servicing
Fee”: With respect to the Specially Serviced Loan, a fee payable monthly to the Special Servicer equal to an amount computed
on the basis of the same principal amount and for the same period respecting which any related interest payment on each Note is
computed, at a rate of 0.125% per annum until the Special Servicing Loan Event with respect to such Specially Serviced Loan no
longer exists. Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable to the Special Servicer
under this Agreement. For the avoidance of doubt, the Special Servicing Fee shall be deemed payable from the Lower- Tier REMIC.


 


“Special Servicing
Loan Event”: With respect to the Whole Loan, (i) any Loan Borrower has not made two (2) consecutive Monthly Payments
(and has not cured at least one such delinquency by the next Loan Payment Date under the Loan Documents) in respect of the Whole
Loan; (ii) the Servicer and/or the Trustee or any servicer and/or trustee under any Other Pooling and Servicing Agreement has made
three (3) consecutive Monthly Payment Advances with respect to the Trust Loan or three (3) consecutive Companion Loan Advances
with respect to any Companion Loan (regardless of whether such Monthly Payment Advances have been reimbursed); (iii) the Loan Borrowers
fail to make the Balloon Payment when due, and the Loan Borrowers have not delivered to the Servicer, on or before the Loan Payment
Date of such Balloon Payment, a written refinancing commitment from an acceptable lender and reasonably satisfactory in form and
substance to the Servicer that provides that such refinancing will occur within one hundred twenty (120) days after the date on
which such Balloon Payment will become due (provided that a Special Servicing Loan Event will occur if either (x) such refinancing
does not occur before the expiration of the time period for refinancing specified in such binding commitment or (y) the Servicer
is required to make a Monthly Payment Advance at any time prior to such refinancing); (iv) the Servicer has received notice that
any Loan Borrower has become the subject as debtor of any bankruptcy, insolvency or similar proceeding, admitted in writing the
inability to pay its debts as they come due or made an assignment for the benefit of creditors; (v) the Servicer has received notice
of a foreclosure or threatened foreclosure of a lien on any of the Properties securing the Whole Loan; (vi) the Loan Borrowers
has expressed in writing to the Servicer an inability to pay the amounts owed under the Whole Loan in a timely


 






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manner, (vii) in the judgment of the Servicer
(consistent with Accepted Servicing Practices), a default in the payment of principal or interest under the Whole Loan is reasonably
foreseeable unless (a) such reasonably foreseeable default is solely related to a reasonably foreseeable default in the payment
of the Balloon Payment on the Stated Maturity Date, (b) the Loan Borrowers request the extension of the Stated Maturity Date, (c)
the Servicer (with the consent of the Special Servicer), grants an extension of the Stated Maturity Date pursuant to Section
3.4 hereof and (d) such extension occurs prior to the Stated Maturity Date; or (viii) a default under the Whole Loan of which
the Servicer has notice (other than a failure by the Loan Borrowers to pay principal or interest) and that materially and adversely
affects the interests of the Certificateholders has occurred and remains unremedied for the applicable grace period specified in
the Loan Documents (or, if no grace period is specified, sixty (60) days); provided, that a Special Servicing Loan Event
will cease (a) with respect to the circumstances described in any of clauses (i), (ii) and (iii) above, when the Loan Borrowers
have brought the Whole Loan current (including pursuant to the workout of the Whole Loan) and with respect to clauses (i) and (ii)
above, after the occurrence of such event when the Loan Borrowers make three (3) consecutive full and timely Monthly Payments on
the Whole Loan, or (b) with respect to the circumstances described in clauses (iv), (v), (vi), (vii) and (viii) above, when such
circumstances cease to exist in the judgment of the Special Servicer (consistent with Accepted Servicing Practices); provided,
in any case, that at that time no other circumstance exists (as described above) that would constitute a Special Servicing Loan
Event.


 


“Specially Serviced Loan”:
The Whole Loan after the occurrence and during the continuance of a Special Servicing Loan Event.


 


“Sponsor”: Global Logistics Properties Limited.


 


“Startup Day”: As defined in Section 12.1(c).


 


“Stated Maturity
Date”: The Loan Payment Date in November 2022, or such earlier date as may result from acceleration of the Whole Loan
in accordance with the terms of the Loan 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 industry) of the Whole Loan but performs one or more discrete functions
identified in Item 1122(d) of Regulation AB with respect to the Whole Loan under the direction or authority of the Servicer (or
a Sub-Servicer of the Servicer), the Special Servicer (or a Sub-Servicer of the Special Servicer) or an Additional Servicer (or
a Sub-Servicer of an Additional Servicer).


 


“Sub-Servicer”:
Any Person that (i) Services the Whole Loan on behalf of the Servicer, Special Servicer or any Sub-Servicer and (ii) is responsible
for the performance (whether directly or through Sub-Servicers or Subcontractors) of a substantial portion of the servicing functions
required to be performed by the Servicer, Special Servicer, Servicing Function Participant or an Additional Servicer, under this
Agreement, with respect to the Whole Loan, that are identified in Item 1122(d) of Regulation AB.


 






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“Successful Bidder”: As defined in Section
7.2(b).


 


“Successor Manager”:
Any Independent Contractor as selected or retained by the Special Servicer, on behalf of the Trustee, to serve as manager of a
Foreclosed Property, which designation, as evidenced by a Rating Agency Confirmation from each Rating Agency, will not result in
the downgrade, withdrawal or qualification of the ratings assigned to the Certificates by such Rating Agency.


 


“Tax Matters
Person”: The Person designated as the “tax matters person” of the Upper-Tier REMIC and the Lower-Tier REMIC,
pursuant to Treasury Regulations Section 1.860F-4(d).


 


“Temporary Regulation S Global Certificate”:
As defined in Section 5.2(a).


 


“Terminated Party”: As defined in Section
7.1(d).


 


“Terminating Party”: As defined in Section
7.1(d).


 


“Treasury”: The United States Department
of the Treasury.


 


“Treasury Constant Yield”: As defined in
the Loan Agreement.


 


“Transferee Affidavit”: As defined in Section
5.3(n)(ii).


 


“Transferor Letter”: As defined in Section
5.3(n)(ii).


 


“Trust”: The trust formed pursuant to this
Agreement.


 


“Trust Fund”:
The corpus of the Trust created by this Agreement, consisting of (i) the Trust Loan, including the Trust Loan Notes together with
the Mortgage File relating thereto; (ii) all scheduled and unscheduled payments on or collections in respect of the Trust Loan
(including all interest that accrues on the Trust Loan on or after the Cut-off Date and all scheduled principal received on or
with respect to the Trust Loan on the Cut-off Date); (iii) any Foreclosed Property (but only to the extent of the Trust’s
interest in such Foreclosed Property) and Foreclosed Property Account; (iv) all revenues received in respect of any Foreclosed
Property (but only to the extent of the Trust’s interest in such Foreclosed Property); (v) the Servicer’s, Special
Servicer’s, the Certificate Administrator’s and the Trustee’s rights under the insurance policies with respect
to the Properties required to be maintained pursuant to this Agreement and any proceeds thereof (but only to the extent of the
Trust’s interest therein); (vi) any Collateral Security Documents; (vii) any indemnities or guaranties given as additional
security for the Notes (including the Environmental Indemnity relating to the Properties); (viii) all funds deposited in the Collection
Account, the Interest Reserve Account and the Distribution Account, including reinvestment income thereon (except as otherwise
provided herein); (ix) the rights and remedies of the Depositor under the Loan Purchase Agreement; (x) the security interest in
the Reserve Accounts granted pursuant to Section 2.1 (but only to the extent of the Trust’s interest therein); (xi)
all other assets included or to be included in the Lower-Tier REMIC for the benefit of the Upper-Tier REMIC; (xii) the Uncertificated
Lower- Tier Interests; and (xiii) the proceeds of any of the foregoing.


 






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“Trust Fund
Expenses”: Any unanticipated and certain other default related expenses incurred by the Trust Fund (including, without
limitation, all interest on Advances and all Loan Borrower Reimbursable Trust Fund Expenses, to the extent not reimbursed by the
Loan Borrowers) and all other amounts (such as indemnification payments to any party to this Agreement) permitted to be retained,
reimbursed or withdrawn and remitted by the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable,
from the Collection Account or the Distribution Account pursuant to this Agreement.


 


“Trust Loan”:   As defined in the Introductory
Statement.


 


“Trust Loan Notes”:  As defined in the
Introductory Statement.


 


“Trust REMIC”:  The Upper-Tier
REMIC or the Lower-Tier REMIC, individually or collectively, as the context may require.


 


“Trustee”: Wells Fargo
Bank, National Association in its capacity as trustee, and its successors in interest, or any successor trustee appointed as herein
provided.


 


“Trustee Fee”: The portion
of the Certificate Administrator Fee payable monthly by the Certificate Administrator to the Trustee pursuant to Section 8.5.


 


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


 


“Uncertificated Lower-Tier Interests”:
Any of the Class LA, Class LB, Class LC and Class LD Uncertificated Interests.


 


“Uninsured Cause”:
Any cause of damage to property of the Loan Borrowers subject to the Mortgages such that the complete restoration of such property
is not fully reimbursable (but without regard to any applicable deductible provisions) by any insurance policy required to be maintained
with respect thereto pursuant to the terms of the Loan Documents or this Agreement.


 


“Unscheduled
Payments”: With respect to any Distribution Date, all payments and collections received by the Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, as applicable, with respect to the Whole Loan or upon foreclosure or liquidation
of the Properties (net of related foreclosure expenses and Liquidation Expenses) during the related Collection Period including,
but not limited to, prepayments due to acceleration of the Whole Loan, Net Liquidation Proceeds, Insurance Proceeds, Condemnation
Proceeds, Net Foreclosure Proceeds, voluntary prepayments and other payments and collections on the Whole Loan not scheduled to
be received, other than Monthly Payments or the Balloon Payment.


 


“Upper-Tier
Distribution Account”: A subaccount of the Distribution Account, which shall be an asset of the Trust and the Upper-Tier
REMIC.


 


“Upper-Tier
REMIC”: One of the two separate REMICs comprising the Trust, the assets of which consist of the Uncertificated Lower-Tier
Interests and such amounts as shall from time to time be held in the Upper-Tier Distribution Account.


 






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“U.S. Person”:
A Person that is a citizen or resident of the United States, a corporation or partnership (except as provided in applicable Treasury
regulations) created or organized in or under the laws of the United States, any State 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 as applicable Treasury regulations, certain trusts in existence on August 20, 1996 that
have elected to be treated as a U.S. Person).


 


“Voting Rights”:
The portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of Certificates. At any
time that any Certificates are outstanding, the Voting Rights shall be allocated to each Class of Certificateholders as follows:
(1) 4% in the aggregate to the Class X Certificates (for so long as the Notional Amount of each such Class has not been reduced
to zero) allocated to such Classes, pro rata, based on their respective outstanding Notional Amounts and (2) in the case
of any other Class of Certificates, a percentage equal to the product of (x) 96% and (y) a percentage equal to the aggregate Certificate
Balance (and in connection with certain votes under this Agreement, taking into account any notional reduction in the Certificate
Balance for Appraisal Reduction Amounts allocated to the Sequential Pay Certificates) of the Class, in each case, determined as
of the prior Distribution Date, divided by the aggregate Certificate Balance (and in connection with certain votes under this Agreement,
taking into account any notional reduction in the Certificate Balance, for Appraisal Reduction Amounts allocated to the Sequential
Pay Certificates) of all Classes of Certificates, each determined as of the prior Distribution Date. The Class R Certificates shall
not be entitled to any Voting Rights.


 


“Weighted Average
Note Rate”: With respect to any Distribution Date and the Whole Loan, the weighted average of the Note Rates (weighted
based on the outstanding principal balance of the related Note as of such date).


 


“Whole Loan”: As defined in the Introductory
Statement.


 


“Withheld Amounts”: As defined in Section
3.4(d).


 


“Work-out Fee”:
A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.50% of each payment of principal and interest
(other than Default Interest) made on the Whole Loan following resolution of a Special Servicing Loan Event by a written agreement
with the Loan Borrowers negotiated by the Special Servicer for so long as another Special Servicing Loan Event does not occur.
For the avoidance of doubt, the intent of Section 9.17(f) of the Loan Agreement requires the Loan Borrowers to be responsible for
the payment of Work-out Fees and the Special Servicer will be entitled to, and may collect, any Work-out Fees payable to it from
the Loan Borrowers pursuant to such Section 9.17(f) of the Loan Agreement as would be calculated hereunder. Notwithstanding the
foregoing, the Work-out Fee with respect to the Specially Serviced Loan shall be reduced by any Modification Fees paid by or on
behalf of the Loan Borrowers and received by the Special Servicer as compensation, but only to the extent those fees have not previously
been deducted from a Work-out Fee or Liquidation Fee.


 






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“Yield Maintenance Premium”: As defined in
the Loan Agreement.


 


Section 1.2.      Interpretation.
  (a) Whenever this Agreement refers to a Distribution Date and a “related” Collection Period, Interest Accrual Period
or Loan Payment Date, such reference shall be to the Collection Period, Interest Accrual Period or Loan Payment Date, as applicable,
immediately preceding such Distribution Date.


 


(b)           Whenever this Agreement
refers to a Distribution Date and an “applicable” Pass-Through Rate, such reference shall be to the Pass-Through Rate
for the applicable Class for the related Interest Accrual Period.


 


(c)          The words “hereof”,
“herein”, and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement, and Section and Exhibit references contained in this Agreement
are references to Sections and Exhibits in or to this Agreement unless otherwise specified.


 


(d)          Interest on the Certificates shall be computed (including
interest at any


Pass-Through Rate) on the basis of a 360 day year consisting
of twelve 30-day months.


 


Section 1.3.      Certain
Calculations in Respect of the Trust Loan or the Whole Loan.   (a) All amounts collected by or on behalf of the Trust
in respect of the Whole Loan or the Trust Loan, as applicable, in the form of payments from the Loan Borrowers, Liquidation Proceeds,
Condemnation Proceeds and Insurance Proceeds shall be applied to amounts due and owing under the Loan Documents (including for
principal and accrued and unpaid interest) in accordance with the express provisions of the Loan Documents and the Co-Lender Agreement;
provided, however, in the absence of such express provisions in the Loan Documents or if and to the extent that such
terms authorize the Loan Lender to use its discretion and in any event for purposes of calculating distributions hereunder after
a Loan Event of Default, all such amounts collected will be applied in the following order of priority: first, as a recovery
of any related and unreimbursed Property Protection Advances and Administrative Advances plus interest accrued thereon and, without
duplication, unreimbursed Loan Borrower Reimbursable Trust Fund Expenses; second, as a recovery of Property Protection Advances
that were determined to be Nonrecoverable Advances or interest on Property Protection Advances that were determined to be Nonrecoverable
Advances to the extent previously reimbursed from principal collections with respect to the Whole Loan or the Trust Loan, as applicable
(which amount in respect of the Trust Loan is required to be treated as a collection on the Trust Loan in respect of principal
in calculating the Regular Principal Distribution Amount); third, as a recovery of accrued and unpaid interest on each Note
to the extent of the excess of (i) accrued and unpaid interest on such Note at the Note Interest Rate of such Note (without giving
effect to any increase in such Note Interest Rate required under the Loan Agreement as a result of a default under the Loan Documents)
through and including the end of the related Interest Accrual Period in which such collections are received by or on behalf of
the Trust (or, in the case of a full Monthly Payment from the Loan Borrowers, through the related Distribution Date), over (ii)
the cumulative amount of the reductions (if any) in the amount of the interest portion of the related Monthly Payment Advances
for such Trust Loan Note or related Companion Advances for such Companion Loan Note, as applicable, that have occurred in connection
with Appraisal Reduction Amounts (to the


 






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extent that collections have not been applied
as a recovery of accrued and unpaid interest pursuant to clause fifth below on earlier dates) (such accrued and unpaid interest
to be applied pursuant to the Co-Lender Agreement); fourth, as a recovery of principal of the Whole Loan then due and owing,
including by reason of acceleration of the Whole Loan following a Loan Event of Default (or, if the Whole Loan has been liquidated,
as a recovery of principal to the extent of its entire remaining unpaid principal balance) (such principal to be applied pursuant
to the Co- Lender Agreement); fifth, as a recovery of accrued and unpaid interest on each Note to the extent of the cumulative
amounts of reductions (if any) in the amount of the interest portion of the related Monthly Payment Advances or related Companion
Advances for such Note that have occurred in connection with related Appraisal Reduction Amounts (to the extent collections have
not been applied as recovery of accrued and unpaid interest pursuant to this clause fifth on earlier dates); sixth,
as a recovery of amounts to be currently applied to the payment of, or escrowed for the future payment of, real estate taxes, assessments
and insurance premiums and similar items; seventh, as a recovery of any other reserves to the extent then required to be
held in escrow; eighth, as a recovery of any Yield Maintenance Premium then due and owing under the Loan Documents (such
Yield Maintenance Premium to be applied pursuant to the Co-Lender Agreement); ninth, as a recovery of any Default Interest
or late charges then due and owing under the Loan Documents (such Default Interest and late charges to be applied pursuant to the
Co-Lender Agreement); tenth, as a recovery of any assumption fees, assumption application fees, consent fees, release fees,
substitution fees, Modification Fees and similar fees then due and owing under the Loan Documents; and eleventh, as a recovery
of any other amounts then due and owing under the Loan Documents, provided that, to the extent required under the REMIC
Provisions, payments or proceeds received with respect to the release of any Property or portion of any Property (including following
a condemnation) from the lien of the Mortgage and Loan Documents must be allocated to reduce the principal balance of the Trust
Loan in the manner permitted by such REMIC Provisions if, immediately following such release, the loan-to value ratio of the Whole
Loan exceeds 125% (based solely on real property and excluding any personal property and going concern value).


 


(b)           Collections by or
on behalf of the Trust in respect of any Foreclosed Property (exclusive of amounts to be applied to the payment of the costs of
operating, managing, leasing, maintaining and disposing of such Foreclosed Property) shall be applied in the following order of
priority: first, as a recovery of any related and unreimbursed Property Protection Advances and Administrative Advances
plus interest accrued on such advances with respect to the Whole Loan or the Trust Loan, as applicable, and, without duplication,
unreimbursed Loan Borrower Reimbursable Trust Fund Expenses; second, as a recovery of Property Protection Advances that
were determined to be Nonrecoverable Advances or interest on Property Protection Advances that were determined to be Nonrecoverable
Advances to the extent previously reimbursed from principal collections with respect to the Whole Loan or the Trust Loan, as applicable
(which amount in respect of the Trust Loan is required to be treated as a collection on the Trust Loan in respect of principal
in calculating the Regular Principal Distribution Amount); third, as a recovery of accrued and unpaid interest on each Note,
to the extent of the excess of (i) accrued and unpaid interest on such Note at the Note Interest Rate of such Note (without giving
effect to any increase in such Note Interest Rate required under the Loan Agreement as a result of a default under the Loan Documents)
through and including the end of the related Interest Accrual Period in which such collections are received by or on behalf of
the Trust, over (ii) the cumulative amount of the reductions (if any) in the amount of the


 






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interest portion of the related Monthly
Payment Advances for the Trust Loan or related Companion Advances for such Companion Loan Note that have occurred in connection
with Appraisal Reduction Amounts (to the extent that collections have not been applied as a recovery of accrued and unpaid interest
pursuant to clause fifth below on earlier dates) (such accrued and unpaid interest to be applied pursuant to the Co-Lender
Agreement); fourth, as a recovery of principal of the Whole Loan, to the extent of its entire unpaid principal balance (such
principal to be applied pursuant to the Co-Lender Agreement); fifth, as a recovery of accrued and unpaid interest on each
Note to the extent of the cumulative amount of the reductions (if any) in the amount of the interest portion of the related Monthly
Payment Advances or related Companion Advances for such Note that have occurred in connection with related Appraisal Reduction
Amounts (to the extent that collections have not been applied as a recovery of accrued and unpaid interest pursuant to this clause
fifth on earlier dates) (such accrued and unpaid interest to be applied pursuant to the Co-Lender Agreement); sixth,
as a recovery of any Yield Maintenance Premium then due and owing under the Loan Documents (such Yield Maintenance Premium
to be applied pursuant to the Co-Lender Agreement); seventh, as a recovery of any Default Interest or late charges then
deemed to be due and owing under the Loan Documents; eighth, as a recovery of any assumption fees, assumption application
fees, consent fees, release fees, substitution fees, Modification Fees and similar fees then due and owing under the Loan Documents;
and ninth, as a recovery of any other amounts deemed to be due and owing in respect of the Loan Documents.


 


(c)           Notwithstanding anything
to the contrary in the Co-Lender Agreement, but without changing any allocations under the Co-Lender Agreement between the Trust
Loan and the Companion Loans, upon liquidation of the Trust Loan, a Note related to the Trust Loan or a Foreclosed Property, all
Net Liquidation Proceeds received with respect to the Trust Loan or Note will be applied so that amounts allocated as a recovery
of accrued and unpaid interest on the Trust Loan or such Note, as applicable, will not, for purposes of making distributions on
the Certificates, include accrued and unpaid interest on the Trust Loan that has not been advanced by the Servicer as a result
of Appraisal Reductions Amounts with respect to the Trust Loan or such Note, as applicable (“Appraisal Reduced Interest”).
After the adjusted interest amount is so allocated, any remaining Net Liquidation Proceeds received with respect to the Trust Loan
or such Note, as applicable, will be allocated to pay principal on the Trust Loan or such Note, as applicable, until the unpaid
principal amount thereof has been reduced to zero. Any remaining Net Liquidation Proceeds received with respect to the Trust Loan
or such Note, as applicable, would then be allocated to pay Appraisal Reduced Interest.


 


(d)           All net present value
calculations and determinations made under this Agreement with respect to the Whole Loan, the Trust Loan, the Companion Loans or
the Properties or any Foreclosed Property (including for purposes of the definition of “Accepted Servicing Practices”)
shall be made using a discount rate appropriate for the type of cash flows being discounted; namely (i) for principal and interest
payments on the Whole Loan, the Trust Loan or such Companion Loan or sale of the Whole Loan, the Trust Loan or such Companion Loan
if it is a defaulted loan, the highest of (1) the rate determined by the Servicer or Special Servicer, as applicable, that approximates
the market rate that would be obtainable by the Loan Borrowers on similar debt of the Loan Borrowers as of such date of determination,
(2) the Weighted Average Note Rate on the Whole Loan, Trust Loan or such Companion Loan, as the case may be based on their respective
outstanding principal balances and (3) the yield on the


 






    	-55-



    	 



    

 


most recently issued 10-year U.S. treasuries
and (ii) for all other cash flows, including property cash flow, the “discount rate” set forth in the most recent Appraisal
(or update of such Appraisal).





 


ARTICLE 2


 


DECLARATION OF TRUST; ORIGINAL ISSUANCE
OF CERTIFICATES


 


Section 2.1.      Creation
and Declaration of Trust; Conveyance of the Trust Loan.   (a) The Depositor, concurrently with the execution and delivery hereof,
hereby sells, transfers, assigns, delivers, sets over, and otherwise conveys or causes to be conveyed in trust to the Trustee for
the benefit of Certificateholders, without recourse (except to the extent otherwise provided herein and in the Loan Documents),
the Depositor’s right, title and interest, whether now owned or hereafter acquired, now existing or hereafter arising, wherever
located, in and to all of the items referred to in the definition of “Trust Fund”, including without limitation (i)
all rights and remedies of the Depositor under the Loan Purchase Agreement, (ii) all right, title and interest of the Depositor
in, to and under the Reserve Accounts, (iii) all right, title and interest of the Depositor in and to the Trust Loan as of the
Closing Date and (iv) all other assets included or to be included in the Lower-Tier REMIC for the benefit of the Upper-Tier REMIC.
Such sale, transfer and assignment include any related escrow accounts and any security interest under the Trust Loan (whether
in real or personal property and whether tangible or intangible) and all related rights to payments made or required to be made
to the Depositor by the Loan Borrowers or any other party under the Loan Documents relating to the Trust Loan. Such sale, transfer
and assignment further include all Loan Documents relating to the Trust Loan.


 


(b)          In connection with
such sale, transfer and assignment, the Depositor does hereby deliver to, and deposit with the Certificate Administrator in its
capacity as custodian (the “Custodian”) (with copies to the Servicer) (i) the original Trust Loan Notes (or
if a Trust Loan Note has been lost, a lost note affidavit), endorsed without recourse to the order of the Trustee in the following
form: “Pay to the order of Wells Fargo Bank, National Association, solely in its capacity as Trustee for the benefit of the
Holders of CSMC 2015-GLPB, Commercial Mortgage Pass Through Certificates, Series 2015-GLPB, without recourse or warranty except
as set forth in the Trust and Servicing Agreement dated as of December 22, 2015, among Credit Suisse First Boston Mortgage Securities
Corp., as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo
Bank, National Association, as Certificate Administrator and Wells Fargo Bank, National Association, as Trustee”, which Trust
Loan Notes and all endorsements thereon shall show a complete chain of endorsement from the original payee(s) to the Trustee and
(ii) on or before the date occurring fifteen (15) days after the Closing Date (the “Delivery Date”), the following
documents or instruments with respect to the Whole Loan (collectively with the original Notes required under clause (i) above,
the “Mortgage File”), in each case executed by the parties thereto:


 


(A)          the original Loan Agreement, including all amendments
thereto;


 


(B)          each original recorded counterpart
of each Mortgage or certified copies of the recorded counterparts of each Mortgage;


 






    	-56-



    	 



    

 


(C)          each original recorded
Assignment of Mortgage, each in favor of the Trustee, and each in a form that is complete and suitable for recording in the applicable
jurisdiction in which each Property is located to Wells Fargo Bank, National Association, solely in its capacity as Trustee for
the benefit of the Holders of the CSMC 2015-GLPB, Commercial Mortgage Pass Through Certificates, Series 2015-GLPB”, without
recourse;


 


(D)          an original of the Environmental Indemnity;


 


(E)          an
original of the Lock Box Agreement;


 


(F)          an original of the Guaranty;


 


(G)          an original of the Cash Management and Control Agreement;


 


(H)          where applicable,
a copy of each UCC-1 financing statement (and an original thereof shall have been sent for filing), together with a fully executed
UCC-3 financing statement, in a form that is complete and suitable for filing, disclosing the assignment from the secured party
named in such UCC-1 financing statement to the Trustee of the security interest in the personal property and other UCC collateral
constituting security for repayment of the Whole Loan;


 


(I)           the lender’s
title insurance policies obtained in connection with the origination of the Whole Loan (or marked, signed commitments to insure
or pro forma title insurance policies), together with any endorsements thereto (which may be in the form of an electronically
issued policy);


 


(J)           a copy of the Co-Lender Agreement;


 


(K)          with respect to
any Mortgage secured by a Ground Lease, the related Ground Lease or a copy thereof and any related ground lessor estoppels;


 


(L)          any other material
written agreements related to the Whole Loan or any other documents and/or certifications executed and/or delivered by the Loan
Lender, the Loan Borrowers, a Sponsor or any other person or entity in connection with the closing of the Whole Loan or with respect
to the Whole Loan or any amendment thereof and any legal opinions delivered in connection with the closing of the Whole Loan;


 


(M)         a copy of each management agreement related to the Properties;


 


(N)          all other instruments,
if any, constituting additional security for the repayment of the Whole Loan;


 


(O)          a copy of the deposit
account control agreement for the operating account;


 



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(P)           a copy of any consent
and subordination of management agreement;


 


(Q)          a copy of each
Mezzanine Loan Agreement, each Mezzanine Note and each Mezzanine Pledge and Security Agreement (which may be provided in electronic
format);


 


(R)          a copy of the Intercreditor Agreement, including all
amendments; and


 


(S)          any and all amendments, modifications
and supplements to, and waivers related to, any of the foregoing.


 


If the Depositor cannot
deliver, or cause to be delivered, any of the documents and/or instruments referred to in clauses (ii)(B), (C) and
(H) of this Section 2.1(b) with evidence of filing or recording thereon (if intended to be recorded or filed), solely
because of a delay caused by the public filing or recording office where such document or instrument has been delivered for filing
or recordation, the delivery requirements of Section 2.1 shall be deemed to have been satisfied on a provisional basis as
of the Delivery Date as to such non-delivered document or instrument, and such non-delivered document or instrument shall be deemed
to have been included in the Mortgage File, if a duplicate original or a photocopy of such non-delivered document or instrument
(certified by the applicable public filing or recording office, the applicable title insurance company or the Loan Sellers to be
a true and complete copy of the original thereof submitted for filing or recording) is delivered to the Custodian on or before
the Delivery Date, and either the original of such non-delivered document or instrument, or a photocopy thereof (certified by the
appropriate county recorder’s office, in the case of the documents and/or instruments referred to in clause (ii)(B),
(C) and (H) of this Section 2.1 (b) to be a true and complete copy of the original thereof submitted for recording),
with evidence of filing or recording thereon, is delivered to the Custodian within 180 days of the Closing Date (or within such
longer period, not to exceed eighteen (18) months, after the Closing Date as the Custodian shall consent to, so long as the Depositor
is, as certified in writing to the Custodian no less often than every ninety (90) days, attempting in good faith to obtain from
the appropriate public filing office or county recorder’s office such original or photocopy).


 


The Depositor shall cause
the Loan Sellers to provide the Servicer a copy of the Mortgage File on or prior to the Closing Date and promptly following the
Closing Date, at its own expense, with copies of all such other documents in its possession constituting part of the Mortgage File.


 


In addition, the Depositor
shall deliver or cause to be delivered to the Servicer for its review, all required insurance policies or certificates issued by
the insurers showing such insurance to be in effect on the Closing Date, together with proof of payment of premiums relating thereto
(which may consist of such policies or certificates).


 


Each Assignment of the
Mortgage, assignment of a Collateral Security Document (to the extent such documents are required to be recorded or filed) and
UCC-3 financing statements to be filed in the appropriate public recording office for real property records or UCC


 






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financing statements shall be filed or
recorded, as applicable, by the Loan Sellers or their designees, with instructions to return all such recorded documents, or other
evidences of filing issued by the applicable governmental offices, to the Certificate Administrator at its custody office at 1055
10th Avenue Southeast, Minneapolis, Minnesota, 55414, with a copy to the Servicer. In the event that any such document is determined
to be defective or not to be in compliance with the requirements of the applicable filing office or recording depository, or if
any such document is lost or returned unrecorded because of a defect therein, the applicable Loan Seller or its designee shall,
upon receipt of the Custodian’s exception report, prepare a substitute document. The applicable Loan Seller or its designee
shall file or record (or cause to be filed or recorded) such substitute document upon its receipt thereof in the appropriate filing
offices or record depositories. Notwithstanding anything to the contrary contained in this Section 2.1(b), in those instances
where the public recording office retains the original Mortgages, Assignment of Mortgages or assignment of a Collateral Security
Document, if applicable, after any has been recorded, the obligations of the Depositor hereunder and the obligations of the Loan
Sellers under the Loan Purchase Agreement shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such
Mortgage, Assignment of Mortgage or assignment of a Collateral Security Document, if applicable, certified by the public recording
office to be a true and complete copy of the recorded original thereof.


 


The ownership of the
Trust Loan Notes, the Mortgages, the Collateral Security Documents and all other contents of the Mortgage File shall be vested
in the Trust or the Trustee in trust for the benefit of the Certificateholders and, other than the Trust Loan Notes, the Companion
Loan Holders. The Depositor, the Certificate Administrator, the Servicer and the Special Servicer agree to take no action inconsistent
with the Trustee’s ownership of the Trust Loan and to promptly indicate to all inquiring parties that the Trust Loan has
been sold and to claim no ownership interest in the Trust Loan. All original documents relating to the Whole Loan that are not
delivered to the Custodian are and shall be held by the Depositor, the Servicer or the Special Servicer, as the case may be, in
trust for the benefit of the Certificateholders and the Companion Loan Holders. In the event that any such original document is
required pursuant to the terms of this Section 2.1(b) to be a part of a Mortgage File, such document shall be delivered
promptly to the Custodian.


 


The conveyance of the
Trust Loan and the related rights and property accomplished hereby is absolute and is intended by the Depositor to constitute an
absolute sale and transfer of the Trust Loan and such other related rights and property by the Depositor to the Trustee in trust
for the benefit of the Certificateholders, in exchange for the Certificates being sold by the Depositor. Furthermore, it is not
intended that such conveyance be a pledge of security for the Trust Loan. If such conveyance is determined to be a pledge of security
for the Trust Loan, however, the Depositor and the Trustee intend that the rights and obligations of the parties to the Trust Loan
shall be established pursuant to the terms of this Agreement. The Depositor and the Trustee also intend and agree that, in such
event, (i) this Agreement shall constitute a security agreement under applicable law, (ii) the Depositor shall be deemed to have
granted to the Trustee (in such capacity) a first priority security interest in all of the Depositor’s right, title and interest
in and to the assets constituting the Trust Fund, including the Trust Loan subject hereto from time to time, all amounts received
on or with respect to the Trust Loan after the Closing Date, all amounts held from time to time in the Collection Account, the
Distribution Account, and, if established, the Foreclosed Property Account, and all of the Depositor’s right,


 






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title and interest under the Loan Purchase
Agreement, (iii) the possession by the Custodian or its agent of the Notes with respect to the Trust Loan subject hereto from time
to time 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” or possession by a purchaser or person designated by such secured party for
the purpose of perfecting such security interest under applicable law, and (iv) notifications to, and acknowledgments, receipts
or confirmations from, Persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations
from, securities intermediaries, bailees or agents (as applicable) of the Trustee for the purpose of perfecting such security interest
under applicable law.


 


Section 2.2.      Acceptance
by the Trustee and the Certificate Administrator.   (a) By its execution and delivery of this Agreement, the Trustee acknowledges
the assignment to it of the Trust Loan in good faith without notice of adverse claims and the Certificate Administrator declares
that, in its capacity as Custodian, it holds and will hold or will cause to be held such documents as are delivered to it constituting
the Mortgage File (to the extent the documents constituting the Mortgage File are actually delivered to it) in trust, upon the
conditions herein set forth, for the use and benefit of all present and future Certificateholders and the Companion Loan Holders.


 


(b)           The execution and
delivery of this Agreement by the Certificate Administrator shall constitute certification by the Certificate Administrator, in
its capacity as Custodian, that (i) the original Trust Loan Notes specified in clause (b)(i) of the definition of “Mortgage
File” and all allonges thereto, if any, have been received by the Custodian; and (ii) such original Notes have been reviewed
by the Custodian and (A) appear regular on their face (handwritten additions, changes or corrections shall not constitute irregularities
if initialed by the applicable Loan Borrower), (B) appear to have been executed and (C) purport to relate to the Trust Loan. The
Custodian agrees to review or cause to be reviewed the Mortgage File within 30 days after the Closing Date, and to deliver to the
Depositor, the Loan Sellers, the Trustee, the Servicer and the Special Servicer a report certifying, subject to any exceptions
found by it in such review, that (A) all documents referred to in Section 2.1(b) have been received, and (B) all documents
have been executed, appear on their face to be what they purport to be, purport to be recorded or filed (as applicable) and have
not been torn, mutilated or otherwise defaced, and appear on their faces to relate to the Trust Loan. The Custodian shall have
no responsibility for reviewing the Mortgage File except as expressly set forth in this Section 2.2(b). The Custodian shall
be under no duty or obligation to inspect, review, or examine any such documents, instruments or certificates to independently
determine that they are valid, genuine, enforceable, legally sufficient, duly authorized, or appropriate for the represented purpose,
whether the text of any assignment or endorsement is in proper or recordable form (except to determine if the endorsement conforms
to the requirements of Section 2.1(b)), whether any document has been recorded in accordance with the requirements of any
applicable jurisdiction, to independently determine that any document has actually been filed or recorded in the appropriate office,
that any document is other than what it purports to be on its face, or whether the title insurance policies relate to the Properties.


 


(c)          Upon
the first anniversary of the Closing Date, the Custodian shall (i) deliver to the Depositor, the Trustee, the Loan Sellers,
the Loan Borrowers, the Servicer and


 






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the Special Servicer a final exception report as to any
remaining documents that are not in the Mortgage File and (ii) request that the Loan Sellers cause such document deficiency
to be cured.


 


Section 2.3.     Representations and Warranties
of the Trustee.   (a) The Trustee hereby represents and warrants to the other parties hereto that as of the Closing Date:


 


(i)            the
Trustee is a national banking association, duly organized, validly existing, and is in good standing under the laws of the United
States of America; the Trustee possesses and shall continue to possess all requisite authority, power, licenses, permits, franchise
and approvals to conduct its business and to execute, deliver and comply with its obligations under this Agreement;


 


(ii)           the
execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of this Agreement will
not violate the Trustee’s articles of association or constitute a default (or an event which, with notice or lapse of time,
or both, would constitute a default) under, or result in the breach of, any material contract, agreement or other instrument to
which the Trustee is a party or which may be applicable to the Trustee or any of its assets, which default or breach of such material
contract, agreement or other instrument would have a material adverse effect on the Trustee’s performance of its obligations
hereunder;


 


(iii)          except
to the extent that the laws of any jurisdiction in which a part of the Trust Fund may be located require that a co-trustee or
separate trustee be appointed to act with respect to such property as contemplated by Section 8.10, the Trustee has the
full power and authority to enter into and consummate the transactions contemplated by this Agreement, has duly authorized the
execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;


 


(iv)          this
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and binding obligation
of the Trustee, enforceable against it in accordance with the terms of this Agreement, except as such enforcement may be limited
by bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating to or affecting the
rights of creditors generally and by general principles of equity (regardless of whether such enforcement is considered in a proceeding
in equity or at law);


 


(v)           the Trustee, to its actual knowledge, 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 or any order, law or
regulation of any federal, state, municipal or governmental agency of or in the United States of America having jurisdiction,
which violation would have consequences that would materially and adversely affect the condition (financial or other) or operations
of the Trustee or that would materially affect the performance of its duties hereunder or thereunder;


 


(vi)          no
consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory
agency or body, is required for



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the
execution, delivery and performance by the Trustee of this Agreement or if required, such approval has been obtained prior to
the Closing Date;


 


(vii)        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; and


(viii)       the
Trustee is covered by errors and omissions insurance coverage which is in full force and effect or otherwise complies with the
requirements of Section 8.6(b).


(b)          The
respective representations and warranties of the Trustee set forth in this Section 2.3 shall survive until the termination
of this Agreement, and shall inure to the benefit of the other parties hereto.


Section 2.4.      Representations
and Warranties of the Servicer.   (a) KeyBank, as the Servicer, hereby represents and warrants to the other parties
hereto that as of the Closing Date:


 


(i)           it
is a national banking association duly organized, validly existing, and in good standing under the laws of the United States of
America; it is, and throughout the term of this Agreement shall remain, duly authorized and qualified to transact business in
the jurisdiction where any Property is located to the extent required by applicable law and necessary to ensure the enforceability
of the Trust Loan and the Companion Loans in accordance with the terms thereof and hereof; it possesses and shall continue to
possess all requisite authority, power, licenses, permits, franchise, and approvals to conduct its business and to execute, deliver,
and comply with its obligations under this Agreement;


 


(ii)         the
execution and delivery of this Agreement and its performance of and compliance with the terms hereof in the manner contemplated
by this Agreement will not violate its articles of association or by-laws, or any other material instrument governing its operations,
or any laws, regulations, orders or decrees of any governmental authority applicable to it and will not constitute a default (or
any event which, with notice or lapse of time or both, would constitute a default) under any material contract, agreement, or
other instrument to which it is a party or which may be applicable to any of its assets, which violation or default would have
consequences that would materially and adversely affect its financial condition or its ability to perform its obligations hereunder;


 


(iii)         this
Agreement constitutes its valid, legal, and binding obligation enforceable against it in accordance with its terms, subject to
bankruptcy laws and other similar laws of general application affecting rights of creditors and subject to the application of
the rules of equity, including those respecting the availability of specific performance;


(iv)         it
has the full power and authority to enter into and consummate the transactions contemplated by this Agreement; this Agreement
has been duly executed and delivered by it;


 



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(v)           all consents,
approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required for the execution,
delivery and performance of this Agreement by it have been obtained or made;


 


(vi)          there is no pending action, suit or proceeding, arbitration or governmental investigation against it, the outcome of which,
in its reasonable judgment, could reasonably be expected to prohibit it from entering into this Agreement or materially
and adversely affect its ability to perform its obligations under this Agreement; and


 


(vii)         it has errors
and omissions insurance and fidelity bond coverage which is in full force and effect and complies with the requirements of Section
3.11(d).


 


(b)          
The representations and warranties of the Servicer set forth in this Section 2.4 shall survive until termination of
this Agreement, and shall inure to the benefit of the parties hereto.


 


Section 2.5.     Representations
and Warranties of the Special Servicer. (a) AEGON USA Realty Advisors, LLC, as the Special Servicer, hereby represents and
warrants to the other parties hereto that as of the Closing Date:


 


(i)            it is a limited
liability company, duly organized, validly existing, and in good standing under the laws of the State of Iowa; it is, and throughout
the term of this Agreement shall remain, duly authorized and qualified to transact business in the jurisdiction where any Property
is located to the extent required by applicable law and necessary to ensure the enforceability of the Trust Loan and the Companion
Loans in accordance with the terms thereof and hereof; it possesses and shall continue to possess all requisite authority, power,
licenses, permits, franchise, and approvals to conduct its business and to execute, deliver, and comply with its obligations under
this Agreement;


 


(ii)           the execution
and delivery of this Agreement and its performance of and compliance with the terms hereof in the manner contemplated by this Agreement
will not violate its articles of association or by-laws, or any other material instrument governing its operations, or any laws,
regulations, orders or decrees of any governmental authority applicable to it and will not constitute a default (or any event which,
with notice or lapse of time or both, would constitute a default) under any material contract, agreement, or other instrument to
which it is a party or which may be applicable to any of its assets, which violation or default would have consequences that would
materially and adversely affect its financial condition or its ability to perform its obligations hereunder;


 


(iii)            this Agreement
constitutes its valid, legal, and binding obligation enforceable against it in accordance with its terms, subject to bankruptcy
laws and other similar laws of general application affecting rights of creditors and subject to the application of the rules of
equity, including those respecting the availability of specific performance;


 


(iv)          it has the full
power and authority to enter into and consummate the transactions contemplated by this Agreement; this Agreement has been duly
executed and delivered by it;


 






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(v)           all consents,
approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required for the execution,
delivery and performance of this Agreement by it have been obtained or made;


 


(vi)          there is no pending
action, suit or proceeding, arbitration or governmental investigation against it, the outcome of which, in its reasonable judgment,
could reasonably be expected to prohibit it from entering into this Agreement or materially and adversely affect its ability to
perform its obligations under this Agreement; and


 


(vii)         it has errors
and omissions insurance and fidelity bond coverage which is in full force and effect and complies with the requirements of Section
3.11(d).


 


(b)           The representations
and warranties of the Special Servicer set forth in this Section 2.5 shall survive until termination of this Agreement,
and shall inure to the benefit of the parties hereto.


 


Section
2.6.     Representations and Warranties of the Depositor.(a) The Depositor hereby
represents and warrants to the other parties hereto that as of the Closing Date:


 


(i)            the Depositor
is a corporation, duly organized, validly existing and in good standing under the laws of the State of Delaware, with full power
and authority to own its property, to carry on its business as presently conducted, to enter into and perform its obligations under
this Agreement, and to create the trust pursuant hereto;


 


(ii)           the execution,
delivery and performance of this Agreement by the Depositor have been duly authorized by all necessary corporate action on the
part of the Depositor; neither the execution, delivery and performance of this Agreement, nor the consummation of the transactions
herein contemplated, nor the compliance with the provisions hereof, will conflict with or result in a breach of, or constitute
a default under (A) any of the provisions of any law, rule, regulation, judgment, decree or order binding on the Depositor, (B)
the organizational documents of the Depositor, or (C) the terms of any indenture or other agreement or instrument to which the
Depositor is a party or by which it is bound or any statute, order or regulation of any court, regulatory body, administrative
agency or governmental body having jurisdiction over it;


 


(iii)          the execution,
delivery and performance by the Depositor of this Agreement and the consummation of the transactions contemplated hereby and thereby
do not require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in
respect of, any state, federal or other governmental authority or agency, except such as has been obtained, given, effected or
taken prior to the date hereof;


 


(iv)          this Agreement
has been duly executed and delivered by the Depositor and, assuming due authorization, execution and delivery by the other parties
hereto, constitutes a valid and binding obligation of the Depositor enforceable against it in accordance with its terms, except
as such enforcement may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other similar laws relating
to or


 






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affecting the rights of creditors generally, and by general
equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law);


 


(v)           there are no actions,
suits or proceedings pending or, to the best of the Depositor’s knowledge, threatened or likely to be asserted against or
affecting the Depositor, before or by any court, administrative agency, arbitrator or governmental body (A) with respect to any
of the transactions contemplated by this Agreement or (B) with respect to any other matter which in the judgment of the Depositor
will be determined adversely to the Depositor and will, if determined adversely to the Depositor, materially and adversely affect
its ability to perform its obligations under this Agreement;


 


(vi)          the Depositor
is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal
or governmental agency, which default would materially and adversely affect the ability of the Depositor to perform its obligations
hereunder;


 


(vii)         other than the
actions taken pursuant to this Agreement, the Depositor has taken no action to impair or encumber the title to the Trust Loan or
to subject it to any offsets, defenses or counterclaims during the Depositor’s ownership thereof;


 


(viii)        the Depositor
is accounting for the transfer of the Trust Loan as a sale under generally accepted accounting principles and, for federal income
tax purposes;


 


(ix)          the Depositor is not, and, after giving effect to the transfers contemplated under this Agreement, will not be, insolvent;
and


 


(x)           the Depositor
has not transferred the Trust Loan with an intent to hinder, delay or defraud its creditors.


 


(b)           The representations
and warranties of the Depositor set forth in Section 2.5 shall survive until termination of this Agreement, and shall inure
to the benefit of the Certificateholders, the Certificate Administrator, the Trustee, the Servicer and the Special Servicer.


 


(c)          Neither the Depositor
nor any of its Affiliates shall insure or guarantee distributions on the Certificates. Subject to Section 2.6(a) and (b),
neither the Certificateholders nor the Trustee or the Certificate Administrator on their behalf shall have any rights or remedies
against the Depositor for any losses or other claims in connection with the Certificates or the Trust Loan except as expressly
set forth herein.


 


Section
2.7.           Representations and Warranties of the Certificate Administrator.
(a) The Certificate Administrator hereby represents and warrants to the other parties hereto that as of the Closing Date:


 


(i)            it is a national
banking association duly organized, validly existing, and in good standing under the laws of the United States of America; the
Certificate Administrator possesses and shall continue to possess all requisite authority, power,


 






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licenses,
permits, franchise and approvals to conduct its business and to execute, deliver and comply with its obligations under this Agreement;


 


(ii)           the execution
and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the terms of this Agreement
will not violate the Certificate Administrator’s articles of association or constitute a default (or an event which, with
notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material contract, agreement
or other instrument to which it is a party or which may be applicable to the Certificate Administrator or any of its assets, which
default or breach of such material contract, agreement or other instrument would have a material adverse effect on the Certificate
Administrator’s performance of its obligations hereunder;


 


(iii)          the Certificate
Administrator has the full power and authority to enter into and consummate the transactions contemplated by this Agreement, has
duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;


 


(iv)          this Agreement,
assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and binding obligation of the
Certificate Administrator, enforceable against it in accordance with the terms of this Agreement, except as such enforcement may
be limited by bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating to or affecting
the rights of creditors generally and by general principles of equity (regardless of whether such enforcement is considered in
a proceeding in equity or at law);


 


(v)           the Certificate
Administrator, to its actual knowledge, is not in violation of, and the execution and delivery of this Agreement by the Certificate
Administrator and its performance and compliance with the terms of this Agreement will not constitute a violation with respect
to, any order or decree of any court or any order, law or regulation of any federal, state, municipal or governmental agency of
or in the United States of America having jurisdiction, which violation would have consequences that would materially and adversely
affect the condition (financial or other) or operations of the Certificate Administrator or that would materially affect the performance
of its duties hereunder or thereunder;


 


(vi)          no consent, approval,
authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory agency or body, is
required for the execution, delivery and performance by the Certificate Administrator of this Agreement or if required, such approval
has been obtained prior to the Closing Date;


 


(vii)         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;
and


 






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(viii)        the Certificate
Administrator is covered by errors and omissions insurance coverage which is in full force and effect or otherwise complies with
the requirements of Section 8.6(b).


 


(b)           The respective representations
and warranties of the Certificate Administrator set forth in this Section 2.7 shall survive until the termination of this
Agreement, and shall inure to the benefit of the other parties hereto.


 


Section
2.8.           Representations and Warranties Contained in the Loan
Purchase Agreement. (a) If (i) any party hereto (A) discovers or receives notice alleging that any document required
to be delivered to the Certificate Administrator pursuant to Section 2.1 is not delivered as and when required, is not
properly executed or is defective (each, a “Defect”) or (B) discovers or receives notice alleging a breach
of any representation or warranty made by the Loan Sellers relating to the Trust Loan as set forth in Exhibit A to the
Loan Purchase Agreement (a “Breach”) or (ii)  the Special Servicer or the Depositor receives a
Repurchase Communication of a request or demand for repurchase of the Trust Loan alleging a Defect or Breach (any such
request or demand, a “Repurchase Request”), then such party shall give prompt written notice of such
Defect, Breach or Repurchase Request to the Loan Sellers, the Companion Loan Holders, the Controlling Class Representative
(during a Controlling Class Control Period or Controlling Class Consultation Period), the other parties hereto and, subject
to Section 10.17, each of the Rating Agencies (to the extent notice has not previously been delivered to such Persons
pursuant to this sentence). The Special Servicer shall determine if any such Defect or Breach materially and
adversely affects the value of the Trust Loan or the interests of the Certificateholders therein or causes the Trust Loan to
fail to be 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) (any such Defect or Breach, a “Material Document Defect” and a
“Material Breach,” respectively). If such Defect or Breach has been determined to be a Material Document
Defect or Material Breach, then the Special Servicer shall give prompt written notice thereof to the Loan Sellers, the other
parties hereto and subject to Section 10.17, to the Rating Agencies. If such determination is that the Defect or the
Breach is a Material Document Defect or a Material Breach, the Special Servicer shall (A) request that the applicable Loan
Seller (i)  repurchase its Loan Seller Percentage Interest in the Trust Loan (or the allocable portion of the Trust Loan
with respect to a Property that was the subject of such Material Breach or Material Document Defect equal to its Percentage
Interest in the Allocated Loan Amount for such Property) at an amount equal to its Loan Seller Percentage Interest in the
Repurchase Price, (ii)  promptly cure such Material Document Defect or Material Breach, as the case may be, in each case
in accordance with the terms of the Loan Purchase Agreement or (iii)  indemnify the Trust for its Percentage Interest of
the losses directly related to such Material Breach or Material Document Defect, subject to receipt of a Rating Agency
Confirmation from each Rating Agency with respect to such action and (B) give prompt written notice thereof to the
Controlling Class Representative (during a Controlling Class Control Period or Controlling Class Consultation Period); provided
that with respect to any Material Breach or Material Document Defect that would cause the Trust Loan not to be a
“qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, the Loan Sellers will be required to
cure such Material Document Defect or Material Breach or to repurchase the Trust Loan at the Repurchase Price within ninety
(90) days of the date of discovery of such Material Document Defect or Material


 






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Breach. If a Responsible Officer of the
Certificate Administrator or a Servicing Officer of the Servicer or the Special Servicer, has actual knowledge that either Loan
Seller has defaulted on its obligation to repurchase the Trust Loan under the Loan Purchase Agreement, such entity shall promptly
notify the Trustee, the Certificate Administrator, the Servicer and the Special Servicer, as applicable, and the Certificate Administrator
shall notify the Certificateholders of such default. The Special Servicer shall enforce the obligations of the Loan Sellers under
Section 8 of the Loan Purchase Agreement. Such enforcement, including, without limitation, the legal prosecution of claims, shall
be carried out in such form, to such extent and at such time as if it were, in its individual capacity, the owner of the Trust
Loan. The Special Servicer shall be reimbursed for the reasonable costs of such enforcement (it being understood that a Liquidation
Fee shall be payable to the Special Servicer as and only to the extent provided herein): first, from a specific recovery
of costs, expenses or attorneys’ fees against the Loan Sellers; second, out of the Repurchase Price, to the extent
that such expenses are a specific component thereof; and third, if at the conclusion of such enforcement action it is determined
that the amounts described in clauses first and second are insufficient, then pursuant to clause (viii)  of Section
3.4(c) out of collections on the Trust Loan on deposit in the Collection Account.


 


If the Special Servicer
or the Depositor receives a Repurchase Communication of a withdrawal of a Repurchase Request of which notice has been previously
received or given and which withdrawal is by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”),
such party shall give written notice of such Repurchase Request Withdrawal to the Loan Sellers, the Controlling Class Representative
(during a Controlling Class Control Period or Controlling Class Consultation Period), the other parties hereto and, subject to
Section 10.17 of this Agreement, each of the Rating Agencies (to the extent notice has not previously been delivered to
such Persons pursuant to this sentence).


 


Each notice of a Repurchase
Request or Repurchase Request Withdrawal required to be given by a party pursuant to this Section 2.8(a) (each, a “15Ga-1
Notice”) shall be given no later than the tenth (10th) Business Day after receipt of a Repurchase Communication of such
Repurchase Request or receipt of a Repurchase Communication of such Repurchase Request Withdrawal, and shall include (i)  the identity
of the portion of the Trust Loan, (ii)  the date such Repurchase Request was received or the date such Repurchase Request Withdrawal
was received, as applicable, (iii)  if known, the basis for the Repurchase Request (as asserted in the Repurchase Request) and (iv) 
in the case of 15Ga-1 Notices provided by the Special Servicer, a statement as to whether the Special Servicer currently plans
to pursue such Repurchase Request.


 


In the event that the
Certificate Administrator, the Trustee or the Servicer receives a Repurchase Communication of a Repurchase Request or Repurchase
Request Withdrawal, such party shall promptly forward such Repurchase Request or Repurchase Request Withdrawal to the Special Servicer
and, during a Controlling Class Control Period or Controlling Class Consultation Period, the Controlling Class Representative,
and include the following statement in the related correspondence: “This is a “Repurchase Request” or a “Repurchase
Request Withdrawal” under Section 2.8(a) of the Trust and Servicing Agreement relating to the CSMC 2015-GLPB, Commercial Mortgage Pass-Through
Certificates, Series 2015-GLPB, requiring action by you as the recipient of such Repurchase Request or Repurchase Request Withdrawal
thereunder”. Upon receipt of such Repurchase Request or Repurchase Request Withdrawal by the Special Servicer, the Special
Servicer shall be deemed to be the recipient of such Repurchase


 






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Request or Repurchase Request Withdrawal,
and the Special Servicer shall comply with the notice procedures set forth in this Section 2.8(a) with respect to such Repurchase
Request or Repurchase Request Withdrawal.


 


No Person
that is required to provide a 15Ga-1 Notice pursuant to this Section 2.8(a) (a “15Ga-1 Notice Provider”)
shall be required to provide any information in a 15Ga-1 Notice that is protected by the attorney-client privilege or the attorney
work product doctrine. The Loan Purchase Agreement will provide that (i)  any 15Ga-1 Notice provided pursuant to this Section
2.8(a) is so provided only to assist the Loan Sellers, the Depositor and their respective 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 15Ga-1 Notice Provider and (B) no information provided pursuant
to this Section 2.8(a) by a 15Ga-1 Notice Provider in a 15Ga-1 Notice shall be deemed to constitute a waiver or defense
to the exercise of any legal right that such 15Ga-1 Notice Provider may have with respect to the Loan Purchase Agreement, including
with respect to any Repurchase Request that is the subject of a 15Ga-1 Notice.


 


(b)
         Upon receipt by the Servicer from either Loan Seller of its Loan
Seller Percentage Interest in the Repurchase Price for its respective Loan Seller Percentage Interests in the Trust Loan (or
the allocable portion of the Trust Loan with respect to a Property that was subject of such a Material Breach or Material
Document Defect equal to the Allocated Loan Amount for such Property) (including any indemnification payment to the Trust by
a Loan Seller), the Servicer, as applicable, shall deposit such amount in the Collection Account, and the Certificate
Administrator shall, upon receipt of a certificate of a Servicing Officer certifying as to the receipt by the Servicer of the
Repurchase Price and the deposit of the Repurchase Price into the Collection Account pursuant to this Section
2.8(b), (i)  release or cause to be released to the designee of each Loan Seller the Repurchase Mortgage File and
the Trustee and the Certificate Administrator shall execute and deliver such instruments of transfer or assignment, in each
case without recourse, representation or warranty (except that the Trust Loan (or the allocable portion of the Trust Loan
with respect to a Property that was the subject of such Material Breach or Material Document Defect equal to the Allocated
Loan Amount for such Property) is owned by the Trust and is being sold free and clear of liens and encumbrances), as shall be
prepared by such designee to vest in such designee the Trust Loan (or allocable portion thereof) released pursuant hereto and
the Certificate Administrator, the Trustee, the Servicer and the Special Servicer shall have no further responsibility with
regard such Repurchase Mortgage File and (ii)  release or cause to be released to each Loan Seller any escrow payments
and reserve funds held by the Trustee, or on the Trustee’s behalf, in respect of such Loan Seller Percentage Interest
in the Trust Loan (or the allocable portion of the Trust Loan with respect to a Property that was the subject of such
Material Breach or Material Document Defect equal to the Allocated Loan Amount for such Property). Upon receipt by the
Servicer from a Loan Seller of an indemnification payment in respect of the Trust Loan (or the allocable portion of the Trust
Loan with respect to a Property that was the subject of such Material Breach or Material Document Default equal to the
Allocated Loan Amount for such Property), the Servicer or Special Servicer, as applicable, shall deposit (or if received by
the Special Servicer, remit owed amounts to the Servicer for deposit) such amount in the Collection Account.


 






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(c)          
Notwithstanding anything to the contrary herein, no Defect (except for a Defect with respect to the document described in clause
(i) of Section 2.1(b) and the documents described in clauses (ii) (B), (C) and (H) of Section
2.1(b)) shall be considered to be a Material Document Defect unless the document with respect to which a Defect exists is
required in connection with (A) an imminent enforcement of the Loan Lender’s rights or remedies under the Trust Loan;
(B) defending any claim asserted by any Loan Borrower or third party with respect to the Trust Loan; (C) establishing the
validity or priority of any lien on any collateral securing the Trust Loan; or (D) any immediate significant servicing
obligations, including without limitation, making a claim under a title policy. The Trust’s sole remedy against the
Loan Sellers in connection with a Material Document Defect shall be to enforce the repurchase claim in accordance with the
provisions of the Loan Purchase Agreement.


 


(d)          
To the extent that any of the Loan Sellers do not repurchase their Loan Seller Percentage Interests pursuant to the terms of the
Loan Purchase Agreement, (i)  the Trust Loan shall continue to be serviced by the Servicer and, if applicable, the Special
Servicer, in accordance with the terms of this Agreement on behalf of such repurchasing Loan Seller and the Certificateholders
as a collective whole, and the Servicer or the Special Servicer, as applicable, shall be the sole representative of the Loan Lender
in connection with any enforcement, bankruptcy or other proceeding, (ii)  the Trustee shall remain the mortgagee of record
with respect to the Mortgages, (iii)  the Certificate Administrator Fee, Servicing Fee, Special Servicing Fee and/or the
CREFC® Intellectual Property Royalty License Fee with respect to the Trust
Loan shall continue to be calculated based on the entire principal amount of the Trust Loan, (iv)  the Custodian shall retain
all portions of the Mortgage File other than the related Note corresponding to the repurchased Loan Seller’s Loan Seller
Percentage Interest, (v)  the repurchasing Loan Seller shall be entitled to remittances on the Distribution Date of its pro
rata share, based upon its Loan Seller Percentage Interest, of all amounts that would otherwise be available for distribution
on such Distribution Date pursuant to Article IV hereof to Certificateholders (other than any amounts in respect of any Monthly
Payment Advance) with respect to the Trust Loan and such amounts shall be wired in accordance with the directions provided to
the Trustee and the Servicer by such Loan Seller at least 10 Business Days prior to the related Distribution Date, (vi) 
the repurchasing Loan Seller shall be entitled to receive any and all reports and have access to any and all information that
a Certificateholder would otherwise have under the terms of this Agreement, (vii)  no amendment may be made to this Agreement
that would materially and adversely affect the rights of such repurchasing Loan Seller in respect of the repurchasing Loan Seller’s
Loan Seller Percentage Interest without the consent of such repurchasing Loan Seller, (viii)  to the extent the Trustee holds
record or legal title to any Mortgage File document that relates to any Loan Seller’s Loan Seller Percentage Interest in
the Trust Loan repurchased pursuant to this Section 2.8(d), the Trustee shall hold such title in trust for the use and
benefit of the Trust and the related Loan Seller collectively, and (ix)  to the extent this Agreement refers to the “Mortgage
File,” such “Mortgage File” shall be construed to mean the Mortgage File for the entire Whole Loan (except that
references to any Note in favor of the repurchasing Loan Seller shall be construed to instead refer to a photocopy of such Note).
Neither the Servicer nor the Trustee shall make any Monthly Payment Advance with respect to any Loan Seller’s Loan Seller
Percentage Interest of the Trust Loan that has been repurchased as described herein.


 


Section 2.9.           Execution and
Delivery of Certificates; Issuance of Uncertificated Lower-Tier Interests. The Trustee acknowledges the assignment in
trust by the Depositor to the


 



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Trustee of the Trust Loan Notes and other assets comprising the Trust Fund. Concurrently with
such assignment and delivery and in exchange therefor, (i)  the Certificate Administrator acknowledges the issuance of
(x)  the Uncertificated Lower-Tier Interests to the Depositor and
(y) the Class LT-R Interest, in exchange for the Trust Loan, receipt of which is hereby acknowledged, (ii)  immediately
thereafter, the Certificate Administrator acknowledges (x)  the
assignment by the Depositor to the Trustee of the Uncertificated Lower-Tier Interests, and in exchange therefor that it
(y) has executed and has authenticated and delivered to or upon the order of the Depositor, the Regular Certificates and has
issued the Class UT-R Interest, and (z) has executed and has authenticated and delivered to or upon the order of the
Depositor, the Class R Certificates, representing the Class LT-R and Class UT-R Interests, and (iii)  the Depositor
hereby acknowledges the receipt by it or its designees, of the Regular Certificates in authorized denominations and the Class
UT-R Interest evidencing the entire beneficial ownership of the Upper-Tier REMIC.


 


Section 2.10.          Miscellaneous
REMIC Provisions. (a) The Class A, Class X-A, Class X-B, Class B, Class C and Class D Certificates are hereby designated as
the “regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code. The Class UT-R
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.


 


(b)
          The Class LA, Class LB, Class LC and Class LD Uncertificated
Interests 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 LT-R 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.





 


ARTICLE 3


 


ADMINISTRATION AND SERVICING OF THE MORTGAGE
LOAN


 


Section 3.1.            Servicer
to Act as the Servicer; Special Servicer to Act as the Special Servicer. The Servicer (other than during the continuance
of a Special Servicing Loan Event) and the Special Servicer (during the continuance of a Special Servicing Loan Event), each as
an independent contractor, shall service and administer the Whole Loan and administer Foreclosed Properties solely on behalf of
the Trust Fund, in the best interest of, and for the benefit of, the Certificateholders and the Companion Loan Holders as a collective
whole as if such Certificateholders and the Companion Loan Holders constituted one lender (taking into account the subordinate
nature of the B-Notes) (as determined by the Servicer or the Special Servicer, as applicable, in the exercise of its good faith
and reasonable judgment), in accordance with applicable law (including the REMIC Provisions), the terms of this Agreement, the
Co-Lender Agreement and the Loan Documents and, to the extent consistent with the foregoing, the following standards: (i)  the higher
of (a) the same manner in which and with the same care, skill, prudence and diligence with which the Servicer or the Special Servicer,
as applicable, services and administers similar loans and administers foreclosed properties for other third-party portfolios, giving
due consideration to customary and usual standards of practice of prudent institutional commercial mortgage lenders in servicing
their own loans and administering their


 






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own foreclosed properties, or (b) with
the care, skill, prudence and diligence the Servicer or the Special Servicer, as applicable, uses for loans which it owns or for
foreclosed properties it owns and administers; (ii)  with a view to the timely collection of (a) all scheduled payments of principal
and interest under the Whole Loan or, with respect to the Special Servicer, if the Whole Loan comes into and continues in default
and if no satisfactory arrangements can be made for the collection of the delinquent payments, the maximization of the recovery
on the Whole Loan to the Certificateholders and the Companion Loan Holders (as a collective whole as if the Certificateholders
and the Companion Loan Holders constituted a single lender) (taking into account the subordinate nature of the B-Notes) on a net
present value basis and (b) the Loan Borrower Reimbursable Trust Fund Expenses and other amounts due under the Whole Loan and (iii) 
without regard to:


 


(A)           any relationship
that the Servicer or the Special Servicer or any affiliate thereof may have with the Loan Borrowers, a Mezzanine Lender, the Loan
Sellers, the Depositor, any Companion Loan Holders or any of their respective affiliates;


 


(B)           the ownership of
any Certificate (or Companion Loan) or any interest in Companion Loan or any Mezzanine Loan by the Servicer or Special Servicer
or by any affiliate of the Servicer or the Special Servicer;


 


(C)           in the case of the Servicer, its obligation to make Advances;


 


(D)           the right of the
Servicer or the Special Servicer or any affiliate thereof to receive reimbursement of costs, compensation or other fees (other
than Advances), or the sufficiency of any compensation payable to it under this Agreement or with respect to any particular transaction;
or


 


(E)            the ownership,
servicing or management for others of any other loans or property by the Servicer or the Special Servicer.


 


Subject to the above-described
servicing standards (hereinafter referred to as “Accepted Servicing Practices”) and the terms of this Agreement
and of the Loan Documents, the Servicer and the Special Servicer each shall have full power and authority, acting alone and/or
through one or more sub-servicers as provided in Section 3.2, to do or cause to be done any and all things in connection
with such servicing and administration which it may deem necessary or desirable. The Servicer and the Special Servicer shall service
and administer the Trust Loan and the Companion Loan in accordance with applicable state and federal law. At the written request
of the Servicer or the Special Servicer, as applicable, accompanied by the form of power of attorney or other documents being requested,
the Trustee shall furnish to the Servicer or the Special Servicer any powers of attorney (substantially in the form of Exhibit
N hereto) and other documents necessary or appropriate to enable such Servicer or the Special Servicer to carry out its servicing
and administrative duties hereunder, and the Trustee shall not be held responsible (and shall be indemnified by the Servicer or
the Special Servicer) for any negligence or misuse by the Servicer or the Special Servicer in its uses of any such powers of attorney
or other document. Notwithstanding anything contained herein to the contrary, the Servicer and the Special Servicer shall not without
the Trustee’s prior written consent: (i)  initiate any action, suit


 






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or proceeding solely under the Trustee’s
name without indicating the representative capacity of the Servicer or the Special Servicer, as applicable, or (ii)  take any action
with the intent to, and which actually does cause, the Trustee to be registered to do business in any state.


 


The liability of each
of the Servicer and the Special Servicer, as applicable, for actions and omissions in its capacity as Servicer and the Special
Servicer, respectively, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.3).
Nothing contained in this Agreement shall be construed as an express or implied guarantee by the Servicer or the Special Servicer
of the collectibility of the Trust Loan and the Companion Loans. The Servicer hereby covenants and agrees that it will not act
as special servicer with respect to a Mezzanine Loan or any interest in a Mezzanine Loan. The Special Servicer hereby covenants
and agrees that it will not act as the servicer or special servicer with respect to a Mezzanine Loan or any interest in a Mezzanine
Loan.


 


Section 3.2.           Sub-Servicing
Agreements. (a) The Special Servicer shall not engage any sub-servicer or enter into any sub-servicing agreement. The Servicer,
at its own expense without a right of reimbursement under this Agreement or otherwise, may enter into sub-servicing agreements
with sub-servicers for the servicing and administration of the Trust Loan and the Companion Loans, provided that (i)  any
such sub-servicing agreement shall be upon such terms and conditions as are not inconsistent with this Agreement and as the Servicer
and the sub-servicer have agreed, and (ii)  no sub-servicer retained by the Servicer shall grant any modification, waiver, or amendment
to the Loan Documents without the approval of the Servicer. References in this Agreement to actions taken or to be taken, and limitations
on actions permitted to be taken, by the Servicer in servicing the Whole Loan include actions taken or to be taken by a sub-servicer
on behalf of the Servicer. Each sub-servicer shall be (i)  authorized to transact business and licensed in the applicable state(s),
if, and to the extent, required by applicable law to enable the sub-servicer to perform its obligations under the applicable sub-servicing agreement, and (ii)  qualified to perform its obligations under the applicable sub-servicing agreement. For purposes
of this Agreement, the Servicer shall be deemed to have received any amount when the sub-servicer receives such amount, irrespective
of whether such amount is remitted to the Servicer for deposit in the Collection Account, any Cash Management Account, any Reserve
Account or the Distribution Account, and actions taken by the sub-servicer shall be deemed to be actions of the Servicer. The
Servicer shall notify the Certificate Administrator, the Trustee, the Loan Borrowers and the Depositor in writing promptly upon
the appointment of any sub-servicer and promptly furnish the Trustee and the Certificate Administrator, upon its request, with
a copy of the sub-servicing agreement. No sub-servicer shall be permitted to enter into any sub-servicing agreement with other
sub-servicers without the prior written consent of the Servicer.


 


(b)          Notwithstanding any
sub-servicing agreement, the Servicer shall remain obligated and liable to the Trustee and the Certificateholders for the servicing
and administering of the Trust Loan and the Companion Loans in accordance with the provisions of Section 3.1 without diminution
of such obligation or liability by virtue of such sub-servicing agreement, or by virtue of indemnification from a sub-servicer,
and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Whole
Loan.


 






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(c)           Any sub-servicing
agreement entered into by the Servicer shall provide that it may be assumed or terminated by (i)  the Trustee if the Trustee has
assumed the duties of the Servicer or if the Servicer is otherwise terminated pursuant to the terms of this Agreement, or (ii) 
a successor Servicer if such successor Servicer has assumed the duties of the Servicer, without cost or obligation to the Trustee,
the Certificate Administrator, the successor Servicer, the Trust or the Trust Fund.


 


(d)           Any sub-servicing
agreement, and any other transactions or services relating to the Whole Loan involving a sub-servicer, shall be deemed to be between
the Servicer and such sub-servicer alone, and the Certificate Administrator, the Trustee, the Depositor, the Trust and the Certificateholders
shall not be deemed parties thereto and shall have no claims, rights, obligations, duties or liabilities with respect to the sub-servicer,
and no provision herein shall be construed so as to require the Trust, the Trustee, the Certificate Administrator or the Depositor
to indemnify any such sub-servicer. The Servicer is permitted, at its own expense, or to the extent that a particular expense is
provided herein to be an Advance or an expense of the Trust, at the expense of the Trust, to utilize other agents or attorneys
typically used by servicers of mortgage loans underlying commercial mortgage backed securities in performing its obligations under
this Agreement.


 


(e)           Notwithstanding anything
herein, each of the initial Servicer and the initial Special Servicer may delegate certain of its duties and obligations hereunder
to an Affiliate of the Servicer or Special Servicer, as applicable. Such delegation shall not be considered a sub-servicing agreement
hereunder, and the requirements and obligations set forth herein applicable to sub-servicing agreements, sub-servicers or Servicing
Function Participants shall not be applicable to such arrangement. Notwithstanding any such delegation, the Servicer and the Special
Servicer shall remain obligated and liable for the performance of their respective obligations and duties under this Agreement
in accordance with the provisions hereof to the same extent and under the same terms and conditions as if each alone were servicing
and administering the Whole Loan as required hereby.


 


(f)           The parties hereto
acknowledge that the Whole Loan is subject to the terms and conditions of the Co-Lender Agreement and recognize the respective
rights and obligations of the Trust, as holder of the Trust Loan, and of the Companion Loan Holders under the Co-Lender Agreement,
including: (i)  with respect to the allocation of collections on or in respect of the Whole Loan, and the making of remittances,
to the Trust, as holder of the Trust Loan, and to the Companion Loan Holders; (ii)  with respect to the allocation of expenses and
losses relating to the Whole Loan to the Trust, as holder of the Trust Loan, and to the Companion Loan Holders and (iii)  to the
extent provided for under the Co-Lender Agreement, the consultation rights of the Companion Loan Holders. With respect to the Whole
Loan, the Servicer (if the Whole Loan is not a Specially Serviced Loan) or the Special Servicer (if the Whole Loan has become a
Specially Serviced Loan or any Property has been converted to a Foreclosed Property) shall prepare and provide to each Companion
Loan Holder all notices, reports, statements and communications to be delivered by the holder of the Trust Loan under the Co-Lender
Agreement, and shall perform all duties and obligations to be performed by a servicer and perform all servicing related duties
and obligations to be performed by the holder of the Trust Loan pursuant to the Co-Lender Agreement. In the event of any conflict
between this


 






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Agreement and the Co-Lender Agreement, the terms of the Co-Lender
Agreement shall control with respect to the Whole Loan.


 


(g)           Notwithstanding anything
to the contrary herein, at no time shall the Servicer or the Trustee be required to make any advance of delinquent scheduled monthly
payments of principal or interest with respect to any Companion Loan.


 


(h)           To the extent required
under the Loan Documents or the Co-Lender Agreement, the Servicer shall, on behalf of the Loan Lender, maintain a note register
for the Whole Loan in accordance with the Loan Documents or the Co-Lender Agreement. The Loan Sellers are the initial and sole
holders of the Companion Loans as of the Closing Date, and notices regarding such ownership shall be addressed to the Loan Sellers
at the address set forth in Section 10.4.


 


Section 3.3.           Cash
Management Account. A Lockbox Account and a Cash Management Account have been or shall be established pursuant to the terms
of the Loan Agreement, the Cash Management and Control Agreement and the Lockbox Account Agreement. The Servicer shall exercise
and enforce the rights of the Trust Fund with respect to the Cash Management Account and the Lockbox Account under the Loan Agreement,
the Cash Management and Control Agreement and the Lockbox Account Agreement in accordance with Accepted Servicing Practices and
the other terms of this Agreement and the other Loan Documents.


 


Section 3.4.           Collection
Account. (a) The Servicer shall establish and maintain in the name of “KeyBank National Association, as Servicer on behalf
of Wells Fargo Bank, National Association, as Trustee for the benefit of the Certificateholders of CSMC 2015-GLPB, Commercial Mortgage
Pass-Through Certificates, Series 2015-GLPB” and the Companion Loan Holders one or more deposit accounts (the “Collection
Account”). The Collection Account must be an Eligible Account. The Servicer shall deposit into the Collection Account
within two Business Days of receipt of properly identified and available funds the following amounts representing payments and
collections received or made during each Collection Period on or with respect to the Whole Loan:


 


(i)         
  all payments on account of principal on the Whole Loan;


 


(ii)           all payments on account of interest on the Whole Loan,
including Default Interest;


 


(iii)          any amount
representing reimbursements by the Loan Borrowers of Advances, interest thereon, and any other expenses of the Depositor, the Certificate
Administrator, the Trustee, the Servicer or the Special Servicer, as applicable, as required by the Loan Documents or hereunder;


 


(iv)        
 any other amounts payable for the benefit of the Servicer, the Special Servicer, the Certificate Administrator, the
Trustee or the Certificateholders under the Trust Loan;


 






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(v)         
 any amounts required to be deposited pursuant to Section 3.8(b) in connection with net losses realized on
Permitted Investments with respect to funds held in the Collection Account;


 


(vi)          all Net Foreclosure
Proceeds received from the Special Servicer pursuant to Section 3.14 and all Net Liquidation Proceeds, Insurance Proceeds
and Condemnation Proceeds (to the extent not needed for the repair or restoration of the Properties); and


 


(vii)         any other amounts
required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer, including, without limitation,
any (1) proceeds of any repurchase of the Trust Loan pursuant to Section 2.8(b) and the Loan Purchase Agreement and any
indemnification amounts paid by a Loan Seller pursuant to the Loan Purchase Agreement, (2) proceeds of the sale of the Whole Loan
by the Special Servicer pursuant to Section 3.16, (3) the Mezzanine Option Price and amounts from a Mezzanine Lender representing
cure payments permitted to be made by a Mezzanine Lender pursuant to the Intercreditor Agreement or (4) amounts payable under the
Loan Documents by any Person to the extent not specifically excluded.


 


The foregoing requirements
for deposits in the Collection Account by the Servicer shall be exclusive, it being understood and agreed that, without limiting
the generality of the foregoing, payments (if any) in the nature of additional compensation (other than Default Interest and late
payment charges) to which the Servicer or Special Servicer, as applicable are entitled pursuant to Section 3.17 and any
reimbursement made by the Loan Borrowers of expenses of the Servicer or the Special Servicer need not be deposited in the Collection
Account by the Servicer or Special Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer,
as applicable, shall be entitled to retain any such fees and expense reimbursements received with respect to the Whole Loan.


 


(b)          
Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions of Section
3.8. The Servicer shall on the Closing Date give written notice to the Certificate Administrator of the location and
account number of the Collection Account and shall notify the Certificate Administrator in writing prior to any subsequent
change thereof.


 


(c)           On or prior to each
Remittance Date, (or following the securitization of any Companion Loan, in the case of clause (vii) below, on or prior
to the day which is the earlier of (A) the Remittance Date and (B) the Business Day following the “determination date”
(or any term substantially similar thereto), as such term is defined in the related Other Pooling and Servicing Agreement as long
as such determination date is no earlier than the 6th day of the calendar month), prior to
the remittance of funds to the Certificate Administrator for deposit in the Distribution Account pursuant to Section 3.5,
the Servicer shall make withdrawals from the Collection Account (which withdrawals shall be the only permitted withdrawals from
the Collection Account by the Servicer) as described below (the order set forth below not constituting an order of priority for
such withdrawals):


 


(i)        
   to withdraw funds deposited in the Collection Account in error;


 






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(ii)         
 concurrently, to pay the Servicing Fee to the Servicer, the Certificate Administrator Fee (including the portion that is
the Trustee Fee) to the Certificate Administrator and the CREFC® Intellectual
Property Royalty License Fees to CREFC®, as applicable;


 


(iii)          to pay (a)
to the Servicer, as additional compensation, any income earned (net of losses (subject to Section 3.8(b)) on the investment
of funds deposited in the Collection Account and any Reserve Account (to the extent not payable to the Loan Borrowers); and (b)
the Special Servicing Fee, if any, the Work-out Fee, if any, and the Liquidation Fee, if any, to the Special Servicer (with respect
to clauses (a) and (b), in that order);


 


(iv)          to reimburse
the Trustee and the Servicer, in that order, for (a) Property Protection Advances made by each and not previously reimbursed from
late payments received during the applicable period on the Whole Loan, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds
(to the extent not needed for the repair or restoration of the affected Properties) and other collections on the Whole Loan; provided
that any Property Protection Advance that has been determined to be a Nonrecoverable Advance shall be reimbursed pursuant to clause
(v)  below and (b) unpaid interest on such Advances at the Advance Rate; provided, however, that prior to (x)  final
liquidation of the Properties or (y) the final payment and release of the Mortgages, interest on Advances shall be paid first out
of Default Interest or late payment charges collected in the related Collection Period before such interest on Advances is paid
out of other amounts on deposit in the Collection Account;


 


(v)       
   to reimburse the Trustee and the Servicer, in that order, for any Property Protection Advances that were
determined to be Nonrecoverable Advances made by each and not previously reimbursed that are not covered by clause
(iv) (a) above together with unpaid interest thereon at the Advance Rate;


 


(vi)          (a) to reimburse
the Trustee and the Servicer, in that order, for interest on Monthly Payment Advances and (b) if all or a portion of the Companion
Loans is part of an Other Securitization Trust, to the extent required by the Co-Lender Agreement, to pay the applicable party
to the related Other Pooling and Servicing Agreement for any interest accrued on Companion Loan Advances made thereby;


 


 (vii)        to remit to
the Companion Loan Holders all remaining amounts on deposit in the Collection Account payable to the Companion Loan Holders pursuant
to the Co-Lender Agreement with respect to the Companion Loans;


 


(viii)        to make any
other required payments (other than payments under clause (vi) above and normal monthly remittances and reimbursements
pursuant to clause (vii) above) due under the Co-Lender Agreement to the holders of the Companion Loans;


 


(ix)          to reimburse
the Trustee, the Certificate Administrator, the Servicer and the Special Servicer, in that order, for expenses incurred by them
in connection with the




 






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liquidation of any of the Properties and not otherwise covered
and paid by an insurance policy or deducted from the proceeds of liquidation;

 


(x)            to pay to the
Servicer or the Special Servicer, as applicable, as additional compensation, to the extent actually received from the Loan Borrowers
(and permitted by, or not prohibited by, and allocated as such pursuant to the terms of the Loan Documents and this Agreement)
and deposited into the Collection Account by the Servicer, any payments in the nature of late payment fees and Default Interest
(to the extent remaining after payments pursuant to clause (iv)  above), assumption fees, assumption application fees, substitution
fees, release fees, Modification Fees, consent fees, amounts collected for checks returned for insufficient funds, charges for
beneficiary statements or demands, defeasance fees (if applicable), loan service transaction and processing fees and similar fees
and expenses; provided that such amounts received during each Collection Period shall not be required to be deposited into
the Collection Account and shall be deemed to have been deposited in the Collection Account and withdrawn pursuant to this clause
(x) solely for the purpose of determining the Available Funds Reduction Amount in connection with the calculation of Available
Funds for the related Distribution Date;


 


(xi)           to pay or reimburse
the Trustee, the Certificate Administrator, the Depositor, the Servicer and the Special Servicer, in that order, for any other
amounts then due and payable or reimbursable (including any Trust Fund Expenses) to each pursuant to the terms of this Agreement
and not previously paid or reimbursed pursuant to the preceding clauses; and


 


(xii)          to the extent
not previously paid or advanced, to pay to the Certificate Administrator (or set aside for eventual payment) any and all taxes
imposed on the Trust or the Trust Fund by federal or state governmental authorities; provided, that, if such taxes are the
result of the Depositor’s, Servicer’s, Special Servicer’s, the Certificate Administrator’s or Trustee’s,
as applicable, negligence, bad faith or willful misconduct in performing its obligations hereunder, such amounts may not be withdrawn
from the Collection Account, but will be paid by such party that was negligent, acted in bad faith or engaged in willful misconduct
pursuant to Sections 6.7 and 8.12, as applicable.


 


The remittance set forth in clauses (vi), (vi)
and (viii) above shall be made by the Servicer as a single remittance.


 


For the avoidance of
doubt, in furtherance of the terms of the Co-Lender Agreement, payment of the Certificate Administrator Fee (including the portion
that is the Trustee Fee), Trust Fund Expenses, reimbursement of Monthly Payment Advances and all other amounts withdrawn from the
Collection Account that relate to the Trust or the inclusion of the Trust Loan in the Trust and are not expenses related to the
servicing or administration of the Whole Loan shall be payable out of amounts allocated to the Trust Loan under the Co-Lender Agreement
and are not intended to reduce amounts allocated to the Companion Loans under the Co-Lender Agreement.


 






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Notwithstanding the
foregoing, with respect to any Remittance Date, in no event will the Servicer be permitted to make a withdrawal pursuant to clauses
(ii) , (iii) (b), (iv) , (ix) , (xi)  or (xii)  to the extent that, as a result of such withdrawal,
the amount on deposit in the Collection Account after giving effect to the withdrawal would be less than the amount of the Required
Advance Amount; provided that the foregoing withdrawal limitations shall not apply (and accrued amounts previously eligible
for withdrawal pursuant to clauses (ii) , (iii) (b), (iv) , (ix) , (xi)  or (xii)  but which remain
unpaid due to the operation of this paragraph may then be withdrawn and paid) upon (1) the final liquidation of the Trust Loan
or all the Properties, (2) the final payment of the Trust Loan and release of the Mortgages or (3) the determination that any
Advance that would increase the currently unreimbursed Advances in the aggregate would be a Nonrecoverable Advance. The Servicer
shall advance, to the extent it determines that such amounts are recoverable, all amounts owed to itself (other than Servicing
Fees), CREFC®, the Special Servicer, the Certificate Administrator and Trustee
pursuant to such clauses (ii) , (iii) (b), (iv)  (to the extent reimbursements of such amounts are owed to the
Trustee or the Certificate Administrator), (ix)  or (xi)  (other than unreimbursed Property Protection Advances and
Monthly Payment Advances made by the Servicer, which shall continue to remain outstanding) (such advances, “Administrative
Advances”). All Administrative Advances shall accrue interest in accordance with Section 3.23. Notwithstanding
any provision herein, the Servicer shall not be obligated to make any Administrative Advance that it determines, together with
interest thereon, will constitute a Nonrecoverable Advance if made.


 


The Servicer shall pay
to the Certificate Administrator (on behalf of itself and the Trustee) and advance or pay to the Special Servicer, if applicable,
from the Collection Account as provided above amounts permitted to be paid to the Special Servicer, the Certificate Administrator
and the Trustee, as applicable, therefrom, promptly upon receipt of certificates of a Servicing Officer of the Special Servicer
and a Responsible Officer of the Certificate Administrator and the Trustee, as applicable, describing the item and amount to which
the Special Servicer and the Trustee, respectively, are entitled; provided, however, the Servicer shall pay the Certificate Administrator
Fee to the Certificate Administrator without requiring the delivery of such certificate. The Servicer may rely conclusively on
any such certificate, shall have no duty to recalculate the amounts stated therein and shall have no liability if the amount paid
in reliance thereon is an amount to which the Special Servicer, the Certificate Administrator or the Trustee, as applicable, is
not entitled.


 


(d)          
The Certificate Administrator shall establish and maintain in the name of the Certificate Administrator on behalf of the Trustee
and for the benefit of the Certificateholders, a segregated non-interest bearing reserve account (which may be a subaccount of
the Distribution Account) (the “Interest Reserve Account”). The Interest Reserve Account must be an Eligible Account
or a subaccount of an Eligible Account. Funds on deposit in the Interest Reserve Account shall be uninvested. On each Distribution
Date occurring in any February and on any Distribution Date occurring in any January that occurs in a year that is not a leap
year (unless, in either case, such Distribution Date is the final Distribution Date), the Certificate Administrator shall deposit
into the Interest Reserve Account an amount equal to one day’s net interest collected on the principal balance of each Trust
Loan Note as of the Loan Payment Date occurring in the calendar month preceding the calendar month in which such Distribution
Date occurs at the applicable Net Trust Loan Rate (net of the Servicing Fee, the CREFC® Intellectual Property Royalty
License Fee and the Certificate Administrator Fee


 






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payable therefrom and exclusive of Default
Interest) to the extent a full Monthly Payment or Monthly Payment Advance is made in respect thereof (all amounts so deposited
in any consecutive January and February, “Withheld Amounts”). On each Remittance Date occurring in March (or
February, if the related Distribution Date is the final Distribution Date), the Certificate Administrator shall withdraw from the
Interest Reserve Account an amount equal to the Withheld Amounts from the preceding January and February, if any, and transfer
such amounts into the Distribution Account.


 


Section 3.5.          Distribution
Account. (a) The Certificate Administrator shall establish and maintain on behalf of the Trustee and for the benefit of the
Certificateholders a segregated non-interest bearing trust account (the “Distribution Account”), which shall
be deemed to include the Lower-Tier Distribution Account and the Upper-Tier Distribution Account, which shall be subaccounts of
the Distribution Account for the benefit of the Certificateholders and the Trustee, as holder of the Uncertificated Lower-Tier
Interests. The Distribution Account must be an Eligible Account. On each Remittance Date, the Servicer shall transfer from the
Collection Account to the Certificate Administrator for deposit into the Distribution Account all Available Funds remaining on
deposit therein, after giving effect to the withdrawals made pursuant to Section 3.4(c). The Certificate Administrator shall
credit the funds remitted by the Servicer from the Collection Account to the Distribution Account. Amounts held in the Distribution
Account shall be uninvested.


 


The Certificate Administrator
shall make withdrawals from the Distribution Account to make distributions to the Holders of the Certificates pursuant to Section
4.1.


 


(b)          The Certificate Administrator
shall make or be deemed to have made withdrawals from the Lower-Tier Distribution Account in the following order of priority and
only for the following purposes:


 


(i)           to make deposits
of the Lower-Tier Distribution Amount pursuant to Section 4.1(b) and Section 4.3(b) into the Upper-Tier Distribution
Account and to make distributions to the Holder of the Class R Certificates (in respect of the Class LT-R Interest) pursuant to
Section 4.1(b);


 


(ii)        
  to withdraw amounts deposited into the Lower-Tier Distribution Account in error and pay such amounts to the Persons
entitled thereto; and


 


(iii)          to
clear and terminate the Lower-Tier Distribution Account pursuant to Section 10.1.


 


(c)           The Certificate Administrator shall make withdrawals
from the Upper-Tier Distribution Account in the following order of priority and only for the following purposes:


 


(i)           to withdraw amounts
deposited in error and to withdraw amounts due to it under Section 3.4(c), to the extent such amounts were not withdrawn
and paid to it by the Servicer under Section 3.4(c);


 






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(ii)           to make distributions
to Holders of the Regular Certificates and the Class R Certificates (in respect of the Class UT-R Interest) on each Distribution
Date pursuant to Section 4.1 or Section 9.1 as applicable; and


 


(iii)          to clear and terminate the Upper-Tier
Distribution Account at the termination of this Agreement pursuant to Section 9.1.


 


Section 3.6.     Foreclosed
Property Account. The Special Servicer shall establish and maintain one or more deposit accounts (the “Foreclosed
Property Account”) in the name of either (a) “AEGON USA Realty Advisors, LLC, as Special Servicer on behalf of
Wells Fargo Bank, National Association, as Trustee for the benefit of the Certificateholders of CSMC 2015- GLPB, Commercial Mortgage
Pass-Through Certificates, Series 2015-GLPB” related to any Foreclosed Property, if any, held in the name of the Special
Servicer for the benefit of the Trustee on behalf of the Certificateholders and the Companion Loan Holders or (b) in the name of
the limited liability company formed under Section 3.14. The Foreclosed Property Account must be an Eligible Account. The
Special Servicer shall deposit into the Foreclosed Property Account within two Business Days of receipt all funds collected and
received in connection with the operation or ownership of such Foreclosed Property. On or before the last day of each Collection
Period, the Special Servicer shall withdraw the funds in the Foreclosed Property Account, net of certain expenses and/or reserves,
and deposit them into the Collection Account in accordance with Section 3.4(a). The Special Servicer shall notify the Trustee
and the Certificate Administrator in writing of the location and account number of the Foreclosed Property Account and shall notify
the Trustee and the Certificate Administrator in writing prior to any subsequent change thereof.


 


Section 3.7.     Appraisal
Reductions. (a) Promptly upon the occurrence of an Appraisal Reduction Event, the Special Servicer shall notify the Servicer,
the Certificate Administrator and the Trustee (and during a Controlling Class Control Period, the Controlling Class Representative)
(i) of the occurrence of an Appraisal Reduction Event, (ii) (A) order and (B) use efforts consistent with Accepted Servicing Practices
to obtain independent appraisals of the Properties (unless appraisals of the Properties were performed within nine (9) months prior
to the Appraisal Reduction Event and the Special Servicer is not aware of any material change in the market or condition or value
of the Properties since the date of such Appraisal (in which case, such appraisal shall be used by the Special Servicer)) and (iii)
determine (no later than the first Distribution Date on or following the receipt of such appraisal or determination to use an existing
appraisal) (so long as such appraisal was received at least three (3) Business Days prior to such Distribution Date (in which case
it shall determine no later than the second Distribution Date following the receipt of such appraisal)) on the basis of the applicable
appraisal, and receipt of information reasonably requested by the Special Servicer from the Servicer in the Servicer’s possession
necessary to calculate the Appraisal Reduction Amount (which information shall be delivered within two (2) Business Days after
receipt of any such request) whether there exists any Appraisal Reduction Amount and, if so, give reasonably prompt notice thereof
to the Servicer, the Trustee, the Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization
Trust, the master servicer, special servicer and trustee with respect to such Other Securitization Trust) and the Certificate Administrator.
The cost of obtaining such appraisal shall be paid by the Servicer as a Property Protection Advance or an Administrative Advance
unless it would constitute a Nonrecoverable Advance and in such case, as an expense of


 






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the Trust. Updates of appraisals shall
be obtained by the Special Servicer and paid for by the Servicer as a Property Protection Advance or an Administrative Advance
(or paid for by the Trust if the Servicer determines that such Advance would constitute a Nonrecoverable Advance) every twelve
(12) months for so long as an Appraisal Reduction Event exists, and the Appraisal Reduction Amount shall be adjusted accordingly,
and, if required in accordance with any such adjustment, each Class of Certificates that has been notionally reduced as a result
of Appraisal Reduction Amounts shall have its related Certificate Balance notionally restored (or reduced if applicable) to the
extent required by such adjustment of the Appraisal Reduction Amount, and there shall be a redetermination of whether a Control
Termination Event or a Consultation Termination Event is then in effect. Any such appraisal obtained shall be delivered by the
Special Servicer to the Certificate Administrator and the Trustee, the Servicer and, during a Controlling Class Control Period,
the Controlling Class Representative, in electronic format (which format is reasonably acceptable to the Certificate Administrator),
and the Certificate Administrator shall make such appraisal available to Privileged Persons pursuant to Section 8.14(b).


 


The Holders of Certificates
representing the majority of the Certificate Balance of any Class of Certificates that is or would be determined to no longer be
the Controlling 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 to challenge the Special Servicer’s Appraisal Reduction Amount determination
and, at their sole expense, obtain a second Appraisal of any Property an Appraisal Reduction Event has occurred (such Holders,
the “Requesting Holders”). The Requesting Holders shall cause the Appraisal to be prepared on an “as
is” basis by an Appraiser in accordance with MAI standards, and the Appraisal shall be reasonably acceptable to the Special
Servicer in accordance with Accepted Servicing Practices. The Requesting Holders shall provide the Special Servicer with notice
of their intent to challenge the Special Servicer’s Appraisal Reduction Amount determination within 10 days of the Requesting
Holders’ receipt of written notice of the determination of such Appraisal Reduction Amount.


 


An Appraised Out Class
shall be entitled to continue to exercise the rights of the Controlling Class until 10 days following its receipt of written notice
of the Appraisal Reduction Amount, unless the Requesting Holders provide written notice of their intent to challenge such Appraisal
Reduction Amount to the Special Servicer and the Certificate Administrator within such 10 day period pursuant to the immediately
preceding paragraph. If the Requesting Holders provide such notice, then the Appraised Out Class shall be entitled to continue
to exercise the rights of the Controlling Class until the earliest of (i) 120 days following the related Appraisal Reduction Event,
unless the Requesting Holders provide the second appraisal within such 120 day period, (ii) the determination by the Special Servicer
(described below) that a recalculation of the Appraisal Reduction Amount is not warranted or that such recalculation does not result
in the Appraised Out Class remaining the Controlling Class and (iii) the termination of a Controlling Class Consultation Period.


 


In addition to the foregoing,
the Holders of Certificates representing the majority of the Certificate Balance 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 Property if an Appraisal Reduction
Event has occurred if an event has occurred at or with regard to the related Property or Properties that would have a material
effect on its Appraised Value, and the Special Servicer


 






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shall use its reasonable best efforts to
ensure that such Appraisal is delivered within 30 days from receipt of such Holders’ written request and shall ensure that
such Appraisal is prepared on an “as is” basis by an Appraiser in accordance with MAI standards; provided that
the Special Servicer shall not be required to obtain such Appraisal if the Special Servicer determines in accordance with Accepted
Servicing Practices that no events at or with regard to the related Property or Properties have occurred that would have a material
effect on such Appraised Value of the related Property or Properties.


 


Upon receipt of an Appraisal
provided by, or requested by, Holders of an Appraised Out Class pursuant to this Section and any other information reasonably requested
by the Special Servicer from the Servicer reasonably required to calculate or recalculate the Appraisal Reduction Amount, the Special
Servicer shall determine, in accordance with Accepted Servicing Practices, whether, based on its assessment of such additional
Appraisal, any recalculation of the Appraisal Reduction Amount is warranted and, if so warranted, shall recalculate such Appraisal
Reduction Amount based upon such additional Appraisal. If required by any such recalculation, the Appraised Out Class shall be
reinstated as the Controlling Class. The Special Servicer shall promptly deliver notice to the Certificate Administrator of any
such determination and recalculation, and the Certificate Administrator shall promptly post such notice to the Certificate Administrator’s
Website.


 


Appraisals that are permitted
to be presented by, or 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 Accepted Servicing Practices
or this Agreement without regard to any appraisal requests made by any Holder of an Appraised Out Class.


 


(b)          While an Appraisal
Reduction Amount exists, (i) the amount of any Monthly Payment Advances shall be reduced as provided in Section 3.23(a),
and (ii) the existence thereof will be taken into account for purposes of determining (a) the Voting Rights of certain Classes
of Certificates as provided in Section 3.7(c) or (b) if a Control Termination Event is continuing.


 


(c)          The Certificate Balance
of each class of the Sequential Pay Certificates shall be notionally reduced (solely for purposes of determining (x) the Voting
Rights of the related Classes and the Controlling Class and (y) whether a Control Termination Event is continuing on any Distribution
Date) on any Distribution Date, to the extent of the Appraisal Reduction Amount allocated to such Class on such Distribution Date.
The Whole Loan shall be treated as a single loan for purposes of calculating the Appraisal Reduction Amount. Appraisal Reduction
Amounts with respect to the Whole Loan shall be allocated, first, to Note B-1 and Note B-2 on a pro rata and pari
passu basis (based on their relative outstanding principal balances), up to its respective outstanding principal balance, and
then to Note A-1, Note A-2 and the Companion Loans on a pro rata and pari passu basis (based on their relative
outstanding principal balances). The Appraisal Reduction Amount allocated to the Trust Loan Notes for any Distribution Date shall
be applied to notionally reduce the Certificate Balances of the Sequential Pay Certificates in the following order of priority:
first, to the Class D Certificates; second, to the Class C Certificates; and third, to the Class B Certificates;
(provided in each case that no Certificate Balance in respect of any such Class may be notionally reduced below zero).


 






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Appraisal Reduction Amounts shall not be applied to notionally
reduce the Certificate Balance of any Class A Certificate.


 


(d)          In the event that
a portion(s) of one or more Monthly Payment Advances with respect to the Trust Loan was 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 amounts
of the Net Liquidation Proceeds to be applied to principal have been applied to pay the principal of the Trust Loan in full, any
remaining Net Liquidation Proceeds shall then be applied to pay any remaining accrued and unpaid interest on the Trust Loan in
accordance with Section 1.3.


 


(e)          If
(i) an Appraisal Reduction Event has occurred, (ii) with respect to the Properties, either (A) no Appraisals or updates of the
Appraisals have been obtained or conducted with respect to the Properties or Foreclosed Properties, as the case may be, during
the 12-month period prior to the date of such Appraisal Reduction Event or (B) a material change in the circumstances surrounding
the Properties or Foreclosed Properties, as the case may be, has occurred since the date of the most recent Appraisal that would
materially adversely affect the value of the Properties or Foreclosed Properties, as the case may be, and (iii) no new Appraisal
has been obtained or conducted for the Properties or Foreclosed Properties, as the case may be, within 60 days after the Appraisal
Reduction Event has occurred, then (x) until the new Appraisal is obtained for the Properties, the appraised value of the Properties
for purposes of determining the Appraisal Reduction Amount shall be equal to 75% of the appraised value set forth in the most
recent Appraisal for the Properties or Foreclosed Properties, as the case may be (the “Assumed Appraised Value”),
and (y) upon receipt or performance of the new Appraisal by the Special Servicer, the appraised value of the Properties or Foreclosed
Properties, as the case may be, shall be based on such new Appraisal and the Appraisal Reduction Amount will be recalculated in
accordance with the definition of Appraisal Reduction Amount.


 


Section 3.8.     Investment
of Funds in the Collection Account and Any Foreclosed Property Account. (a) The Servicer (and, with respect to the Foreclosed
Property Account, the Special Servicer) may direct any depository institution maintaining the Collection Accounts or the Foreclosed
Property Account, respectively (each, for purposes of this Section 3.8, 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 direction by the Servicer or the Special Servicer, as
applicable, to invest funds on deposit in an Investment Account shall be in writing and shall certify that the requested investment
is a Permitted Investment which matures at or prior to the time required hereby or is payable on demand. 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 for the benefit of the Certificateholders (in its capacity as such) or in the name of a nominee of the Trustee.
The Trustee shall have sole control (except with respect to investment direction, which shall be in the control of the Servicer
(or the Special Servicer, with respect to the Foreclosed Property Account) 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


 






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to the Trustee or its agent (which shall
initially be the Servicer or the Special Servicer, as applicable), together with any document of transfer, if any, necessary to
transfer title to such investment to the Trustee for the benefit of the Certificateholders or its nominee. The Trustee and the
Certificate Administrator shall have no responsibility or liability with respect to the investment directions of the Servicer or
the Special Servicer, as applicable, 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 Servicer
and the Special Servicer, as applicable, shall:


 


(i)           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


 


(ii)          demand payment
of all amounts due thereunder promptly upon determination by the Servicer or Special Servicer, 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 net income and
gain realized from investment of funds deposited in the Collection Account shall be for the benefit of the Servicer in accordance
with the terms and priorities of this Agreement. All net income and gain realized from investment of funds deposited in the Foreclosed
Property Account shall be for the benefit of the Special Servicer. Any net losses on funds in the Collection Account or the Foreclosed
Property Account shall be reimbursed by the Servicer or the Special Servicer, as applicable, from its own funds promptly, but in
any event on or prior to the Remittance Date following the realization of such loss.


 


(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, the Servicer shall take such action as may be
appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings. In the
event the Servicer takes any such action, the Trust Fund shall pay or reimburse the Servicer, pursuant to Section 3.4(c),
for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Servicer in connection therewith.


 


(d)          For the avoidance
of doubt, the Collection Account, the Foreclosed Property Account, the Interest Reserve Account and the Lower-Tier Distribution
Account (including interest, if any, earned on the investment of funds in such accounts) will be owned by the Lower-Tier REMIC,
and the Upper-Tier Distribution Account (including interest, if any, earned on the investment of funds in such account) will be
owned by the Upper-Tier REMIC, each for federal income tax purposes.


 


(e)          Notwithstanding the
foregoing, neither the Servicer, nor the Special Servicer shall cover any losses from the bankruptcy or insolvency of a depository
institution holding an account described in this Section 3.8, so long as (i) such depositary institution or trust company
satisfied the qualifications set forth in the definition of Eligible Institution at the time


 






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such deposit was made and such institution
was not an Affiliate of the Servicer or the Special Servicer, as applicable and (ii) such loss was incurred within 30 days after
the earlier of (a) the date of such bankruptcy or insolvency or (b) the date on which the depositary institution or trust company
failed to satisfy the qualifications set forth in the definition of Eligible Institution.


 


Section 3.9.     Payment
of Taxes, Assessments, etc. The Servicer (other than with respect to any Foreclosed Property) and the Special Servicer (with
respect to any Foreclosed Property) shall maintain accurate records with respect to the Properties (or any Foreclosed Property,
as the case may be) reflecting the status of taxes, assessments, charges and other similar items that are or may become a lien
on the Properties (or any Foreclosed Property, as the case may be) and the status of insurance premiums payable in respect of insurance
policies required to be maintained pursuant to Section 3.11 hereof. The Servicer shall obtain, from time to time, all bills
for the payment of such items (including renewal premiums). The Servicer shall pay (or cause to be paid) real estate taxes, insurance
premiums and other similar items from funds in the applicable Reserve Account in accordance with the Loan Agreement at such time
as may be required by the Loan Documents. If any of the Loan Borrowers do not make the necessary payments and/or a Loan Event of
Default has occurred and amounts in the applicable Reserve Account are insufficient to make such payments, the Servicer shall make
a Property Protection Advance, subject to the determination of non-recoverability provided in Section 3.23, from its own
funds for amounts payable with respect to all such items related to a Property when and as the same shall become due and payable.
The Servicer shall ensure that the amount of funds in the applicable Reserve Account is increased when and if applicable taxes,
assessments, charges and other similar items, ground rents or insurance premiums are increased, in accordance with the terms of
the Loan Agreement.


 


Section 3.10.     Appointment
of Special Servicer. (a) AEGON USA Realty Advisors, LLC is hereby appointed as the initial Special Servicer to service the
Whole Loan while a Special Servicing Loan Event has occurred and is continuing and perform the other obligations of the Special
Servicer hereunder.


 


(b)          If there is a Special
Servicer Termination Event with respect to any Special Servicer, such Special Servicer may be removed and replaced pursuant to
Section 7.1. The Trustee shall, promptly after receiving notice of any such removal, so notify the Servicer, the Companion
Loan Holders and, subject to Section 10.17, the 17g-5 Information Provider (who shall promptly post it to the 17g-5 Information
Provider’s Website, pursuant to Section 10.16). The appointment of any such successor Special Servicer shall not relieve
the Servicer or the Trustee of their respective obligations to make Advances as set forth herein; provided, however,
the initial Special Servicer specified above shall not be liable for any actions or any inaction of such successor Special Servicer.
No termination fee shall be payable to the terminated Special Servicer. No termination of the Special Servicer and appointment
of a successor Special Servicer shall be effective until the successor Special Servicer has assumed all of its responsibilities,
duties and liabilities hereunder in writing, a Companion Loan Rating Agency Confirmation with respect to such appointment has been
delivered to the Trustee and Rating Agency Confirmation with respect to such appointment has been delivered to the Trustee. Any
successor Special Servicer shall be deemed to make the representations and warranties provided for in Section 2.5(a) mutatis
mutandis as of the date of its succession. The terminated Special Servicer shall retain all rights accruing to it under this
Agreement, including the right to receive


 






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fees accrued prior to its termination and other amounts payable
to it (including indemnification payments).


 


(c)          Upon determining
that a Special Servicing Loan Event has occurred and is continuing, the Servicer shall immediately give notice thereof to the Special
Servicer, the Certificate Administrator and the Trustee, and the Servicer shall use its reasonable efforts to provide the Special
Servicer with all information, documents (but excluding the original documents constituting the Mortgage File) and records (including
records stored electronically on computer tapes, magnetic discs and the like) relating to the Whole Loan and reasonably requested
by the Special Servicer to enable it to assume its duties hereunder with respect thereto. The Servicer shall use its reasonable
efforts to comply with the preceding sentence within five Business Days of the date that a Special Servicing Loan Event has occurred.
The Servicer in any event shall continue to act as Servicer and administrator of the Whole Loan until the Special Servicer has
commenced the servicing of the Whole Loan, upon the occurrence and during the continuation of a Special Servicing Loan Event, which
shall occur, in the case of a Special Servicing Loan Event, upon the receipt by the Special Servicer of the information, documents
and records referred to in the preceding sentence. The Special Servicer shall instruct the Loan Borrowers to continue to remit
all payments in respect of the Whole Loan to the Servicer. The Servicer shall forward any notices it would otherwise send to the
Loan Borrowers under the Whole Loan to the Special Servicer who shall send such notice to the Loan Borrowers while a Special Servicing
Loan Event has occurred and is continuing.


 


(d)          Upon determining
that a Special Servicing Loan Event is no longer continuing, the Special Servicer shall immediately give notice thereof to the
Servicer, the Certificate Administrator, the Trustee and the Companion Loan Holders, and upon giving such notice such Special Servicing
Loan Event shall cease, the Special Servicer’s obligation to service the Whole Loan shall terminate and the obligations of
the Servicer to service and administer the Whole Loan shall resume and the Special Servicer shall return all of the information
and materials furnished to the Special Servicer pursuant to Section 3.10(c) to the Servicer.


 


(e)          In making a Major
Decision or in servicing the Whole Loan during the continuance of a Special Servicing Loan Event, the Servicer or the Special Servicer,
as applicable, shall provide to the Certificate Administrator originals of documents entered into in connection therewith that
are required to be included within the definition of “Mortgage File” for inclusion in the Mortgage File (to the extent
such documents are in the possession of the Servicer or the Special Servicer, as applicable) and copies of any additional related
Whole Loan information, including correspondence with the Loan Borrowers, and the Special Servicer shall promptly provide copies
of all of the foregoing to the Servicer as well as copies of any related analysis or internal review prepared by or for the benefit
of the Special Servicer.


 


(f)           During any period
in which a Special Servicing Loan Event is continuing, no later than the Business Day preceding each date on which the Servicer
is required to furnish a report under Section 3.18(a) to the Certificate Administrator, the Special Servicer shall deliver
to the Servicer a written statement describing (i) the amount of all payments on account of interest received on each Note, the
amount of all payments on account of principal received on each Note, the amount of Insurance Proceeds and Net Liquidation Proceeds
received, the amount of any Foreclosure Proceeds received with respect to the Properties, and the amount of net income


 






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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, any Foreclosed Property, in each case in accordance with
Section 3.15 and (ii) such additional information relating to the Whole Loan as the Servicer or the Certificate Administrator
reasonably requests to enable it to perform its duties under this Agreement.


 


(g)          Notwithstanding the
provisions of the preceding subsection (c), the Servicer shall maintain ongoing payment records with respect to the Whole
Loan and shall provide the Special Servicer with any information reasonably required by the Special Servicer to perform its duties
under this Agreement.


 


(h)          The Special Servicer,
at the earlier of (x) within 60 days after the occurrence of a Special Servicing Loan Event and (y) prior to taking action with
respect to any Major Decision (or making a determination not to take action with respect to a Major Decision) if a Special Servicing
Loan Event occurs, shall prepare a report (the “Asset Status Report”) for the Whole Loan. Each Asset Status
Report will be delivered in electronic format to the Controlling Class Representative (during a Controlling Class Control Period
and Controlling Class Consultation Period), the Depositor, the Certificate Administrator, the Trustee, the Servicer, the Companion
Loan Holders (as and to the extent required under Section 5(d) of the Co-Lender Agreement) and, subject to Section 10.17,
the Rating Agencies; provided, however, that (1) the Special Servicer shall not be required to deliver an Asset Status
Report to the Controlling Class Representative if they are the same entity or affiliates of each other and (2) the Special Servicer
shall not deliver any Asset Status Report to the Controlling Class Representative or a Controlling Class Certificateholder that
is a Borrower Related Party. Such Asset Status Report shall be consistent with Accepted Servicing Practices and set forth the following
information to the extent reasonably determinable:


 


(i)           summary
of the status of the Whole Loan and any negotiations with the Loan Borrowers;


 


(ii)          a discussion
of the legal and environmental considerations reasonably known at such time to the Special Servicer, consistent with Accepted Servicing
Practices, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other
collateral for the Whole Loan and whether outside legal counsel has been retained;


 


(iii)         the most current
rent roll and income or operating statement available for the Properties;


 


(iv)         the Special Servicer’s
recommendations on how the Whole Loan might be returned to performing status or otherwise realized upon;


 


(v)          the appraised
value of the Properties together with the appraisal or the assumptions used in the calculation thereof;


 


(vi)         the
status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed workouts with respect thereto
and the status of any


 






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negotiations
with respect to such workouts, and an assessment of the likelihood of additional Loan Events of Default;


 


(vii)        a description of any proposed actions;


 


(viii)       a description of any proposed
amendment, modification or waiver of a material term of a ground lease;


 


(ix)         the alternative
courses of action considered by the Special Servicer in connection with the proposed actions;


 


(x)          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; and an analysis of whether or not taking such
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
discount rate used) and all related assumptions. In connection with the foregoing analysis, if any Loan Borrower has indicated
its refusal to pay any Work-out Fees, Special Servicing Fees or Liquidation Fees due to the Special Servicer, the Special Servicer
must consider the costs to the Trust and analyze as an alternative a sale of the Whole Loan or of the related Foreclosed Property
or other exercise of remedies;


 


(xi)         a summary of
the status of any action that was described in the most recent prior Asset Status Report and subsequently effected by the Special
Servicer; and


 


(xii)        such other information as the
Special Servicer deems relevant in light of the proposed action and Accepted Servicing Practices.


 


During a Controlling
Class Control Period, if within 10 Business Days of receiving an Asset Status Report, the Controlling Class Representative does
not disapprove such Asset Status Report in writing, then the Controlling Class Representative shall 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, however, that the Special Servicer may not take any action that is contrary to applicable law, Accepted
Servicing Practices, the Co-Lender Agreement or the terms of the applicable Loan Documents. In addition, during a Controlling Class
Control Period, the Controlling Class Representative may object to any asset status report within 10 business days of receipt;
provided, however, that if the Special Servicer determines that emergency action is necessary to protect the related
Property or the interests of the Certificateholders and the Companion Loan Holders, or if a failure to take any such action at
such time would be inconsistent with Accepted Servicing Practices, the Special Servicer may take actions with respect to the related
Property before the expiration of the 10 Business Day period if the Special Servicer reasonably determines in accordance with Accepted
Servicing Practices that failure to take such actions before the expiration of the 10 Business Day period would materially and
adversely affect the interest of the Certificateholders and the Companion Loan Holders, and (during a Controlling Class Control
Period) the Special Servicer has made a reasonable effort to contact the Controlling Class Representative. If, during a Controlling
Class


 






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Control Period, the Controlling Class
Representative disapproves such Asset Status Report within 10 Business Days of receipt and the Special Servicer has not made an
affirmative determination pursuant to the proviso in the preceding sentence, the Special Servicer will revise such Asset Status
Report and deliver to the Controlling Class Representative (during a Controlling Class Control Period and Controlling Class Consultation
Period), the Certificate Administrator, the related Companion Loan Holders and, subject to Section 10.17 of this Agreement,
each Rating Agency a new Asset Status Report as soon as practicable, but in no event later than 30 days after such disapproval.
During a Controlling Class Control Period, the Special Servicer shall revise such Asset Status Report as described above until
the Controlling Class Representative shall fail 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 Accepted Servicing
Practices, that such objection is not in the best interests of all the Certificateholders and, if applicable, the related Companion
Loan Holders (as a collective whole as if such Certificateholders constitute a single lender).


 


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 3.10(h). In any event, during
a Controlling Class Control Period, if the Controlling Class Representative does not approve an Asset Status Report within 60 Business
Days from the first submission thereof, the Special Servicer shall take such action as directed by the Controlling Class Representative,
provided such action does not violate Accepted Servicing Practices.


 


Notwithstanding anything
to the contrary herein, after the occurrence and during the continuance of a Consultation Termination Event, the Controlling Class
Representative shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect
to any matter set forth therein. After the occurrence and during the continuance of a Control Termination Event, the Controlling
Class Representative shall have no right to consent to any Asset Status Report under this Section 3.10(h). Any summary Asset
Status Report that is related to the Whole Loan and is Excluded Information shall be delivered to the Certificate Administrator
pursuant to Section 8.14(c).


 


(i)           During the continuance
of a Special Servicing Loan Event, the Special Servicer shall have the authority to meet with the Loan Borrowers and take any actions
consistent with Section 3.24, Accepted Servicing Practices and the most recent Asset Status Report.


 


(j)           In
addition, during the continuance of a Special Servicing Loan Event, on the last day of each Collection Period the Special Servicer
shall prepare and deliver to the Servicer the CREFC® Special Servicer Loan
File with respect to the Whole Loan.


 


(k)         Beginning in 2016,
the Special Servicer shall prepare and file on a timely basis the reports of foreclosure and abandonment of the Properties required
by Section 6050J of the Code and the reports of discharges of indebtedness income in respect of the Trust Loan and each Companion
Loan required by Section 6050P of the Code.


 






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(l)          Notwithstanding the
foregoing, the Special Servicer shall not follow any advice, direction or consultation provided by the Controlling Class Representative
that would require or cause the Special Servicer to violate any applicable law or provisions of the Code resulting in an Adverse
REMIC Event, be inconsistent with Accepted Servicing Practices, require or cause the Special Servicer to violate provisions of
this Agreement or the Co-Lender Agreement, require or cause the Special Servicer to violate the terms of the Whole Loan, expose
any Certificateholder or any party to this Agreement or their Affiliates, officers, directors or agents to any claim, suit or liability,
result in the imposition of a tax upon the Trust (other than a tax on “net income from foreclosure property”) or loss
of REMIC status or materially expand the scope of the responsibilities of the Special Servicer or Servicer, as applicable, under
this Agreement.


 


Section 3.11.     Maintenance
of Insurance and Errors and Omissions and Fidelity Coverage. (a) The Servicer, consistent with Accepted Servicing Practices
and the Loan Documents, shall use efforts consistent with the Accepted Servicing Practices to cause to be maintained by the Loan
Borrowers (or if the Loan Borrowers fail to maintain such insurance in accordance with the Loan Agreement, the Servicer shall cause
to be maintained to the extent the Trustee, as mortgagee of record, has an insurable interest) insurance with respect to the Properties
of the types and in the amounts required to be maintained (to the extent such insurance is available at commercially reasonable
rates, provided, that the commercially reasonably requirement shall not apply with respect to terrorism insurance which will be
governed by the Loan Documents) by the Loan Borrowers under the Loan Documents. The cost of any such insurance maintained by the
Servicer shall be advanced by the Servicer, as a Property Protection Advance unless it would be a Nonrecoverable Advance in which
case it shall be paid by the Trust, and as applicable, by the Companion Loan Holders pursuant to the Co-Lender Agreement. Neither
the Servicer nor the Special Servicer shall be required to maintain, and shall not cause the Loan Borrowers to be in default with
respect to the failure of the Loan Borrowers to obtain, all-risk casualty insurance which does not contain any carve-out for terrorist
or similar acts, if and only if the Special Servicer has determined, on an annual basis, that such failure is an Acceptable Insurance
Default. In making any determination related to an Acceptable Insurance Default, the Special Servicer, to the extent consistent
with Accepted Servicing Practices, is entitled to rely on the opinion of an insurance consultant. Neither the Servicer nor the
Special Servicer shall be required to obtain terrorism insurance pursuant to this Agreement to the extent the Loan Borrowers would
not be obligated to maintain terrorism insurance under the Loan Documents as in effect on the date thereof.


 


(b)          The Special Servicer,
consistent with Accepted Servicing Practices and the Loan Documents, shall cause to be maintained such insurance (including environmental
insurance) with respect to any Foreclosed Property the Loan Borrowers are required to maintain with respect to the Properties referred
to in subsection (a) of this Section 3.11 or, at the Special Servicer’s election, coverage satisfying insurance
requirements consistent with Accepted Servicing Practices. The cost of any such insurance with respect to any Foreclosed Property
shall be payable out of amounts on deposit in the Foreclosed Property Account or shall be advanced by the Servicer as a Property
Protection Advance unless such advance would be a Nonrecoverable Advance. Any such insurance (other than terrorism insurance, which
shall be maintained to the extent required under subsection (a) of this Section 3.11) that is required to be maintained
with respect to any Foreclosed Property shall only be so required to the extent such


 






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insurance is available at commercially
reasonable rates. If the Special Servicer requests the Servicer to make a Property Protection Advance in respect of the premiums
due in respect of such insurance, the Servicer shall, as soon as practicable after receipt of such request, make such Property
Protection Advance unless such Advance would be a Nonrecoverable Advance, and if the Servicer does not make such Advance, the Trustee
(within five (5) Business Days of its receipt of notice of the Servicer’s failure to make such Advance) shall make an Advance
of the premiums to maintain such insurance, provided that, in each such case, such obligations shall be subject to the provisions
of this Agreement concerning Nonrecoverable Advances, the Trustee as mortgagee of record having an insurable interest and the availability
of such insurance at commercially reasonable rates.


 


(c)          The Servicer or the
Special Servicer, as applicable, may satisfy its obligations to cause insurance policies to be maintained by maintaining a master
force placed or blanket insurance policy insuring against losses on the Properties or any Foreclosed Property, as the case may
be for which coverage is otherwise required to be maintained as set forth in the preceding subsections of this Section 3.11.
The incremental cost of such insurance allocable to the Properties or any Foreclosed Property, if not borne by the Loan Borrowers,
shall be paid by the Servicer as a Property Protection Advance unless it would be a Nonrecoverable Advance. If such master force
placed or blanket insurance policy contains a deductible clause, the Servicer or the Special Servicer, as applicable, shall be
obligated to deposit in the Collection Account out of its own funds all sums that would have been deposited therein but for such
clause to the extent any such deductible exceeds the deductible limitation that pertained to the Whole Loan, or in the absence
of any such deductible limitation, the deductible limitation that is consistent with Accepted Servicing Practices.


 


(d)          Each of the Servicer
and the Special Servicer shall obtain and maintain at its own expense, and keep in full force and effect throughout the term of
this Agreement, a blanket fidelity bond and an errors and omissions insurance policy, the issuer of which is rated no lower than
the applicable Qualified Insurer Ratings, covering its directors, officers and employees, as applicable, in connection with its
activities under this Agreement. Each such insurance policy shall protect the Servicer or the Special Servicer, as applicable,
against losses resulting directly from forgery, theft, embezzlement, fraud, errors and omissions of such covered persons. Coverage
of the Servicer or the Special Servicer under a policy or bond obtained by an Affiliate thereof and providing the coverage required
by this Section 3.11(d) shall satisfy the requirements of this Section 3.11(d). The amount of coverage shall be at
least equal to the coverage that is required by applicable governmental authorities having regulatory power over the Servicer and
the Special Servicer. If no such coverage amounts are imposed by such regulatory authorities, the amount of coverage shall be at
least equal to the coverage that would be required by FNMA or FHLMC with respect to the Servicer and the Special Servicer if each
were servicing and administering the Whole Loan for FNMA or FHLMC or as otherwise approved by FNMA or FHLMC. In the event that
any such bond or policy ceases to be in effect, the Servicer or the Special Servicer, as applicable, shall obtain a comparable
replacement bond or policy. Each shall use reasonable effort to cause each and every sub-servicer, if any, to maintain a blanket
fidelity bond and an errors and omissions insurance policy meeting the requirements as described above. In lieu of the foregoing,
but subject to this Section 3.11, the Servicer and the Special Servicer shall be entitled to self-insure with respect to
such risks so long


 






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as its (or its immediate or ultimate parent’s) long term
unsecured debt rating is rated no lower than “A3” by Moody’s.


 


(e)          No provision of this
Section 3.11 requiring such fidelity bond and errors and omissions insurance shall diminish or relieve the Servicer or the
Special Servicer from its duties and obligations as set forth in this Agreement. The Certificate Administrator shall be entitled
to request, upon receipt of a written request from any Certificateholder, and the Servicer and the Special Servicer shall each
deliver or cause to be delivered to the Certificate Administrator, a certificate of insurance from the surety and insurer certifying
that such insurance is in full force and effect. The Certificate Administrator will make any such certificate of insurance available
to the requesting Certificateholder on a confidential basis.


 


Section 3.12.     Procedures
with Respect to the Whole Loan; Realization upon the Properties. (a) Upon the occurrence of a Loan Event of Default,
the Special Servicer on behalf of the Trustee, subject to the terms of the Loan Documents and consistent with Accepted Servicing
Practices, shall promptly pursue the remedies set forth therein, including foreclosure or other realization on the Properties and
the other collateral for the Whole Loan. In connection with any foreclosure, enforcement of the applicable Loan Documents or other
realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs and expenses
in any such proceedings as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing
Practices, that such Advance would constitute a Nonrecoverable Advance.


 


(b)          Such proposed acceleration
of the Whole Loan and/or foreclosure on a Property shall be taken unless the Special Servicer waives such Loan Event of Default
(or modifies or amends the Whole Loan to cure the Loan Event of Default), which the Special Servicer may do if such modification,
waiver or amendment is consistent with Accepted Servicing Practices and does not cause either the Lower-Tier REMIC or the Upper-Tier
REMIC to fail to qualify as a REMIC under the REMIC Provisions or subject either such REMIC to any tax (other than a tax on “net
income from foreclosure property” under Section 860G(c)) of the Code.


 


(c)          In connection with
such foreclosure as described in Section 3.12(a) or other realization on the Properties, the Special Servicer shall follow
Accepted Servicing Practices; provided, however, that the Special Servicer shall not be permitted to direct the Servicer,
and neither the Special Servicer nor the Servicer shall be required, to expend its own funds to restore any Property damaged by
an Uninsured Cause unless the Servicer or the Special Servicer, as applicable, permitted the related insurance policy to lapse
in violation of its respective obligations hereunder. If the Servicer does expend its own funds to restore the Properties damaged
by an Uninsured Cause (which insurance policy did not lapse in violation of the Servicer’s obligations), such expense shall
be a Property Protection Advance. In connection with any foreclosure, enforcement of the Loan Documents or other realization on
the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs and expenses in any such
proceedings as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that
such Advance would constitute a Nonrecoverable Advance.


 






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(d)          Notwithstanding the
foregoing, the Special Servicer may not foreclose on the Properties on behalf of the Trust and the Companion Loan Holders and thereby
be the beneficial owner of the Properties, or take any other action with respect to such item that would cause the Trustee, on
behalf of the Trust and the Companion Loan Holders, to be considered to hold title to, to be a “mortgagee-in-possession”
of, or to be an “owner” or “operator” of a Property within the meaning of CERCLA or any comparable law,
unless the Special Servicer has previously determined, based on a report prepared at the expense of the Trust Fund by an independent
person who regularly conducts site assessments for purchasers of comparable properties (a copy of such report to be provided by
the Special Servicer to the Companion Loan Holders, the Trustee, the Certificate Administrator and the 17g-5 Information Provider
for posting on the 17g-5 Information Provider’s website), that (i) the Properties are in compliance with applicable environmental
laws or that taking the remedial actions necessary to comply with such laws is reasonably likely to produce a greater recovery
on a present value basis than not taking such actions and (ii) there are no circumstances known to the Special Servicer relating
to the use of hazardous substances or petroleum-based materials which require investigation or remediation, or that if such circumstances
exist taking such remedial actions is reasonably likely to produce a greater recovery on a net present value basis than not taking
such actions. The Special Servicer shall deliver a copy of any such report to the Rating Agencies, subject to Section 10.17.


 


If the Special Servicer
has so determined based on satisfaction of the criteria in this Section 3.12(d) that it would be in the best economic interest
of the Trust and the Companion Loan Holders (as a collective whole as if the Trust Fund and the Companion Loan Holders constituted
a single lender) (as determined in accordance with Accepted Servicing Practices) to institute a foreclosure or take any other actions
described in the immediately preceding paragraph, then subject to the rights of the Controlling Class Representative to consent
to and/or consult in respect of such action, as applicable, the Special Servicer shall take such proposed action. The Special Servicer
shall not foreclose upon or otherwise cause the Trust to acquire ownership of any Collateral other than the Properties unless it
receives an Opinion of Counsel (the cost of which shall be paid by the Servicer as a Property Protection Advance unless the Servicer
determines that such Property Protection Advance would constitute a Nonrecoverable Advance) to the effect that such acquisition
will not cause the imposition of a tax on the Upper-Tier REMIC or the Lower-Tier REMIC (other than a tax on “net income from
foreclosure property” under Section 860G(c)) of the Code under the REMIC Provisions or cause the Lower-Tier REMIC or Upper-Tier
REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding.


 


The Special Servicer
shall direct the Servicer to, and the Servicer shall, advance the cost of any such compliance, containment, clean up or remediation
as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that such Advance
would constitute a Nonrecoverable Advance.


 


(e)           The
environmental site assessments contemplated by Section 3.12(d) shall be prepared by any Independent Person who
regularly conducts environmental site assessments for purchasers of comparable properties, as determined by the Servicer in a
manner consistent with Accepted Servicing Practices. The cost of each such environmental site assessment shall


 






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qualify as a
Property Protection Advance and shall be advanced by the Servicer unless the Servicer determines that such Advance would
constitute a Nonrecoverable Advance.


 


(f)           Notwithstanding any
acquisition of title to the Properties following a Loan Event of Default under the Whole Loan and cancellation of the Whole Loan,
the Trust Loan and the Companion Loans, the Trust Loan and each Companion Loan shall be deemed to remain outstanding and, in the
case of the Trust Loan, held in the Trust Fund for purposes of the application of collections and shall be reduced only by collections
net of expenses. For purposes of all calculations hereunder, so long as the Trust Loan and any Companion Loan shall be deemed to
remain outstanding, (i) it shall be assumed that the unpaid principal balance of the Trust Loan and the Companion Loans immediately
after any discharge is equal to the unpaid principal balance of the Trust Loan or the Companion Loans immediately prior to such
discharge and (ii) Foreclosure Proceeds shall be applied as provided in Section 1.3(b) and the Co-Lender Agreement.


 


(g)          Notwithstanding any
provision herein to the contrary, the Special Servicer shall not acquire and hold for the benefit of the Trust Fund any personal
property (including any non-real property Collateral) pursuant to this Section 3.12 unless:


 


(i)           such personal
property is incidental to real property (within the meaning of Section 856(e)(1) of the Code) so acquired by the Special Servicer;
or


 


(ii)          the Special Servicer
shall have obtained an Opinion of Counsel (the cost of which shall be paid by the Servicer as a Property Protection Advance unless
the Servicer determines that such Property Protection Advance would constitute a Nonrecoverable Advance in which case it shall
be treated as a trust fund expense) to the effect that the holding of such personal property by the Trust will not cause the imposition
of a tax on the Upper-Tier REMIC or the Lower-Tier REMIC under the REMIC Provisions or cause the Upper-Tier REMIC or the Lower-Tier
REMIC to fail to qualify as a REMIC at any time that any Uncertificated Lower-Tier Interest or 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)).


 


Section 3.13.     Certificate
Administrator to Cooperate; Release of Items in the Mortgage File. From time to time and as appropriate for the servicing
of the Whole Loan or Foreclosure of or realization on any Property, the Certificate Administrator shall, upon receipt of written
request of a Servicing Officer of the Servicer or the Special Servicer and delivery to the Certificate Administrator of a receipt
for release in the form of Exhibit B hereto, release or cause to be released any items from the Mortgage File to the Servicer
or the Special Servicer, as the case may be, within the lesser of (i) seven (7) calendar days and (ii) five (5) Business Days
of its receipt of the related receipt for release. The Special Servicer shall institute all Foreclosures as an authorized delegate
of the Trustee, on behalf of the Trust and the Companion Loan Holders. In the event the Special Servicer cannot institute a Foreclosure
in its own name, the Special Servicer shall notify the Trustee and the Trustee shall reasonably cooperate with the Special Servicer
in connection with any prosecution of any Foreclosure (including at the written request


 






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of a Servicing Officer of the Special Servicer,
execute such documents furnished to it as shall be necessary to the prosecution of any such Foreclosure). Such receipt for release
shall obligate the Servicer or the Special Servicer to (and the Servicer or Special Servicer, as applicable, shall) return such
items to the Certificate Administrator when the need therefor by the Servicer or the Special Servicer no longer exists.


 


Section
3.14.     Title and Management of Foreclosed Properties. (a) In
the event that title to any Property is acquired for the benefit of the Certificateholders and the Companion Loan Holders in
foreclosure or by deed-in-lieu of foreclosure or otherwise, the deed, certificate of sale or other comparable document shall
be taken in the name of the Trustee, or its nominee (which shall not include the Special Servicer), on behalf of the Trust
and the Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10. Title may be taken in the name
of a limited liability company wholly-owned by the Trust and which is managed by the Special Servicer (the costs of which
shall be advanced by the Servicer, provided that such Advance would not be a Nonrecoverable Advance). Promptly after
such acquisition of title, the Special Servicer shall consult with counsel to determine when an Acquisition Date shall
be deemed to occur under the REMIC Provisions with respect to such Property, the expense of such consultation being treated
as a reimbursable expense of the Special Servicer related to the foreclosure. The Special Servicer, on behalf of the Trust
and the Companion Loan Holders, shall dispose of any Foreclosed Property held by the Trust as expeditiously as appropriate in
accordance with Accepted Servicing Practices, but in any event within the time period, and subject to the conditions, set
forth in Sections 3.15 and 12.2. Subject to Sections 12.2 and 3.14(e), the Special Servicer shall
hire on behalf of the Trust and the Companion Loan Holders a Successor Manager to manage, conserve, protect and operate such
Foreclosed Property for the Certificateholders and the Companion Loan Holders solely for the purpose of its prompt
disposition and sale in a manner that does not cause such Foreclosed 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 of any income from non-permitted assets as described in Section 860F(a)(2)(B) of the Code with
respect to such property. In connection with such management, the Successor Manager shall be entitled to the REO Management
Fee solely from the Foreclosed Property Account or the Collection Account.


 


(b)          The Special Servicer
shall segregate and hold all funds collected and received in connection with the operation of any Foreclosed Property separate
and apart from its own funds and general assets and shall establish and maintain with respect to any Foreclosed Property a Foreclosed
Property Account in (A) the name of the Special Servicer on behalf of the Trustee pursuant to Section 3.6 or (B) the name
of a limited liability company wholly owned by the Trust.


 


(c)           The
Special Servicer shall have full power and authority, subject to Accepted Servicing Practices and the specific requirements
and prohibitions of this Agreement, to do any and all things in connection with any Foreclosed Property for the benefit of
the Trust and the Companion Loan Holders (as a collective whole as if the Trust Fund and the Companion Loan Holders
constituted a single lender) on such terms as are appropriate and necessary for the efficient operation or liquidation, as
applicable, of any Foreclosed Property, so long as the


 






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Special Servicer deems such actions to be consistent with Accepted
Servicing Practices. Without limiting the generality of the foregoing, the Special Servicer may retain an independent
contractor to operate and manage any Foreclosed Property; provided, however, the retention of an independent
contractor will not relieve the Special Servicer of its obligations hereunder with respect to any Foreclosed Property.


 


The Special Servicer
shall deposit or cause to be deposited on a daily basis in the Foreclosed Property Account all revenues received with respect to
any Foreclosed Property, and the Special Servicer shall cause to be withdrawn therefrom funds necessary for the proper operation,
management and maintenance of any Foreclosed Property and for other expenses related to the preservation and protection of any
Foreclosed Property, including, but not limited to:


 


(i)           all insurance premiums due and payable in respect of
any Foreclosed Property;


 


(ii)          all taxes, assessments,
charges or other similar items in respect of any Foreclosed Property that could result or have resulted in the imposition of a
lien thereon; and


 


(iii)         all costs and
expenses necessary to preserve any Foreclosed Property, including the payment of ground rent, if any.


 


To the extent that amounts
on deposit in the Foreclosed Property Account are insufficient for the purposes set forth in clauses (i) through (iii) above, the
Special Servicer shall direct the Servicer to, and the Servicer shall, make a Property Protection Advance unless the Servicer determines,
in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.


 


(d)           On or before the
last day of each Collection Period, the Special Servicer shall withdraw from the Foreclosed Property Account and deposit into the
Collection Account the proceeds and collections received or collected since the preceding Remittance Date through the Business
Day prior to the Remittance Date on or with respect to any Foreclosed Property (including any funds no longer needed in any reserves
established as provided below), net of expenses paid therefrom and amounts reasonably expected to be needed to fund any reserves
deemed necessary for the operation, preservation and protection of any Foreclosed Property, including without limitation, the creation
of reasonable reserves for working capital, repairs, replacements and necessary capital improvements and other related expenses.


 


(e)           The Special Servicer,
in the name of the Trust, shall (subject to Section 3.14(a)) contract with any Successor Manager for the operation and management
of any Foreclosed Property; provided that no such contract shall impose individual liability on the Trustee or the Trust;
provided, further, that:


 


(i)           the terms and conditions of any
such contract shall not be inconsistent herewith;


 






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(ii)          any such contract
shall require, or shall be administered to require, that the Successor Manager (A) request that the Special Servicer pay from the
Foreclosed Property Account all costs and expenses incurred in connection with the operation and management of such Foreclosed
Property, and (B) remit all related revenues (net of such costs and expenses) to the Special Servicer, as soon as practicable but
in no event later than the Business Day immediately following receipt, for deposit into the Foreclosed Property Account;


 


(iii)          none of the
provisions of this Section 3.14 relating to any such contract or to actions taken through any such Successor Manager shall
be deemed to relieve the Special Servicer of any of its ordinary and regularly recurring duties and obligations to the Trust on
behalf of the Certificateholders and the Companion Loan Holders with respect to the operation and management of such Foreclosed
Property; and


 


(iv)          the Successor
Manager shall be permitted to perform construction (including renovations) on such Foreclosed Property only if the construction
was more than 10% complete at the time default on the Trust Loan became imminent.


 


The Special Servicer
shall be entitled, and to the extent required by the REMIC Provisions, shall be required, to enter into an 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. All REO
Management Fees shall be Trust Fund Expenses payable from the Foreclosed Property Account or subject to reimbursement pursuant
to Section 3.4(c)(xi). The Special Servicer agrees to monitor the performance of the Successor Manager and to enforce the
obligations of the Successor Manager on behalf of the Trust and the Companion Loan Holders. Expenses incurred by the Special Servicer
in connection herewith shall qualify as Property Protection Advances.


 


Section 3.15.     Sale
of Foreclosed Properties. (a) The Special Servicer, on behalf of the Trust and the Companion Loan Holders, shall sell any Foreclosed
Property on a servicing released basis as expeditiously as appropriate in accordance with Accepted Servicing Practices in a manner
designed to preserve the capital of the Certificateholders and the Companion Loan Holders and not with a view to the maximization
of profit, but in no event later than the Rated Final Distribution Date in a manner provided under this Section 3.15 and
subject to Section 12.2.


 


(b)          Subject to the
consent or consultation rights of the Controlling Class Representative set forth in Section 6.5, the Special Servicer
shall accept the highest cash bid for any Foreclosed Property received from any person that is at least equal to the
Repurchase Price attributable to the Foreclosed Property. Notwithstanding the foregoing, in the absence of any such bid, the
Special Servicer shall accept the highest cash bid, if the highest offeror is a Person other than the Trustee, that the
Special Servicer (or the Trustee as provided in the next sentence) determines is a fair price based on Appraisals obtained
within the last nine (9) months. If the highest bidder is an Interested Person, the Trustee shall determine the fairness of
the highest bid based upon an Appraisal (which may be an Appraisal obtained in the last nine (9) months by the Special
Servicer) obtained at the expense of the Trust Fund, and the Trustee may conclusively rely on the opinion of such Appraisal
and such determination shall be binding upon all parties.


 






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The requirements of this Agreement may result in lower sales
proceeds than would otherwise be the case. Notwithstanding the foregoing, and subject to the rights of the Controlling Class
Representative, the Special Servicer shall not be obligated to accept the higher cash offer if the Special Servicer
determines, in accordance with Accepted Servicing Practices, that rejection of such offer would be in the best interests of
the Certificateholders and the Companion Loan Holders (as a collective whole, as if such Certificateholders and the Companion
Loan Holders constituted a single lender taking into account the subordinate nature of the B-Notes), and the Special Servicer
may accept a lower cash offer (from any person other than an Interested Person) if it determines, in accordance with Accepted
Servicing Practices, that acceptance of such offer would be in the best interests of the Certificateholders and the Companion
Loan Holders (as a collective whole, as if such Certificateholders and the Companion Loan Holders constituted a single lender
taking into account the subordinate nature of the B-Notes). Any Holder of a Controlling Class Certificate, the
Controlling Class Representative or any affiliate of the foregoing shall be entitled to participate in, and submit a bid in
connection with, any sale of Foreclosed Property, to the same extent as any other Certificateholder; provided that any
such Holder of a Controlling Class Certificate and the Controlling Class Representative shall for all purposes be considered
an Interested Person.


 


(c)           Subject to the provisions
of Section 3.14, the Special Servicer shall act on behalf of the Trust and the Companion Loan Holders in negotiating and
taking any other action necessary or appropriate in connection with the sale of any Foreclosed Property, including the collection
of all amounts payable in connection therewith. Any sale of a Foreclosed Property shall be without recourse to the Certificate
Administrator, the Trustee, the Depositor, the Servicer, the Special Servicer, the Trust, the Certificateholders or the Companion
Loan Holders (except that any contract of sale and assignment and conveyance documents may contain customary warranties, so long
as the only recourse for breach thereof is to the Trust Fund) and if consummated in accordance with the terms of this Agreement,
none of the Certificate Administrator, the Trustee, the Depositor or the Special Servicer shall have any liability to any Certificateholder
with respect to the purchase price thereof accepted by the Special Servicer or the Trustee.


 


(d)           The proceeds of any
sale effected pursuant to this Section 3.15, after deduction of the expenses incurred in connection therewith, shall be
deposited in the Collection Account in accordance with Section 3.4(a).


 


(e)           Within 30 days of
the sale of a Foreclosed Property, the Special Servicer shall provide to the Trustee, the Companion Loan Holders and the Certificate
Administrator a statement of accounting for any Foreclosed Property, including, without limitation, (i) the date the Foreclosed
Property was acquired in foreclosure or by deed-in-lieu of foreclosure or otherwise, (ii) the date of disposition of such Foreclosed
Property, (iii) the gross sale price and related selling and other expenses, (iv) accrued interest with respect to the Repurchase
Price of the Foreclosed Property, calculated from the date of acquisition to the disposition date, and (v) such other information
as the Trustee or the Certificate Administrator may reasonably request.


 






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(f)           The Special Servicer
shall be required to deliver to the Servicer such reports and other information as the Servicer needs in its sole discretion to
perform its obligations under this Agreement.


 


Section 3.16.     Sale
of the Whole Loan and the Trust Loan. (a) (i) Within sixty (60) days after the occurrence of a Special Servicing Loan Event,
the Special Servicer shall order (but shall not be required to have received) Appraisals. The Servicer shall use reasonable efforts
to promptly notify in writing the Special Servicer, the Certificate Administrator, and the Companion Loan Holders, the Controlling
Class Representative (during a Controlling Class Control Period and Controlling Class Consultation Period) and the Trustee of the
occurrence of such Special Servicing Loan Event, and the Special Servicer shall, within the time period specified in the Intercreditor
Agreement, notify the Mezzanine Lenders of the occurrence of such Special Servicing Loan Event. Upon delivery by the Servicer of
the notice described in the preceding sentence, subject to the rights of any Mezzanine Lender to purchase the Mortgage Loan pursuant
to the purchase option set forth in the Intercreditor Agreement, the Special Servicer may offer to sell to any Person, the Whole
Loan or may offer to purchase the Whole Loan, if and when the Special Servicer determines, consistent with Accepted Servicing Practices,
that no satisfactory arrangements can be made for collection of delinquent payments thereon and such a sale would be in the best
economic interests of the Trust and the Companion Loan Holders (as a collective whole, as if such Certificateholders and the Companion
Loan Holders constituted a single lender) on a net present value basis. The Special Servicer shall provide the Servicer, the Companion
Loan Holders, the Certificate Administrator, the Controlling Class Representative (during a Controlling Class Control Period and
Controlling Class Consultation Period) and the Trustee not less than five (5) Business Days’ prior written notice of its
intention to sell the Whole Loan, in which case the Special Servicer shall be required to accept the highest offer received from
any Person (other than any Interested Person) for the Whole Loan in an amount at least equal to the Repurchase Price or, at its
option, if it has received no offer at least equal to the Repurchase Price therefor, the Special Servicer may purchase the Whole
Loan at the Repurchase Price. Any Companion Loan is to be sold together with the Trust Loan, subject to this Section 3.16
and any additional requirements set forth in the Co-Lender Agreement.


 


(ii)          In
the absence of any offer at least equal to the Repurchase Price (or purchase by the Special Servicer for the Repurchase
Price), the Special Servicer shall accept the highest offer received that is determined by the Special Servicer (or the
Trustee as provided in the next sentence) to be a fair price for the Whole Loan, if the highest offeror is a Person other
than the Trustee. If the highest bidder is an Interested Person, the Trustee shall determine the fairness of the highest bid
based upon an Appraisal (which may be an Appraisal obtained in the last nine (9) months by the Special Servicer) obtained at
the expense of the Trust Fund, and the Trustee may conclusively rely on the opinion of such Appraisal and such determination
shall be binding upon all parties. All reasonable costs and fees of the Trustee in making such determination will be
reimbursable to it first, by the Servicer as an Advance, subject to the Servicer’s determination that such amounts are
not Nonrecoverable Advances, and then as an expense of the Trust. The Trustee, in its individual capacity, may not make an
offer for or purchase the Whole Loan. Notwithstanding anything contained in this Section
3.16 to the contrary, if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a
fair price, the Trustee may (at its option and at the expense of the


 






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Interested Person) designate 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 Whole Loan that has been selected with reasonable care by the Trustee to determine if such cash offer
constitutes a fair price for the Whole Loan. If the Trustee designates such a third party to make such determination, the
Trustee will be entitled to rely conclusively upon such third party’s determination. The reasonable costs of all
appraisals, inspection reports and broker opinions of value incurred by any such third party pursuant to this paragraph will
be covered by, and will be paid in advance by the Interested Person as a condition to the Trustee’s
determination; provided that the Trustee will not engage a third party expert whose fees exceed a commercially
reasonable amount as determined by the Trustee. Any Holder of a Controlling Class Certificate, the Controlling Class
Representative or any Affiliate of the foregoing will be entitled to participate in, and submit a bid in connection with, any
sale of the Whole Loan to the same extent as any other Certificateholder; provided that any such Holder of a
Controlling Class Certificate and the Controlling Class Representative shall for all purposes be considered an Interested
Person.


 


(iii)          The Special
Servicer shall not be obligated to accept the highest offer if the Special Servicer determines, in accordance with Applicable Servicing
Practices, that the rejection of such offer would be in the best interests of the Holders of the Certificates and the Companion
Loan Holders (as a collective whole, as if such Certificateholders and the Companion Loan Holders constituted a single lender taking
into account the subordinate nature of the B-Notes). In addition, the Special Servicer may accept a lower offer if it determines,
in accordance with Applicable Servicing Practices, that the acceptance of such offer would be in the best interests of the Holders
of the Certificates and the Companion Loan Holders (as a collective whole, as if such Certificateholders and the Companion Loan
Holders constituted a single lender taking into account the subordinate nature of the B-Notes), provided that the offeror
is not the Special Servicer or a Person that is an Affiliate of any of them. During a Controlling Class Control Period and Controlling
Class Consultation Period, the foregoing rights of the Special Servicer shall be subject to the rights of the Controlling Class
Representative. The Special Servicer shall use reasonable efforts to sell the Whole Loan prior to the Rated Final Distribution
Date.


 


(iv)          Unless and until
the Whole Loan is sold pursuant to this Section 3.16(a), the Special Servicer shall pursue such other resolution strategies
with respect to the Whole Loan, including, without limitation, workout and foreclosure, as the Special Servicer may deem appropriate,
consistent with the Asset Status Report and Applicable Servicing Practices and the REMIC Provisions.


 


(v)          Any sale of the
Whole Loan by the Special Servicer shall be subject to the rights of a Mezzanine Lender to exercise its option to purchase the
Whole Loan following a default pursuant to the terms of the Intercreditor Agreement.


 


(b)          The right of the
Special Servicer to purchase or sell the Whole Loan after the occurrence of a Special Servicing Loan Event shall terminate, and
shall not be exercisable as set forth in clause (a) above (or if exercised but the purchase of the Whole Loan has not yet


 






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occurred, the Special Servicer’s
right shall terminate and such exercise shall be of no further force or effect) if the Whole Loan is no longer delinquent as a
result of any of the following: (i) the Special Servicing Loan Event has ceased pursuant to the terms of this Agreement, (ii) the
Whole Loan has become subject to a fully executed agreement reflecting the terms of the workout arrangement, (iii) the Whole Loan
has otherwise been resolved (including by a full or discounted pay-off) or (iv) a Mezzanine Lender has exercised its purchase option
set forth in the Intercreditor Agreement.


 


(c)          Any sale of the Whole
Loan shall be for cash only, and shall be in accordance with and subject to the provisions of the Co-Lender Agreement.


 


(d)          Notwithstanding anything
to the contrary herein, the Special Servicer shall not sell the Whole Loan pursuant to Section 3.16(a) without the written
consent of the Companion Loan Holders (provided that such consent is not required from a Companion Loan Holder if such Companion
Loan Holder is the Loan Borrower or an Affiliate of the Loan Borrower) unless the Special Servicer has delivered to the Companion
Loan Holders: (a) at least fifteen (15) Business Days prior written notice of any decision to attempt to sell the Whole Loan; (b)
at least ten (10) days prior to the permitted 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 appraisals for the Properties, and any documents in the Loan File reasonably requested
by such Companion Loan Holder that are material to the price of the Whole Loan; and (d) until the sale is completed, and a reasonable
period of time (but no less time than is afforded to other offerors) 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 Servicer or the Special Servicer
in connection with the proposed sale; provided, that such Companion Loan Holder may waive any of the delivery or timing
requirements set forth in this sentence. Any Companion Loan Holder will be permitted to make offers to purchase, and either such
party is permitted to be the purchaser at any sale of, the Whole Loan.


 


Section
3.17.     Servicing Compensation. The Servicer shall be
entitled to receive the Servicing Fee with respect to the Whole Loan payable monthly from the Collection Account or otherwise
in accordance with and subject to Section 3.4(c). The Servicer shall be entitled to retain as compensation any late
payment charges and certain other customary charges and fees to the extent described below, as well as reimbursement for all
other costs or expenses incurred by it in performing its duties hereunder, in each case, to the extent actually received from
the Loan Borrowers and permitted by, or not prohibited by, and to be allocated to such amounts by the terms of the Loan
Documents and this Agreement, other than: (i) fees of any sub-servicer and the expenses of any sub-servicer that would not be
reimbursable to Servicer if such expenses were incurred by the Servicer; (ii) the cost of any fidelity bond or errors and
omissions policy required by Section 3.11(d); (iii) overhead expenses of the Servicer including but not limited to
those which may properly be allocable under the Servicer’s accounting system or otherwise to the Servicer’s
activities under this Agreement or the income derived by it hereunder including the costs to the Servicer associated with
employees of the Servicer performing services in connection with the obligations of the Servicer hereunder; and (iv) costs
and expenses arising from the negligence, bad faith or willful misconduct of the Servicer in performing its obligations
hereunder (the “Servicer Customary Expenses”). So long as no Special Servicing Loan Event


 






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has occurred and
is continuing, the Servicer shall also be entitled to retain as additional servicing compensation any late payment fees and
Default Interest (including any late payment fees and Default Interest collected after the occurrence of a Special Servicing
Loan Event but accrued prior to such Special Servicing Loan Event) (to the extent not applied pursuant to Section
3.4(c)), assumption fees, assumption application fees, substitution fees, release fees, Modification Fees (subject to the
last paragraph of this Section 3.17), consent fees, amounts collected for checks returned for insufficient funds,
charges for beneficiary statements or demands, loan service transaction and processing fees and similar fees and expenses to
the extent, with respect to any such amounts, collected and allocated to such amounts as permitted by (or not otherwise
prohibited by) the terms of the Loan Documents and this Agreement; provided, however, that the Servicer shall
not be entitled to apply or retain any Default Interest or any late payment charges, with respect to the Whole Loan, with
respect to which a default thereunder or Loan Event of Default is continuing unless and until such default or Loan Event of
Default has been cured and all delinquent amounts (including any Default Interest) due with respect to the Whole Loan have
been paid in full and all interest on Advances has been paid in full. In addition, the Servicer shall be entitled to retain
as additional servicing compensation release fees and any income earned (net of losses to the extent provided in this
Agreement) on the investment of funds deposited in the Collection Account and any Reserve Account (to the extent not payable
to the Loan Borrowers).


 


If a Special
Servicing Loan Event occurs and is continuing, the Special Servicer shall be entitled to receive a Special Servicing Fee with
respect to the Whole Loan for so long as such Special Servicing Loan Event continues as well as reimbursement for all other
costs or expenses incurred by it in performing its duties hereunder other than: (i) the cost of any fidelity bond or errors
and omissions policy required by Section 3.11(d); (ii) overhead expenses of the Special Servicer including but not
limited to those which may properly be allocable under the Special Servicer’s accounting system or otherwise to the
Special Servicer’s activities under this Agreement or the income derived by it hereunder including the costs to the
Special Servicer associated with employees of the Special Servicer performing services in connection with the obligations of
the Special Servicer hereunder; and (iii) costs and expenses arising from the negligence, bad faith or willful misconduct of
the Special Servicer in performing its obligations hereunder (the “Special Servicer Customary Expenses”).
If a Special Servicing Loan Event is terminated following resolution of such Special Servicing Loan Event by a written
agreement with the Loan Borrowers negotiated by the Special Servicer, the Special Servicer shall be entitled to receive the
Work-out Fee. If at any time the Whole Loan becomes a Specially Serviced Loan, the Special Servicer shall use reasonable
efforts, consistent with Accepted Servicing Practices, to collect the amount of any Special Servicing Fee, Liquidation Fee
and/or Work-out Fee from the Loan Borrowers pursuant to Section 9.17(f) of the Loan Agreement, including exercising all
remedies available under the Loan Agreement that would be in accordance with Accepted Servicing Practices, specifically
taking into account the costs or likelihood of success of any such collection efforts and the Realized Loss that would be
incurred by Certificateholders in connection therewith as opposed to the Realized Loss that would be incurred as a result of
not collecting such amounts from the Loan Borrowers. Notwithstanding anything herein to the contrary, with respect to any
Collection Period, the Special Servicer shall only be entitled to receive a Work-out Fee or a Liquidation Fee, but not both.
In addition, no Liquidation Fee or Work-out Fee shall be payable to the Special Servicer if any Mezzanine Lender
purchases the Whole Loan pursuant to the Intercreditor Agreement (so long as such


 






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purchase option occurs within 90 days after
the first notice of the applicable event giving rise to such Mezzanine Lender’s purchase option is delivered to such
Mezzanine Lender).


 


If the Special Servicer
is terminated (other than for cause) or resigns after such written agreement is entered into and before or after the Special Servicing
Loan Event is terminated, it shall retain the right to receive any and all Work-out Fees on all payments of principal and interest
made on the Whole Loan following such written agreement (negotiated by such Special Servicer prior to its termination or resignation)
for so long as another Special Servicing Loan Event does not occur and the successor Special Servicer shall have no rights with
respect to such Work-out Fee. In addition, the Special Servicer shall be entitled to receive a Liquidation Fee with respect to
any Liquidated Property or the liquidation of the Whole Loan or the Notes (whether through judicial foreclosure, sale, discounted
payoff or other liquidation) as to which the Special Servicer receives Liquidation Proceeds. The Special Servicing Fee and any
Liquidation Fee payable from Liquidation Proceeds (and not the Loan Borrowers) shall be payable from funds on deposit in the Collection
Account as provided in Section 3.4(c). The Special Servicer during the continuance of a Special Servicing Loan Event shall
also be entitled to retain as additional servicing compensation any late payment fees (to the extent not applied pursuant to Section
3.4(c)), Default Interest (to the extent not applied pursuant to Section 3.4(c)), assumption fees, assumption application
fees, Modification Fees (subject to the last paragraph of this Section 3.17), consent fees, loan service transaction fees
and similar fees and expenses and any income earned (net of losses to the extent provided in this Agreement) on the investment
of funds deposited in the Foreclosed Property Account.


 


Notwithstanding
any other provision in this Agreement, neither the Servicer nor the Special Servicer, as applicable, shall be entitled to
reimbursement for an expense incurred under this Agreement or in connection with the performance of its duties hereunder
unless (i) the amount of such payment to the Servicer or the Special Servicer, as the case may be, is reimbursed to the Trust
Fund by the Loan Borrowers (to the extent the Loan Borrowers are required to do so under the Loan Agreement); (ii) failure of
the Loan Borrowers to reimburse for such payment constitutes a Loan Event of Default; (iii) such expense is an
“unanticipated expense incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-
1(b)(3)(ii) or is otherwise an unanticipated expense (it being understood that the Servicer Customary Expenses and the
Special Servicer Customary Expenses are not unanticipated); or (iv) such reimbursement is expressly provided for herein or
such expense is expressly described herein as an expense of the Trust Fund or as an Advance.


 


Except as otherwise expressly
provided herein, no transfer, sale, pledge or other disposition of the Servicer’s right to receive all or any portion of
the Servicing Fee (or the Special Servicer’s right to receive all or any portion of the Special Servicing Fee) or other servicing
compensation provided for herein shall be made, and any such attempted transfer, sale, pledge or other disposition shall be void,
unless such transfer is made to a successor Servicer or successor Special Servicer, as applicable, in connection with the assumption
by such successor of the duties hereunder pursuant to Section 7.2.


 


With respect to
each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Servicer on the Determination
Date, and the Servicer shall deliver, to the extent it has received, or cause to be delivered to the Certificate
Administrator, without charge


 






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on the Remittance Date, an electronic report 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.


 


KeyBank National Association
and any successor holder of the Excess Servicing Fee Rights 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), to any QIB or Institutional Accredited
Investor (other than a Benefit Plan), provided that no such transfer, sale, pledge or other assignment shall be made unless
(i) that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements of the Securities
Act and any applicable state securities laws and is otherwise made in accordance with the Securities 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 Z-1 hereto, and (iii) the prospective transferee shall have delivered to KeyBank National Association and the Depositor
a certificate substantially in the form attached as Exhibit Z-2 hereto. None of the Depositor, the Trustee or the Certificate
Registrar is obligated to register or qualify an Excess Servicing Fee Right under the Securities 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. KeyBank National Association 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 KeyBank
National Association 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 Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or
qualification under the Securities 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 Securities Act or other applicable securities laws or that would require registration of
such Excess Servicing Fee Right or any Certificate pursuant to the Securities Act. Following any transfer, sale, pledge or assignment
of an Excess Servicing Fee Right or the termination of KeyBank National Association as the Servicer, the Person then acting as
the Servicer, shall pay, out of each amount paid to such Servicer as Servicing Fees, the related Excess Servicing Fees to the holder
of such Excess Servicing Fee Right within one (1) Business Day following the payment of such Servicing Fees to such Servicer, in
each case in accordance with payment instructions provided by such holder in writing to such 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 Depositor, the Special Servicer, the Certificate Administrator 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.


 


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 and appraisal fees or as a result of any
other fee-sharing


 






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arrangement) from any Person (including, without limitation, the Trust, any Loan Borrower, the Property
Manager, any guarantor or indemnitor in respect of the Whole Loan and any purchaser of the Whole Loan or any Foreclosed
Property) in connection with the disposition, workout or foreclosure of the Whole Loan, the management or disposition of any
Foreclosed Property, or the performance of any other special servicing duties under this Agreement, other than as expressly
provided in this Section 3.17; provided, however, that such prohibition shall not apply to Permitted
Special Servicer/Affiliate Fees.


 


Notwithstanding anything
herein to the contrary, (i) the Servicer and the Special Servicer shall each be entitled to 50% of any Modification Fees incurred
in connection with the extension of the Stated Maturity Date of the Whole Loan to which Special Servicer’s consent is required
pursuant to clause (vii)(c) of the definition of Special Servicing Loan Event and (ii) the Special Servicer shall be entitled to
50% of any Modification Fees, assumption fees (excluding assumption application fees) and consent fees incurred in connection with
any Major Decision for which the Special Servicer’s consent is required pursuant to Section 6.5(a).


 


Section 3.18.     Reports
to the Certificate Administrator; Account Statements. (a) The Servicer shall prepare, or cause to be prepared, and
deliver to the Certificate Administrator, and each Companion Loan Holder in an electronic format which format is reasonably acceptable
to the Certificate Administrator, consistent with Accepted Servicing Practices, not later than (i) 2:00 p.m. (New York time) two
Business Days prior to each Distribution Date, the CREFC® Loan Periodic Update
File and (ii) 2:00 p.m. (New York time) on the Remittance Date immediately preceding each Distribution Date, the remaining CREFC®
Reports (except the CREFC® Bond Level File, the CREFC®
Collateral Summary File, the CREFC® Special Servicer Loan File,
the CREFC® Operating Statement Analysis Report and the CREFC®
NOI Adjustment Worksheet). The Trustee shall prepare the CREFC® Bond
Level File.


 


In addition, the Servicer
(with respect to non-Specially Serviced Loans) shall prepare and make available to any Privileged Person and any Borrower Related
Party that certifies to the Certificate Administrator in the form of Exhibit Y-2 that it is a Certificateholder or Beneficial
Owner of a Certificate, on the Servicer’s internet website (initially, www.keybank.com/key2cre), and the Special Servicer
(with respect to Specially Serviced Loans and REO Properties) shall prepare and deliver to the Servicer (who shall promptly make
available to any Privileged Person and any Borrower Related Party that certifies to the Certificate Administrator in the form
of Exhibit Y-2 that it is a Certificateholder or Beneficial Owner of a Certificate, on the Servicer’s internet website
(initially, www.keybank.com/key2cre)) with respect to each Mortgaged Property and REO Property, a CREFC®
Operating Statement Analysis Report and a CREFC® NOI Adjustment
Worksheet within 30 days after the Servicer’s or Special Servicer’s, as applicable, receipt of each of the Loan Borrowers’
quarterly financials (commencing with the quarter ending June 30, 2016) and annually within 30 days after receipt of each of the
Loan Borrowers’ annual financials for the year ending December 31, 2016).


 


In addition, on a calendar
quarterly basis within 30 days after the Servicer’s receipt of each of the Loan Borrowers’ quarterly financial statements
(commencing with the quarter ending June 30, 2016), the Servicer shall deliver, to the extent it has received, or cause to be delivered
to the Certificate Administrator such financial statements.


 






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(b)          The
Servicer shall furnish to the Certificate Administrator and the Mezzanine Lender, to the extent required by the Intercreditor
Agreement (and in the case of any Mezzanine Lender, unless such Mezzanine Lender has foreclosed on its applicable Mezzanine Loan)
in electronic format which format is reasonably acceptable to the Certificate Administrator, the CREFC®
Reports produced by it pursuant to this Agreement not later than the time period specified in Section 3.18(a),
and thereafter furnish to the 17g-5 Information Provider the CREFC® Reports produced by it pursuant to this Agreement,
who shall promptly post such reports to the 17g-5 Information Provider’s Website pursuant to Section 10.16.


 


(c)          The Servicer shall
produce the reports described in this Section 3.18 solely from information provided to the Servicer by the Loan Borrowers
pursuant to the Loan Agreement (without modification, interpretation or analysis) or by the Special Servicer, Loan Sellers or Depositor
pursuant to this Agreement. None of the Trustee, the Certificate Administrator, the Servicer or the Special Servicer shall be responsible
for the completeness or accuracy of such information (except that the Servicer shall use efforts consistent with Accepted Servicing
Practices to correct patent errors).


 


Section 3.19.     [Reserved].


 


Section 3.20.     [Reserved].


 


Section 3.21.     Access
to Certain Documentation Regarding the Whole Loan and Other Information. (a) The Servicer and the Special Servicer shall provide
to the Certificate Administrator, the Controlling Class Representative (during a Controlling Class Control Period and Controlling
Class Consultation Period), the Trustee, the Initial Purchasers, the Depositor, any Certificateholders that are federally insured
financial institutions, the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller
of the Currency and the supervisory agents and examiners of such boards and such corporations, and any other governmental or regulatory
body to the jurisdiction of which any Certificateholder is subject, access to the documentation regarding the Whole Loan required
by applicable regulations of the Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the
Currency or any such governmental or regulatory body, such access being afforded without charge but only upon reasonable request
and during normal business hours at the offices of the Servicer or Special Servicer.


 


(b)          The Depositor hereby
authorizes the Certificate Administrator to, and the Certificate Administrator shall, make available to Bloomberg Financial Markets,
L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management, Inc., Markit Group Limited, Thompson Reuters Corporation
or such other vendor chosen by the Depositor that submits to the Certificate Administrator a certification in the form of Exhibit
Q to this Agreement, all the Distribution Date Statements, CREFC® Reports and supplemental
notices delivered or made available pursuant to Section 8.14(d) to Privileged Persons and providing such information shall
not constitute a breach of this Agreement by the Certificate Administrator.


 


(c)          If
any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any party in connection with any third-party
due diligence services such party may have provided with respect to the Trust Loan (“Due Diligence Service
Provider”),


 






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such receiving
party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the 17g-5
Information Provider’s Website. The 17g-5 Information shall post on the 17g-5 Information Provider’s Website any
Form ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to this
Agreement, promptly upon receipt thereof.


 


(d)          The Special Servicer
shall promptly notify the Certificate Administrator, substantially in the form of Exhibit R hereto, if the Special Servicer
has actual knowledge that an event of default has occurred giving rise to an automatic acceleration of a Mezzanine Loan or giving
rise to the right of the lender thereunder to accelerate such Mezzanine Loan or that the lender thereunder has commenced foreclosure
proceedings against the related Mezzanine Collateral.


 


Section 3.22.     Inspections.
The Servicer shall inspect or cause to be inspected the Properties not less frequently than once each year commencing in 2017;
provided, however, that the Servicer shall not be required to inspect the Properties if they have been inspected
by the Special Servicer in the preceding 12 months. The Special Servicer shall inspect or cause to be inspected the Properties
as applicable and as soon as practicable following the occurrence of a Special Servicing Loan Event and annually for so long as
a Specially Serviced Loan Event is continuing. The Servicer or the Special Servicer, as applicable, shall further inspect, or cause
to be inspected, the Properties whenever it receives information that the Properties have been damaged, left vacant, or abandoned,
or if waste is being committed thereto. All such inspections shall be performed in such manner as shall be consistent with Accepted
Servicing Practices. The cost of the annual inspections referred to in the first sentence of this paragraph shall be an expense
of the Servicer; the cost of all additional inspections referred to in this paragraph shall be a Trust Fund Expense and if paid
by the Servicer shall constitute a Property Protection Advance or an Administrative Advance. The Servicer or Special Servicer,
as the case may be, shall prepare a written report of inspection and deliver it to the Certificate Administrator. The Certificate
Administrator shall post such report on the Certificate Administrator’s Website pursuant to Section 8.14(b).


 


Section
3.23.     Advances. (a) In the event that a Monthly Payment (or
an Assumed Monthly Payment, as applicable) (other than the Balloon Payment) or any portion of a Monthly Payment (or an
Assumed Monthly Payment, as applicable) (other than any Balloon Payment) on the Trust Loan has not been received by the close
of the Business Day immediately prior to the Remittance Date, the Servicer, subject to its determination that such amounts
are not Nonrecoverable Advances, shall make an advance on such Remittance Date to the Distribution Account, in an amount
equal to the Monthly Payment (or an Assumed Monthly Payment, as applicable), or any such portion of the Monthly Payment (or
an Assumed Monthly Payment, as applicable) on the Trust Loan that was delinquent as of the close of the Business Day
immediately prior to such Remittance Date, in each case, net of the Servicing Fee (which will not be paid to the
Servicer until the funds in the Collection Account are available for payment of such fee); provided that neither the
Servicer nor any other party shall be entitled to interest accrued on the amount of any Monthly Payment Advance with respect
to any the Trust Loan if the related Monthly Payment (or an Assumed Monthly Payment, as applicable) in respect of the Trust
Loan is received by the Servicer or the Certificate Administrator, as applicable, by 2:00 p.m., New York time, on such
Remittance Date. For the avoidance of doubt, in the event


 






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that the amount of interest on the Trust Loan is reduced as a
result of any modification to the Trust Loan, any future Monthly Payment Advance made with respect to such modified Trust
Loan shall be in such amounts as may be required as a result of such reduction. The Servicer shall maintain a record of each
Monthly Payment Advance it has made pursuant to this Section 3.23(a) on the Trust Loan and the amount allocated to the
related Note on a Note-by-Note Basis and shall notify the Certificate Administrator thereof in the appropriate CREFC® Reports
in order to permit allocation thereof pursuant to Sections 3.4 and 3.5. In the event that the Servicer does not
remit any amounts required to be remitted to the Certificate Administrator on each Remittance Date (including any amounts
required to be remitted pursuant to Section 3.5 and any required Monthly Payment Advance) to the Certificate
Administrator for deposit in the Distribution Account on the Remittance Date, the Servicer shall pay to the Certificate
Administrator interest on such amounts at the federal funds rate for the period from and including the Remittance Date to but
excluding the Distribution Date or, if earlier, the actual remittance date.


 


Notwithstanding anything
herein to the contrary, Monthly Payment Advances with respect to the Trust Loan shall be reimbursed solely out of amounts allocated
to the Trust Loan pursuant to the Co-Lender Agreement and will not be reimbursed out of amounts allocated to the Companion Loans,
and Companion Loan Advances with respect to any Companion Loan shall be reimbursed solely out of amounts allocated to such Companion
Loan pursuant to the Co- Lender Agreement and will not be reimbursed out of amounts allocated to the Trust Loan or the other Companion
Loan.


 


At any time that an Appraisal
Reduction Amount exists, the amount that would otherwise be required to be advanced by the Servicer in respect of delinquent payments
of principal and interest on the Trust Loan shall be reduced by multiplying such amount by a fraction, the numerator of which is
the then outstanding principal balance of the Trust Loan minus the applicable Appraisal Reduction Amount and the denominator of
which is the then outstanding principal balance of the Trust Loan.


 


(b)          Subject to Section
3.23(e), the Servicer shall advance for the benefit of the Certificateholders and the Companion Loan Holders, to the extent
it determines that such amount is recoverable, all customary and reasonable out-of-pocket costs and expenses incurred by the Servicer
or the Special Servicer in the performance of its servicing obligations, including, but not limited, to the costs and expenses
incurred in connection with (i) the preservation, restoration, operation and protection of the Properties which, in the Servicer’s
sole discretion, exercised in accordance with Accepted Servicing Practices, are necessary to prevent an immediate or material loss
to the Trust Fund’s interest in the Properties, (ii) the payment of (A) real estate taxes, assessments and governmental charges
that may be levied or assessed against any of the Loan Borrowers or any of their affiliates or the Properties or revenues from
the Properties or which become liens on such Properties, (B) insurance premiums, (C) ground lease rents or other amounts required
to be paid under any Ground Leases and (D) the out-of-pocket costs and expenses of the Servicer or the Special Servicer, as applicable
(including, without limitation, reasonable attorneys’ fees and expenses) to the extent not paid by the Loan Borrowers that
are incurred in connection with assumption of the Whole Loan or a release of the Properties from the liens of the Mortgages, (iii)
any enforcement or judicial proceedings, including foreclosures and including, but not limited to, court costs, attorneys’
fees and expenses and costs for third-party


 






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experts, including appraisers and environmental
and engineering consultants, and (iv) the management, operation and liquidation of the Properties if such Property is acquired
by the Special Servicer or its affiliate in the name of the Trustee on behalf of the Trust (collectively, “Property Protection
Advances”). During the continuation of a Special Servicing Loan Event, the Special Servicer shall give the Servicer and
the Trustee not less than five Business Days’ written notice before the date on which the Servicer is requested to make any
Property Protection Advance with respect to the Whole Loan or any Foreclosed Property; provided, however, that only
three Business Days’ written notice shall be required in respect of Property Protection Advances required to be made on an
urgent or emergency basis (which may include, without limitation, Property Protection Advances required to make tax or insurance
payments). In addition, the Special Servicer shall provide the Servicer with such information in its possession as the Servicer
may reasonably request to enable the Servicer to determine whether a requested Property Protection Advance would constitute a Nonrecoverable
Advance. Notwithstanding anything herein to the contrary, if the Special Servicer requests that the Servicer make an Advance, the
Servicer may conclusively rely on such request as evidence that such advance is not a Nonrecoverable Advance.


 


(c)          To the extent the
Servicer fails to make an Advance that it is required to make under this Agreement, the Trustee shall be required to make such
Advance pursuant to Section 7.6. It is understood that the obligation of the Servicer and the Trustee (pursuant to Section
7.6) to make such Advances is mandatory, subject to the limitations set forth in this Agreement, and shall continue to apply
after any modification or amendment of the Whole Loan pursuant to Section 3.24 hereof, beyond the Stated Maturity Date of
the Whole Loan if a payment default shall have occurred on such date and through any court appointed stay period or similar payment
delay resulting from any insolvency of any Loan Borrower or related bankruptcy, notwithstanding any other provision of this Agreement,
other than the requirement of recoverability, and shall continue, subject to the requirement of recoverability, until the earlier
of (i) the payment in full of the Trust Loan and (ii) the date on which the Properties become liquidated.


 


(d)          Interest on each
Advance made by the Servicer or the Trustee shall accrue for each day that such Advance is outstanding at a rate of interest equal
to the Prime Rate (the “Advance Rate”) for each such day (or the most recent day on which the Prime Rate was
reported, if not reported on such day) on the basis of a year of 360 days and the actual number of days elapsed in a month. Interest
on the Advances shall compound annually.


 


(e)          Notwithstanding any
other provision in this Agreement, the Servicer or the Trustee, as applicable, shall be obligated to make an Advance only to the
extent that the Servicer or the Trustee, as applicable, has determined that such Advance, together with any previous unreimbursed
Advances and interest on all those Advances at the Advance Rate, would not constitute a Nonrecoverable Advance if made. The Trustee
and the Servicer, in that order, shall be entitled to reimbursement for any such Advances from the Collection Account and shall
obtain such reimbursement in accordance with Section 3.4(c). If the context requires, each reference to the reimbursement
or payment of an Advance shall be deemed to include, whether or not specifically referred to, payment or reimbursement of interest
thereon at the Advance Rate through the date of payment or reimbursement.


 






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(f)          The determination
by the Servicer or the Trustee that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute
a Nonrecoverable Advance, shall be evidenced by the delivery of an Officer’s Certificate to the Certificate Administrator,
the Companion Loan Holders, the Controlling Class Representative (during a Controlling Class Control Period and Controlling Class
Consultation Period), and the Trustee in electronic format which format is reasonably acceptable to the Certificate Administrator
and the Trustee (if such determination is made by the Servicer), detailing the reasons for such determination with supporting documents
attached. Such Officer’s Certificate shall be made available to any Privileged Person by the Certificate Administrator posting
such Officer’s Certificate to the Certificate Administrator’s Website pursuant to Section 8.14(b). The costs
of any appraisals, reports or surveys and other information requested by the Servicer or the Trustee establishing an Advance as
a Nonrecoverable Advance shall be treated as Trust Fund Expenses, payable from the Collection Account pursuant to Section 3.4(c),
and shall constitute a Property Protection Advance or Administrative Advance, as applicable, if paid by the Servicer or the Trustee
from its funds. The Servicer’s determination of nonrecoverability in accordance with the above provisions shall be conclusive
and binding on the Trustee and the Trustee shall be entitled to rely conclusively thereupon. The Trustee, in determining whether
or not a proposed Advance would be a Nonrecoverable Advance, shall make such determination in its reasonable business judgment.


 


(g)          The Servicer and
the Trustee are not obligated to advance or pay (i) the delinquent scheduled payments with respect to any Companion Loan, (ii)
the Balloon Payment with respect to the Trust Loan or any Companion Loan (but are required to advance the Assumed Monthly Payment
with respect to the Trust Loan), (iii) any Default Interest, (iv) amounts required to cure any damages resulting from Uninsured
Causes (except as required pursuant to Section 3.12(c)), any failure of the Properties to comply with any applicable law,
including any environmental law, or (except in connection with the foreclosure or other acquisition of the Properties in accordance
with Section 3.12 upon the occurrence of a Loan Event of Default) to investigate, test, monitor, contain, clean up, or remedy
an environmental condition present at the Properties, (iv) any losses arising with respect to defects in the title to the Properties,
(v) any costs of capital improvements to the Properties other than those necessary to prevent an immediate or material loss to
the Trust’s interest in the Properties, (vi) subordinated obligations, including any Mezzanine Loan or (vii) any yield maintenance
amounts or prepayment premiums.


 


Section
3.24.     Modifications of Loan Documents. (a) (i) The Servicer
(if no Special Servicing Loan Event has occurred and is continuing) or the Special Servicer (during a Special Servicing Loan
Event), in each case, subject to the rights of the Mezzanine Lenders under the Intercreditor Agreement, may modify, waive or
amend any term of the Whole Loan if such modification, waiver or amendment (a) is consistent with Accepted Servicing
Practices and (b) does not either (i) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
under the Code or (ii) subject either such REMIC to any tax under the REMIC Provisions (and the Servicer or the Special
Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such
determination). Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit
an extension of the Stated Maturity Date beyond the date that is the earlier of (a) seven (7) years prior to the latest Rated
Final Distribution Date and (b) twenty years prior to the end of the current term of any ground lease plus any options to
extend the ground lease


 






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exercisable unilaterally by the Loan Borrowers. In connection with (i) the release of a Property or a
portion of a Property from the lien of the Mortgage or (ii) the taking of a Property or portion of a Property by exercise of
the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as
applicable, to calculate the loan-to-value ratio of the remaining portion of such Property, for purposes of REMIC
qualification of the Trust Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the
value of personal property and going concern value, if any.


 


(b)          All modifications,
waivers or amendments of the Whole Loan shall be in writing and shall be effected in a manner consistent with Accepted Servicing
Practices, the REMIC Provisions and the provisions of the Co-Lender Agreement. The Servicer or the Special Servicer, as applicable,
shall notify the Certificate Administrator, the Trustee, the Companion Loan Holders, the Controlling Class Representative (during
a Controlling Class Control Period and Controlling Class Consultation Period) and the Depositor, in writing, of any modification,
waiver or amendment of any term of the Whole Loan and the date thereof, and shall deliver to the Certificate Administrator (in
its capacity as custodian), the Companion Loan Holders and the Controlling Class Representative (during a Controlling Class Control
Period and Controlling Class Consultation Period) an original recorded counterpart of the agreement relating to such modification,
waiver or amendment within ten (10) Business Days following the execution and recordation thereof. In the event the Servicer or
Special Servicer adversely modifies the interest rate applicable to any Note, any aggregate adverse economic effect of the modification
shall be applied to the Certificates, in reverse order of seniority. If the Whole Loan is modified, the Note Interest Rate on each
Note shall not change for purposes of distributions on the Certificates. Notwithstanding the foregoing, neither the Servicer nor
the Special Servicer shall modify the Note Interest Rates unless the Trust Loan is in default or default is reasonably foreseeable.


 


(c)          Subject to Section
3.26, any modification of the Loan Documents that requires a Rating Agency Confirmation pursuant to the Loan Documents, or
any modification that would eliminate, modify or alter the requirement of obtaining such Rating Agency Confirmation in the Loan
Documents, shall not be made without the Servicer’s or the Special Servicer’s, as applicable, first receipt of such
Rating Agency Confirmation. Such Rating Agency Confirmation shall be obtained at the Loan Borrowers’ expense in accordance
with the Loan Agreement or, if not so provided in the Loan Agreement or if none of the Loan Borrowers pay, at the expense of the
Trust Fund.


 


(d)          Promptly
after the occurrence and during the continuance of a Special Servicing Loan Event, the Special Servicer shall request from
the Certificate Administrator the name of the current Controlling Class Representative. Upon receipt of the name of such
current Controlling Class Representative from the Certificate Administrator, the Special Servicer shall notify the
Controlling Class Representative that a Special Servicing Loan Event has occurred. The Certificate Administrator shall be
responsible for providing the name of the current Controlling Class Representative only to the extent the Controlling Class
Representative has identified itself as such to the Certificate Administrator; provided that if the Controlling Class
Representative is determined pursuant to the proviso in the definition of “Controlling Class Representative”,
then (i) the Certificate Administrator shall determine which Class is the Controlling Class and (ii) the Special Servicer
shall request from the Certificate Administrator, and the Certificate Administrator shall request from the Depository at the
expense of the Trust,


 






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the list of Beneficial Holders of the Controlling Class, and the Certificate Administrator shall
provide (on a reasonably prompt basis) such list to the Special Servicer and the Servicer at the expense of the Trust
Fund.


 


(e)          Subject to Section
3.26, prior to implementing any of the following actions, the Servicer or the Special Servicer shall obtain a Rating Agency
Confirmation with respect to such action:


 


(i)          any release of
real property collateral for the Whole Loan (other than releases of immaterial and non-income producing real property collateral)
except as expressly permitted by the Loan Documents without the Loan Lender’s consent;


 


(ii)          any determination
not to enforce a “due-on-sale” or “due-on-encumbrance” clause (unless such clause is not exercisable under
applicable law or such exercise is reasonably likely to result in successful legal action by a Loan Borrower);


 


(iii)          any transfer
of the Properties or any portion of the Properties, or any transfer of any direct or indirect ownership interest in a Loan Borrower
to the extent the Loan Lender’s consent is required under the Loan Documents, except in each case as expressly permitted
by the Loan Documents without the Loan Lender’s consent or in connection with a pending or threatened condemnation;


 


(iv)         any consent to
incurrence of additional debt by a Loan Borrower or mezzanine debt by a direct or indirect parent of a Loan Borrower, including
modification of the terms of any document evidencing or securing any such additional debt and of any intercreditor or subordination
agreement executed in connection therewith and any waiver of or amendment or modification to the terms of any such document or
agreement, in each case to the extent the mortgagee’s approval is required by the Loan Documents;


 


(v)          approval of the
termination or replacement of the Property Manager, to the extent the Loan Lender’s approval is required by the Loan Documents;


 


(vi)         any material amendment of a ground lease;


 


(vii)        approval of
a transfer of any direct equity interests in a Loan Borrower to a Person that is a Qualified Equityholder (as such term is defined
in the Loan Agreement) described in clause (ix) of the definition of Qualified Equityholder in the Loan Agreement; and


 


(viii)       any of the
actions described in clauses (v), (vi), (vii) or (ix) of the definition of “Major Decision”.


 


Notwithstanding the foregoing,
the Servicer and Special Servicer may, subject to certain conditions (but without any Rating Agency Confirmation) grant a Loan
Borrower’s request for consent to subject the Properties to an easement, right-of-way or similar agreement for utilities,
access, parking, public improvements or another similar purpose and may consent to subordination of the Whole Loan to such easement,
right-of-way or similar agreement.


 






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(f)           Notwithstanding the
foregoing, the Servicer shall not permit the substitution of a Property pursuant to the defeasance provisions of the Loan Agreement
unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii) and the Servicer has received (i) replacement
collateral consisting of government securities within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), which satisfies
the requirements of the Loan Documents, in an amount sufficient to make all scheduled payments required under the terms of the
Whole Loan when due, (ii) a certificate of an Independent certified public accountant to the effect that such substituted property
will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on the Whole
Loan in compliance with the requirements of the terms of the Loan Documents, (iii) one or more Opinions of Counsel (at the expense
of the Loan Borrowers) to the effect that the Trustee, on behalf of the Trust, will have a first priority perfected security interest
in such substituted property; provided, however, that, to the extent consistent with the Loan Documents, the Loan
Borrowers shall pay the cost of any such opinion as a condition to granting such defeasance, (iv) to the extent consistent with
the Loan Documents, the Loan Borrower shall establish a single purpose entity to act as a successor mortgagor, if so required by
the Rating Agencies, (v) to the extent permissible under the Loan Documents, the Servicer shall use its reasonable efforts to require
the Loan Borrowers to pay all costs of such defeasance, including but not limited to the cost of maintaining any successor mortgagor,
and (vi) to the extent permissible under the Loan Documents, the Servicer shall obtain, at the expense of the Loan Borrowers, Rating
Agency Confirmation from each Rating Agency.


 


(g)          The Servicer shall
deposit all payments received by it from defeasance collateral substituted for a Property into the Collection Account and treat
any such payments as payments made on the Whole Loan in advance of its Payment Date, and not as a prepayment of the Whole Loan.
Notwithstanding anything herein to the contrary, in no event shall the Servicer permit such amounts to be maintained in the Collection
Account for a period in excess of 365 days (or 366 days in the case of a leap year).


 


Section 3.25.      Servicer
and Special Servicer May Own Certificates. The Servicer, the Special Servicer and any agent thereof in its individual or any
other capacity may become the owner or pledgee of Certificates with the same rights it would have if it were not the Servicer,
the Special Servicer or such agent except as otherwise provided herein subject to the restrictions on voting set forth in the
definition of Certificateholder.


 


Section
3.26.     Rating Agency Confirmations. (a) Notwithstanding the
terms of any Loan Documents, the Intercreditor Agreement or other provisions of this Agreement, if any action under any Loan
Documents or this Agreement requires a Rating Agency Confirmation as a condition precedent to such action, if the party (the
“Requesting Party”) attempting to obtain such Rating Agency Confirmation from each Rating Agency has made
a request to any such 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 a Rating Agency Confirmation, then such Requesting Party shall be required (without
providing notice to the 17g-5 Information Provider) to (i) confirm that the applicable Rating Agency has received the Rating
Agency Confirmation request, and, if it has not, promptly request the related


 






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Rating Agency Confirmation again and (ii) if
there is no response to either Rating Agency Confirmation request within 5 Business Days of such confirmation or such second
request (after seeking to confirm that the applicable Rating Agency received such second Rating Agency Confirmation request),
as applicable, then (x) with respect to any condition in the Loan Documents requiring a Rating Agency Confirmation or any
other matter under this Agreement relating to the servicing of the Whole Loan (other than as set forth in clause (y) below),
the Requesting Party (or, if the Requesting Party is a Loan Borrower, then the Servicer or the Special Servicer, as
applicable) will be required to determine, in accordance with its duties under this Agreement and in accordance with Accepted
Servicing Practices, whether or not such action would be in the best interest of Certificateholders, and if the Requesting
Party (or, if the Requesting Party is a Loan Borrower, then the Servicer or the Special Servicer, as applicable) determines
that such action would be in the best interest of the Certificateholders, then the requirement for a Rating Agency
Confirmation will not apply (provided, however, with respect to the release or substitution of any collateral
relating to the Trust Loan, any Rating Agency Confirmation requirement that the Servicer or Special Servicer would have been
permitted to waive pursuant to this Agreement will not apply without any such determination by the Requesting Party (or the
Servicer or the Special Servicer, as applicable) (it being understood that the Requesting Party (or the Servicer, or the
Special Servicer, as applicable) will in any event review the conditions required under the Loan Documents with respect to
such release and confirm to its satisfaction in accordance with the Accepted Servicing Practices that such conditions (other
than the requirement for a Rating Agency Confirmation) have been satisfied)), and (y) with respect to a replacement of the
Servicer or Special Servicer, such condition will not apply if such Servicer or Special Servicer is a Qualified Servicer. For
all other matters or actions (a) not specifically discussed above in clauses (x) or (y) or (b) that are not the subject of a
Rating Agency Declination, the applicable Requesting Party shall be required to obtain a Rating Agency Confirmation from
each of the Rating Agencies.


 


(b)          Any Rating Agency
Confirmation requests made by the Servicer, Special Servicer, the Certificate Administrator or Trustee, as applicable, pursuant
to this Agreement, shall be made in writing (an email shall be sufficient as a writing), which writing shall contain a cover page
indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, Special Servicer,
the Certificate Administrator or Trustee, as applicable, reasonably deems necessary for the Rating Agency (including those for
Companion Loan Securities) to process such request. Subject to Section 10.17, the Servicer, the Special Servicer, Certificate
Administrator or the Trustee, as applicable, shall furnish such written Rating Agency Confirmation request 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 10.16 in accordance with the delivery instructions set forth in Section 10.5.


 


(c)          Promptly
following the Special Servicer’s determination to take any action described in Section 3.26(a) without
receiving Rating Agency Confirmation, the Special Servicer shall, subject to Section 10.17, provide written notice of
such determination 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 10.16.


 


(d)          Each Certificateholder, by its acceptance
of the Certificates, acknowledges and agrees to the foregoing with respect to Rating Agency Confirmations.


 






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Section 3.27.     Intercreditor Agreement;
Notice of Loan Event of Default; Notice of Controlling Class Control Period Commencement.


 


(a)          The Servicer shall
give notice of any Loan Event of Default to each Mezzanine Lender promptly (and, in the event of the failure to make a payment
on its Loan Payment Date, such notice shall be given promptly following such Loan Payment Date) upon a Servicing Officer of the
Servicer gaining actual knowledge of such default or Loan Event of Default, as provided in the Intercreditor Agreement, whether
or not the Servicer is obligated to give notice thereof to the Loan Borrowers. Such notice to the Mezzanine Lenders shall be given
by certified mail, return receipt requested, by fax, by e-mail or by a nationally recognized overnight courier. The Servicer or
the Special Servicer, as applicable, shall exercise the rights of the Trust as successor in interest to the mortgagee under the
Intercreditor Agreement. Subject to the rights of the Controlling Class Representative during any Controlling Class Control Period
and any Controlling Class Consultation Period, the Servicer or Special Servicer, as applicable, shall comply with and enforce the
rights and obligations of the Trust under the terms of the Intercreditor Agreement. The rights of the Trust and the Certificateholders
in and under the Trust Loan and the Loan Documents shall be subject to the terms of the Intercreditor Agreement.


 


(b)          The Servicer or the
Special Servicer, as applicable, will be required to give prompt notice to the Certificate Administrator that the Mezzanine A Loan
has been foreclosed upon or otherwise repaid in full and that a Controlling Class Control Period has commenced, upon their receipt
of notice of such an event.


 


Section
3.28.     Miscellaneous Provisions. Notwithstanding the terms
of the related Loan Documents, the other provisions of this Agreement or the Co-Lender Agreement, with respect to any
Companion Loan as to which there exists Companion Loan Securities, if any action relating to the servicing and administration
of the Whole Loan or a Foreclosed 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 will also require delivery of a Companion Loan Rating Agency Confirmation as a condition precedent to
such action from each Companion Loan Rating Agency. Each Companion Loan Rating Agency Confirmation shall be sought by the
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 Companion Loan Rating Agency
Confirmation with respect to any Companion Loan Securities will be subject to, will be permitted to be waived by the 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 Servicer or Special Servicer, as applicable,
depending on which is seeking the subject Companion Loan Rating Agency Confirmation, shall forward to one or more of its
counterpart (i.e., the master servicer or special servicer, as applicable), the counterpart providing or posting Rule
17g-5 information, or such other party or parties (as are agreed to by the Servicer or the Special Servicer, as applicable,
and the applicable parties for the related Other Securitization Trust), at the expense of the Other Securitization Trust to
the extent not borne by the Loan Borrowers, and in such format as the sender and recipient may reasonably agree, (i) the
request for such Companion Loan Rating Agency Confirmation at least two (2) Business Days before it is sent to the applicable
Companion Loan Rating Agency, (ii) all materials forwarded to the 17g-


 






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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
Companion Loan Rating Agency may reasonably request in connection with such Companion Loan Rating Agency Confirmation
promptly following such request.


 


Section 3.29.     Companion
Loan Intercreditor Matters. (a) If, pursuant to Section 2.8, or Section 3.16 of this Agreement, the Trust Loan
is, in its entirety, purchased or repurchased from the Trust, the subsequent holder thereof shall be bound by the terms of the
Co- Lender Agreement and shall assume the rights and obligations of the holder of the Notes related to the Trust Loan under the
Co-Lender Agreement. All portions of the Mortgage File and (to the extent provided under the Loan Purchase Agreement) other documents
pertaining to the Trust Loan shall be endorsed or assigned to the extent necessary or appropriate to the purchaser of the Trust
Loan in its capacity as the holder of the Notes related to the Trust Loan (as a result of such purchase, repurchase or substitution)
and (except for the actual Notes) on behalf of the holders of the Notes that represent the Companion Loans. Thereafter, such Mortgage
File shall be held by the holder of the Trust Loan or a custodian appointed thereby for the benefit thereof, on behalf of itself
and the Companion Loan Holders as their interests appear under the Co-Lender Agreement. If the related servicing file is not already
in the possession of such party, it shall be delivered to the master servicer or special servicer, as the case may be, under any
separate servicing agreement for the Whole Loan.


 


(b)          Notwithstanding anything
in this Agreement to the contrary, the Servicer or Special Servicer, as applicable, shall deliver reports and notices to each Companion
Loan Holder to the extent required under the Co-Lender Agreement.


 


(c)          With respect to the
Whole Loan, the Servicer shall prepare, or cause to be prepared, on an ongoing basis, a statement setting forth, to the extent
applicable to the Whole Loan:


 


(i)           (A) the amount
of the distribution from the Collection Account allocable to principal and (B) separately identifying the amount of scheduled principal
payments, Balloon Payments, principal prepayments made at the option of the Loan Borrower or other principal prepayments (specifying
the reason therefor), net liquidation proceeds and foreclosure proceeds included therein and information on distributions made
with respect to the Whole Loan;


 


(ii)          the amount of
the distribution from the Collection Account allocable to interest and the amount of Default Interest allocable to the Whole Loan;


 


(iii)         the amount
of the distribution to the Companion Loan Holders, separately identifying the non-default interest, principal and other amounts
included therein, and if the distribution to the Companion Loan Holders is less than the full amount that would be distributable
to such Companion Loan Holders if there were sufficient amounts available therefor, the amount of the shortfall and the allocation
thereof between interest and principal and the amount of the shortfall, if any, under the Whole Loan;


 






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(iv)         the principal
balance of each of the Whole Loan and the Companion Loans after giving effect to the distribution of principal as of the end of
the related Collection Period; and


 


(v)          the amount of
the servicing compensation paid to the Servicer and the Special Servicer with respect to the most recent Distribution Date, showing
separately the Servicing Fee, the Special Servicing Fee, the Workout Fee and the Liquidation Fee.


 


Not later than each Remittance
Date, the Servicer shall make the foregoing statement available to the Companion Loan Holder by electronic means.


 


(d)          At any time after
a Companion Loan has become part of an Other Securitization Trust and provided that the applicable parties hereto have received
written notice (which may be by email) thereof including contact information for the master servicer and special servicer with
respect to such Other Securitization Trust, all notices, reports, information or other deliverables required to be delivered to
the related Companion Loan Holders pursuant to this Agreement or the Co-Lender Agreement shall be delivered to the master servicer
and special servicer with respect to such Other Securitization Trust (who then may forward such items to the party entitled to
receive such items as and to the extent provided in the related Other Pooling and Servicing Agreement) and, when so delivered to
such master servicer and special servicer, the party hereto that is obligated under this Agreement or the Co-Lender Agreement to
deliver such notices, reports, information or other deliverables shall be deemed to have satisfied its delivery obligations with
respect to such items hereunder or under the Co-Lender Agreement.


 


ARTICLE 4


 


PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS


 


Section 4.1.     Distributions.
(a) On each Distribution Date, to the extent of Available Funds, amounts held in the Lower-Tier Distribution Account shall be withdrawn
and distributed to the Upper-Tier REMIC in respect of the Uncertificated Lower-Tier Interests, for deposit into the Upper-Tier
Distribution Account, and to the Class R Certificates in respect of the Class LT-R Interest in accordance with Section 4.1(c)
and immediately thereafter, amounts so distributed to the Upper-Tier REMIC shall be withdrawn from the Upper-Tier Distribution
Account and distributed by the Certificate Administrator in the following amounts:


 


first, to the
Class A and Class X-A Certificates, on a pro rata basis (based on their respective Interest Distribution Amount), in respect
of interest, up to the Interest Distribution Amount for each such Class and such Distribution Date;


 


second, to the
Class A Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Class
and such Distribution Date until the Certificate Balance of such Class is reduced to zero;


 


third, to the Class A Certificates, up to the
amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution
Dates; 


 






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fourth, to the Class B Certificates, in respect of interest, up to the Interest Distribution Amount for such
Class and such Distribution Date;


 


fifth, to the
Class B Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Class
and such Distribution Date to the extent of the Principal Distribution Amount remaining after distributions pursuant to all prior
clauses, until the Certificate Balance of such Class is reduced to zero;


 


sixth, to the Class B Certificates, up to the amount
of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates;


 


seventh, to the Class C Certificates, in respect of
interest, up to the Interest Distribution Amount for such Class and such Distribution Date;


 


eighth, to the
Class C Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Class
and such Distribution Date to the extent of the Principal Distribution Amount remaining after distributions pursuant to all prior
clauses, until the Certificate Balance of such Class is reduced to zero;


 


ninth, to the Class C Certificates, up to the amount
of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates;


 


tenth, to the Class D Certificates, in respect of interest,
up to the Interest Distribution Amount for such Class and such Distribution Date;


 


eleventh, to the
Class D Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Class
and such Distribution Date to the extent of the Principal Distribution Amount remaining after distributions pursuant to all prior
clauses, until the Certificate Balance of such Class is reduced to zero;


 


twelfth, to the Class D Certificates, up to the
amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution
Dates; and


 


thirteenth, when
the Certificate Balances of all Classes of Sequential Pay Certificates have been reduced to zero and after payment in full of all
unpaid expenses of the Trust, to the Class R Certificates (in respect of the Class UT-R Interest), any remaining amounts.


 


In no event will any Class of Certificates receive distributions
in reduction of its Certificate Balance that in the aggregate exceed the original Certificate Balance of such Class.


 


(b)          On
each Distribution Date, each Class of Uncertificated Lower-Tier Interests shall be deemed to receive (A) distributions in
respect of principal in an amount equal to the amount of principal actually distributable to its respective Related
Certificates as provided in Section 4.1(a), and (B) distributions with respect of reimbursement of Realized Losses in
an amount equal to the reimbursement of Realized Losses actually distributable to its respective Related Certificates as
provided in Section 4.1(g). On each Distribution Date, each Class of Uncertificated Lower-Tier Interests shall be
deemed to receive distributions in respect of interest in an amount equal to the sum of the Interest Distribution Amount and
Interest Shortfall in


 






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respect of its Related Certificates and the Interest Distribution Amount and Interest Shortfall in
respect of the Class X Strip Rate for the related Regular Certificate, in each case to the extent actually distributable
thereon as provided in Section 4.1(a). Amounts distributable pursuant to this paragraph are referred to herein
collectively as the “Lower-Tier Distribution Amount”, and shall be made by the Certificate Administrator
by deeming such Lower-Tier Distribution Amount to be withdrawn from the Lower-Tier REMIC Distribution Account to be deposited
in the Upper-Tier REMIC Distribution Account.


 


As of any date, the principal
balance of each Uncertificated Lower-Tier Interest shall equal its Lower-Tier Principal Amount. The Pass-Through Rate with respect
to each Uncertificated Lower-Tier Interest shall be the rate per annum set forth in the Introductory Statement hereto.


 


Any amount that remains
in the Lower-Tier Distribution Account on each Distribution Date after distribution of the Lower-Tier Distribution Amount and any
Yield Maintenance Premiums distributed pursuant to Section 4.3 shall be distributed to the Holders of the Class R Certificates
(in respect of the Class LT-R Interest, but only to the extent of the amount remaining in the Lower-Tier Distribution Account,
if any).


 


Distributions to the
Class R Certificateholders (in respect of the Class LT-R Interest) from the Lower-Tier Distribution Account and to the Class R
Certificate holders (in respect of the Class UT-R Interest) and to other Certificateholders from the Upper-Tier Distribution Account
on each Distribution Date shall be made by the Certificate Administrator (after withdrawing any amounts deposited in the Distribution
Account in error to the extent funds are available for such purpose) to each Certificateholder of record on the related Record
Date (other than as provided in Section 9.1 in respect of the final distribution), by wire transfer in immediately available
funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor; provided that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or
by check by first class mail to the address set forth therefor in the Certificate Register if wiring instructions have not been
received at least five (5) Business Days prior to the Distribution Date.


 


(c)          All amounts distributable
to a Class of Certificates pursuant to Section 4.1(a) 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 to each Certificateholder of record on the related Record Date by wire transfer of immediately available
funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor provided that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by
check by first class mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received
at least five (5) Business Days prior to the Distribution Date. The final distribution on each Certificate shall be made in like
manner, but only upon presentment and surrender of such Certificate at the location specified by the Certificate Administrator
in the notice to Certificateholders of such final distribution.


 


(d)          The
Certificate Administrator shall, as soon as reasonably possible after notice thereof by the Servicer to the Certificate Administrator
that the final distribution with


 






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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:


 


(i)           the Certificate
Administrator reasonably expects based upon information previously provided to it that the final distribution with respect to such
Class of Certificates shall 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


 


(ii)           if such final
distribution is made on such Distribution Date, no interest shall accrue on such Certificate from and after the Interest Accrual
Period related to such Distribution Date.


 


(e)           Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held in trust 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 4.1 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 Certificateholders to surrender their Certificates for cancellation to receive the
final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been
surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact
the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such
funds in trust and of contacting such Certificateholders shall be paid out of such funds. All such amounts shall be held by the
Certificate Administrator in trust in accordance herewith until the expiration of a two-year period following such second notice,
notwithstanding any termination of the Trust Fund. If within two years after the second notice any such Certificates shall not
have been surrendered for cancellation, the Certificate Administrator shall hold all amounts distributable to the Holders thereof
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, at which time such amounts
shall be distributed, subject to applicable law, to the Depositor. No interest shall accrue or be payable to any Certificateholder
on any amount held in trust hereunder 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 this Section 4.1(e). Any such amounts transferred
to the Certificate Administrator will remain uninvested. In the event the Certificate Administrator is permitted or required to
invest any amounts in Permitted Investments under this Agreement in the event of its assumption of the duties of, or becoming the
successor to, the Servicer or the Special Servicer, as applicable, in accordance with the terms of this Agreement, it shall invest
such amounts in Permitted Investments under clause (i) of the definition of Permitted Investments.


 


(f)           Subject
to the following sentence, the Certificate Administrator shall be responsible for the calculations with respect to
distributions from the Trust so long as the Trust Fund has not been terminated in accordance with this Agreement. The
Certificate Administrator shall have no duty to recompile, recalculate or verify the accuracy of information provided to it


 






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by the Servicer pursuant to Section 3.18(a) and, in the absence of manifest error in such information, may
conclusively rely upon it.


 


(g)          On each Distribution
Date, Realized Losses with respect to the Trust Loan shall be allocated to and applied as a reduction of the Certificate Balance
of each Class of Sequential Pay Certificates in the following order:


 


first, to the Class D Certificates;


 


second, to
the Class C Certificates; 


 


third, to the Class B Certificates; and


 


fourth, to the Class A Certificates.


 


in each
case, until the Certificate Balance thereof has been reduced to zero.


 


The Notional Amount of
the Class X-A Certificates shall be reduced by the amount of Realized Losses allocated to the Class A Certificates. The Notional
Amount of the Class X-B Certificates will be reduced by the amount of Realized Losses allocated to the Class B Certificates.


 


(h)          On the first Distribution
Date only, the Certificate Administrator shall withdraw $100 from the Upper-Tier Distribution Account and distribute $100 to the
Class X-B Certificates. Such distribution will be deemed a payment of principal on the REMIC regular interest principal balance
of the Class X-B Certificates (being $100) for federal income tax purposes.


 


Section 4.2.     Withholding
Tax. (a) Notwithstanding any other provision of this Agreement, the Certificate Administrator shall comply with all federal
withholding requirements with respect to payments to Certificateholders or payees that the Certificate Administrator reasonably
believes are applicable under the Code. The consent of Certificateholders shall not be required for any such withholding and each
Certificateholder is hereby deemed to have agreed by virtue of its purchase of such Certificate (or beneficial ownership interest
in such Certificate) to provide all information required by the Certificate Administrator. In the event the Certificate Administrator
withholds any amount from interest payments or advances thereof to any Certificateholder or payee pursuant to federal withholding
requirements, amounts so withheld shall be treated as having been entirely distributed to such Certificateholder or payee, and
the Certificate Administrator shall indicate the amount withheld to such Certificateholder or payee through a report.


 


Section 4.3.     Allocation
and Distribution of Yield Maintenance Premiums. On any Distribution Date, Yield Maintenance Premiums, if any, collected in
respect of the Trust Loan during the related Collection Period shall be distributed by the Certificate Administrator to the Holders
of each Class of Certificates in the following manner: (1) pro rata, between (x) the group (the “YM Group A”)
of Class A and Class X-A Certificates, and (y) the group (the “YM Group B” and collectively with the YM Group
A, the “YM Groups”) of Class X-B, Class B, Class C and Class D Certificates, based upon the aggregate amount
of principal distributed to the


 






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Classes of Sequential Pay Certificates in each YM Group on such Distribution Date, and (2) as
among the Classes of Certificates in each YM Group, in the following manner: (A) the Certificateholders of each Class of
Sequential Pay Certificates in such YM Group shall be entitled to receive on each Distribution Date an amount of Yield
Maintenance Premiums, if any, collected in respect of the Trust Loan prepayments, equal to the product of (i) a fraction
whose numerator is the amount of principal distributed to such Class on such Distribution Date and whose denominator is the
total amount of principal distributed to all of the Certificates in that YM Group representing principal payments in respect
of the Trust Loan on such Distribution Date, (ii) the Base Interest Fraction for the related principal prepayment and such
Class of Sequential Pay Certificates, and (iii) the Yield Maintenance Premiums, as applicable, collected during the related
Collection Period and allocated to such YM Group, and (B) any Yield Maintenance Premiums, as applicable, allocated to such YM
Group collected during the related Collection Period remaining after such distributions to the Sequential Pay Certificates in
such YM Group will be distributed to the Class of Class X Certificates in such YM Group.


 


On each Distribution
Date, the Certificate Administrator shall apply amounts related to Yield Maintenance Premiums then on deposit in the Lower-Tier
Distribution Account and received during or prior to the related Collection Period to the Class LA Uncertificated Interest pursuant
to this Section 4.3.


 


Section 4.4.     Statements
to Certificateholders. (a) On each Distribution Date, based on information provided by the Servicer or the Special Servicer,
as applicable, the Certificate Administrator shall prepare and make available on the Certificate Administrator’s Website
pursuant to Section 8.14(b) to any Privileged Person and any Borrower Related Party that certifies to the Certificate Administrator
in the form of Exhibit Y-2 that it is a Certificateholder or Beneficial Owner of a Certificate, a statement, based upon
the information provided to it by the Servicer and the Special Servicer, as applicable, in respect of the distributions made on
such Distribution Date (a “Distribution Date Statement”) setting forth, among other things:


 


(i)           for each Class
of Certificates, (a) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate
and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of
such payments)), (b) the amount of any Yield Maintenance Premiums collected on the Trust Loan and the amount thereof allocated
to each Class of Certificates, and (c) the amount of interest paid on Advances from Default Interest and allocable to such Class
of Certificates;


 


(ii)          if the amount
of the distributions to the Holders of each Class of Certificates was less than the full amount that would have been distributable
to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates,
stating separately the amounts allocable to interest and principal;


 


(iii)          the amount of any Monthly Payment Advance for such
Distribution Date;


 






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(iv)          the Certificate
Balance or Notional Amount, as applicable, of each Class of Certificates after giving effect to any distribution in reduction of
the Certificate Balance or Notional Amount, as applicable, on such Distribution Date and the allocation of Realized Losses on such
Distribution Date, and the amount of Realized Losses allocated to each Class on such Distribution Date;


 


(v)          the principal
balance of the Trust Loan and each Companion Loan and the principal balance of each Note as of the end of the Collection Period
for such Distribution Date;


 


(vi)         the aggregate
amount of unscheduled payments (and the source of such payments) made during the related Collection Period;


 


(vii)        identification
of any Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or any Special Servicer Termination
Event that in any case has been declared as of the close of business on the second Business Day prior to the end of the immediately
preceding calendar month;


 


(viii)       the
amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect
to such Distribution Date, separately listing any Liquidation Fees or Work-Out Fees and any other Loan Borrower charges retained
by the Servicer or Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, the Certificate
Administrator, and the Trustee, separately listing the Certificate Administrator Fee, the Special Servicing Fee, the Trustee Fee
and the CREFC® Intellectual Property Royalty License Fee paid to CREFC®
with respect to such Distribution Date;


 


(ix)          the number of
days a Loan Borrower is delinquent in the event that a Loan Borrower is delinquent at least 30 days and the date upon which any
foreclosure proceedings have been commenced;


 


(x)           a
list of the Properties that as of the close of business on the Loan Payment Date immediately preceding such Distribution Date
had become Foreclosed Properties;


 


(xi)          information
with respect to any declared bankruptcy of any Loan Borrower or any Mezzanine Borrower;


 


(xii)         as to any item
of Collateral released, liquidated or disposed of during the preceding Collection Period, the identity of such item and the amount
of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;


 


(xiii)        a list of conveyances or transfers
of the Properties by the Loan Borrowers;


 


(xiv)        the aggregate amount of all Advances, if any, not yet reimbursed;


 


(xv)         the
amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;


 






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(xvi)        a report identifying any Appraisal Reduction Amount;


 


(xvii)       an itemized listing of any Disclosable
Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;


 


(xviii)      the amount of Default Interest,
if any, and late payment charges, if any, paid by the Loan Borrowers during the related Collection Period;


 


(xix)         the original rating of each Class
of Certificates and the current rating of each Class of Certificates; and


 


(xx)          the
aggregate amount of Loan Borrower Reimbursable Trust Fund Expenses.


 


The Depositor, the Trustee,
the Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution
Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s Website can be obtained
by calling the Certificate Administrator’s investor relations desk at (866) 846-4526.


 


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, a statement containing the information set forth in clauses (i), (ii), (viii) and (xx)
above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person
was a Certificateholder, together with such other information as the Certificate Administrator deems necessary or desirable, or
that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their
tax returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to
the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements
of the Code as from time to time are in force.


 


The Certificate Administrator
will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification.
The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled to rely on information supplied
by the Loan Borrowers without independent verification.


 


The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner of Certificates
may access notice of a request of a vote to terminate and replace the Special Servicer on the Certificate Administrator’s
Website, and each Certificateholder and Beneficial Owner of Certificates may register to receive email notifications when such
notices are posted on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement
from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.


 


(b)          The Certificate Administrator
shall, on each Distribution Date make the Distribution Date Statement available to Privileged Persons and any Borrower Related
Party that certifies to the Certificate Administrator in the form of Exhibit Y-2 that it is a Certificateholder


 






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or Beneficial Owner of a Certificate, pursuant
to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to Certificateholders and
others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the Special
Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer
or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer
is based on information required to be provided by the Loan Borrowers or the Special Servicer, the Servicer’s obligation
to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Loan
Borrowers or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer
is based on information required to be provided by the Loan Borrowers, the Special Servicer’s obligation to furnish such
information shall be contingent upon its receipt of such information from the Loan Borrowers. The Servicer, the Special Servicer,
the Certificate Administrator and the Trustee shall be entitled to rely on information supplied by the Loan Borrowers without independent
verification.


 


The Certificate Administrator
shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section
8.14(b) reports or analyses of net operating income from the Properties. Such net operating income reports or analyses shall
be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format
based on the quarterly, annual and periodic statements and rent rolls with respect to the Properties obtained by the Servicer
from the Loan Borrowers.


 


If so authorized by the
Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to any Privileged
Person certain other information with respect to the Whole Loan (subject to the limitations of Section 3.4(c)).


 


In addition, the Certificate Administrator shall make available
on the Certificate Administrator’s Website such information as set forth in Section 8.14(b) herein.


 


Section 4.5.     Investor
Q&A Forum and Investor Registry. (a) The Certificate Administrator shall make available to Privileged Persons only, 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 Beneficial Owners of Certificates who are Privileged Persons may submit questions to
the Certificate Administrator relating to the Distribution Date Statement, or submit questions to be forwarded to the Servicer
or Special Servicer, as applicable, relating to the reports being made available pursuant to Section 8.14(b)(ii)(B) and
8.14(b)(iii)(A)(B) and (C), the Whole Loan or the Properties (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 Servicer or Special Servicer, the Certificate Administrator shall forward the Inquiry to the
Servicer or Special Servicer, as applicable, in each case via email within a commercially reasonable period of time following
receipt thereof. Following receipt of an Inquiry, the Certificate Administrator, the Servicer or Special Servicer, as applicable,
unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Servicer or
Special Servicer shall be by email to the Certificate Administrator. The Certificate Administrator shall post (within a commercially
reasonable period of time following preparation or receipt of such answer, as the


 






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case may be) such Inquiry and the related
answer to the Certificate Administrator’s Website. If the Certificate Administrator, Servicer or Special Servicer determines,
in its respective sole discretion, that (i) any Inquiry is not of a type described above, (ii) answering any Inquiry would not
be in the best interests of the Trust Fund and/or the Certificateholders, (iii) answering any Inquiry would be in violation of
applicable law, the Loan Documents or this Agreement, (iv) answering any Inquiry would, or is, reasonably expected to result in
a waiver of attorney client privilege or the disclosure of attorney client work-product; (v) answering any Inquiry would materially
increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, Servicer or Special
Servicer, as applicable, (vi) answering any Inquiry would violate the applicable confidentiality provisions or (vii) answering
any Inquiry is otherwise, for any reason, not advisable to answer, it shall not be required to answer such Inquiry and, in the
case of the Servicer or Special Servicer, shall promptly notify the Certificate Administrator. The Certificate Administrator shall
notify the Person who submitted such Inquiry in the event that the Inquiry will not be answered. Any notice by the Certificate
Administrator to the Person who submitted an Inquiry that will not be answered shall include the following statement: “Because
the Trust and Servicing Agreement provides that the Certificate Administrator, Servicer or Special Servicer shall not answer an
Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is not of a type described in the Trust and Servicing
Agreement, (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 or the Loan Documents, (iv) answering any Inquiry would, or is, reasonably
expected to result in a waiver of attorney client privilege or the disclosure of attorney client work-product, (v) answering any
Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
Servicer or Special Servicer, as applicable, (vi) answering any Inquiry would violate the applicable confidentiality provisions
or (vii) answering any Inquiry is otherwise, for any reason, not advisable to answer, no inference should be drawn from the fact
that the Certificate Administrator, Servicer or Special Servicer has declined to answer the Inquiry.” No party may post or
otherwise disclose information known to such party to be Privileged Information; provided that the Certificate Administrator
shall have no obligation to review any inquiry or answer received by it for posting to the Investor Q&A Forum to determine
if such inquiry or answer contains any such direct communication with the Controlling Class Representative, or otherwise to consult
with the party from whom such inquiry or answer is received to confirm the same, and the Certificate Administrator shall have no
liability in connection with its posting to the Investor Q&A Forum of any inquiry or answer containing such direct communication.
Answers posted on the Investor Q&A Forum will be attributable only to the respondent, and shall not be deemed to be answers
from any of the Depositor, the Initial Purchasers or the Certificate Administrator (as applicable) or any of their respective affiliates.
None of the Initial Purchasers, Depositor, or any of their respective affiliates will certify to any of the information posted
in the Investor Q&A Forum and no such party shall have any responsibility or liability for the content of any such information.
The Certificate Administrator shall not be required to post to the Certificate Administrator’s Website 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 that are not submitted via the Certificate
Administrator’s Website. In addition to the Certificate Administrator’s receipt of the Investor Certification to confirm
that such Person is a Privileged Person, the Certificate Administrator may require


 






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acceptance of an additional waiver and
disclaimer for access to the Investor Q&A Forum. No party to this Agreement shall be permitted to disclose Privileged Information
in the Investor Q&A Forum.


 


(b)          The Certificate Administrator
shall make available to any Certificateholder and any Beneficial Owner, the Investor Registry. The “Investor Registry”
shall be a voluntary service via the Certificate Administrator’s Website, where Certificateholders and Beneficial Owners
can register and thereafter obtain information with respect to any other Certificateholder or Beneficial Owner that has so registered.
Any person registering to use the Investor Registry shall certify that (a) it is a Certificateholder or a Beneficial 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 forty-five (45) days from the date of such certification to other registered Certificateholders and registered
Beneficial Owners and such other certifications as the Certificate Administrator may require. Such Person shall then be asked to
provide 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 Beneficial Owner notifies the Certificate
Administrator in writing that it wishes to be removed from the Investor Registry (which notice may not be within forty-five (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. In addition to the Certificate Administrator’s receipt of the Investor
Certification to confirm that such Person is a Privileged Person, the Certificate Administrator may require acceptance of a waiver
and disclaimer for access to the Investor Registry.


  


ARTICLE 5


 


THE CERTIFICATES


 


Section 5.1.     The Certificates.
(a) The following table sets forth the designation and aggregate initial Certificate Balance and Pass-Through Rate for each Class
of Certificates.


 





	 	 	Initial Certificate	 	 
	 	 	Balance or Initial	 	 
	Class of Certificates	 	Notional Amount	 	Pass-Through Rate
	Class A	 	$468,700,000	 	Class A Pass-Through Rate
	Class X-A	 	$468,700,000	 	Class X-A Pass-Through Rate
	Class X-B(1)	 	$111,200,000	 	N/A(1)
	Class B	 	$111,200,000	 	Class B Pass-Through Rate
	Class C	 	$102,300,000	 	Class C Pass-Through Rate
	Class D	 	$121,800,000	 	Class D Pass-Through Rate







 





 









	(1)	The Class
                                         X-B Certificates will not have a Pass-Through Rate, and will not be entitled to distributions
                                         of interest or principal (other than a payment of $100 on the first Distribution Date,
                                         which will be deemed a payment of principal on the principal balance of the REMIC regular
                                         interest represented by the Class X-B



 






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Certificates for federal income
tax purposes). The Class X-B Certificates will instead be entitled to a portion of any Yield Maintenance Premiums actually collected,
as described under this Agreement.


 


The Certificates shall
be issued in substantially the respective forms set forth as Exhibits A-1 through A-7 hereto, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Agreement or as may, in the reasonable
judgment of the Certificate Registrar, be necessary, appropriate or convenient to comply, or facilitate compliance, with applicable
laws, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may
be required by law, or as may, consistently herewith, be determined by the officers executing such Certificates, as evidenced by
their execution thereof.


 


(b)          The
Certificates of each Class of Sequential Pay Certificates shall be issued in minimum denominations of $100,000 Initial Certificate
Balance and integral multiples of $1 Initial Certificate Balance in excess of $100,000. The Class X Certificates shall be issued
in minimum denominations of $1,000,000 Initial Notional Amount and in integral multiples of $1 Initial Notional Amount in excess
of $1,000,000. The Class R Certificates shall be issued, maintained and transferred in minimum percentage interests of 10% of
such Class R Certificates and in integral multiples of 1% in excess thereof.


 


(c)          One authorized signatory
shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If an authorized signatory whose signature
is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns the Certificate, the Certificate
shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of the Certificate Registrar (who may
be the same officer who executed the Certificate) manually countersigns the Certificate. The signature shall be conclusive evidence
that the Certificate has been executed and countersigned under this Agreement.


 


Section 5.2.     Form
and Registration. (a) Each Class of the Certificates sold to institutions that are non-“U.S. persons” in “offshore
transactions”, as defined in, and in reliance on, Regulation S shall be initially be represented by a temporary global certificate
in definitive, fully registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto
(each a “Temporary Regulation S Global Certificate”), which shall be deposited on the Closing Date on behalf
of the purchasers of the Certificates represented thereby with the Certificate Registrar, at its principal trust office, as custodian,
for the Depository, and registered in the name of the Depository or the nominee of the Depository for the account of designated
agents holding on behalf of the Euroclear System (“Euroclear”) and/or Clearstream Banking, société
anonyme (“Clearstream”). Prior to the expiration of the 40-day period commencing on the later of the commencement
of the offering and the Closing Date (the “Restricted Period”), beneficial interests in each Temporary Regulation
S Global Certificate may be held only through Euroclear or Clearstream. After the expiration of the Restricted Period, a beneficial
interest in a Temporary Regulation S Global Certificate may be exchanged for an interest in the related permanent global certificate
of the same Class (a “Regulation S Global Certificate”) in the applicable form set forth as an exhibit hereto
in accordance with the procedures set forth in Section 5.3(f). During the Restricted Period, distributions due in respect
of a beneficial interest in a Temporary Regulation S Global Certificate shall only be made upon delivery to the Certificate Registrar
by Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial


 






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Ownership Certification. After the expiration
of the Restricted Period, distributions due in respect of any beneficial interests in a Temporary Regulation S Global Certificate
shall not be made to the holders of such beneficial interests unless exchange for a beneficial interest in the Regulation S Global
Certificate of the same Class is improperly withheld or refused. The aggregate Certificate Balance of a Temporary Regulation S
Global Certificate or a Regulation S Global Certificate may from time to time be increased or decreased by adjustments made on
the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.


 


On the Closing Date,
the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate Administrator shall
deliver to the Certificate Registrar the Regulation S Global Certificates, which shall be held by the Certificate Registrar for
purposes of effecting the exchanges contemplated by the preceding paragraph.


 


(b)          Certificates of each
Class offered and sold to QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) shall be represented
by a single, global certificate in definitive, fully registered form without interest coupons, substantially in the applicable
form set forth as an exhibit hereto (each, a “Rule 144A Global Certificate” and, together with the Temporary
Regulation S Global Certificates and the Regulation S Global Certificates, the “Global Certificates”), which
shall be deposited with the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository, and
registered in the name of the Depository or a nominee of the Depository. The aggregate Certificate Balance of a Rule 144A Global
Certificate may from time to time be increased or decreased by adjustments made on the records of the Certificate Registrar, as
custodian for the Depository, as hereinafter provided.


 


(c)          Certificates of each
Class that are offered and sold in the United States to investors that are Institutional Accredited Investors that are not QIBs
(the “Non-Book Entry Certificates”) shall be in the form of Definitive Certificates, substantially in
the applicable form set forth as an exhibit hereto, and shall be registered in the name of such investors or their nominees by
the Certificate Registrar who shall deliver the certificates for such Non-Book Entry Certificates to the respective beneficial
owners or owners.


 


(d)          Owners of beneficial
interests in Global Certificates of any Class shall not be entitled to receive physical delivery of certificated Certificates unless:
(i) the Depository advises the Certificate Registrar in writing that the Depository is no longer willing or able to discharge properly
its responsibilities as depository with respect to the Global Certificates of such Class or ceases to be a Clearing Agency, and
the Certificate Registrar and the Depository are unable to locate a qualified successor within 90 days of such notice or (ii) the
Trustee has instituted or has been directed to institute any judicial proceeding to enforce the rights of the Holders of such Class
and the Trustee has been advised by counsel that in connection with such proceeding it is necessary or appropriate for the Trustee
to obtain possession of the Certificates of such Class; provided, however, that under no circumstances will certificated
Certificates be issued to beneficial owners of a Temporary Regulation S Global Certificate. Upon notice of the occurrence of any
of the events described in clause (i) or (ii) above with respect to any Certificates of a Class that are in the form of Global
Certificates and upon surrender by the Depository of any Global Certificate of such Class and receipt from the Depository of instructions
for reregistration, the Certificate Registrar shall issue Certificates of such Class in


 






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the form of Definitive Certificates (bearing,
in the case of a Definitive Certificate issued for a Rule 144A Global Certificate, the same legends regarding transfer restrictions
borne by such Global Certificate), and thereafter the Certificate Registrar shall recognize the holders of such Definitive Certificates
as Certificateholders under this Agreement.


 


(e)          If any Beneficial
Owner wishes to transfer its interest in a Rule 144A Global Certificate to an Institutional Accredited Investor that is not a
QIB, or wishes to transfer its interest in a Regulation S Global Certificate to a “U.S. person” (as that term is defined
in Rule 902(k) of Regulation S) that is an Institutional Accredited Investor but not a QIB, then the transferee shall take delivery
in the form of a Non-Book Entry Certificate, subject to the restrictions on the transfer of such Non-Book Entry Certificate in
Section 5.3(h) of this Agreement. No such transfer shall be made and the Certificate Registrar shall not register any such
transfer unless such transfer complies with the provisions of Section 5.3(h) of this Agreement applicable to transfers
of Non-Book Entry Certificates. Upon acceptance for exchange or transfer of a beneficial interest in a Global Certificate for
a Non-Book Entry Certificate, as provided herein, the Certificate Registrar shall endorse on the schedule affixed to the related
Global Certificate (or on a continuation of such schedule affixed to such 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 Global Certificate equal
to the denomination of such Non-Book Entry Certificate issued in exchange therefor or upon transfer thereof.


 


Section 5.3.     Registration
of Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be kept at the Corporate
Trust Office books (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe,
the Certificate Administrator shall provide for the registration of Certificates and of transfers and exchanges of Certificates
as herein provided (the Certificate Administrator, in such capacity, being the “Certificate Registrar”). In
such capacities, the Certificate Administrator shall be responsible for, among other things, (i) maintaining the Certificate Register
and a record of the aggregate holdings of Certificates of each Class represented by a Temporary Regulation S Global Certificate,
a Regulation S Global Certificate and a Rule 144A Global Certificate and accepting Certificates for exchange and registration of
transfer and (ii) transmitting to the Depositor, the Servicer and the Special Servicer any notices from the Certificateholders.


 


(b)          Subject to the restrictions
on transfer set forth in this Article 5, upon surrender for registration of transfer of any Certificate, the Certificate
Registrar shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates
in authorized denominations, in like aggregate interest and of the same Class.


 


(c)          Rule 144A Global
Certificate to Temporary Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A Global
Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest
in such Rule 144A Global Certificate for an interest in the Temporary Regulation S Global Certificate of the same Class, or to
transfer its interest in such Rule 144A Global Certificate to a Person who is required to take delivery thereof in the form of
an interest in the Temporary Regulation S Global Certificate of the same Class, such holder may, subject to the rules and procedures
of the Depository, exchange or cause the exchange of such interest for an


 






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equivalent beneficial interest in such
Temporary Regulation S Global Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office designated in
Section 5.7 hereof, of (1) instructions given in accordance with the Depository’s procedures from a Depository Participant
directing the Certificate Registrar to credit, or cause to be credited, a beneficial interest in the Temporary Regulation S Global
Certificate in an amount equal to the beneficial interest in the Rule 144A Global Certificate to be exchanged, (2) a written order
given in accordance with the Depository’s procedures containing information regarding the Euroclear or Clearstream account
to be credited with such increase and the name of such account and (3) a certificate in the form of Exhibit C hereto given
by the holder of such beneficial interest stating that the transfer of such interest has been made in compliance with the transfer
restrictions applicable to the Global Certificates and pursuant to and in accordance with Regulation S, then the Certificate Registrar
shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Global Certificate and
to increase, or cause to be increased, the Certificate Balance of the Temporary Regulation S Global Certificate by the aggregate
Certificate Balance of the beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited
to the account of the Person specified in such instructions (who shall be the agent member of Euroclear or Clearstream, or both)
a beneficial interest in the Temporary Regulation S Global Certificate equal to the reduction in the Certificate Balance of the
Rule 144A Global Certificate, and to debit, or cause to be debited, from the account of the Person making such exchange or transfer
the beneficial interest in the Rule 144A Global Certificate that is being exchanged or transferred.


 


(d)          Rule 144A Global
Certificate to Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A Global Certificate deposited
with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Rule 144A Global
Certificate for an interest in the Regulation S Global Certificate of the same Class, or to transfer its interest in such Rule
144A Global Certificate to a Person who is required to take delivery thereof in the form of an interest in a Regulation S Global
Certificate, such holder may, subject to the rules and procedures of the Depository, exchange, or cause the exchange of, such interest
for an equivalent beneficial interest in such Regulation S Global Certificate. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.7 hereof, of (1) instructions given in accordance with the Depository’s procedures
from a Depository Participant directing the Certificate Registrar to credit or cause to be credited a beneficial interest in the
Regulation S Global Certificate in an amount equal to the beneficial interest in the Rule 144A Global Certificate to be exchanged,
(2) a written order given in accordance with the Depository’s procedures containing information regarding the participant
account of the Depository to be credited with such increase and (3) a certificate in the form of Exhibit D hereto given
by the holder of such beneficial interest stating (A) that the transfer of such interest has been made in compliance with the transfer
restrictions applicable to the Global Certificates and pursuant to and in accordance with Regulation S, or (B) that the transferee
is otherwise entitled to hold its interest in the applicable Certificates in the form of an interest in the Regulation S Global
Certificate, without any registration of such Certificates under the Securities Act (in which case such certificate shall enclose
an Opinion of Counsel to such effect and such other documents as the Certificate Registrar may reasonably require), then the Certificate
Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Global Certificate
and to increase, or cause to be increased, the Certificate Balance of the Regulation S Global Certificate by the aggregate Certificate
Balance of the


 






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beneficial interest in the Rule 144A Global
Certificate to be exchanged, 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 equal to the reduction in the Certificate Balance of the Rule 144A Global Certificate,
and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial interest in
the Rule 144A Global Certificate that is being exchanged or transferred.


 


(e)          Temporary Regulation
S Global Certificate or Regulation S Global Certificate to Rule 144A Global Certificate. If a holder of a beneficial
interest in a Temporary Regulation S Global Certificate or Regulation S Global Certificate deposited with the Certificate Registrar
as custodian for the Depository wishes at any time to exchange its interest in such Temporary Regulation S Global Certificate or
Regulation S Global Certificate for an interest in the Rule 144A Global Certificate of the same Class, or to transfer its interest
in such Temporary Regulation S Global Certificate or Regulation S Global Certificate to a Person who is required to take delivery
thereof in the form of an interest in the Rule 144A Global Certificate, such holder may, subject to the rules and procedures of
Euroclear or Clearstream, as the case may be, and the Depository, exchange or cause the exchange of such interest for an equivalent
beneficial interest in the Rule 144A Global Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.7 hereof, of (1) instructions from Euroclear or Clearstream, if applicable, and the
Depository, directing the Certificate Registrar, as registrar, to credit or cause to be credited a beneficial interest in the Rule
144A Global Certificate equal to the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global
Certificate to be exchanged, such instructions to contain information regarding the participant account with the Depository to
be credited with such increase, (2) with respect to a transfer of an interest in the Regulation S Global Certificate, information
regarding the participant account of the Depository to be debited with such decrease and (3) with respect to a transfer of an interest
in the Temporary Regulation S Global Certificate (but not the Regulation S Global Certificate) for an interest in the Rule 144A
Global Certificate, a certificate in the form of Exhibit E hereto given by the holder of such beneficial interest and stating
that the Person transferring such interest in the Temporary Regulation S Global Certificate reasonably believes that the Person
acquiring such interest in the Rule 144A Global Certificate is a QIB and is obtaining such beneficial interest in a transaction
meeting the requirements of Rule 144A, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced,
the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to increase, or
cause to be increased, the Certificate Balance of the Rule 144A Global Certificate by the aggregate Certificate Balance of the
beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged, and the
Certificate Registrar shall instruct the Depository, concurrently with such reduction, to credit, or cause to be credited, to the
account of the Person specified in such instructions, a beneficial interest in the Rule 144A Global Certificate equal to the reduction
in the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to debit, or
cause to be debited, from the account of the Person making such transfer the beneficial interest in the Temporary Regulation S
Global Certificate or Regulation S Global Certificate that is being transferred.


 


(f)           Temporary Regulation
S Global Certificate to Regulation S Global Certificate. Interests in a Temporary Regulation S Global Certificate as
to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a certificate (a


 






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“Non-U.S. Beneficial Ownership
Certification”) to the effect that Euroclear or Clearstream, as applicable, has received a certificate substantially
in the form of Exhibit F hereto from the holder of a beneficial interest in such Temporary Regulation S Global Certificate,
shall be exchanged after the Restricted Period, for interests in the Regulation S Global Certificate of the same Class. The Certificate
Registrar shall effect such exchange by delivering to the Depository for credit to the respective accounts of such holders, a duly
executed and authenticated Regulation S Global Certificate, representing the aggregate Certificate Balance of interests in the
Temporary Regulation S Global Certificate initially exchanged for interests in the Regulation S Global Certificate. The delivery
to the Certificate Registrar by Euroclear or Clearstream of the certificate or certificates referred to above may be relied upon
by the Depositor and the Certificate Registrar as conclusive evidence that the certificate or certificates referred to therein
has or have been delivered to Euroclear or Clearstream pursuant to the terms of this Agreement and the Temporary Regulation S Global
Certificate. Upon any exchange of interests in the Temporary Regulation S Global Certificate for interests in the Regulation S
Global Certificate, the Certificate Registrar shall endorse the Temporary Regulation S Global Certificate to reflect the reduction
in the Certificate Balance represented thereby by the amount so exchanged and shall endorse the Regulation S Global Certificate
to reflect the corresponding increase in the amount represented thereby. Until so exchanged in full and except as provided therein,
the Temporary Regulation S Global Certificate, and the Certificates evidenced thereby, shall in all respects be entitled to the
same benefits under this Agreement as the Regulation S Global Certificate and Rule 144A Global Certificate authenticated and delivered
hereunder.


 


(g)          Non-Book Entry
Certificate to Global Certificate. If a Holder of a Non- Book Entry Certificate wishes at any time to exchange its interest
in such Non-Book Entry Certificate for an interest in a Global Certificate of the same Class, or to transfer all or part of such
Non-Book Entry Certificate to a Person who is entitled to take delivery thereof in the form of an interest in a Global Certificate,
such Holder may, subject to the rules and procedures of Euroclear or Clearstream, if applicable, and the Depository, cause the
exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial interest in the appropriate Global Certificate
of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.7 hereof,
of (1) such Non-Book Entry Certificate, duly endorsed as provided herein, (2) instructions from such Holder directing the Certificate
Registrar, as registrar, to credit, or cause to be credited, a beneficial interest in the applicable Global Certificate equal to
the portion of the Certificate Balance of the Non-Book Entry Certificate to be exchanged, such instructions to contain information
regarding the participant account with the Depository to be credited with such increase and (3) a certificate in the form of Exhibit
G hereto (in the event that the applicable Global Certificate is the Temporary Regulation S Global Certificate), in the form
of Exhibit H hereto (in the event that the applicable Global Certificate is the Regulation S Global Certificate) or in the
form of Exhibit I hereto (in the event that the applicable Global Certificate is the Rule 144A Global Certificate), then
the Certificate Registrar, as registrar, shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate,
shall, if applicable, execute, authenticate and deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate
Certificate Balance of the portion retained by such transferor and shall instruct the Depository to increase, or cause to be increased,
such Global Certificate by the aggregate Certificate Balance of the portion of the Non-Book Entry Certificate to be exchanged and
to credit, or cause to be credited, to the account of the Person specified in such


 






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instructions a beneficial interest in
the applicable Global Certificate equal to the Certificate Balance of the portion of the Non-Book Entry Certificate so canceled.


 


(h)          Exchanges
of Non-Book Entry Certificates. If a holder of a Rule 144A Global Certificate, Regulation S Global Certificate or Non-Book
Entry Certificate wishes at any time to transfer its interest in such Rule 144A Global Certificate, Regulation S Global Certificate
or Non-Book Entry Certificate to a Person who is required to take delivery thereof in the form of a Non-Book Entry Certificate,
then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely
upon): (i) an investment representation letter from the proposed transferee substantially in the form attached as Exhibit J-1
to this Agreement and (ii) if required by the Certificate Registrar, an opinion of counsel satisfactory to the Certificate
Registrar to the effect that such transfer shall be made without registration under the Securities Act, together with the written
certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or
the proposed transferee on which such opinion of counsel is based (such opinion of counsel shall not be an expense of the Trust
or of the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Certificate Registrar
in their respective capacities as such).


 


(i)           Other Exchanges.
In the event that a Global Certificate is exchanged for a Definitive Certificate, such Certificates may be exchanged only in accordance
with such procedures as are substantially consistent with the provisions of clauses (c) through (f) and (h) above (including the
certification requirements intended to ensure that such transfers comply with Rule 144A or Regulation S under the Securities Act,
at the case may be) and such other procedures as may from time to time be adopted by the Certificate Registrar.


 


(j)           Restricted Period.
Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests in the
Temporary Regulation S Global Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers made pursuant
to the provisions of clause (e) above.


 


(k)          If Certificates are
issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend relating to compliance with the
Securities Act, or if a request is made to remove such legend on Certificates, the Certificates so issued shall bear the restrictive
legend, or such 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 that neither such legend nor the restrictions on transfer set forth therein are
required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144 or Regulation S under the Securities
Act or, with respect to Non-Book Entry Certificates, that such Certificates are not “restricted” within the meaning
of Rule 144 under the Securities Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate
and deliver Certificates that do not bear such legend.


 


(l)           All Certificates
surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate Registrar
in accordance with the Certificate Registrar’s customary procedures.


 






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(m)          No Class X-B or Class
R Certificates may be purchased by or transferred to any prospective purchaser or transferee that is or will be an “employee
benefit plan” within the meaning of Section 3(3) of ERISA that is subject to the fiduciary responsibility provisions of ERISA,
or any “plan” within the meaning of Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, or
any other plan or arrangement subject to any federal, state or local law materially similar to the foregoing provisions of ERISA
or the Code (“Similar Law”) or a Person whose assets include the assets of any such employee benefit plan or
plan within the meaning of Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA or otherwise
(each, a “Benefit Plan”), or any person acting on behalf of any such Benefit Plan or using the assets of a Benefit
Plan to purchase such Certificate. Each prospective transferee of a Class X-B or Class R Certificate in definitive form (other
than the Initial Purchaser) shall deliver to the transferor, the Certificate Registrar and the Certificate Administrator a representation
letter, substantially in the form of Exhibit O, stating that the prospective transferee meets the requirements of the preceding
sentence. No Class A, Class X-A, Class B, Class C or Class D Certificates may be purchased by or transferred to any prospective
purchaser or transferee that is or will be a Benefit Plan, or any person acting on behalf of a Benefit Plan or using the assets
of a Benefit Plan to purchase such Certificate, unless (A) the purchaser is an “accredited investor” as defined in
Rule 501(a)(1) of the Securities Act and (B) the acquisition, holding and disposition of such Certificate by the purchaser will
not constitute or otherwise result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code (or a similar
non-exempt violation of Similar Law). Any purported transfer in violation of this Section 5.3(m) shall be null and void
ab initio and shall vest no rights in any such purported purchaser or transferee.


 


(n)          Each Person who has
or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership Interest
to have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership Interest
are expressly subject to the following provisions:


 


(i)           Each Person acquiring
or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Residual 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 Residual Ownership Interest) as a Permitted Transferee. Any acquisition of a Residual Ownership
Interest 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 ab initio and of no effect, and the immediately preceding owner who was a Permitted Transferee
shall be restored to registered and beneficial ownership of the Residual Ownership Interest as soon and as fully as possible.


 


(ii)          No Residual 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 Residual Ownership
Interest, the Certificate Registrar shall, as a condition to such consent, (x) require the proposed 


 






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transferee to deliver, and the proposed
transferee shall deliver to the Certificate Registrar and to the proposed transferor, an affidavit in substantially the form attached
as Exhibit J-2 (a “Transferee Affidavit”) of the proposed transferee (A) that such proposed transferee
is a Permitted Transferee and (B) stating that (1) the proposed transferee historically has paid its debts as they have come due
and intends to do so in the future, (2) the proposed transferee understands that, as the holder of a Residual Ownership Interest,
it may incur liabilities in excess of cash flows generated by the residual interest, (3) the proposed transferee intends to pay
taxes associated with holding the Residual Ownership Interest as they become due, (4) the proposed transferee will not cause income
with respect to the Residual Ownership Interest to be attributable to a foreign permanent establishment or fixed base, within the
meaning of an applicable income tax treaty, of such proposed transferee or any other U.S. Person, (5) the proposed transferee will
not transfer the Residual 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, and (6) the proposed transferee expressly agrees to be bound
by and to abide by the provisions of this Section 5.3(n) and (y) other than in connection with the initial issuance of a
Class R Certificate, require a statement from the proposed transferor substantially in the form attached as Exhibit J-3
(the “Transferor Letter”), that the proposed transferor has no actual knowledge that the proposed transferee
is not a Permitted Transferee and has 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, however,
the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee. Upon notice to the Certificate Registrar 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 Residual Ownership Interest
or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS and the transferor of such
Residual 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,
the Certificate Registrar may charge a reasonable fee for computing and furnishing such information to the transferor or to such
agent referred to above; provided, however, such Persons shall in no event be excused from furnishing such information.


 


(iv)         The Class R Certificates
may only be issued as Definitive Certificates and transferred to and owned by QIBs.


 






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Section 5.4.     Mutilated,
Destroyed, Lost or Stolen Certificates. If (a) 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 (b) there
is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it harmless, then, in the
absence of actual notice to the Certificate Registrar that such Certificate has been acquired by a bona fide purchaser, the Certificate
Registrar shall execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor and interest in the Trust Fund. In connection with the issuance of any new Certificate
under this Section 5.4, the Certificate Registrar may require the payment of a sum sufficient to cover any expenses (including
the fees and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section
5.4 shall constitute complete and indefeasible evidence of ownership in the Trust Fund, as if originally issued, whether or
not the lost, stolen or destroyed Certificate shall be found at any time.


 


Section 5.5.     Persons
Deemed Owners. The Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Certificate Registrar,
and any agent of any of them, may treat the Person in whose name any Certificate is registered as the owner of such Certificate
for the purpose of receiving distributions as provided in this Agreement and for all other purposes whatsoever, and none of the
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, nor any agent of any of
them shall be affected by any notice to the contrary; provided, however, that to the extent that a party to this
Agreement responsible for distributing any report, statement or other information required to be distributed to Certificateholders
has been provided an Investor Certification, such party to this Agreement shall distribute such report, statement or other information
to such beneficial owner (or prospective transferee).


 


Section 5.6.     Access
to List of Certificateholders’ Names and Addresses; Special Notices. The Certificate Registrar shall maintain
in as current form as is reasonably practicable the most recent list available to it of the names and addresses of the Certificateholders.
If any Certificateholder that has provided an Investor Certification (a) requests in writing from the Certificate Registrar a list
of the names and addresses of Certificateholders, (b) states that such Certificateholder desires to communicate with other Certificateholders
with respect to its rights under this Agreement or under the Certificates and (c) provides a copy of the communication which such
Certificateholder proposes to transmit, then the Certificate Registrar shall, within ten Business Days after the receipt of such
request, afford such Certificateholder access during normal business hours to a current list of the Certificateholders. Every Certificateholder,
by receiving and holding a Certificate, agrees that the Certificate Registrar shall not be held accountable by reason of the disclosure
of any such information as to the list of the Certificateholders hereunder, regardless of the source from which such information
was derived. The Servicer, the Special Servicer and the Depositor shall be entitled to a list of the names and addresses of Certificateholders
from time to time upon request therefor.


 


Upon the written request
of any Certificateholder that (a) has provided an Investor Certification, (b) states that such Certificateholder desires the Certificate
Administrator to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be


 






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contacted by other Certificateholders,
setting forth the relevant contact information and briefly stating the reason for the requested contact (a “Special Notice”)
and (c) provides a copy of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator
shall post such Special Notice to the Certificate Administrator’s Website pursuant to Section 8.14(b) and shall mail
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 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 5.7.     Maintenance
of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or offices or agency or agencies
where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Certificate
Registrar in respect of the Certificates and this Agreement may be served. The Certificate Registrar initially designates its office
at Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479-0113 as its office for such purposes. The Certificate Registrar
shall give prompt written notice to the Certificateholders and the Loan Borrowers of any change in the location of the Certificate
Register or any such office or agency.


  


ARTICLE 6


 


THE DEPOSITOR, THE SERVICER, THE SPECIAL
SERVICER AND THE CONTROLLING CLASS REPRESENTATIVE


 


Section 6.1.     Respective
Liabilities of the Depositor, the Servicer and the Special Servicer. The Depositor, the Servicer and the Special Servicer
each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.


 


Section 6.2.     Merger
or Consolidation of the Servicer or the Special Servicer. Each of the Servicer and Special Servicer shall keep in full effect
its existence and rights as an entity under the laws of the jurisdiction of its organization, and shall be in compliance with the
laws of all jurisdictions to the extent necessary to perform its duties under this Agreement.


 


Any Person into which
the Servicer and Special Servicer may be merged or consolidated, or any Person resulting from any merger or consolidation to which
the Servicer and Special Servicer shall be a party, or any Person succeeding to the business of the Servicer and Special Servicer,
shall be the successor of the Servicer and Special Servicer as the case may be, hereunder, and shall be deemed to have assumed
all of the liabilities and obligations of such Servicer and Special Servicer 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 Certificate Administrator or the Trustee has received a Rating Agency Confirmation with respect to such
successor or surviving Person.


 






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Section 6.3.     Limitation
on Liability of the Depositor, the Servicer, the Special Servicer and Others. (a) Neither the Depositor, the Servicer,
the Special Servicer nor any of their respective directors, officers, members, managers, partners, employees, Affiliates or agents
shall be under any liability to the Trust, the Certificateholders or any Companion Loan Holder for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement, actions taken or not taken at the direction of Certificateholders
or the Companion Loan Holders in accordance with this Agreement or the Co-Lender Agreement, or for errors in judgment; provided,
however, that this provision shall not protect the Depositor, the Servicer, the Special Servicer or any such other person
against any breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of
willful misconduct, bad faith or negligence in the performance of its duties or by reason of negligent disregard of its obligations
and duties hereunder. The Depositor, the Servicer, the Special Servicer and any of their respective directors, officers, employees,
members, managers, partners, Affiliates or agents may reasonably rely on any document of any kind prima facie properly executed
and submitted by any Person respecting any matters arising hereunder. The Depositor, the Servicer, the Special Servicer and any
of their respective directors, officers, members, managers, partners, employees, agents, Affiliates or other “controlling
persons” within the meaning of the Securities Act (“Controlling Persons”), shall be indemnified by the
Trust (in accordance with the procedures set forth in Section 3.4(c)) and held harmless against any loss, liability, claim,
demand or expense incurred in connection with any legal action or other claims, losses, penalties, fines, foreclosures, judgments
or liabilities relating to this Agreement, the Co-Lender Agreement, the Whole Loan, the Properties, or the Certificates (except
as any such loss, liability or expense shall be otherwise reimbursable and reimbursed pursuant to this Agreement), other than any
loss, liability or expense incurred by reason of willful misfeasance, bad faith or negligence by it in the performance of its duties
hereunder or by reason of its negligent disregard of its obligations and duties hereunder. None of the Depositor, the Servicer
or the Special Servicer shall be under any obligation to appear in, prosecute or defend any legal action which is not incidental
to its respective duties under this Agreement and which in its opinion may involve it in any expense or liability; provided,
however, that the Depositor, the Servicer or the Special Servicer may, in its discretion, undertake any such action which
it may deem necessary or desirable in accordance with Accepted Servicing Practices in respect of this Agreement and the rights
and duties of the parties hereto and the interests of the Certificateholders hereunder. In such event, the legal expenses and costs
of such action and any liability resulting therefrom will be expenses, costs and liabilities of the Trust Fund, and the Depositor,
the Servicer and the Special Servicer shall be entitled to be reimbursed therefor pursuant to Section 3.4(c) from funds
on deposit in the Collection Account.


 


(b)          The Depositor shall
not be obligated to monitor or supervise the performance of the Servicer, the Special Servicer, the Certificate Administrator or
the Trustee under this Agreement. The Depositor may, but shall not be obligated to, enforce the obligations of the Servicer, the
Special Servicer, the Certificate Administrator and the Trustee under this Agreement.


 


Section 6.4.     Termination
of the Special Servicer Without Cause. (a) At any time (1) prior to the initial Controlling Class Control Period, or (2) after
the termination of a Controlling Class Control Period, upon (i) the written direction of Holders of Certificates evidencing not
less than 25% of the Voting Rights of the Certificates requesting a vote to


 






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terminate and replace the Special Servicer
with a proposed successor Special Servicer, (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 and (iii) delivery by such
Holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation with respect to the termination of the
existing Special Servicer and the replacement thereof with the proposed successor (with the reasonable fees and out-of-pocket costs
and expenses associated with obtaining such Rating Agency Confirmation to be an expense of such Holders), the Certificate Administrator
shall promptly provide written notice thereof to all Certificateholders by posting such notice on its internet website and by mailing
at their addresses appearing in the Certificate Register. Upon the written direction of (a) Holders of Certificates evidencing
at least 75% of the Voting Rights of the Certificates or (b) Holders of those Classes of Sequential Pay Certificates evidencing
more than 50% of the Voting Rights of each Class of Sequential Pay Certificates, the Trustee shall terminate all of the rights
(subject to Section 6.3 of this Agreement) and obligations of the Special Servicer under this Agreement, and the proposed
successor Special Servicer shall succeed to the duties of the Special Servicer all as if a removal and replacement were occurring
pursuant to Section 7.1 and Section 7.2 of this Agreement; provided that if such written direction is not
provided within 180 days of the initial request for a vote to terminate and replace the Special Servicer, then such written direction
shall have no force and effect. The provisions set forth in the foregoing sentences of this Section 6.4(a) shall be binding
upon and inure to the benefit of solely the Certificateholders and the Trustee as between each other. The Special Servicer shall
not have any cause of action based upon or arising from any breach or alleged breach of such provisions. As between the Special
Servicer, 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 Special Servicer.


 


During a Controlling
Class Control Period, the Controlling Class Representative shall be entitled to terminate the rights (subject to Section 6.3
of this Agreement) and obligations of the Special Servicer under this Agreement, with or without cause, upon ten (10) Business
Days’ notice to the Special Servicer, the Servicer, the Certificate Administrator and the Trustee. Upon a termination (pursuant
to the prior sentence) or a resignation of the Special Servicer, the Controlling Class Representative shall appoint a successor
Special Servicer; provided, however, that (i) such successor will meet the requirements set forth in Section 7.2
of this Agreement and (ii) the Controlling Class Representative shall (at no expense to the Trust) obtain and deliver to the Certificate
Administrator and the Trustee a Rating Agency Confirmation with respect to such proposed successor acting as a Special Servicer.


 


The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner that are Privileged
Persons or Borrower Related Parties that submit Exhibit Y-2 may access notices on the Certificate Administrator’s
Website and each Certificateholder and Beneficial Owner that are Privileged Persons or Borrower Related Parties that submit Exhibit
Y-2 may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website;
provided that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders for
the reasonable expenses of posting such notices.


 


(b)          The appointment of
any such successor Special Servicer shall not relieve the Servicer or the Trustee of their respective obligations to make Advances
as set forth herein;


 






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provided, however, that none of
the Trustee, the Servicer (solely in its capacity as Servicer), or the initial Special Servicer specified in Section 3.10(a)
of this Agreement shall be liable for any actions or any inaction of such successor Special Servicer. Any termination fee payable
to the terminated Special Servicer and any costs incurred by the Trust or the terminated Special Servicer in connection with the
replacement of a Special Servicer shall be paid by the Controlling Class Representative or Certificateholders so terminating the
Special Servicer and shall not in any event be an expense of the Trust Fund.


 


(c)          No termination of
the Special Servicer and appointment of a successor Special Servicer shall be effective until (i) the successor Special Servicer
shall have executed and delivered to the Trustee and the Certificate Administrator an agreement which 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
Special Servicer under this Agreement from and after the date of such agreement and (ii) subject to Section 10.17 of this
Agreement, each Rating Agency has delivered to the Trustee and the Certificate Administrator a Rating Agency Confirmation with
respect to such termination and appointment of a successor.


 


(d)          Any successor Special
Servicer shall be deemed to make the representations and warranties provided for in Section 2.5 of this Agreement mutatis
mutandis as of the date of its succession.


 


(e)          In the event that
the Special Servicer is terminated pursuant to this Section 6.4, the Trustee shall, by notice in writing to the Special
Servicer, terminate all of its rights and obligations under this Agreement and in and to the Trust Loan and the proceeds thereof,
other than any rights the Special Servicer may have hereunder as a Certificateholder and any rights or obligations that accrued
prior to the date of such termination (including without limitation the right to receive all amounts accrued or owing to it under
this Agreement, plus interest at the Advance 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 6.3
of this Agreement and the right to receive ongoing Work-out Fees or Liquidation Fee in accordance with the terms hereof and any
indemnification that the Special Servicer is entitled to pursuant to the terms hereof).


 


Section 6.5.     The Controlling Class Representative.


 


(a)          During a Controlling
Class Control Period, the Controlling Class Representative shall be entitled to (1) if a Special Servicing Loan Event occurs, advise
the Special Servicer and (2) if a Special Servicing Loan Event has not occurred, advise the Special Servicer as to all matters
for which the Servicer must obtain the consent or deemed consent of the Special Servicer for a Major Decision. In addition, notwithstanding
anything herein to the contrary, except as set forth in, and in any event subject to Section 6.5(b) and the second and third
paragraphs of this Section 6.5(a), both (a) the Servicer shall not be permitted to take any of the actions constituting
a Major Decision unless it has obtained the consent of the Special Servicer, who shall have 15 Business Days (or 60 days with respect
to the determination of an Acceptable Insurance Default) (from the date that the Special Servicer receives the information from
the Servicer) to analyze and make a recommendation regarding such Major Decision (provided that if the Special Servicer
does not consent, or notify the Servicer that it will not


 






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consent, to such Major Decision within
the required 15 Business Days or 60 days, as applicable, the Special Servicer shall be deemed to have consented to such Major Decision)
and (b) during a Controlling Class Control Period, the Special Servicer shall not be permitted to consent to the Servicer’s taking
any of the actions constituting a Major Decision nor will the Special Servicer itself be permitted to take any of the actions constituting
a Major Decision as to which the Controlling Class Representative has objected in writing within ten (10) Business Days after receipt
of the written recommendation and analysis from the Special Servicer; provided that if such written objection has not been
received by the Special Servicer within such ten (10) Business Day period or twenty (20) day period, as applicable, then the Controlling
Class Representative will be deemed to have approved such action; provided further, that, in the event that the Special Servicer
or Servicer (in the event the Servicer is otherwise authorized by this Agreement to take such action), as applicable, determines
that immediate action, with respect to a Major Decision, or any other matter requiring consent of the Controlling Class Representative
during a Controlling Class Control Period in this Agreement, is necessary to protect the interests of the Certificateholders, the
Special Servicer or Servicer, as applicable, may take any such action without waiting for the Controlling Class Representative’s
(or, if applicable, the Special Servicer’s) response. The Special Servicer is not required to obtain the consent of the Controlling
Class Representative for any Major Decision prior to, or after the termination of, a Controlling Class Control Period; provided
however that, following the termination of a Controlling Class Control Period, the Special Servicer shall consult (on a
non-binding basis) with the Controlling Class Representative (until the termination of a Controlling Class Consultation Period)
and consider alternative actions recommended by the Controlling Class Representative.


 


In addition, during a
Controlling Class Control Period, the Controlling Class Representative may direct the Special Servicer to take, or to refrain from
taking, such other actions with respect to the Whole Loan as the Controlling Class Representative may reasonably deem advisable
or as to which provision is otherwise made herein. 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 Servicer or the Special Servicer to violate
any provision of the Loan Documents, the Co-Lender Agreement (including the provisions regarding certain consultation rights with
the Companion Loan Holders), applicable law or this Agreement, including without limitation each of the Servicer’s and the Special
Servicer’s obligation to act in accordance with Accepted Servicing Practices, or expose the Servicer, the Special Servicer, the
Certificate Administrator, the Trust Fund or the Trustee to liability, or materially expand the scope of the Servicer’s or the
Special Servicer’s responsibilities hereunder or cause the Servicer or the Special Servicer to act, or fail to act, in a manner
which in the reasonable judgment of the Servicer or the Special Servicer is not in the best interests of the Certificateholders.


 


In the event the Special
Servicer or Servicer, as applicable, determines that a refusal to consent by the Controlling Class Representative or any advice
from the Controlling Class Representative would otherwise cause the Special Servicer or Servicer, as applicable, to violate the
terms of the Loan Documents, the provisions of the Code resulting in an Adverse REMIC Event, applicable law or this Agreement,
including without limitation, Accepted Servicing Practices, the Special Servicer or Servicer, as applicable, shall disregard such
refusal to consent or advise and notify the Controlling Class Representative, the Trustee and, subject to Section 10.17
of this Agreement, the Rating Agencies of its determination, including a


 






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reasonably detailed explanation of the
basis therefor. The taking of, or refraining from taking, any action by the Servicer or Special Servicer in accordance with the
direction of or approval of the Controlling Class Representative that does not violate any law or Accepted Servicing Practices
or any other provisions of this Agreement, will not result in any liability on the part of the Servicer or the Special Servicer.


 


The Controlling Class
Representative shall have no liability to the Trust Fund, the Certificateholders or the Companion Loan Holders for any action taken,
or for refraining from the taking of any action, pursuant to this Agreement, or for error in judgment; provided, however,
that the Controlling Class Representative will not be protected against any liability to any Controlling Class Certificateholder
that would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or
by reason of negligent disregard of obligations or duties.


 


By its acceptance of
a Certificate, each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Controlling
Class Representative may have special relationships and interests that conflict with those of Holders of one or more Classes of
Certificates; (ii) the Controlling Class Representative may act solely in the interests of the Holders of the Controlling Class;
(iii) the Controlling Class Representative does not have any liability or duties to the Holders of any Class of Certificates other
than the Controlling Class; (iv) the Controlling Class Representative may take actions that favor interests of the Holders of the
Controlling Class over the interests of the Holders of one or more other Classes of Certificates; and (v) the Controlling Class
Representative shall have no liability whatsoever (other than to a Controlling Class Certificateholder) for having so acted as
set forth in clauses (i)-(iv) of this paragraph, and no Certificateholder may take any action whatsoever against the Controlling
Class Representative or any affiliate, director, member, officer, employee, shareholder, member, partner, agent or principal thereof
for having so acted.


 


(b)          Notwithstanding anything
to the contrary contained herein: (i) following the termination of a Controlling Class Control Period, the Controlling Class Representative
shall have no right to consent to any action taken or not taken by any party to this Agreement; (ii) during a Controlling Class
Consultation Period, the Controlling Class Representative shall remain entitled to receive any notices, reports or information
to which it is entitled pursuant to this Agreement, and the Special Servicer shall consult with the Controlling Class Representative
in connection with any action to be taken or refrained from taking to the extent set forth herein; and (iii) following the termination
of a Controlling Class Consultation Period, the Controlling Class Representative shall have no consultation or consent rights hereunder
and no right to receive any notices, reports or information (other than notices, reports or information required to be delivered
to all Certificateholders) or any other rights as Controlling Class Representative. In the event that no Controlling Class Representative
has been appointed or identified to the Servicer or the Special Servicer, as applicable, and the Servicer or Special Servicer,
as applicable, has attempted to obtain such information from the Certificate Administrator, then the 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 Controlling Class
Representative.


 


(c)          Each Certificateholder
and Beneficial Owner of a Class D Certificate is hereby deemed to have agreed by virtue of its purchase of such Certificate (or
beneficial


 






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ownership interest in such Certificate)
to provide its name and address to the Certificate Administrator and to notify the Certificate Administrator of the transfer of
any Class D Certificate (or the beneficial ownership of any Class D Certificate), the selection of a Controlling Class Representative
or the resignation or removal thereof. Any such Certificateholder (or Beneficial Owner) or its designee at any time appointed Controlling
Class Representative is hereby deemed to have agreed by virtue of its purchase of a Class D Certificate (or the beneficial ownership
interest in a Class D Certificate) to notify the Certificate Administrator when such Certificateholder (or Beneficial Owner) or
designee is appointed Controlling Class Representative and when it is removed or resigns. Upon receipt of such notice, the Certificate
Administrator shall notify the Special Servicer, the Servicer and the Trustee of the identity of the Controlling Class Representative,
any resignation or removal thereof and/or any new Holder or Beneficial Owner of a Class D Certificate. In addition, upon the request
of the Servicer, the Special Servicer or the Trustee, as applicable, the Certificate Administrator shall provide (on a reasonably
prompt basis) the identity of the then current Controlling Class and a list of the Certificateholders (or Beneficial Owners, if
applicable, at the expense of the Trust if such expense arises in connection with an event as to which the Controlling Class Representative
or the Controlling Class has consent or consultation rights pursuant to this Agreement, or otherwise at the expense of the requesting
party and each of the Servicer, the Special Servicer and the Trustee shall be entitled to rely on such information so provided
by the Certificate Administrator.


 


If at any time that clients
of Prima Capital Advisors LLC or any successor Controlling Class Representative or Controlling Class Certificateholder(s) is no
longer the Holder (or Beneficial Owner) of at least a majority of the Controlling Class by Certificate Balance and the Certificate
Registrar has neither (i) received notice of the then-current Controlling Class Certificateholders of at least a majority of the
Controlling Class by Certificate Balance nor (ii) received notice of a replacement Controlling Class Representative pursuant to
this Agreement, then a Control Termination Event and a Consultation Termination Event shall be deemed to have occurred and shall
be deemed to continue until such time as the Certificate Administrator receives either such notice.


 


Upon receipt of notice
of a change in Controlling Class Representative, the Certificate Administrator shall promptly forward notice thereof to each other
party to this Agreement.


 


(d)          If at any time a
book entry certificate belongs to the Controlling Class, the Certificate Administrator shall contact the related Beneficial Owner
or Beneficial Owners (through the Depository, unless the Certificate Administrator shall have been previously provided with the
name and address of such Beneficial Owner or Beneficial Owners) and shall request that it be informed of any change in the identity
of the related Beneficial Owner from time to time.


 


(e)          Immediately upon
obtaining actual knowledge that the Controlling Class Certificateholder or Controlling Class Representative is a Borrower Affiliate,
any Certificateholder, a Companion Loan Holder, the Controlling Class Representative if the Controlling Class Representative is
not a Certificateholder (and only during a Controlling Class Control Period and Controlling Class Consultation Period), a Beneficial
Owner or a prospective purchaser of a Certificate (or any investment manager of the foregoing), as the case may be, shall


 






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provide notice in the form of Exhibit
Y-3 hereto to the Servicer, the Special Servicer, the Trustee and the Certificate Administrator, which such notice shall be
physically delivered in accordance with Section 10.4 and Section 8.14(b) of this Agreement.


 


(f)          Until it receives
notice to the contrary, each of the Servicer, the Special Servicer the Depositor and the Trustee and the Certificate Administrator
shall be entitled to rely on the most recent notification with respect to the identity of the Certificateholders of the Controlling
Class and the Controlling Class Representative.


 


Section 6.6.     Servicer
and Special Servicer Not to Resign. (a) Each of the Servicer and Special Servicer may resign and assign its respective rights
and delegate its duties and obligations under this Agreement to any Person or to an entity, provided that:


 


(i)           the Person accepting
such assignment and delegation (A) shall be an established mortgage finance institution, bank or mortgage servicing institution
having a net worth of not less than $25,000,000 organized and doing business under the laws of the United States or of any state
of the United States or the District of Columbia, authorized under such laws to perform the duties of the Servicer or Special Servicer,
as the case may be, (B) shall execute and deliver to the Trustee an agreement in form and substance reasonably satisfactory to
the Trustee, which contains an assumption by such Person of the performance and observance of each covenant and condition to be
performed or observed by the Servicer or Special Servicer, as the case may be, under this Agreement from and after the date of
such agreement; provided, however that to the extent such agreement modifies in any respect any of the covenants,
terms or conditions in this Agreement to be performed by the Servicer or Special Servicer, as the case may be, such agreement shall
be subject to the approval of the Trustee, such approval not to be unreasonably withheld, and (C) shall make such representations
and warranties of the Servicer or Special Servicer, as the case may be, as provided in Section 2.4 and Section 2.5;


 


(ii)          Rating Agency Confirmation has been received;


 


(iii)         the Servicer
or Special Servicer, as the case may be, 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 6.6(a);


 


(iv)         the
rate at which the Servicing Fee or Special Servicing Fee, as applicable (or any component thereof) is calculated shall not exceed
the rate then in effect; and


 


(v)          the Servicer or
Special Servicer, as the case may be, shall reimburse the Trustee, the Certificate Administrator, the Trust, and the Rating Agencies
for any expenses of such assignment, sale or transfer.


 


Any attempted resignation and assignment
shall be void, unless such resignation and assignment satisfies the conditions set forth above. Upon satisfaction of the foregoing
requirements and acceptance of such assignment, such Person shall be the successor Servicer or Special Servicer, as the case may
be, hereunder.


 






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(b)          Other than as set
forth in Sections 6.2 and 6.6(a), none of the Servicer and the Special Servicer shall resign from its obligations
and duties hereby imposed on it, except upon determination that performance of its duties hereunder is no longer permissible under
applicable law or are in material conflict by reason of applicable law with any other activities carried on by it. Any such determination
permitting the resignation of the Servicer or the Special Servicer, as the case may be, shall be evidenced by an Opinion of Counsel
delivered to the Trustee and the Depositor. No resignation by the Servicer or the Special Servicer, as applicable, under this Agreement
shall become effective until a successor Servicer or Special Servicer, as applicable, shall have assumed the responsibilities and
obligations of the Servicer or the Special Servicer, as applicable, under this Agreement in accordance with Section 7.2.
Notwithstanding the previous sentence, each of the Servicer or Special Servicer may assign its duties and obligations under this
Agreement under certain limited circumstances as described herein.


 


(c)          In the event the
Special Servicer becomes a Borrower Related Party, the Special Servicer shall provide notice to each of the other parties to this
Agreement of such event and resign as Special Servicer and use reasonable efforts to replace itself with a special servicer that
is a Qualified Servicer, subject to the satisfaction of the conditions set forth in the proviso to Section 6.6(a) and the
agreement of a proposed successor to accept the same or lower compensation; provided that if no such appointment is made
within thirty (30) days of the Special Servicer becoming a Borrower Affiliate, such failure shall be deemed a Special Servicer
Termination Event and the Trustee shall promptly deliver written notice to the Special Servicer of the Special Servicer’s
failure to perform the foregoing obligation.


 


Section 6.7.     Indemnification
by the Servicer, the Special Servicer and the Depositor. Each of the Servicer, the Special Servicer and the Depositor,
severally and not jointly, shall indemnify and hold harmless the Trust, the Companion Loan Holders and each other party to this
Agreement from and against any claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and expenses and related
costs, judgments and other costs and expenses incurred by the Trust, the Certificate Administrator, the Trustee or such other party
that arise out of or are based upon (i) a breach by the Servicer, the Special Servicer or the Depositor, as the case may be, of
its representations and warranties under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the
Servicer, the Special Servicer or the Depositor, as the case may be, in the performance of such obligations or its reckless disregard
of its obligations and duties under this Agreement.


 


ARTICLE 7


 


SERVICER TERMINATION EVENTS; SPECIAL SERVICER
TERMINATION EVENTS;


TERMINATION OF SPECIAL SERVICER WITHOUT
CAUSE


 


Section 7.1.     Servicer
Termination Events; Special Servicer Termination Events. (a) “Servicer Termination Event,” or “Special
Servicer Termination Event” wherever used herein with respect to the Servicer or the Special Servicer, as the case may
be, 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 Servicer or Special Servicer, as applicable, to remit any payment required to be made or remitted by it (other than Advances
described under clause (ii) below) when required to be remitted under the terms of this Agreement, which failure is not cured by
11:00 a.m., New York time, on the first Business Day following the date on which such remittance was required to be made;


 


(ii)          any failure of
the Servicer (a) to make any Monthly Payment Advance required to be made pursuant to this Agreement on or prior to the applicable
Remittance Date that is not cured by 11:00 a.m., New York time, on the related Distribution Date, (b) to make any Administrative
Advance required to be made pursuant to this Agreement on or prior to the applicable Remittance Date that is not cured by 11:00
a.m., New York time, on the related Distribution Date, or (c) to make any Property Protection Advance required to be made pursuant
to this Agreement when the same is due and such failure continues unremedied for 10 Business Days (or such shorter period (not
less than one Business Day) as would prevent a lapse in insurance or a delinquent payment of real estate taxes or ground rents)
following the date on which the Servicer receives notice thereof or should have had notice thereof if it had been acting in accordance
with the Accepted Servicing Practices;


 


(iii)         any failure
by the Servicer or the Special Servicer, as applicable, to observe or perform in any material respect any other of its covenants
or agreements or the material breach of its representations or warranties under this Agreement, which failure or breach shall continue
unremedied for a period of 30 days after the date on which written notice of such failure or breach is given to the Servicer or
Special Servicer, as applicable, by the Trustee or to the Servicer or Special Servicer, as applicable, and the Trustee by the Holders
of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates; provided, however,
that with respect to any such failure or breach that is not curable within such 30-day period, the Servicer or the Special Servicer,
as applicable, will have an additional cure period of 30 days to effect such cure so long as the Servicer or the Special Servicer,
as appropriate, has commenced to cure such failure within the initial 30-day period and has provided the Trustee with an officer’s
certificate certifying that it has diligently pursued, and is continuing to diligently pursue, such cure;


 


(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 Servicer or the Special Servicer, as applicable, and such decree or order has remained
in force undischarged or unstayed for a period of sixty (60) days; provided, however, that, with respect to any such
decree or order that cannot be discharged, dismissed or stayed within such sixty (60) day period, the Servicer or the Special Servicer,
as appropriate, will have an additional period of thirty (30) days to effect such discharge, dismissal or stay so long as it has
commenced proceedings to have such decree or order dismissed, discharged or stayed within the initial sixty (60) day


 






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period and has diligently pursued, and is continuing to pursue,
such discharge, dismissal or stay;


 


(v)          the Servicer or
the Special Servicer, as applicable, 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 Servicer or the Special Servicer or of or relating to all or substantially all of its property;


 


(vi)         the Servicer
or the Special Servicer, as applicable, 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;


 


(vii)        Moody’s
has (i) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or (ii) placed one or more
Classes of Certificates on “watch status” in contemplation of rating downgrade or withdrawal and, in the case of either
of clauses (i) or (ii), citing servicing concerns with the Servicer or the applicable Special Servicer, as applicable, as the sole
or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch status” placement
has not been withdrawn by Moody’s within 60 days of such event);


 


(viii)       if the Servicer
or the Special Servicer, as applicable, ceases to have a master or special servicer ranking, as applicable, of at least “MOR
CS3” from Morningstar and that ranking is not reinstated within 60 days;


 


(ix)          a Companion Loan
Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Companion Loan Securities,
or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation of rating downgrade
or withdrawal and, in the case of either of clauses (A) or (B), citing servicing concerns with the Servicer or the Special Servicer,
as applicable, as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch
status” placement has not been withdrawn by such Companion Loan Rating Agency within sixty (60) days of such event); and


 


(x)           so long as any
Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Servicer or Special Servicer, as applicable,
or any primary servicer, Sub-Servicer or Servicing Function Participant (such entity, the “Sub-Servicing Entity”)
retained by the Servicer or Special Servicer, shall fail to deliver the items required to be delivered by this Agreement to enable
such Other Securitization Trust to comply with its reporting obligations under the Exchange Act within the time frame set forth
for delivery in Article 12 (including any applicable grace periods) (any Sub-Servicing Entity that defaults in accordance
with this Section 7.1(a)(x) shall be terminated at the direction of the Depositor).


 


(b)          Upon
the occurrence of any Servicer Termination Event or Special Servicer Termination Event, unless such Servicer Termination Event
or Special Servicer


 






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Termination Event has been cured or waived,
the Trustee shall (i) provide written notice to the Depositor and the Certificate Administrator and the Certificate Administrator
shall post notice of the same upon its receipt thereof on the Certificate Administrator’s Website; (ii) subject to Section
10.16, provide written notice to the 17g-5 Information Provider (who shall promptly post it to the 17g-5 Information Provider’s
Website, pursuant to Section 10.16); (iii) provide notice to the Companion Loan Holders and (iv) provide notice thereof
to all Certificateholders by mail to the addresses set forth on the Certificate Register. For avoidance of doubt, (i) the occurrence
of a Servicer Termination Event with respect to the Servicer shall not cause there to have occurred a Special Servicer Termination
Event with respect to the Special Servicer unless the relevant event also constitutes a Special Servicer Termination Event and
(ii) the occurrence of a Special Servicer Termination Event with respect to the Special Servicer shall not cause there to have
occurred a Servicer Termination Event with respect to the Servicer unless the relevant event also constitutes a Servicer Termination
Event.


 


(c)          If a Servicer Termination
Event or Special Servicer Termination Event shall occur then, and in each and every such case, so long as such Servicer Termination
Event or Special Servicer Termination Event shall not have been remedied, the Trustee (i) may, upon the written direction of Holders
of Certificates having at least 25% of the Voting Rights (taking into account the application of the Appraisal Reduction Amount
to notionally reduce the Certificate Balances of the Certificates) of the Certificates (or, if pursuant to clause (ix) or
(x) above, by the Companion Loan Holders) or (ii) shall, at all times, with respect to clause (iii) of a Special
Servicer Termination Event that is based upon the failure of the Special Servicer to resign and replace itself after becoming a
Borrower Affiliate as required pursuant to Section 6.6(c), terminate all of the rights and obligations of the Servicer or
the Special Servicer, as applicable, under this Agreement, other than rights and obligations accrued prior to such termination,
and in and to the Whole Loan and the proceeds thereof by notice in writing to the Servicer or the Special Servicer, as applicable.
Upon any termination of the Servicer or the Special Servicer, as applicable, and appointment of a successor to the Servicer or
the Special Servicer, as applicable, the Trustee shall promptly notify the Certificate Administrator and the Certificate Administrator
shall post to the Certificate Administrator’s Website such written notice thereof to the Depositor and the Certificateholders
and furnish the same to the 17g-5 Information Provider (for posting on the 17g-5 Information Provider’s Website) and to the
Certificateholders by mail to the addresses set forth in the Certificate Register. Notwithstanding the foregoing, (a) if a Servicer
Termination Event on the part of the Servicer or the Special Servicer affects a Companion Loan, any holder thereof or the rating
on a class of Companion Loan securities, then the related affected Companion Loan Holder will be able to require termination of
(i) the Servicer, if a Servicer Termination Event pursuant to clause (ix) or (x) above has occurred and (ii) the
Special Servicer (subject to the right of the Controlling Class Representative to appoint a successor Special Servicer during a
Controlling Class Control Period) and (b) if any Servicer Termination Event on the part of the Servicer affects a Companion Loan,
the related Companion Loan Holder or the rating on a class of the related Companion Loan securities, and if the Servicer is not
otherwise terminated, then the Servicer may not be terminated by or at the direction of the related Companion Loan Holder, but
upon the written direction of the related Companion Loan Holder, the Servicer shall be required to appoint a sub-servicer that
will be responsible for servicing the related Whole Loan.


 






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(d)          In the event that
the Servicer or Special Servicer is terminated pursuant to this Section 7.1, the Trustee (the “Terminating Party”)
shall, by notice in writing to the Servicer or Special Servicer, as the case may be (the “Terminated Party”)
(with a copy to the Loan Borrowers), terminate all of its rights and obligations under this Agreement and in and to the Whole Loan
and the proceeds thereof, other than any rights the Terminated Party may have 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 with respect to periods prior to the date of such termination and the right to the benefits of Section
6.3 notwithstanding any such termination). On or after the receipt by the Terminated Party of such written notice, subject
to the foregoing, 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 in the event and to the extent that it is a Certificateholder)
or the Whole Loan or otherwise, shall pass to and be vested in the Terminating Party pursuant to and under this Section 7.1
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 Trust Loan and related documents, or otherwise. The Servicer and the Special Servicer,
as applicable, each agrees that, in the event it is terminated pursuant to this Section 7.1, or resigns under Section
6.6(b), to promptly (and in any event no later than ten Business Days subsequent to such notice) provide, at its own expense,
the Terminating Party (which term shall include for the purposes of the remainder of this Section 7.1(d), the Trustee (or
a successor Servicer or Special Servicer) in connection with a resignation of the Servicer or the Special Servicer under Section
6.6(b)) with all documents and records requested by the Terminating Party to enable the Terminating Party to assume its functions
hereunder, and to cooperate with the Terminating Party and the successor to its responsibilities hereunder in effecting the termination
of its responsibilities and rights hereunder, including, without limitation, the transfer to the successor Servicer or Special
Servicer, as applicable, 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 Terminated Party (which term shall include, for the purposes of the remainder of this
Section 7.1(d), the resigning party in connection with a resignation of the Servicer or the Special Servicer under Section
6.6(b)) to the Collection Account, any Foreclosed Property Account or shall thereafter be received with respect to the Whole
Loan, and shall promptly provide the Terminating Party or such successor Servicer or Special Servicer, as applicable (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 Servicer or the Special Servicer, as applicable, shall reasonably request (including
electromagnetic form), to enable it to assume the function of the Servicer or Special Servicer, as applicable, hereunder. All reasonable
costs and expenses of the Terminating Party or the successor Servicer or Special Servicer, as applicable, incurred in connection
with transferring the Mortgage File to the Terminating Party or to the successor Servicer or Special Servicer, as applicable, and
amending this Agreement to reflect such succession pursuant to this Section 7.1 shall be paid by the Terminated Party upon
presentation of reasonable documentation of such costs and expenses. If the Terminated Party has not reimbursed the Terminating
Party or such successor Servicer or Special Servicer, as applicable, for such expenses within 90 days after the presentation of


 






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reasonable documentation, such expense
shall be reimbursed by the Trust pursuant to Section 3.4(c); provided that the Terminated Party shall not thereby
be relieved of its liability for such expenses. Notwithstanding the foregoing, in the event the Special Servicer is terminated
without cause pursuant to Section 6.4, all costs and expenses incurred or payable by the terminated Special Servicer under
this Section 7.1 shall be paid by the Trust Fund.


 


(e)          Notwithstanding anything
herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Trustee of any Servicer Termination
Event or Special Servicer Termination Event of which the Depositor becomes aware. In no event shall the Trustee or the Certificate
Administrator be deemed to have knowledge of or be aware of any Servicer Termination Event or Special Servicer Termination Event
until a Responsible Officer of the Trustee or the Certificate Administrator, as applicable has received written notice thereof
or has actual knowledge thereof.


 


Section 7.2.     Trustee
to Act; Appointment of Successor. (a) On and after the time the Servicer or Special Servicer, as the case may be, receives
a notice of termination pursuant to Section 7.1, or resigns pursuant to Section 6.6(b), the Terminating Party (which
term shall include, for the purposes of the remainder of this Section 7.2, the Trustee (or a successor Servicer or Special
Servicer including a successor appointed under Section 6.4(a)) in connection with a resignation of the Servicer or the Special
Servicer under Section 6.6(b)) shall, unless prohibited by law, be the successor to the Terminated Party (which term shall
include, for the purposes of the remainder of this Section 7.2, the resigning party in connection with a resignation of
the Servicer of the Special Servicer under Section 6.6(b)) in all respects 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 Terminated Party by the terms and provisions
hereof; provided, however, that (i) neither the Trustee nor the Terminating Party (or any successor Servicer or Special
Servicer, as the case may be) shall have responsibilities, duties, liabilities or obligations with respect to any act or omission
of the Terminated Party 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 or failure to
cooperate as required by this Agreement shall not be considered a default by the Terminating Party or such successor hereunder.
The Trustee, as successor Servicer, and any other successor Servicer or Special Servicer, as the case may be, shall be indemnified
to the full extent provided to the Trustee under this Agreement. The appointment of a successor Servicer or Special Servicer, as
the case may be, shall not affect any liability of the Terminated Party that may have arisen prior to its termination as such.
The Terminating Party shall not be liable for any of the representations and warranties of the Terminated Party herein or in any
related document or agreement, for any acts or omissions of the Terminated Party or for any losses incurred in respect of any Permitted
Investment by the Terminated Party nor shall the Terminating Party or any successor Servicer or Special Servicer be required to
purchase the Whole Loan hereunder. As compensation therefor, the Terminating Party as successor Servicer or Special Servicer, as
the case may be, shall be entitled to all compensation with respect to the Whole Loan to which the Terminated Party would have
been entitled that accrues after the date of the Terminating Party’s succession to which the Terminated Party would have
been entitled if it had continued to act hereunder and, in the case of a successor Special Servicer, the Special Servicing Fee.
Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or shall, if it is


 






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unable to so act, or if the Holders of
Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates so request in writing
to the Trustee, or the Trustee is not approved by the Rating Agencies as a Servicer or Special Servicer, as the case may be, as
evidenced by a Rating Agency Confirmation, or if the Rating Agencies do not provide written confirmation that the succession of
the Trustee as Servicer or Special Servicer, as the case may be, will not cause a downgrade, qualification or withdrawal of the
then current ratings of the Certificates, promptly appoint, or petition a court of competent jurisdiction to appoint, any established
loan servicing institution reasonably satisfactory to the Trustee the appointment for which a Rating Agency Confirmation is obtained,
as the successor to the Servicer or Special Servicer, as applicable, hereunder in the assumption of all or any part of the responsibilities,
duties or liabilities of the Servicer or Special Servicer, as applicable, hereunder; provided that during a Controlling
Class Control Period, the Controlling Class Representative shall have the right to approve any such successor Special Servicer.
No appointment of a successor to a Terminated Party hereunder shall be effective until the assumption by such successor of all
the Terminated Party’s responsibilities, duties and liabilities hereunder. Pending appointment of a successor to a Terminated
Party hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall act in the applicable capacity
as herein above provided. In connection with such appointment and assumption described herein, the Trustee may make such arrangements
for the compensation of such successor out of payments on the Whole Loan as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of that permitted to the Terminated Party hereunder, except that if
no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party hereunder, additional
amounts shall be paid to such successor and such amounts in excess of that permitted to the Terminated Party shall be paid pursuant
to Section 3.4(c); provided, further; that, during a Controlling Class Control Period and Controlling Class
Consultation Period, the Trustee shall consult with the Controlling Class Representative (on a non-binding basis) prior to the
appointment of a successor to the Terminated Party at such amounts in excess of that permitted the Terminated Party. The Depositor,
the Certificate Administrator, the Trustee, the Servicer (as applicable), the Special Servicer (as applicable) and such successor
shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.


 


(b)          Notwithstanding Section
7.1(c), Section 7.1(d) or Section 7.2(a), if a Servicer receives a notice of termination solely due to a Servicer
Termination Event under Sections 7.1(vii), (viii) or (ix) and the terminated Servicer provides the Trustee
with the appropriate “request for proposal” materials within five (5) Business Days after such termination, then such
Servicer shall continue to serve as Servicer, and the Trustee shall promptly thereafter (using such “request for proposal”
materials provided by the terminated Servicer) solicit good faith bids for the rights to master service the Whole Loan from at
least three (3) Persons qualified to act as successor Servicer hereunder in accordance with Section 7.2 for which the Trustee
has received Rating Agency Confirmation (any such Person so qualified, a “Qualified Bidder”) or, if three (3)
Qualified Bidders cannot be located, then from as many Persons as are Qualified Bidders; provided, however, that (i) the terminated
Servicer shall supply the Trustee with the names of Persons who are Qualified Bidders (subject to receipt of Rating Agency Confirmation)
from whom to solicit such bids; and (ii) the Trustee shall not be responsible if less than three (3) or no Qualified Bidders submit
bids for the right to master service the Trust Loan 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


 






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Servicer with respect to the Whole Loan,
and to agree to be bound by the terms hereof, within forty-five (45) days after the receipt by the terminated Servicer of a notice
of termination. The Trustee shall solicit bids (i) on the basis of such successor Servicer entering into a Sub-Servicing Agreement
with the terminated Servicer to service the Whole Loan at a sub-servicing fee rate per annum equal to 0.0010% (each, a “Servicing-Retained
Bid”) and (ii) on the basis of having no obligation to enter into a Sub-Servicing Agreement with the terminated Servicer
(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) (the “Successful Bidder”) to act as successor
Servicer hereunder. The Trustee shall request the Successful Bidder to enter into this Agreement as successor Servicer pursuant
to the terms hereof (and, if the successful bid was a Servicing-Retained Bid, to enter into a Sub-Servicing Agreement with the
terminated Servicer as contemplated above), no later than forty-five (45) days after the termination of the terminated Servicer.
Upon the assignment and acceptance of the servicing rights hereunder to and by the Successful Bidder, the Trustee shall remit or
cause to be remitted to the terminated Servicer the amount of such cash bid received from the Successful Bidder (net of reasonable
“out of pocket” expenses incurred by the Trustee in connection with obtaining such bid and transferring servicing).


 





Section 7.3.     Notification to Certificateholders, the
Depositor and the Rating Agencies.


 


(a)          Upon any termination
of the Servicer or the Special Servicer, as the case may be, pursuant to Section 7.1 or appointment of a successor to the
Servicer or Special Servicer, as the case may be, the Certificate Administrator shall, as soon as practicable, give written notice
thereof to Certificateholders at their respective addresses appearing in the Certificate Register and to the Depositor and, subject
to Section 10.17, to the 17g-5 Information Provider (who shall promptly post it to the 17g-5 Information Provider’s
Website, pursuant to Section 10.16).


 


(b)          Within 30 days after
the occurrence of any Servicer Termination Event or Special Servicer Termination Event of which a Responsible Officer of the Certificate
Administrator has actual knowledge, the Certificate Administrator shall transmit by mail to all Holders of Certificates and to
the Depositor and, subject to Section 10.17, the 17g-5 Information Provider (who shall promptly post it to the 17g-5 Information
Provider’s Website, pursuant to Section 10.16) notice of such Servicer Termination Event or Special Servicer Termination
Event, as the case may be, unless such Servicer Termination Event or Special Servicer Termination Event or shall have been cured
or waived.


 


Section 7.4.     Other
Remedies of Trustee. During the continuance of any Servicer Termination Event or Special Servicer Termination Event, as the
case may be, or so long as such Servicer Termination Event or Special Servicer Termination Event shall not have been remedied,
the Trustee, in addition to the rights specified in Section 7.1, 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 the Companion Loan Holders (including
the institution and prosecution of all judicial, administrative and other proceedings and the filing of proofs of claim and debt
in connection therewith). In such event, the legal fees, expenses and


 






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costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities of the Trust, and the Trustee shall be entitled to be reimbursed therefor
pursuant to Section 3.4(c) from the Collection Account. 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 or Special Servicer Termination Event.


 


Section 7.5.     Waiver
of Past Servicer Termination Events and Special Servicer Termination Events. The Holders of Certificates evidencing
not less than 66-2/3% of the aggregate Voting Rights of all then-outstanding Certificates and each affected Companion Loan Holder
may, on behalf of all Certificateholders and upon adequate indemnification of the Trustee by the requesting Holders of Certificates,
waive any default by the Servicer or the Special Servicer in the performance of its obligations hereunder and its consequences,
except a default in making any required deposits (including Monthly Payment Advances) to or payments from the Collection Account,
the Distribution Account or any Foreclosed Property Account or in remitting payments as received, in each case in accordance with
this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and the related Servicer Termination
Event or Special Servicer 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 default or impair any right related thereto.


 


Section 7.6.     Trustee
as Maker of Advances. In the event that the Servicer fails to fulfill its obligations hereunder to make any Advances, the Trustee
shall perform such obligations (w) within five Business Days (or such shorter period (but not less than one Business Day) as may
be required, if applicable, to avoid any lapse in insurance coverage required under the Loan Documents or this Agreement with respect
to the Properties or to avoid any foreclosure or similar action with respect to the Properties by reason of failure to pay real
estate taxes, assessments or governmental charges) of a Responsible Officer of the Trustee obtaining knowledge of such failure
by the Servicer or the Special Servicer with respect to Property Protection Advances and Administrative Advances and (x) by 12:00
noon New York time on the related Distribution Date with respect to Monthly Payment Advances. With respect to any such Advance
made by the Trustee, the Trustee shall succeed to all of the Servicer’s and/or the Special Servicer’s rights, as applicable,
with respect to Advances hereunder, including, without limitation, the rights of reimbursement and interest on each Advance at
the Advance 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 such Servicer’s and/or the Special Servicer’s default in its obligations
hereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if
Advances made by the Trustee, the Servicer and/or the Special Servicer shall at any time be outstanding, or any interest on any
Advance shall be accrued and unpaid, all amounts available to repay such Advances and the interest thereon hereunder shall be applied
entirely to the Advances outstanding to the Trustee until such Advances shall have been repaid in full, together with all interest
accrued thereon, prior to reimbursement of the Servicer and/or the Special Servicer, as applicable, for such Advances and interest
accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the Special Servicer,
as applicable, with respect to a Nonrecoverable Advance hereunder. The Trustee shall notify the master servicer and trustee with
respect to each


 






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Other Securitization Trust of the amount of any Monthly Payment
Advance made by it pursuant to this Section 7.6 within two (2) Business Days of making such advance.





 


ARTICLE 8


 


THE TRUSTEE AND CERTIFICATE ADMINISTRATOR


 


Section 8.1.     Duties
of the Trustee and the Certificate Administrator. (a) Each of the Trustee and the Certificate Administrator, and with respect
to the Trustee prior to the occurrence of a Servicer Termination Event or Special Servicer Termination Event, as the case may be,
and after the curing or waiver of any Servicer Termination Event or Special Servicer Termination Event that may have occurred,
undertakes with respect to the Trust Fund to perform such duties and only such duties as are specifically set forth in this Agreement.
Neither the Depositor nor the Servicer nor the Special Servicer shall be obligated to monitor or supervise the performance by the
Trustee or the Certificate Administrator of its duties hereunder. In case a Servicer Termination Event or Special Servicer Termination
Event has occurred (which has not been cured or waived), the Trustee, subject to the provisions of Section 7.3, shall exercise
such of the rights and powers vested in it by this Agreement, and shall use the same degree of care and skill in their exercise,
as a prudent institution would exercise or use under the circumstances in the conduct of such institution’s own affairs.
Any permissive right of the Trustee or the Certificate Administrator set forth in this Agreement shall not be construed as a duty.
The Trustee (or the Servicer or the Special Servicer on its behalf) shall have the power to exercise all the rights of a holder
of the Whole Loan on behalf of the Certificateholders and the Companion Loan Holders (or, if a Companion Loan Holder is an Other
Securitization Trust, the related Other Depositor or Other Trustee), subject to the terms of the Loan Documents and the Co-Lender
Agreement.


 


(b)          Subject to Sections
8.2(a) and 8.3, each of the Trustee and the Certificate Administrator, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator
that are specifically required to be furnished to such Person pursuant to any provision of this Agreement, shall examine, or cause
to be examined, such instruments to determine whether they conform to the requirements of this Agreement to the extent specifically
set forth herein. If any such instrument is found on its face not to conform to the requirements of this Agreement in a material
manner, the Trustee or the Certificate Administrator, as applicable, shall make a request to the Depositor to have the instrument
corrected, and if the instrument is not corrected to the Trustee’s or the Certificate Administrator’s reasonable satisfaction,
the Trustee or the Certificate Administrator shall provide notice thereof to the Certificateholders. Neither the Trustee nor the
Certificate Administrator shall be responsible for the accuracy or content of any resolution, certificate, statement, opinion,
report, document, order or other instrument furnished by the Depositor, the Servicer, or the Special Servicer and accepted by the
Trustee or the Certificate Administrator, as the case may be, in good faith, pursuant to this Agreement.


 






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(c)          Subject to Section
8.3, no provision of this Agreement shall be construed to relieve the Trustee or the Certificate Administrator from liability
for its own negligent action, its own negligent failure to act, its own willful misconduct or bad faith, provided, however,
that:


 


(i)           no implied covenants
or obligations shall be read into this Agreement against the Trustee or the Certificate Administrator and each of the Trustee and
the Certificate Administrator may request and conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates or opinions furnished to the Trustee and/or the Certificate Administrator (including those
provided pursuant to Section 10.1) and conforming to the requirements of this Agreement which it reasonably believes in
good faith to be genuine and to have been duly executed by the proper authorities respecting any matters arising hereunder;


 


(ii)           the Trustee and
the Certificate Administrator shall not be liable for an error of judgment made in good faith by a Responsible Officer of the Trustee
or the Certificate Administrator, unless it shall be proved that the Trustee or the Certificate Administrator such Responsible
Officer, as applicable, was negligent in ascertaining the pertinent facts;


 


(iii)          the Trustee
and the Certificate Administrator shall not be liable with respect to any action taken, suffered or omitted to be taken by it in
good faith in accordance with this Agreement or at the direction of Holders of Certificates evidencing, in the aggregate, not less
than 25% of the 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, or exercising any trust or power conferred upon the Trustee or
the Certificate Administrator, under this Agreement;


 


(iv)         for all purposes
under this Agreement, the Trustee and the Certificate Administrator shall not be charged with knowledge of any failure by the Servicer
or the Special Servicer to comply with any of their respective obligations referred to in Section 7.1 or any other act,
breach or failure of any Person, or circumstance upon the occurrence of which the Trustee or the Certificate Administrator, as
applicable, may be required to take action unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable,
obtains actual knowledge of such failure, act or circumstance or the Trustee or the Certificate Administrator, as applicable, receives
written notice, pursuant to Section 10.4, of such failure from the Servicer, the Special Servicer, the Depositor, the Loan
Borrowers or Holders of the Certificates evidencing, in the aggregate, not less than 25% of the Voting Rights of the Certificates.


 


(v)          subject to the
other provisions of this Agreement and without limiting the generality of Sections 8.1 and 8.2, the Trustee shall
have no duty except in the capacity as a successor Servicer or successor Special Servicer (A) to see to any recording, filing or
depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing
a security interest, or to see to the maintenance of any such recording or filing or depositing or to any re-recording, re-filing
or redepositing thereof (except as set forth in Section 2.1(b)), (B) to see to any insurance, and (C) to confirm or verify
the contents of any reports or certificates of the Servicer or


 






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the Special Servicer delivered to the Trustee
or the Certificate Administrator pursuant to this Agreement reasonably believed by the Trustee or the Certificate Administrator
to be genuine and to have been signed or presented by the proper party or parties; and


 


(vi)         for all purposes
under this Agreement, the Trustee shall not be required to take any action with respect to, and neither the Certificate Administrator
or Trustee shall be deemed to have notice or knowledge of any Loan Event of Default, Servicer Termination Event or Special Servicer
Termination Event unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has actual knowledge
thereof or shall have received written notice thereof. In the absence of receipt of such notice and such actual knowledge otherwise
obtained, the Trustee and the Certificate Administrator may conclusively assume that there is no Loan Event of Default, Servicer
Termination Event or Special Servicer Termination Event.


 


(d)          None of the provisions
contained in this Agreement shall in any event require the Trustee or the Certificate Administrator to (i) expend or risk its own
funds or otherwise incur personal financial liability in the performance of any of its duties hereunder or in the exercise of any
of its rights or powers hereunder if there are reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it, or (ii) perform, or be responsible for the manner of performance
of, any of the obligations of the Servicer or the Special Servicer under this Agreement, except with respect to 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
Servicer or the Special Servicer in accordance with the terms of this Agreement. Notwithstanding anything contained herein, neither
the Trustee nor the Certificate Administrator shall be responsible or have liability in connection with the duties assumed by the
Authenticating Agent, and the Certificate Registrar hereunder, unless the Trustee or the Certificate Administrator is acting in
any such capacity hereunder; provided, further, that in any such capacity the Trustee and the Certificate Administrator
shall have all of the rights, protections and indemnities provided to it as Trustee and the Certificate Administrator hereunder,
as applicable.


 


In no event shall the
Certificate Administrator or Trustee be liable for any failure or delay in the performance of its obligations hereunder because
of circumstances beyond the Certificate Administrator’s or Trustee’s control, including, but not limited to force majeure
or acts of God.


 


(e)          The Servicer, the
Special Servicer or the Trustee may at any time request from the Certificate Administrator written confirmation of whether a Control
Termination Event occurred during the previous calendar year and the Certificate Administrator shall deliver such confirmation,
based on information in its possession, to the requesting party within fifteen (15) days of such request.


 


(f)          The Certificate Administrator’s
authority under this Agreement includes the authority to make, and the Certificate Administrator is hereby directed to make, any
elections allowed under the Code (i) to avoid the application of Section 6221 (or successor provisions) to any REMIC and (ii) to
avoid payment by any REMIC under Section 6226 (or successor provisions) of any tax, penalty, interest or other amount imposed under
the Code that would


 






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otherwise be imposed on any Holder of any
Residual Ownership Interest of any REMIC, past or present. A Holder of any Residual Ownership Interest in any REMIC 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.


 


(g)          Knowledge by the Trustee or the Certificate
Administrator in one capacity shall not be deemed knowledge in any other capacity.


 


Section 8.2.     Certain Matters Affecting the Trustee and
the Certificate Administrator. (a) Except as otherwise provided in Section 8.1:


 


(i)            each of the Trustee
and the Certificate Administrator may request and rely upon and shall be protected in acting or refraining from acting upon any
resolution, Officer’s Certificate, Opinion of Counsel, auditor’s certificate or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties;


 


(ii)           each of the Trustee
and the Certificate Administrator may consult with any nationally recognized counsel, and the 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 such Opinion of Counsel;


 


(iii)          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 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 security or indemnity reasonably satisfactory to it against the costs, expenses
and liabilities, including reasonable legal fees, which may be incurred therein or thereby; provided, however, that
nothing contained herein shall relieve the Trustee of the obligation, upon the occurrence of a Servicer Termination Event or Special
Servicer Termination Event, as the case may be (which has not been cured or waived), 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;


 


(iv)          neither the Trustee
nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted by it in good faith and
reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;


 


(v)           prior
to the occurrence of a Servicer Termination Event or Special Servicer Termination Event hereunder and after the curing
or waiver of such Servicer Termination Event or Special Servicer Termination Event that may have occurred, the Trustee shall
not be bound to ascertain or inquire as to the performance or observance of


 






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any of the terms, conditions, covenants
or agreements herein (except as specifically required by this Agreement) or to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond
or other paper or document, unless requested in writing so to do by Holders of Certificates evidencing, in the aggregate, not less
than 25% of the Voting Rights of the outstanding Certificates; provided, however, that if the payment within a reasonable
time to the Trustee 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, not reasonably assured to the Trustee by the security afforded to it by the terms of this Agreement,
the Trustee may require indemnity satisfactory to it against such costs, expenses or liabilities as a condition to taking any such
action. The reasonable expense of every such investigation shall be paid by the Trust pursuant to Section 3.4(c) in the
event that such investigation relates to a Servicer Termination Event or Special Servicer Termination Event, if such an event shall
have occurred and is continuing, and otherwise by the Certificateholders requesting the investigation;


 


(vi)         each of the Trustee
and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents or attorneys selected by it with due care;


 


(vii)        neither the
Trustee nor the Certificate Administrator shall be required to post any kind of bond or surety in connection with the execution
and performance of its duties hereunder, and in no event shall the Trustee or the Certificate Administrator be liable for punitive,
special, 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


 


(viii)       the Certificate
Administrator and its Affiliates are permitted to receive additional compensation that could be deemed to be in the Certificate
Administrator’s economic self-interest for (i) serving as investment advisor, administrator, shareholder, servicing agent,
custodian or sub-custodian with respect to certain Permitted Investments, (ii) using affiliates to effect transactions in certain
Permitted Investments and (iii) effecting transactions in certain Permitted Investments. Such compensation shall not be an amount
that is reimbursable or payable by the Trust or any other party pursuant to this Agreement.


 


(b)          Following the Closing
Date, neither the Trustee nor the Certificate Administrator shall accept any contribution of assets to the Trust Fund not specifically
contemplated by this Agreement.


 


(c)          All rights or actions
under this Agreement or under any of the Certificates, enforceable by the Trustee or the Certificate Administrator may be enforced
by such party 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 or the Certificate Administrator, as applicable, shall
be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.


 






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(d)          In order to comply
with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including
those relating to the funding of terrorist activities and money laundering (“Applicable Laws”), the Trustee
and the Certificate Administrator are required to obtain, verify and record certain information relating to individuals and entities
which maintain a business relationship with the Trustee or the Certificate Administrator, as applicable. Accordingly, each of the
parties agrees to provide to the Trustee and the Certificate Administrator, upon its request from time to time such identifying
information (including, without limitation, such party’s name, physical address, tax identification number, organizational
documents, certificate of good standing (or an equivalent), and license to do business) and such other documentation as may be
available for such party in order to enable the Trustee and the Certificate Administrator to comply with Applicable Laws.


 


(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 the Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including,
without limitation, as Custodian, Certificate Registrar and Authenticating Agent).


 


(f)          To the extent of
any ambiguity in the interpretation of any definition, provision or term contained in this Agreement or to the extent that more
than one methodology can be used to make any of the determinations or calculations set forth herein, the Trustee and Certificate
Administrator, as the case may be, may request written direction from the Depositor (and the Depositor may, but is not obligated
to, provide such written direction) as to the interpretation and/or methodology to be used, and the Trustee and Certificate Administrator,
as applicable, shall be entitled to conclusively rely on any such direction provided by the Depositor without responsibility or
liability therefore.


 


Section 8.3.     Neither
the Trustee nor the Certificate Administrator is Liable for Certificates or the Trust Loan. The recitals contained herein
and in the Certificates (other than the signature and authentication of the Certificate Administrator on the Certificates) shall
not be taken as the statements of the Certificate Administrator or the Trustee and the Trustee and the Certificate Administrator
assume no responsibility for their correctness. The Certificate Administrator and the Trustee make no representations as to the
validity or sufficiency of this Agreement, the Certificates or of the Trust Loan or related documents except as expressly set forth
herein. The Certificate Administrator and the Trustee shall not be liable for any action or failure to take any action by the Depositor,
the Servicer or the Special Servicer hereunder or any action or failure to take any action by the Loan Sellers under the Loan Purchase
Agreement, including, without limitation, in connection with (i) any failure of the Loan Sellers to properly prepare each Assignment
of the Mortgage, assignment of the Collateral Security Document and UCC-3 financing statements pursuant to the Loan Purchase Agreement
or (ii) the any failure of the Special Servicer or any sub-servicer, agent of or counsel to the Special Servicer to conduct a Foreclosure
in accordance with the terms of this Agreement and applicable law, and neither the Trustee nor the Certificate Administrator shall
be required to take any action in connection with any of the foregoing matters referred to in clauses (i) and (ii) above (except
to the extent otherwise expressly required pursuant to this Agreement). The Certificate Administrator and the Trustee shall not
at any time have any responsibility or liability for or with respect to the legality, ownership, title, validity or enforceability
of the Mortgages or Collateral Security Documents or the Whole Loan, or the perfection, sufficiency and priority of the Mortgages
or Collateral


 






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Security Documents or the maintenance of
any such perfection and priority, or for or with respect to the efficacy of the Trust Fund or its ability to generate the payments
to be distributed to Certificateholders under this Agreement, including, without limitation, the existence, condition and ownership
of any Property; the existence and enforceability of any hazard insurance thereon; the validity of the assignment of the Trust
Loan to the Trust; the performance or enforcement of the Trust Loan (other than with respect to the Servicer or Special Servicer,
if the Trustee shall assume the duties of the Servicer and/or Special Servicer, respectively, pursuant to Section 7.2 and
then only to the extent of the obligations of the Servicer or Special Servicer, as applicable, hereunder); the compliance by the
Depositor, the Loan Borrowers, the Servicer or the Special Servicer with any warranty or representation made under this Agreement
or in any related document or the accuracy of any such warranty or representation made under this Agreement or in any related document
prior to the Trustee’s or the Certificate Administrator’s, as applicable, receipt of notice or other discovery of any
noncompliance therewith or any breach thereof and shall have no duty to investigate any such breach; any investment of monies by
or at the direction of the Servicer or the Special Servicer or any loss resulting therefrom; the failure of the Servicer or the
Special Servicer or any sub-servicer to act or perform any duties required of it hereunder; or any action by the Certificate Administrator
or the Trustee taken at the direction of the Depositor, the Servicer or the Special Servicer (other than with respect to the Trustee
if the Trustee shall assume the duties of the Servicer or the Special Servicer, respectively); provided, however,
that the foregoing shall not relieve the Certificate Administrator or the Trustee of its obligation to perform its duties under
this Agreement. Except with respect to a claim based on either the Certificate Administrator’s or the Trustee’s negligent
action, negligent failure to act or willful misconduct (or such other standard of care as may be provided herein with respect to
any particular matter), no recourse shall be had for any claim based on any provisions of this Agreement, the Certificates, the
Mortgages, the Properties, the Collateral Security Documents or the Trust Loan or assignment thereof against the Certificate Administrator
or the Trustee in its respective individual capacity, and neither the Certificate Administrator nor the Trustee shall have any
personal obligation, liability or duty whatsoever to any Certificateholder or any other Person with respect to any such claim,
and any such claim shall be asserted solely against the Trust Fund or any indemnitor who shall furnish indemnity as provided in
this Agreement. Neither the Certificate Administrator nor the Trustee shall have any responsibility for filing any financing or
continuation statements 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 or to record this Agreement (unless, with respect to the Trustee, the Trustee shall have become
the successor Servicer or Special Servicer). Neither the Certificate Administrator nor the Trustee shall be accountable for the
use or application by the Depositor of any of the Certificates or of the proceeds of such Certificates or for the use or application
of any funds paid to the Servicer or the Special Servicer, as applicable, in respect of the Trust Loan deposited into the Collection
Account (except to the extent that the Collection Account or such other account is held by the Certificate Administrator or the
Trustee in its commercial capacity), or for investment of such amounts (other than investments made with the Certificate Administrator
or the Trustee in their commercial capacity).


 


The Trustee and the Certificate
Administrator, by reason of the action or inaction of its directors, officers, members, managers, partners, employees or agents
shall have no liability to the Trust, the Certificateholders or the Companion Loan Holders for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement or for


 






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actions taken or not taken at the direction
of Certificateholders in accordance with this Agreement, or for errors in judgment or for the failure to act, if such act is contrary
to applicable law; provided, however, that this provision shall not protect the Trustee, the Certificate Administrator
or any such Person against any liability that would otherwise be imposed by reason of willful misconduct, bad faith or negligence,
in each case, as determined by a court of competent jurisdiction or as agreed to by the relevant parties, of the Trustee, the Certificate
Administrator or any such Person, as applicable. The Trustee, the Certificate Administrator and any of its respective directors,
officers, members, managers, partners, employees, Affiliates, agents or Controlling Persons shall be indemnified by the Trust Fund
pursuant to Section 3.4(c) out of amounts on deposit in the Collection Account, and held harmless against any loss, liability,
claim, demand or expense incurred in connection with or related to the Trustee’s or the Certificate Administrator’s
performance of its powers and duties under this Agreement (including, without limitation, performance under Section 8.1
hereof), the Trust Loan, the Properties or the Certificates; provided, however, that this provision shall not protect
the Trustee, the Certificate Administrator or any such Person against any breach of its representations or warranties made in this
Agreement or any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence, in each
case, as determined by a court of competent jurisdiction or as agreed to by the relevant parties, of the Trustee, the Certificate
Administrator or any such Person, as applicable. The indemnification provided hereunder shall survive the resignation or removal
of the Trustee or the Certificate Administrator and the termination of this Agreement. Anything herein to the contrary notwithstanding,
the Trustee shall be responsible for its acts or failure to act as Servicer and/or Special Servicer during the time the Trustee
is serving as such pursuant and subject to the terms of this Agreement.


 


Section 8.4.     Trustee
and Certificate Administrator May Own Certificates. The Trustee and the Certificate Administrator in their individual or any
other capacity may become the owner or pledgee of Certificates with the same rights, powers, and privileges as it would have if
they were not the Trustee or the Certificate Administrator.


 


Section 8.5.     Trustee’s
and Certificate Administrator’s Fees and Expenses. The Trustee and the Certificate Administrator shall be entitled to
the Trustee Fee and the Certificate Administrator Fee (excluding the portion of the Certificate Administrator Fee that represents
the Trustee Fee, which is payable to the Trustee), respectively payable pursuant to Section 3.4(c). The Certificate Administrator
Fee (which shall not be limited to any provision of law in regard to the compensation of a trustee of an express trust) shall constitute
the Certificate Administrator’s and the Trustee’s sole form of compensation for all services rendered by each entity
in the execution of the trust hereby created and in the exercise and performance of any of the powers and duties of the Certificate
Administrator and the Trustee hereunder. No Trustee Fee or Certificate Administrator Fee shall be payable with respect to any Companion
Loan. The Trustee and the Certificate Administrator shall be entitled to be reimbursed for all reasonable expenses and disbursements
incurred or made by the Trustee or the Certificate Administrator, as applicable, in accordance with any of the provisions of this
Agreement (including the fees and expenses of its counsel and of all Persons not regularly in its employ), provided such
cost would qualify as an “unanticipated expense incurred by the REMIC” within the meaning of the REMIC Provisions,
except any such expense, disbursement or advance as may arise from its negligence, willful misconduct or bad faith or which is
expressly the responsibility of a Certificateholder or Certificateholders hereunder, all of which reimbursements to be paid from
amounts deposited


 






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into the Collection Account pursuant to
Section 3.4(c); provided, however, that neither the Trustee nor the Certificate Administrator shall refuse
to perform any of their obligations hereunder solely as a result of the failure to be paid any fees and expenses so long as payment
of such fees and expenses are reasonably assured to it. The Trustee and the Certificate Administrator shall provide the Servicer
with an invoice, on or prior to each Payment Date, setting forth the actual expenses incurred in connection with the performance
of its duties hereunder for which it seeks payment or reimbursement. Notwithstanding any other provision of this Agreement, neither
the Trustee nor the Certificate Administrator shall be entitled to reimbursement from the Trust for an expense incurred under this
Agreement in connection with the performance of its ordinary and regularly recurring duties hereunder unless such reimbursement
is expressly provided for herein or otherwise permitted hereunder.


 


Section 8.6.     Eligibility
Requirements for the Trustee and the Certificate Administrator; Errors and Omissions Insurance. (a) Each of the Trustee
and the Certificate Administrator hereunder shall at all times:


 


(i)            be a corporation,
association or trust company organized and doing business under the laws of any state or the United States of America, authorized
under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement;


 


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


 


(iii)          have a rating
on its unsecured long-term debt of at least “A2” by Moody’s or otherwise acceptable to Moody’s as confirmed
by receipt of a Rating Agency Confirmation;


 


(iv)         be subject to supervision or examination by federal
or state authority; and


 


(v)          in the case of
the Trustee, shall not be an Affiliate of the Servicer or the Special Servicer (except during any period when the Trustee has assumed
the duties of the Servicer and/or Special Servicer pursuant to Section 7.2).


 


If a corporation, association
or trust company 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 8.6 the combined capital and surplus of such entity shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. In the event that the
place of business from which the Trustee or the Certificate Administrator, as applicable, administers the Trust Fund is a state
or local jurisdiction that imposes a tax on the Trust, the Trustee or the Certificate Administrator, as applicable, shall elect
either to (i) resign immediately in the manner and with the effect specified in Section 8.7, (ii) pay such tax from its
own funds and continue as Trustee or the Certificate Administrator, as applicable, or (iii) administer the Trust Fund from a state
and local jurisdiction that does not impose such a tax. In case at any time the Trustee or the Certificate Administrator, as applicable,
shall cease to be eligible in accordance with the provisions of this Section 8.6, the Trustee or the Certificate Administrator,
as applicable, shall resign immediately in the manner and with the effect specified in Section 8.7.


 






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(b)          The Trustee and the
Certificate Administrator shall each obtain and maintain at its own expense, and keep in full force and effect throughout the term
of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy covering the Trustee’s or the Certificate
Administrator’s, as applicable, directors, officers and employees acting on behalf of the Trustee or the Certificate Administrator,
as applicable, in connection with its activities under this Agreement. Such insurance policy shall protect the Trustee and the
Certificate Administrator, as applicable, against losses, forgery, theft, embezzlement, fraud, errors and omissions of such covered
persons. The amount of coverage shall be at least equal to the coverage that is required by applicable governmental authorities
having regulatory power over the Trustee or the Certificate Administrator, as applicable. In the event that any such bond or policy
ceases to be in effect, the Trustee or the Certificate Administrator, as applicable, shall obtain a comparable replacement bond
or policy.


 


Section 8.7.     Resignation
and Removal of the Trustee or the Certificate Administrator. Each of the Trustee and the Certificate Administrator may
at any time resign and be discharged from the trusts hereby created by (i) giving written notice of resignation to the Depositor,
the Loan Borrowers, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar (if other than
the Certificate Administrator), the Companion Loan Holders and subject to Section 10.16 and Section 10.17, and the
17g-5 Information Provider (who shall promptly post such written notice to the 17g-5 Information Provider’s Website, pursuant
to Section 10.16) and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at
their addresses appearing on the Certificate Register, not less than 60 days before the date specified in such notice when, subject
to Section 8.8, such resignation is to take effect, and (ii) acceptance by a successor Trustee or successor Certificate
Administrator appointed by the Depositor in accordance with Section 8.8 meeting the qualifications set forth in Section
8.6. Upon such notice of resignation, the Depositor shall promptly appoint a successor Trustee or Certificate Administrator,
as applicable. If no successor Trustee or Certificate Administrator shall have been so appointed and shall have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning Trustee or Certificate Administrator, as applicable,
may petition any court of competent jurisdiction for the appointment of a successor Trustee or Certificate Administrator, as applicable,
and such expense shall be a Trust Fund Expense.


 


If at any time any of
the following occur: (x) the Trustee or Certificate Administrator shall cease to be eligible in accordance with the provisions
of Section 8.6 and shall fail to resign after written request for the Trustee’s or the Certificate Administrator’s
resignation by the Depositor, the Servicer or the Special Servicer, as applicable; (y) the Trustee or the Certificate Administrator
shall materially default in the performance of its obligations under this Agreement; or (z) if at any time the Trustee or the Certificate
Administrator shall become incapable of action, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or the
Certificate Administrator or of either of their property shall be appointed, or any public officer shall take charge or control
of the Trustee or Certificate Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation
then, in any such case, (1) the Depositor may remove the Trustee or the Certificate Administrator, as applicable, and appoint a
successor Trustee or Certificate Administrator, as applicable, by written instrument, in duplicate, executed by an authorized officer
of the Depositor, one copy of which instrument shall be delivered to the Trustee or the Certificate Administrator, as applicable,
so removed and one


 






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copy to the successor Trustee or Certificate
Administrator, as applicable, or (2) any Certificateholder who has been a bona fide Certificateholder for at least six months may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee
or the Certificate Administrator and the appointment of a successor Trustee or Certificate Administrator, as applicable. Such court
may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee or Certificate Administrator,
as applicable, which removal and appointment shall become effective upon acceptance of appointment by the successor Trustee or
Certificate Administrator, as applicable, as provided in Section 8.8. The successor Trustee or Certificate Administrator,
as applicable, so appointed by such court shall immediately and without further act be superseded by any successor Trustee or Certificate
Administrator, as applicable, appointed by the Certificateholders as provided below within one year from the date of appointment
by such court. Holders of Certificates evidencing, in the aggregate, not less than a majority of the Voting Rights of the outstanding
Certificates, may at any time upon thirty (30) days’ notice to the Trustee or the Certificate Administrator, as applicable,
remove the Trustee or the Certificate Administrator, as applicable, and appoint a successor Trustee or Certificate Administrator,
as applicable, by written instrument or instruments, in triplicate, signed by such Holders or their attorney-in-fact duly authorized,
one complete set of which instrument or instruments shall be delivered to the Depositor (with a copy to the Servicer and Special
Servicer and the Loan Borrowers), one complete set to the Trustee or the Certificate Administrator, as applicable, so removed and
one complete set to the successor(s) so appointed. Subject to Section 10.17, notice of any removal of the Trustee or the
Certificate Administrator and acceptance of appointment by the successor Trustee or the Certificate Administrator shall be given
to the Companion Loan Holders and the 17g-5 Information Provider (who shall promptly post such written notice to the 17g-5 Information
Provider’s Website, pursuant to Section 10.16) by the successor Trustee or the Certificate Administrator, as applicable.
No removal of the Trustee or the Certificate Administrator shall be effective until all reasonable fees, costs, expenses and Advances
(including interest thereon) have been paid to the Trustee or Certificate Administrator, as applicable, in full.


 


Any resignation or removal
of the Trustee or Certificate Administrator shall not become effective until acceptance of the appointment by the successor Trustee
or Certificate Administrator, as applicable, as provided in Section 8.8.


 


Section 8.8.     Successor
Trustee or Successor Certificate Administrator. Any successor Trustee or Certificate Administrator appointed as provided in
Section 8.7 shall execute, acknowledge and deliver to the Depositor, the Servicer, the Special Servicer and to its predecessor
trustee or certificate administrator an instrument (i) accepting such appointment hereunder and (ii) making the representations
and warranties of the Trustee or the Certificate Administrator, as applicable, as provided in Section 2.3 and Section
2.7, respectively, and thereupon the resignation or removal of the predecessor trustee or certificate administrator shall become
effective and such successor Trustee or Certificate Administrator, as applicable, 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 herein. The predecessor Certificate Administrator shall deliver
or cause to be delivered to the successor Certificate Administrator, as applicable, the Mortgage File and related documents and
statements held by it hereunder, and the Depositor, the Servicer, the Special Servicer and the predecessor trustee or certificate
administrator shall execute and deliver


 






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such instruments and do such other things
as may reasonably be required for more fully and certainly vesting and confirming in the successor Trustee or Certificate Administrator
all such rights, powers, duties and obligations.


 


No successor Trustee
or Certificate Administrator shall accept appointment as provided in this Section 8.8 unless at the time of such acceptance
such successor Trustee or Certificate Administrator shall be eligible under the provisions of Section 8.6 and its appointment
shall not result in the qualification, downgrading, or withdrawal of the current rating of any Class of the Certificates (prior
to the resignation or termination of the Trustee or Certificate Administrator).


 


Upon acceptance of appointment
by a successor Trustee or Certificate Administrator as provided in this Section 8.8, the successor Trustee or Certificate
Administrator shall mail notice of the succession of such trustee or certificate administrator hereunder to all Holders of Certificates
at their addresses as shown in the Certificate Register, the Depositor, the Loan Borrowers, the Companion Loan Holders and the
Rating Agencies.


 


Section 8.9.     Merger
or Consolidation of the Trustee or the Certificate Administrator. Any Person into which the Trustee or the Certificate
Administrator may be merged or converted or with which either 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 applicable, hereunder; provided that such Person shall be eligible under the provisions of
Section 8.6, without the execution or filing of any paper or further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding.


 


Section 8.10.     Appointment
of Co-Trustee or Separate Trustee. (a) At any time or times, for the purpose of meeting any legal requirements of any jurisdiction
in which any part of a Property may at the time be located or in which any action of the Trustee may be required to be performed
or taken, the Trustee, the Depositor or the Holders of Certificates evidencing, in the aggregate, a majority of the Voting Rights
of the outstanding Certificates, by an instrument in writing signed by it or them, may appoint one or more individuals or corporations
to act as separate trustee or separate trustees or co-trustees, acting jointly with the Trustee, of all or any part of such Property,
to the full extent that local law makes it necessary for such separate trustee or separate trustees or co-trustee acting jointly
with the Trustee to act. The fees and expenses of any separate trustee or co-trustee shall be paid by the Trust Fund pursuant to
Section 3.4(c).


 


(b)          The Trustee shall
execute, acknowledge and deliver all such instruments as may be required by the legal requirements of any jurisdiction or by any
such separate trustee or separate trustees or co-trustee for the purpose of more fully conferring such title, rights or duties
to such separate trustee or separate trustees or co-trustee, it, he, she or they shall be vested with such title to any Property
or any part thereof, and with such rights, powers, duties and obligations as shall be specified in the instrument of appointment,
and such rights, powers, duties and obligations shall be conferred or imposed upon and exercised or performed by the Trustee, or
the Trustee and such separate trustee or separate trustees or co-trustees jointly with the Trustee subject to all the terms of
this Agreement, except to the extent that under any law of any


 






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jurisdiction in which any particular act
or acts are to be performed shall be exercised and performed by such separate trustee or separate trustees or co-trustee, as the
case may be. Any separate trustee or separate trustees or co-trustee may, at any time by an instrument in writing, constitute the
Trustee, its attorney-in-fact and agent with full power and authority to do all acts and things and to exercise all discretion
on its behalf and in its, her or his name. In the event that any such separate trustee or co-trustee shall die, become incapable
of acting, resign or be removed, the title to the Properties and all assets, property, rights, powers, duties and obligations of
such separate trustee or co-trustee shall, so far as permitted by law, vest in and be exercised by the Trustee, without the appointment
of a successor to such separate trustee or co-trustee unless and until a successor is appointed.


 


(c)          All provisions of
this Agreement which are for the benefit of the Trustee and Certificate Administrator shall extend to and apply to each separate
trustee or co-trustee appointed pursuant to the foregoing provisions of this Section 8.10, and to the Trustee and Certificate
Administrator in each capacity that it may assume hereunder, including without limitation, its capacity as Certificate Administrator,
Certificate Registrar and Authenticating Agent, as applicable.


 


(d)          Every co-trustee
and separate trustee hereunder shall, to the extent permitted by law, be appointed and act and the Trustee shall act, subject to
the following provisions and conditions: (i) all powers, duties, obligations and rights conferred upon the Trustee in respect of
the receipt, custody, investment and payment of monies shall be exercised solely by the Trustee; (ii) all other rights, powers,
duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed and exercised or performed by the Trustee
and such co-trustee or trustees and separate trustee or trustees jointly except to the extent that under any law of any jurisdiction
in which any particular act or acts are to be performed, the Trustee shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee or trustees;
(iii) no power hereby given to, or exercisable by, any such co-trustee or separate trustee shall be exercised hereunder by such
co-trustee or separate trustees except jointly with, or with the consent of, the Trustee and (iv) no trustee hereunder shall be
personally liable by reason of any act or omission of any other trustees hereunder.


 


If, at any time, the
Trustee shall deem it no longer necessary or prudent in order to conform to any such law, the Trustee shall execute and deliver
all instruments and agreements necessary or proper to remove any co-trustee or separate trustee. Notwithstanding the foregoing,
the appointment of a co-trustee or separate trustee by the Trustee shall not relieve the Trustee of its obligations, duties, or
responsibilities in any way or to any degree.


 


(e)          Any request, approval
or consent in writing by the Trustee to any co-trustee or separate trustee shall be sufficient warrant to such co-trustee or separate
trustee, as the case may be, to take such action as may be so required, approved or consented to.


 


(f)          Notwithstanding any
other provision of this Section 8.10, the powers of any co-trustee or separate trustee shall not exceed those of the Trustee
hereunder, and such co-trustee or separate trustee must meet the eligibility requirements set forth in Section 8.6.


 






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Section 8.11.     Appointment
of Authenticating Agent. (a) The Certificate Administrator may appoint an agent or agents which shall be authorized to act
on behalf of the Certificate Administrator to authenticate Certificates (each such agent, an “Authenticating Agent”),
and Certificates so authenticated shall be entitled to the benefits of this Agreement and shall be valid and obligatory for all
purposes as if authenticated by the Certificate Administrator hereunder. Wherever a reference is made in this Agreement to the
authentication and delivery of Certificates by the Certificate Administrator or the Certificate Administrator’s certificate
of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Certificate Administrator
by an Authenticating Agent and a certificate of authentication executed on behalf of the Certificate Administrator by an Authenticating
Agent. Each Authenticating Agent shall, at all times, be a corporation or association organized and doing business under the laws
of the United States of America, any State thereof or the District of Columbia, authorized under such law to act as Authenticating
Agent, having a combined capital and surplus of not less than $15,000,000 authorized under such laws to do trust business and subject
to supervision or examination by federal or state authorities. If such Authenticating Agent publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section
8.11 the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If, at any time, an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 8.11, such Authenticating Agent shall resign immediately in the manner
and with the effect specified in this Section 8.11. The initial Authenticating Agent shall be the Certificate Administrator.


 


(b)          Any Person into which
an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate agency
business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such Person shall be otherwise
eligible under this Section 8.11, without the execution or filing of any paper or any further act on the part of the Certificate
Administrator or the Authenticating Agent.


 


(c)          An
Authenticating Agent may resign at any time by giving at least 30 days’ advance written notice thereof to the
Certificate Administrator, the Servicer or Special Servicer, as applicable, and the Depositor. The Certificate Administrator
may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating
Agent, the Servicer or Special Servicer, as applicable, and the Depositor. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 8.11, the Certificate Administrator may appoint a successor Authenticating Agent and shall
mail written notice of such appointment by first class mail, postage prepaid to all Certificateholders as their names and
addresses appear in the Certificate Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section 8.11.


 






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Section 8.12.     Indemnification
by Trustee and the Certificate Administrator. The Trustee and the Certificate Administrator, as applicable, shall indemnify
and hold harmless the Trust, the Servicer, the Special Servicer, the Depositor and each other from and against any claims, losses,
damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses incurred
by the Trust, the Servicer, the Special Servicer or the Depositor, as applicable, that arise out of or are based upon (i) a breach
by the Trustee or the Certificate Administrator, as applicable, of its representations and warranties under this Agreement or (ii)
negligence, bad faith or willful misconduct on the part of the Trustee or the Certificate Administrator, as applicable, in the
performance of its obligations under this Agreement or its reckless disregard of its obligations and duties under this Agreement.


 


Section 8.13.     Certificate
Administrator and Servicer Not Responsible for Inconsistent Payment Information. In connection with any Distribution
Date and a voluntary prepayment or the payment at maturity by the Loan Borrowers of the Trust Loan or any portion thereof, the
Certificate Administrator shall report the amount of such prepayment or payment to the Depository based on information received
from the Servicer or Special Servicer in reliance on notices received from the Loan Borrowers. In the event of any inconsistencies
in payments or prepayments made by the Loan Borrowers with the previously delivered notices by the Loan Borrowers, all costs and
expenses incurred as a result of a failure by the Loan Borrowers to make any such payments or prepayment, shall be paid by the
Loan Borrowers in accordance with the Loan Agreement provided that the amount of payment reported to the Depository by the
Certificate Administrator was consistent with the information received from the Servicer or Special Servicer. If the Loan Borrowers
fail to do so, such costs and expenses shall be reimbursed to the Certificate Administrator and to the Servicer or Special Servicer,
as applicable, by the Trust pursuant to Section 3.4(c) from funds on deposit in the Collection Account. Neither the Certificate
Administrator, the Servicer nor the Special Servicer shall be liable for any inability or delay of the Depository to make a distribution
as a result of such inconsistencies. Notwithstanding the foregoing, the Certificate Administrator shall notify the Depository on
the Remittance Date or as soon as reasonably possible of any such inconsistencies.


 


Section 8.14.     Access
to Certain Information. (a) The Certificate Administrator shall afford to any Privileged Person (including the Controlling
Class Representative) and to the Office of the Comptroller of the Currency, the FDIC and any other banking or insurance regulatory
authority that may exercise authority over any Certificateholder, access to any documentation regarding the Trust Loan or the other
assets of the Trust Fund that are in its possession or within its control (or, upon request, make copies thereof available to any
Privileged Person at the reasonable cost and expense of such Privileged Person). Such access shall be afforded without charge but
only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator.


 






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(b)          The Certificate Administrator
shall make available to Privileged Persons and any Borrower Related Party that certifies to the Certificate Administrator in the
form of Exhibit Y-2 that it is a Certificateholder or Beneficial Owner of a Certificate, via the Certificate Administrator’s
Website, the following items (to the extent such items were prepared by or delivered to the Certificate Administrator in a readable,
uploadable, un-corrupted and un-locked electronic format):


 


(i)           The following “deal documents”:


 


(A)          the Offering Circular
and any other disclosure document relating to the Certificates, in the form most recently provided to the Certificate Administrator
by the Depositor or by any Person designated by the Depositor;


 


(B)          this Agreement,
each sub-servicing agreement delivered to the Certificate Administrator since the Closing Date (if any), the Loan Purchase Agreement
and any amendments and exhibits hereto or thereto; and


 


(C)          the
CREFC® Loan Setup File delivered to the Certificate Administrator by the Servicer.


 


(ii)          The following “periodic reports”:


 


(A)          all
Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.4(b); and


 


(B)          all
CREFC® Reports prepared by, or delivered to, the Certificate Administrator
pursuant to Section 3.18(a) other than the CREFC® Loan Setup File;


 


(iii)         The following “additional documents”:


 


(A)          summaries
of Asset Status Reports delivered to the Certificate Administrator pursuant to Section 3.10;


 


(B)          all inspection reports delivered
to the Certificate Administrator pursuant to Section 3.22; and


 


(C)          all Appraisals delivered to the Certificate
Administrator pursuant to Section 3.7(a);


 


(iv)         The following “special notices”:


 


(A)          any
notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.1(d);


 


(B)          any notice of termination of the
Servicer or the Special Servicer delivered to the Certificate Administrator pursuant to Section 7.1(c);


 






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(C)          any notice of a
Servicer Termination Event or Special Servicer Termination Event delivered to the Certificate Administrator pursuant to Section
7.1(b);


 


(D)          any request by the Certificateholders
representing at least 25% of the Voting Rights to terminate the Special Servicer pursuant to Section 7.1(d);


 


(E)          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 8.7;


 


(F)          any and all Officer’s
Certificates and other evidence delivered to the Certificate Administrator to support the Servicer’s or the Trustee’s,
as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, pursuant to Section
3.23(f);


 


(G)          any Special Notice delivered to the
Certificate Administrator pursuant to Section 5.6;


 


(H)          any
Assessment of Compliance delivered to the Certificate Administrator; and


 


(I)          any Attestation Reports delivered
to the Certificate Administrator;


 


(v)         the “Investor Q&A Forum” pursuant to Section 4.5(a); and


 


(vi)        solely
to Certificateholders and Beneficial Owner of Certificates, the “Investor Registry” pursuant to Section
4.5(b).


 


Notwithstanding anything
to the contrary in this Section 8.14, 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 (vi) above) and made
available to Privileged Persons other than to any Person that is a Borrower Related Party.


 


In lieu of the tabs or
headings otherwise described above, the Certificate Administrator shall be authorized to use such other headings and labels as
it may reasonably determine from time to time.


 


If any Privileged Person
becomes a Borrower Related Party, upon delivery to the Servicer, the Special Servicer, the Certificate Administrator and the Trustee
in physical form of an Investor Certification substantially in the form of Exhibit Y-2 hereto, a notice in the form of Exhibits
Y-3, Y-4 and Y-5 hereto certifying to the effect that such Person is a Borrower Related Party, such Person shall
not be entitled to access any Excluded Information that is made available on the Certificate Administrator’s Website.


 


The Servicer, Special
Servicer, Certificate Administrator and Trustee may each rely conclusively on (i) an Investor Certification in the form of Exhibit
Y-1 hereto from any


 






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Certificateholder, Companion Loan Holder,
the Controlling Class Representative if the Controlling Class Representative is not a Certificateholder (and only during a Controlling
Class Control Period and Controlling Class Consultation Period), a Beneficial Owner or a prospective purchaser of a Certificate
(or any investment manager of the foregoing) to the effect that such Person is not a Borrower Related Party or (ii) an Investor
Certification in the form of Exhibit Y-2 hereto from a Certificateholder, a Companion Loan Holder, the Controlling Class
Representative if the Controlling Class Representative is not a Certificateholder (and only during a Controlling Class Control
Period and Controlling Class Consultation Period), a Beneficial Owner or a prospective purchaser of a Certificate (or any investment
manager of the foregoing), as applicable, to the effect that such Person is a Borrower Related Party. In the event any Certificateholder,
Companion Loan Holder, the Controlling Class Representative if the Controlling Class Representative is not a Certificateholder
(and only during a Controlling Class Control Period and Controlling Class Consultation Period), a Beneficial Owner or a prospective
purchaser of a Certificate (or any investment manager of the foregoing) is a Borrower Related Party, such Person shall promptly
notify each of the Servicer, the Special Servicer, the Certificate Administrator and the Trustee in writing substantially in the
form of Exhibits Y-3 and Y-4 hereto to the effect that such party is a Borrower Related Party and thereafter, upon
submission of notice in the form of Exhibits Y-4 and Y-5 hereto, shall not be entitled to any Excluded Information
made available on the Certificate Administrator’s Website. In addition to sending notice in the form of Exhibit Y-3
hereto to each of the parties hereto, such Person that is a Borrower Related Party shall also send to the Certificate Administrator
a notice substantially in the form of Exhibit Y-5 hereto, which notice shall provide each of the CTSLink User IDs associated
with such Person, and which notice shall direct the Certificate Administrator to restrict such Person’s access to the Certificate
Administrator’s Website as and to the extent provided in this Agreement.


 


(c)          Any Excluded Information
that the Servicer, or the Special Servicer identifies and delivers to the Certificate Administrator shall be delivered to the Certificate
Administrator via email to “cmbsexcludedinformation@wellsfargo.com” in one or more separate files labeled “Excluded
Information” and shall include the name of the Whole Loan. For the avoidance of doubt, any information that is not appropriately
labeled and delivered in accordance with this Section 8.14(c) 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 Section 8.14(b) shall be posted on the Certificate Administrator’s Website under the “Excluded Information”
tab. If any Certificateholder, Companion Loan Holder, the Controlling Class Representative if the Controlling Class Representative
is not a Certificateholder (and only during a Controlling Class Control Period and Controlling Class Consultation Period), a Beneficial
Owner or a prospective purchaser of a Certificate (or any investment manager of the foregoing) is a Borrower Related Party, such
Person shall be prohibited from accessing the Excluded Information. Notwithstanding anything herein to the contrary, each of the
Servicer, the Special Servicer and the Certificate Administrator shall be entitled to conclusively assume that all Certificateholders,
Companion Loan Holders, the Controlling Class Representative, all Beneficial Owners or prospective purchasers of a Certificate
(or any investment manager of the foregoing) are not a Borrower Related Party except to the extent that the Servicer, the Special
Servicer or the Certificate Administrator, as applicable, has received notice from such Person that it is a Borrower Related Party.
None of the Servicer, the Special Servicer or the Certificate Administrator shall be liable


 






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for any communication to the Controlling
Class Representative or any Person or disclosure of Excluded Information if the Servicer, the Special Servicer or the Certificate
Administrator, as applicable, did not receive prior written notice that such Person is a Borrower Related Party, including, in
the case of any Excluded Information delivered to the Certificate Administrator for posting to the Certificate Administrator’s
Website and/or any failure to label any such information provided to the Certificate Administrator.


 


Each of the Servicer,
the Special Servicer and the Certificate Administrator shall be entitled to conclusively rely on any notice delivered by the Controlling
Class Representative or a Controlling Class Certificateholder, as applicable, to the effect that such Person is no longer a Borrower
Related Party. Each Controlling Class Representative or Controlling Class Certificateholder that receives access pursuant to this
Agreement to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded
Information shall be deemed to have agreed that it (i) will not directly or indirectly provide any of such Excluded Information
to any Borrower Related Party 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 any Loan Borrower or any Property or (B) any non-Affiliate that,
to its actual knowledge, holds a direct or indirect ownership interest in any Loan 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,
the Servicer and the Special Servicer shall have no liability for access by a Certificateholder, Companion Loan Holder, the Controlling
Class Representative if the Controlling Class Representative is not a Certificateholder (and only during a Controlling Class Control
Period and Controlling Class Consultation Period), a Beneficial Owner or a prospective purchaser of a Certificate (or any investment
manager of the foregoing) to the Certificate Administrator’s Website of any information with respect to which such Person
is prohibited from accessing pursuant to this Agreement if such Person provided an Investor Certification but did not indicate
it was a Borrower Related Party.


 


In connection with providing,
or causing to be provided, access to or copies of the items described in the preceding paragraph pursuant to this Section 8.14(b),
the Certificate Administrator shall require: (a) in the case of Certificateholders, 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 to its auditors, legal counsel and regulators and 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 (b) in the case of a prospective
purchaser of a Certificate or an interest therein or a licensed or registered investment advisor acting on behalf of such purchaser,
an Investor Certification indicating that such Person is a prospective purchaser of a Certificate or an interest therein and is
requesting the information for use in evaluating a possible investment in Certificates and will otherwise keep such information
confidential.


 


Except as otherwise provided
in this Agreement and subject to Section 6.3(a), the Certificate Administrator shall not be liable for providing or disseminating
information in accordance with the terms of this Agreement. The Certificate Administrator shall not be


 






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responsible or have any liability for the
completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this Section 8.14(b)
unless such information was produced by the Certificate Administrator. The obligations of the Certificate Administrator to provide
access to those certain documents, information and other items described in this Section 8.14 shall extend only to those
such documents, information and other items actually in possession of the Certificate Administrator. The Certificate Administrator
may deny any of the foregoing Privileged Persons access to confidential information with respect to which the Certificate Administrator
is restricted from disclosing by applicable law.


 


(d)          The
Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also make available
through its website or otherwise, any CREFC® Reports and any additional information
relating to the Whole Loan, the Properties or the Loan Borrowers, for review by any Privileged Person and any Borrower Related
Party that certifies to the Certificate Administrator in the form of Exhibit Y-2 that it is a Certificateholder or Beneficial
Owner of a Certificate (other than Excluded Information), and subject to Section 10.16 and Section 10.17, the Rating
Agencies, in each case except to the extent doing so is prohibited by this Agreement, applicable law or by the Loan Documents.
Each of the Servicer and 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 and the Certificate Administrator, enter into an Investor Certification or other confidentiality agreement acceptable
to the Servicer or Special Servicer, as the case may be, and (B) acknowledge that the Servicer or the Special Servicer may contemporaneously
provide such information to any other Privileged Person and any other Borrower Related Party that certifies to the Certificate
Administrator in the form of Exhibit Y-2 that it is a Certificateholder or Beneficial Owner of a Certificate (other than
Excluded Information). In addition, to the extent access to such information is provided via the Servicer’s or the Special
Servicer’s website, the 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 items described in this Section 8.14(d) to current and prospective Certificateholders
the form of confidentiality agreement used by the Servicer or the Special Servicer, as applicable, shall require: (a) 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 (b) in the case of a prospective purchaser of Certificates or interests therein or a licensed or registered
investment advisor acting on behalf of such prospective purchaser, an Investor Certification indicating that such Person is a
prospective purchaser of a Certificate or an interest therein and is requesting the information for use in evaluating a possible
investment in Certificates and will otherwise keep such information confidential.


 


Except as otherwise provided
in this Agreement and subject to Section 6.3(a), neither the Servicer nor the Special Servicer shall be liable for the dissemination
of information


 






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in accordance with this Agreement. Neither
the 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 8.14(d) unless such information was produced by
the Servicer or Special Servicer, as applicable.


 


(e)          The Certificate Administrator
shall maintain at its offices (and, upon reasonable prior written request and during normal business hours, shall make available,
or cause to be made available) for review by any Privileged Person (other than prospective purchasers) and any Borrower Related
Party that certifies to the Certificate Administrator in the form of Exhibit Y-2 that it is a Certificateholder or Beneficial
Owner of a Certificate (except with respect to Excluded Information), originals or copies of the following items (to the extent
such items are in the Certificate Administrator’s possession):


 


(i)           the Offering Circular;


 


(ii)          this Agreement,
each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the Loan Purchase
Agreement and any amendments and exhibits hereto or thereto;


 


(iii)         all
Distribution Date Statements and all CREFC® Reports actually delivered or
otherwise made available to Certificateholders pursuant to Section 4.4(a) of this Agreement since the Closing Date;


 


(iv)         the annual assessments
as to compliance (in the case of the Servicer and the Special Servicer) and the Officer’s Certificates delivered by the Servicer
and the Special Servicer to the Certificate Administrator since the Closing Date pursuant to Section 11.7 of this Agreement;


 


(v)          the annual independent
public accountants’ servicing report caused to be delivered by the Servicer and the Special Servicer to the Certificate Administrator
since the Closing Date pursuant to Section 11.9 of this Agreement;


 


(vi)         the most recent
inspection report prepared by or on behalf of the Servicer or the Special Servicer, as applicable, and delivered to the Certificate
Administrator in pursuant to Section 3.22 of this Agreement;


 


(vii)        any and all
notices and reports delivered to the Certificate Administrator with respect to the Properties as to which the environmental testing
contemplated by Section 3.12(d) of this Agreement revealed that neither of the conditions set forth in clauses (i) and (ii)
thereof was satisfied;


 


(viii)       the
Mortgage File, including any and all modifications, waivers and amendments of the terms of the Whole Loan entered into or
consented to by the Servicer or the Special Servicer and delivered to the Certificate Administrator pursuant to Section
3.24 of this Agreement;


 


(ix)         the
summary of each Asset Status Report delivered to the Certificate Administrator pursuant to Section 3.10(h) of this
Agreement;


 






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(x)           the annual, quarterly
and monthly operating statements, if any, collected by or on behalf of the Servicer or the Special Servicer, as applicable, and
delivered to the Certificate Administrator for the Properties, together with the other information specified in Section 3.18
of this Agreement;


 


(xi)          any and all Officer’s
Certificates and other evidence delivered to the Certificate Administrator to support its or the Servicer’s, as the case
may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;


 


(xii)         notice of termination
or resignation of the Servicer, the Special Servicer, the Certificate Administrator, the Trustee, (and appointments of successors
thereto);


 


(xiii)       all Special Notices;


 


(xiv)       any Appraisals,environmentalsiteassessments,property
condition assessments and seismic reports relating to the Properties; and


 


(xv)        any other information
that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A.


 


The Certificate Administrator
shall provide, or cause to be provided, copies of any and all of the foregoing items upon reasonable written request of any of
the parties set forth in the previous sentence at the reasonable expense of the requesting party.


 


The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.


 


ARTICLE 9


 


TERMINATION


 


Section 9.1.     Termination.
(a) The respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created hereby (other than (1) the obligation to make certain payments to the Companion Loan Holders, (2) the obligation
of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date, (3) the obligation
of the Certificate Administrator to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books
and records of the Trust Fund for such period of time as it maintains its own books and records and (4) the indemnification rights
and obligations of the parties hereto) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to this Article 9 following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Trust Loan (including, without limitation, the sale of the Trust Loan pursuant to this Agreement,
as applicable) or the liquidation or abandonment of the Properties and all other Collateral for the Trust Loan; provided,
however, that in no event shall the Trust 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 Court of St. James’s, living on
the date hereof.


 






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(b)          On the final Distribution
Date, all amounts on deposit in the Collection Account and not otherwise payable to a person other than the Certificateholders,
shall be applied generally as described in Section 4.1.


 


(c)          Notice of any termination,
specifying the final Distribution Date (which shall be a date that would otherwise be a Distribution Date) upon which the Certificateholders
of any Class may surrender their Certificates to the Certificate Administrator for payment of the final distribution and cancellation,
shall be given promptly by the Certificate Administrator by letter to Certificateholders mailed as soon as practicable specifying
(A) the final Distribution Date upon which final payment of the Certificates shall be made upon presentation and surrender of Certificates
at the office or agency of the Certificate Administrator therein designated, (B) the amount of any such final payment and (C) that
the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and
surrender of the Certificates at the office or agency of the Certificate Administrator therein specified.


 


Section 9.2.     Additional
Termination Requirements. In connection with any termination pursuant to Section 9.1 other than final payment on the
Trust Loan, the Trust Fund shall be terminated in accordance with the following additional requirements, unless the Certificate
Administrator has obtained at the expense of the Trust, an Opinion of Counsel that any other manner of terminating either the Lower-Tier
REMIC or the Upper-Tier REMIC will not subject the Trust Fund, the Lower-Tier REMIC or the Upper-Tier REMIC to federal income tax:


 


(i)           within eighty-nine
(89) days prior to the final Distribution Date, the Certificate Administrator shall designate the first day of the 90-day liquidation
period of the Lower-Tier REMIC and the Upper-Tier REMIC which shall be specified in a notice from the Certificate Administrator
to the Certificateholders as soon as practicable prior to such final Distribution Date, and shall specify such date in the final
tax return of each such REMIC;


 


(ii)           at or after the
time of adoption of such plan of complete liquidation and at or prior to the final scheduled Distribution Date, the Servicer shall
sell any remaining assets (other than cash) of the Trust Fund and credit the proceeds thereof to the Trust Fund; and


 


(iii)          at or after
such time as the proceeds from the disposition of the remaining assets of the Trust Fund shall have been credited to the Trust
Fund, the Certificate Administrator shall cause all remaining amounts held (A) as part of the Lower-Tier REMIC to be distributed
to the Certificate Administrator as holder of the Uncertificated Lower-Tier Interests and to the Holders of the Class R Certificates
(in respect of the Class LT-R Interest) in accordance with Section 4.1(b) and (B) as part of the Upper-Tier REMIC to be
distributed to the Holders of the Regular Certificates and the Class R Certificates (in respect of the Class UT-R Interest) in
accordance with Section 4.1(a) and Section 4.1(g).


 


Section 9.3.     Trusts Irrevocable.
Except as expressly provided herein, all trusts created hereby are irrevocable.


 






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ARTICLE 10


 


MISCELLANEOUS PROVISIONS


 


Section 10.1.     Amendment.
(a) This Agreement may be amended from time to time by the parties hereto, without the consent of any of the Certificateholders
or any Companion Loan Holders:


 


(i)           to correct any
inconsistency, defect or ambiguity in this Agreement or to correct any manifest error in any provision of this Agreement;


 


(ii)          to cause the
provisions in this Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
with respect to the Certificates, the Trust or this Agreement to correct or supplement any of its provisions which may be inconsistent
with any other provisions in this Agreement, or to correct any error;


 


(iii)          to change the
timing and/or nature of deposits in the Collection Account, the Distribution Account or the Foreclosed Property Account, provided
that (A) the Remittance Date may in no event be later than the Business Day prior to the related Distribution Date and (B) (1)
the change would not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Holder,
as evidenced by an Opinion of Counsel (at the expense of the party requesting the amendment or at the expense of the Trust Fund
if the requesting party is the Trustee or the Certificate Administrator) or (2) a Rating Agency Confirmation is obtained (at the
expense of the party requesting the amendment or at the expense of the Trust Fund if the requesting party is the Trustee or the
Certificate Administrator);


 


(iv)          to
modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either the
Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC at all times that any Certificate is outstanding, or to avoid or minimize
the risk of imposition of any tax on the Lower-Tier REMIC or the Upper-Tier REMIC that would be a claim against the
Lower-Tier REMIC or the Upper-Tier REMIC; provided that the Trustee and the Certificate Administrator have received an
Opinion of Counsel (at the expense of the party requesting the amendment or if the requesting party is the Certificate
Administrator or the Trustee, at the expense of the Trust) to the effect that (1) the action is necessary or desirable to
maintain such qualification or to avoid or minimize the risk of imposition of any such tax and (2) the action will not
adversely affect in any material respect the interests of any holder of the Certificates or (B) to the extent necessary to
comply with the Investment Company Act of 1940, as amended, the Trust Indenture Act of 1939, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations;


 


(v)          to modify, eliminate
or add to any of its provisions to restrict (or to remove any existing restrictions with respect to) the transfer of the Class
R Certificates; provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee;


 






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provided, further, that the Depositor may conclusively
rely upon an Opinion of Counsel to such effect;


 


(vi)          to make any other
provisions with respect to matters or questions arising under this Agreement or any other change, provided that the required
action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Holder not consenting
to such amendment, as evidenced by (a) an Opinion of Counsel (at the expense of the party requesting the amendment or at the expense
of the Trust Fund if the Trustee or the Certificate Administrator is the requesting party) and (b) a Rating Agency Confirmation
(at the expense of the party requesting the amendment or at the expense of the Trust Fund if the requesting party is the Trustee
or the Certificate Administrator;


 


(vii)         to amend or
supplement any provision of this Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates
by any Rating Agency; provided that such amendment does not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Holder;


 


(viii)        to modify
the provisions of this Agreement with respect to reimbursement of Nonrecoverable Advances if (a) the Depositor, the Servicer, the
Certificate Administrator and the Trustee, 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 the Upper-Tier REMIC or the Lower-Tier REMIC as a REMIC, as evidenced by an Opinion of Counsel (at the expense of the party
requesting the amendment or at the expense of the Trust Fund if the Trustee or the Certificate Administrator is the requesting
party) and (c) a Rating Agency Confirmation (at the expense of the party requesting the amendment or at the expense of the Trust
Fund if the requesting party is the Trustee or the Certificate Administrator) is obtained; and


 


(ix)          to
modify the procedures set forth in this Agreement relating to Exchange Act Rule 17g-5 or Rule 15Ga-1 compliance.


 


Notwithstanding the foregoing, no such
amendment to this Agreement contemplated by this Section 10.1(a) shall be permitted if the amendment would (i) reduce the
consent or consultation rights or the right to receive information under this Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative, (ii) change in any manner the obligations or rights of the Loan Sellers
under the Loan Purchase Agreement or this Agreement without the consent of the Loan Sellers, (iii) change in any manner the obligations
or rights of any Initial Purchaser without the consent of the related Initial Purchaser or (iv) adversely affect any Companion
Loan Holder in its capacity as such without its consent.


 


(b)          This Agreement may
also be amended by the parties to this Agreement with the consent of the Holders of Certificates of each Class adversely affected
by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests constituting the Class for
the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of


 






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the Holders of the Certificates, except
that the amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Trust Loan
that are required to be distributed on any Certificate; (2) alter in any manner the liens on any Collateral securing payments of
the Trust Loan, (3) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing Practices;
(4) change the percentages of Voting Rights or Percentage Interests of Certificateholders that are required to consent to any action
or inaction under this Agreement; (5) adversely affect the Controlling Class Representative without the consent of 100% of the
Controlling Class Certificateholders; or (6) amend this Section 10.1.


 


(c)          Notwithstanding the
foregoing, no amendment to this Agreement may be made that changes in any manner the obligations of the Loan Sellers under the
Loan Purchase Agreement without the consent of the Loan Sellers, and the Trustee, Servicer, Special Servicer or Certificate Administrator
may, but will not be obligated to, enter into any amendment to this Agreement that it determines affects its rights, duties or
immunities or creates any additional liability for the Trustee, Servicer, Special Servicer or Certificate Administrator under this
Agreement.


 


(d)          It shall not be necessary
for the consent of Certificateholders under this Section 10.1 to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Certificate
Administrator may prescribe.


 


(e)          Notwithstanding the
foregoing, no amendment may be made to this Agreement unless the Certificate Administrator, the Trustee, the Servicer and the Special
Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment, or at the Trust Fund’s
expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that the amendment is authorized
or permitted under this Agreement and all conditions precedent have been met and that the amendment or the exercise of any power
granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee or any other specified
person in accordance with the amendment, will not result in the imposition of federal income tax on the Trust or cause either the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.


 


(f)          Promptly
after the execution of any amendment to this Agreement or any amendment to the Loan Purchase Agreement, the Certificate Administrator
shall post a copy of such amendment on the Certificate Administrator’s Website and furnish written notification of the substance
of such amendment to each Certificateholder, the Depositor, the Servicer, the Special Servicer, the Initial Purchasers, the Loan
Borrowers and, subject to Section 10.17, the 17g-5 Information Provider (who shall promptly post such written notice to
the 17g-5 Information Provider’s Website, pursuant to Section 10.17).


 


(g)          In the event that
neither the Depositor nor any successor thereto is in existence, any amendment under this Section 10.1 shall be effected
with the consent of the Trustee, the Certificate Administrator and the Servicer or Special Servicer, as applicable, and, to the
extent required by this Section 10.1, the required Certificateholders.


 






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(h)          Unless otherwise
specified in Section 10.1(a), the costs and expenses associated with any such amendment, including without limitation, Opinions
of Counsel and a Rating Agency Confirmations, shall be borne by the party requesting such amendment (or, if such amendment is required
by any of the Rating Agencies to maintain the rating issued by it or requested by the Trustee or the Certificate Administrator
for any purpose described in Section 10.1(a) (which do not modify or otherwise relate solely to the obligations, duties
or rights of the Trustee or the Certificate Administrator), then at the expense of the Depositor and, if neither the Depositor
nor any successor thereto is in existence, the Trust Fund).


 


Section 10.2.     Recordation
of Agreement; Counterparts. (a) This Agreement or an abstract hereof, if acceptable by the applicable recording office, is
subject to recordation in all appropriate public offices for real property records in the county in which any Property subject
to the Mortgages is situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected
by the Trustee or the Certificate Administrator at the expense of the Trust upon its receipt of an Opinion of Counsel to the effect
that such recordation materially and beneficially affects the interests of the Certificateholders of the Trust.


 


(b)          For the purpose of
facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute
but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this
Agreement.


 


Section 10.3.     Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial. 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.


 


EACH OF THE PARTIES HERETO
IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED
STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT;
(II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH
COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS
UPON IT BY MAILING A COPY THEREOF


 






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BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED
FOR NOTICES HEREUNDER AND AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY MANNER PERMITTED
BY LAW.


 


THE PARTIES HERETO HEREBY
WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN
CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.


 


Section 10.4.     Notices.
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 any Class of Certificates held in registered, definitive form shall be deemed to have been given upon
being sent by first class mail, postage prepaid) as follows:


 


If to the Trustee, to:


 


Wells Fargo Bank, National Association


9062 Old Annapolis Road


Columbia, Maryland 21045-1951


Attention: Corporate Trust Services (CMBS) CSMC 2015-GLPB


Fax Number: (410) 715-2380


E Mail: cts.cmbs.bond.admin@wellsfargo.com, and to trustadministrationgroup@wellsfargo.com,
except as otherwise set forth herein


 


If to the Certificate Administrator, to:


 


Wells Fargo Bank, National Association


9062 Old Annapolis Road


Columbia, Maryland 21045-1951


Attention: Corporate Trust Services (CMBS)





CSMC 2015-GLPB


Fax Number: (410) 715-2380


E Mail:
cts.cmbs.bond.admin@wellsfargo.com, cts.sec.notifications@wellsfargo.com
and to trustadministrationgroup@wellsfargo.com or, with respect to any Excluded Information, to cmbsexcludedloan@wellsfargo.com,
except as otherwise set forth herein


 


If to the Depositor, to:


 


Credit Suisse First Boston Mortgage Securities Corp.


11 Madison Avenue, 4th
Floor


New York, New York 10010


Attention: N. Dante Larocca


 


 



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Facsimile number: (646) 935-8520


E-mail:
dante.larocca@credit-suisse.com


 


with a copy to:


 


Cadwalader, Wickersham & Taft LLP


200 Liberty Street


New York, New York 10281


Attention: Y. Jeffrey Rotblat


Facsimile number: (212) 504-6666


E-mail: jeffrey.rotblat@cwt.com


 


If to the Servicer, to:


 


KeyBank National Association


11501 Outlook Street, Suite 300


Overland Park, Kansas 66211


Attention: Diane Haislip


Facsimile: 877-379-1625


Email: diane_c_haislip@keybank.com


 


With a copy to:


 


Polsinelli PC 


900 West 48th Place, Suite 900


Kansas City, Missouri 64112


Attention: Kraig Kohring


Facsimile: 816-753-1536


Email: kkohring@polsinelli.com


 


If to the Special Servicer, to:


 


AEGON USA Realty Advisors, LLC,


4333 Edgewood Road NE,


Cedar Rapids, IA 52499


Attention: Vice President, Special Servicing


Fax number: (319) 355-8030


 


If to the Loan Sellers, to:


 


Column Financial, Inc.


11 Madison Avenue, 4th
Floor


New York, New York 10010


Attention: N. Dante Larocca


Facsimile number: (646) 935-8520


E-mail: dante.larocca@credit-suisse.com


 






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with copies to:


 


1 Madison Avenue, 9th Floor


New York, New York 10010


Attention: Sarah Nelson


 


and


 


Morgan Stanley Mortgage Capital Holdings LLC


1585 Broadway


New York, New York 10036


Attention: Stephen Holmes


Fax Number: (212) 762-9495


 


with copies to


 


Morgan Stanley Mortgage Capital Holdings LLC


1221 Avenue of the Americas


New York, New York 10020


Attention: James Y. Lee, Esq.


Fax Number: (646) 435-2881


 


with copies to


 


Morgan Stanley Mortgage Capital Holdings LLC


1585 Broadway


New York, New York 10036


Attention: Kiernan Pusey


Fax Number: (646) 435-2881


 


with copies to:


 


Dechert LLP


100 N. Tryon Street, 40th Floor


Charlotte, North Carolina 28202


Attention: Stewart McQueen


Fax Number: (704) 339-3101


 


If to the initial Controlling Class Representative,
to:


 


Prima Capital Advisors LLC


2 Overhill Road, Suite 215


Scarsdale, New York 10583


Attention: Nilesh Patel


Facsimile No.: (914) 725-9385


 






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If to any Certificateholder, to:


 


the address set forth in the Certificate Register


 


If to the Loan Borrowers:


 


at the respective addresses therefor set forth in the Loan Agreement


 


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.


 


Section 10.5.     Notices to the
Rating Agencies.The Servicer, the Special Servicer, the Trustee and the Certificate Administrator (except in its
capacity as 17g-5 Information Provider) shall not provide any information regarding the Trust Fund to the Rating Agencies
upon receipt of a request by the Rating Agencies therefor but shall, upon receipt of a reasonable request for information
pertaining to this transaction, to the extent such party has or can obtain such information without unreasonable effort or
expense, provide such information to the Depositor in accordance with the procedures set forth in Sections 10.16 and 10.17; provided,
that the Depositor shall not disclose which Rating Agency has requested such information. Notwithstanding the foregoing, the
failure to deliver such information shall not constitute a Servicer Termination Event or Special 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.


 


Any notices to the Rating Agencies shall be sent to the following addresses:


 


Morningstar Credit Ratings, LLC


220 Gibraltar Road, Suite 300


Horsham, Pennsylvania 19044


Attention: CMBS Surveillance


E-mail: cmbsratings@morningstar.com


 


Standard & Poor’s Ratings Services


55 Water Street, 41st
Floor


New York, New York 10041


Attention: Commercial Mortgage Surveillance Manager


Email:
cmbs_info_17g5@standardandpoors.com


 


Moody’s Investors Service, Inc.


7 World Trade Center


New York, New York 10007


Attention: Commercial Mortgage Surveillance Group


Fax number: (212) 553-0300


 


Section 10.6.     Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements, provisions


 






    	-186-



    	 



    

 


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 10.7.     Limitation
on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement
or the Trust Fund, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any
action or to commence any proceeding in any court for a petition 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,
solely by virtue of its status as a Certificateholder, shall have any right to vote (except as provided herein) or in any manner
otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything
herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time
to time as partners or members of an association; nor shall any Certificateholders be under any liability to any third party by
reason of any action by the parties to this Agreement pursuant to any provision hereof.


 


No Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right by virtue or by availing itself of any provisions of
this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement,
unless such Holder previously shall have given to the Trustee a written notice of a Servicer Termination Event or Special Servicer
Termination Event, as the case may be, and of the continuance thereof, as herein before provided, and unless the Holders of Certificates
aggregating not less than 25% of the Voting Rights of the Certificates shall also 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 reasonable
indemnity 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 indemnity, shall have neglected or refused to institute any such
action, suit or proceeding; it being understood and intended, and being 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 whatever
by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of
the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder
except as provided herein with respect to entitlement to payments or to enforce any right under this Agreement, except in the manner
herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this
Section 10.7, each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at
law or in equity.


 


Section 10.8.     Certificates
Nonassessable and Fully Paid. The Certificateholders shall not be personally liable for obligations of the Trust Fund, the
interests in the Trust Fund represented by the Certificates shall be nonassessable for any reason whatsoever, and the Certificates,
upon due authentication thereof by the Certificate Administrator pursuant to this Agreement, are and shall be deemed fully paid.


 






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Section 10.9.     Reproduction
of Documents. This Agreement and all documents relating thereto, including, without limitation, (i) consents, waivers and modifications
which may hereafter be executed, (ii) documents received by any party at the closing, and (iii) financial statements, certificates
and other information previously or hereafter furnished, may be reproduced by any photographic, photostatic, microfilm, micro-card,
miniature photographic or other similar process. The parties agree that any such reproduction shall be admissible in evidence as
the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not
such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction
of such reproduction shall likewise be admissible in evidence.


 


Section 10.10.     No
Partnership. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between the parties
hereto.


 


Section 10.11.     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 Trustee or Certificate
Administrator and, where required, to the Depositor, the Servicer or the Special 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, the Depositor, the Servicer and the Special Servicer if made in the manner provided in
this Section 10.11.


 


(b)          The fact and date
of the execution of any Certificateholder of any such instrument or writing may be proved in any reasonable manner which the Trustee
or Certificate Administrator 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 Trustee, the Certificate Administrator, the Depositor, the Servicer or the Special Servicer in reliance thereon,
whether or not notation of such action is made upon such Certificate.


 


(d)          The Certificate Administrator
and the Trustee may require additional proof of any matter referred to in this Section as it shall deem reasonably necessary.


 


Section 10.12.     Successors
and Assigns. The rights and obligations of any party hereto shall not be assigned (except pursuant to Sections 6.2,
6.4, 8.7 or 8.9 hereof) by such party without the prior written consent of the other parties hereto. This
Agreement shall inure to the benefit of and be binding upon the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee and their respective permitted successors and assigns. No Person other than a party to this Agreement,
the Initial Purchasers and any Certificateholder shall have any rights with respect to the enforcement of any of the rights or
obligations hereunder. Without


 






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limiting the foregoing, the parties to
this Agreement specifically agree that (i) the Loan Sellers shall be third-party beneficiaries of this Agreement with respect to
any provisions relating to the Loan Sellers, (ii) unless it is a Loan Borrower or an Affiliate thereof, each Companion Loan Holder
shall be a third-party beneficiary of this Agreement with respect to the rights afforded it under this Agreement, (iii) each Other
Depositor and Other Exchange Act Reporting Party shall be third-party beneficiary of this Agreement with respect to its rights
under Article 11, and (iv) no Loan Borrower, property manager or other party to the Whole Loan is an intended third-party
beneficiary of this Agreement (provided that the Loan Borrowers shall be entitled to notices to the extent expressly provided
herein).


 


Section 10.13.     Acceptance
by Authenticating Agent, Certificate Registrar. The Certificate Administrator hereby accepts its appointment as Authenticating
Agent and Certificate Registrar and agrees to perform the obligations required to be performed by it in each such capacity pursuant
to the terms of this Agreement.


 


Section
10.14.     Streit Act. Any provisions required to be contained in this Agreement by Section
126 and/or Section 130-k or Article 4-A of the New York Real Property Law are hereby incorporated herein, and such provisions
shall be in addition to those conferred or imposed by this Agreement; provided, however, that to the extent
that such Section 126 and/or 130-k shall not have any effect, and if said Section 126 and/or Section 130-k should at any time
be repealed or cease to apply to this Agreement or be construed by judicial decision to be inapplicable, said Section 126
and/or Section 130-k shall cease to have any further effect upon the provisions of this Agreement. In a case of a conflict
between the provisions of this Agreement and any mandatory provisions of Article 4-A of the New York Real Property Law, such
mandatory provisions of said Article 4-A shall prevail, provided that if said Article 4-A shall not apply to this
Agreement, should at any time be repealed, or cease to apply to this Agreement or be construed by judicial decision to be
inapplicable, such mandatory provisions of such Article 4-A shall cease to have any further effect upon the provisions of
this Agreement.


 


Section 10.15.     Assumption
by Trust of Duties and Obligations of the Loan Sellers Under the Loan Documents. The Trustee on behalf of the Trust
as assignee of the Trust Loan and the Certificate Administrator, the Servicer and Special Servicer hereby acknowledge that the
Trust assumes all of the rights and obligations of the Loan Sellers as lender under the Loan Documents and agrees to be bound thereby,
and in accordance with the terms thereof. Such acknowledgement on behalf of the Trust is made by the Trustee in the exercise of
the powers and authority conferred and vested in it and is intended for the purpose of binding only the Trust. Nothing contained
in this Section 10.15 shall be construed as creating any liability on the part of the Trustee, individually or personally,
it being agreed that all liabilities and obligations being acknowledged as assumed are solely those of the Trust, and under no
circumstances shall the Trustee be liable personally for the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the Trust under this Agreement, any Loan Document or any related document.


 


Section 10.16.     Notice
to the 17g-5 Information Provider and Each Rating Agency. (a) The Certificate Administrator shall use its commercially reasonable
efforts to promptly provide notice to the 17g-5 Information Provider, who shall make available solely to the Depositor, to the
Rating Agencies and to any other NRSROs the items listed below to the extent


 






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such items are delivered to it via email
at 17g5informationprovider@wellsfargo.com, specifically with a subject
reference of “CSMC Trust 2015-GLPB” and an identification of the type of information being provided in the body of
the email, or via any alternate email 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. The 17g-5 Information Provider shall promptly
post such notice or information to the 17g-5 Information Provider’s Website within five (5) Business Days:


 


(i)           any
material change or amendment to this Agreement or the Loan Agreement;


 


(ii)          the occurrence of any Event of Default that has not
been cured;


 


(iii)         the merger,
consolidation, resignation or termination of the Servicer, Special Servicer, the Certificate Administrator or the Trustee;


 


(iv)         any notice of
a Servicer Termination Event or Special Servicer Termination Event delivered pursuant to Section 7.1(b) and any notice of
the termination of the Servicer or the Special Servicer and appointment of a successor to the Servicer or the Special Servicer
delivered pursuant to Section 7.3(a);


 


(v)          each
of the Loan Seller’s repurchase of the related Loan Seller Percentage Interest in the Trust Loan pursuant to Sections
2.2 and 2.8;


 


(vi)         the final payment to any Class of Certificateholders;


 


(vii)        any
change in the location of any Reserve Account or the Distribution Account;


 


(viii)       any event that would result
in the voluntary or involuntary termination of any insurance of the accounts of the Servicer;


 


(ix)         any change in the lien priority of the Trust Loan; and


 


(x)          each
Distribution Date Statement described in Section 4.4(a) and the CREFC® Reports.


 


(b)          The Servicer or the
Special Servicer shall use its best efforts to promptly provide notice to the 17g-5 Information Provider, who shall make available
solely to the Depositor, to the Rating Agencies and to any other NRSROs the items listed below to the extent such items are delivered
to it via email at 17g5informationprovider@wellsfargo.com, specifically
with a subject reference of “CSMC Trust 2015-GLPB” and an identification of the type of information being provided
in the body of the email, or via any alternate email 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. The 17g-5 Information Provider
shall promptly post such notice or information to the 17g-5 Information Provider’s Website within five (5) Business Days:


 






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(i)           each of its annual statements as to compliance described
in Section 3.19;


 


(ii)          each of its annual independent
public accountants’ servicing reports described in Section 3.20;


 


(iii)         a copy of each
operating and other financial statements or occupancy report to the extent such information is required to be delivered under the
Whole Loan and to the extent such information is collected by the Servicer or the Special Servicer pursuant to this Agreement;


 


(iv)         upon request,
each inspection report prepared in connection with any inspection conducted pursuant to Section 3.22; and


 


(v)          upon request, each appraisal obtained pursuant to Section
3.7.


 


(c)          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. In the event that 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 Trustee and the 17g-5 Information Provider have not obtained and shall not be
deemed to have obtained actual knowledge of any information posted to the 17g-5 Information Provider’s Website to the extent
such information was not produced by the 17g-5 Information Provider. Access shall be granted by the 17g-5 Information Provider
to the Rating Agencies and other NRSROs upon receipt of an NRSRO Certification in the form of Exhibit M hereto (which certification
may be submitted electronically by means of a “click through” confirmation on the 17g-5 Information Provider’s
Website) on the same Business Day, provided such request is made prior to 2:00 p.m. (New York City time) on such Business Day,
or if received after 2:00 p.m. (New York City time), on the following Business Day. Questions regarding delivery of information
to the 17g-5  Information Provider may be directed to www.ctslink.com or


17g5informationprovider@wellsfargo.com.


 


(d)          In
connection with providing access to the Certificate Administrator’s Website or the 17g-5 Information Provider’s
Website, the Certificate Administrator and the 17g- 5 Information Provider, as applicable, may require registration and the
acceptance of a disclaimer. All documents sent to the 17g-5 Information Provider shall be sent via email in a format suitable
for posting to the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information
Provider 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. The Certificate Administrator and the 17g-5 Information Provider shall not be liable for
failing to make any information available to the Rating Agencies or NRSROs unless same was delivered to it at its email
address set forth above, with the proper subject heading. Assistance in using the Certificate Administrator’s Website
or the 17g-5 Information Provider’s Website can be obtained by calling (846) 846-4526.


 






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Section 10.17.     Exchange
Act Rule 17g-5 Procedures. (a) Except as otherwise provided in Section 10.16 or this Section 10.17 or
otherwise in this Agreement or as required by law, none of the Servicer, the Special Servicer, the Certificate Administrator or
the Trustee shall provide any information directly to, or communicate with, either orally or in writing, any Rating Agency regarding
the Certificates or the Trust Loan relevant to the Rating Agencies’ surveillance of the Certificates or the Trust Loan,
including, but not limited to, providing responses to inquiries from a Rating Agency regarding the Certificates or the Trust Loan
relevant to such Rating Agency’s surveillance of the Certificates. The 17g-5 Information Provider shall make the “Rating
Agency Q&A Forum and Servicer Document Request Tool” available to NRSROs via the 17g-5 Information Provider’s
Website, where NRSROs may (i) submit inquiries to be forwarded to the Certificate Administrator relating to the Distribution Date
Statement, (ii) submit inquiries to be forwarded to the Servicer or the Special Servicer, as applicable, relating to reports provided
by such parties, the Mortgage Loan or the Properties, (iii) submit requests to be forwarded to the Servicer for loan-level reports
and other related information, and (iv) view previously submitted inquiries and related answers or reports, as the case may be.
Upon receipt of an inquiry or request from an NRSRO for the Trustee, the Certificate Administrator, the Servicer or the Special
Servicer, the 17g-5 Information Provider shall be required to forward such inquiry or request to the appropriate person or entity
at the Trustee, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, in each case via email within
a reasonable period of time following receipt of such inquiry or request. Following receipt of such an inquiry, the Trustee, the
Certificate Administrator, the Servicer or the Special Servicer, as applicable, shall be required to answer each inquiry, unless
it determines that (a) answering the inquiry would be in violation of applicable law, the Accepted Servicing Practices, this Agreement,
or the applicable loan documents, (b) answering the inquiry would or is reasonably expected to result in a waiver of an attorney-client
privilege or the disclosure of attorney work product, or (c) answering the inquiry would materially increase the duties of, or
result in significant additional cost or expense to, such party, and the performance of such additional duty or the payment of
such additional cost or expense is beyond the scope of its duties under this Agreement. In the event any of the Trustee, the Certificate
Administrator, the Servicer or the Special Servicer declines to answer an inquiry, it shall promptly email the 17g-5 Information
Provider with the basis of such declination. The 17g-5 Information Provider shall be required to post the inquiries and the related
responses (or reports, as applicable) on the Rating Agency Q&A Forum and Servicer Document Request Tool promptly upon receipt,
or in the event that an inquiry is unanswered, the inquiry and the basis for which it was unanswered. The Rating Agency Q&A
Forum and Servicer Document Request Tool may not reflect questions, answers, or other communications which are not submitted through
the 17g-5 Information Provider’s Website. The party responding to an inquiry shall be required to ensure that the response
does not identify the NRSRO in any manner, including in file names and in the content of the response. Any reports posted by the
17g-5 Information Provider in response to an inquiry may be posted on a page accessible by a link on the 17g-5 Information Provider’s
Website. Answers and information posted on the Rating Agency Q&A Forum and Servicer Document Request Tool shall be attributable
only to the respondent, and shall not be deemed to be answers from any other person. No such other person shall have any responsibility
or liability for, and shall not be deemed to have knowledge of, the content of any such information..


 


(b)          To
the extent that any of the Servicer, the Special Servicer, the Certificate Administrator or the Trustee is required to
provide any information to, or communicate with, any


 






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Rating Agency in accordance with its obligations
under this Agreement, the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, shall provide
such information or communication to the 17g-5 Information Provider by e-mail, which the 17g-5 Information Provider shall upload
to the 17g-5 Information Provider’s Website within five (5) Business Days, and after the applicable party has received written
notification from the 17g-5 Information Provider (which may be in the form of email) that such information has been uploaded to
the 17g-5 Information Provider’s Website, the applicable party shall send such information to such Rating Agency in accordance
with the delivery instructions set forth herein. The foregoing shall include any Rating Agency Confirmation request made pursuant
to this Agreement, which shall be in writing, with a cover letter indicating the nature of the request and shall include all information
the requesting party believes is reasonably necessary for the applicable Rating Agency to make its decision. The 17g-5 Information
Provider shall notify each of the Servicer, the Special Servicer, the Trustee and the Certificate Administrator in writing of
any change in the identity or contact information of the 17g-5 Information Provider.


 


(c)          Notwithstanding the
provisions of Section 10.17(a) or Section 10.17(b), the Depositor may authorize, in its sole discretion, any of the
Servicer, the Special Servicer, the Certificate Administrator or the Trustee to provide information directly to, or communicate
with, a Rating Agency (including, but not limited to, responses to inquiries from such Rating Agency). Any such authorization shall
be in writing (which writing may be electronic mail) by a Responsible Officer of the Depositor, and shall set forth the procedures
that the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, shall follow if it elects
(in its sole discretion) to provide information directly to the applicable Rating Agency, which procedures shall be reasonable
and customary as is necessary to allow the Depositor to comply with Exchange Act Rule 17g-5.


 


(d)          Each of the Servicer,
the Special Servicer, the Certificate Administrator and the Trustee (each, an “Indemnifying Party”) hereby expressly
agrees to indemnify and hold harmless the Depositor and its respective officers, directors, shareholders, members, managers, employees,
agents, Affiliates and controlling persons, and the Trust Fund (each, an “Indemnified Party”), from and
against any and all losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses
(including reasonable legal fees and expenses), joint or several, to which any such Indemnified Party may become subject, under
the Securities Act, the Exchange Act or otherwise, pursuant to a third-party claim, insofar as such losses, liabilities, damages,
claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal fees and expenses)
arise out of or are based upon (i) such Indemnifying Party’s breach of Section 10.16 or Section 10.17(a), (b),
and (c), as applicable, 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 breach referred
to in clause (i) above by the applicable Indemnifying Party, and will reimburse such Indemnified Party for any legal or other expenses
reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim, as such expenses
are incurred.


 


(e)          None
of the Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall have any liability for (i) the
17g-5 Information Provider’s failure to post on the 17g-5 Information Provider’s Website information provided by
the Servicer, the Special


 






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Servicer, the Trustee or the Certificate Administrator in accordance with the terms of this
Agreement, (ii) any malfunction or disabling of the 17g-5 Information Provider’s Website or (iii) such party’s
failure to perform any of its obligations under this Agreement regarding providing information or communication to the Rating
Agencies that are required to be performed after the 17g-5 Information Provider posts the related information or
communication if the 17g-5 Information Provider fails to notify such party that it has posted such information or
communication on the 17g-5 Information Provider’s Website.


 


(f)           None
of the foregoing restrictions in this Section 10.17 prohibit or restrict oral or written communications, or providing
information, between the Servicer or the Special Servicer, on the one hand, and any Rating Agency, on the other hand, with
regard to (i) such Rating Agency’s review of the ratings it assigns to the Servicer or the Special Servicer, as
applicable, (ii) such Rating Agency’s approval of the Servicer or the Special Servicer, as applicable, as a commercial
mortgage master, special or primary servicer or (iii) such Rating Agency’s evaluation of the Servicer’s or the
Special Servicer’s, as applicable, servicing operations in general; provided, however, that the Servicer
or the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Trust Loan to
such Rating Agency in connection with such review and evaluation by such Rating Agency unless: (x) borrower, property or 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 (z) such Rating Agency has confirmed in writing to the
Servicer and the Special Servicer, as applicable, that it does not intend to use such information in undertaking credit
rating surveillance for any Class of Certificates (and the party providing such information to a Rating Agency shall, upon
request, certify to the Depositor that it received the confirmation described in this clause (z); provided, however,
that the Rating Agencies may use information delivered in reliance on the certification provided in 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 such Rating Agency has access to) (in each case, subject to any agreement governing the use of such information,
including any engagement letter with the Depositor or any other applicable depositor).


 


The 17g-5 Information Provider shall maintain the 17g-5 Information
Provider’s Website in accordance with Exchange Act Rule 17g-5(a)(3)(iii).


 


Section 10.18.     Cooperation
with the Loan Sellers with Respect to Rights Under the Loan Agreement. It is expressly agreed and understand that, notwithstanding
the assignment of the Loan Documents, it is expressly intended that the Loan Sellers get the benefit of the provisions of any section
of the Loan Agreement or securitization cooperation agreement related to indemnification of the lender and/or its affiliates with
respect to any securitization of the related Loan. Therefore, the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and Trustee hereby agree to cooperate with the Loan Sellers with respect to the benefits of the provisions of any
section of the Loan Agreement or securitization cooperation agreement related to indemnification of the lender and/or its affiliates
with respect to any securitization of the Trust Loan with respect to securitization indemnification, including, without limitation,
reassignment to the Loan Sellers of such sections, but no other portion of the Loan


 



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Documents, to permit the Loan Sellers and
their respective affiliates to enforce such provisions for their respective benefits. To the extent that the Trustee is required
to execute any document facilitating an assignment under this Section 10.18, such document shall be in form and substance
reasonably acceptable to the Trustee.


 


ARTICLE 11


 


EXCHANGE ACT REPORTING AND REGULATION AB
COMPLIANCE


 


Section 11.1.     Intent
of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article 11 of this
Agreement is, among other things, to facilitate compliance by any Other Depositor with the provisions of Regulation AB and
the related rules and regulations of the Commission. Except as expressly required by Sections 11.7, 11.8 and 11.9,
the Depositor shall not, and no Other Depositor may, exercise its rights to request delivery of information or other
performance under these provisions other than in good faith, or for purposes other than compliance with the Act, the Exchange
Act and the Sarbanes-Oxley Act. The parties hereto 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 with reasonable
requests made by the Depositor, or any Other Depositor, in good faith for delivery of information under these provisions on
the basis of such evolving interpretations of Regulation AB. In connection with the CSMC Trust 2015-GLPB, Commercial Mortgage
Pass-Through Certificates, Series 2015-GLPB, and any Companion Loan Securities, each of the parties to this Agreement shall
cooperate fully with the Depositor, the Certificate Administrator, any Other Depositor and any Other Exchange Act Reporting
Party, as applicable, to deliver to the Depositor or Other Depositor, as applicable (including any of its assignees or
designees), any and all statements, reports, certifications, records and any other information in its possession or
reasonably available to it and necessary in the reasonable good faith determination of the Depositor, the Certificate
Administrator, any Other Depositor or any Other Exchange Act Reporting Party, as applicable, to permit any Other Depositor to
comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer, the Special Servicer,
the Certificate Administrator and the Trustee, as applicable, and any Sub-Servicer, or the servicing of the Whole Loan,
reasonably believed by the Depositor or any Other Depositor, as applicable, in good faith to be necessary in order to effect
such compliance.


 


Section 11.2.     Succession;
Sub-Servicers; Subcontractors. (a) For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act (in addition to any requirements contained in Section 11.7 of this Agreement), in
connection with the succession to the Servicer and Special Servicer or any Sub-Servicer as servicer or sub-servicer (to the
extent such Sub-Servicer is a “servicer” meeting the criteria contemplated by Item 1108(a)(2) of Regulation AB)
under this Agreement by any Person (i) into which the Servicer and Special Servicer or such Sub-Servicer may be merged or
consolidated, or (ii) which may be appointed as a successor to the Servicer and Special Servicer or any such Sub-Servicer,
the Servicer or Special Servicer, as applicable (depending on whether such succession involves it or one of its
Sub-Servicers), shall provide (other than in the case of a succession pursuant to an appointment under Section 7.1 or 7.2,
in which case the successor servicer or successor special servicer, as applicable, shall provide) to any Other Depositor as
to which the applicable


 






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Companion Loan is affected, at least five (5) Business 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 (and as long as such notice is not given by a successor servicer or successor special
servicer appointed under Section 7.1 or 7.2), and otherwise no later than one (1) Business Day after such
effective date of succession, (x) written notice to the Depositor and each such Other Depositor of such succession or
appointment and (y) in writing and in form and substance reasonably satisfactory to each such Other Depositor, all
information relating to such successor servicer reasonably requested by any such Other Depositor in order to comply with its
reporting obligation under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are
required to be filed under the Exchange Act).


 


(b)          For so long as any
Other Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Servicer, the Special Servicer,
any Sub-Servicer and the Certificate Administrator (each of the Servicer, the Special Servicer and the Certificate Administrator
and each Sub-Servicer, for purposes of this Section 11.2(b) and Section 11.2(c), a “Servicing Party”)
is permitted to utilize one or more Subcontractors to perform certain of its obligations hereunder. Such Servicing Party shall
promptly upon request provide to any Other Depositor as to which the applicable Companion Loan is affected, a written description
(in form and substance satisfactory to each such Other Depositor) of the role and function of each Subcontractor that is a Servicing
Function Participant utilized by such Servicing Party during the preceding calendar year, specifying (i) the identity of such Subcontractor,
and (ii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each such Subcontractor.
Each Servicing Party shall cause any Subcontractor utilized by such Servicing Party that is determined to be a Servicing Function
Participant to comply with the provisions of Section 11.8 and Section 11.9 of this Agreement to the same extent as
if such Subcontractor were such Servicing Party. Such Servicing Party shall obtain from each such Subcontractor (or, in the case
of each Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts to obtain from such Sub-Servicer)
and deliver to the applicable Persons any assessment of compliance report and related accountant’s attestation required to
be delivered by such Subcontractor under Section 11.8 and Section 11.9 of this Agreement, in each case, as and when
required to be delivered.


 


(c)          For so long as any
Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding the foregoing, if a Servicing
Party engages a Subcontractor in connection with the performance of any of its duties under this Agreement, such Servicing Party
shall be responsible for determining whether such Subcontractor is a “servicer” within the meaning of Item 1101 of
Regulation AB and whether such Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB. If a Servicing
Party determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer” within the meaning of
Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, then such Subcontractor
shall be deemed to be a Sub-Servicer for purposes of this Agreement, and the engagement of such Sub-Servicer shall not be effective
unless and until notice is given to the Depositor and the Certificate Administrator, as well as any Other Depositor as to which
the applicable Companion Loan is affected, of any such Sub-Servicer and Subservicing Agreement. No Subservicing Agreement shall
be effective until five (5) Business Days after such written notice is received by the Depositor, the Certificate Administrator
and


 






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each such Other Depositor. Such notice
shall contain all information reasonably necessary, and in such form as may be necessary, to enable each Other Exchange Act Reporting
Party as to which the applicable Companion Loan is affected, to accurately and timely report the event under Item 6.02 of Form
8-K pursuant to the related Other Pooling and Servicing Agreement or otherwise (if such reports under the Exchange Act are required
to be filed under the Exchange Act).


 


(d)          For so long as any
Other Securitization Trust is subject to the reporting requirements of the Exchange Act, in connection with the succession to the
Trustee or Certificate Administrator under this Agreement by any Person (i) into which the Trustee or Certificate Administrator
may be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee or Certificate Administrator, the Trustee
or Certificate Administrator, as applicable, shall notify the Depositor and each Other Depositor, at least ten (10) Business Days
prior to the effective date of such succession or appointment (or if such prior notice would be violative of applicable law or
any applicable confidentiality agreement, no later than the time required under Section 11.6 of this Agreement) and shall
furnish pursuant to Section 11.6 of this Agreement to each Other Depositor in writing and in form and substance reasonably
satisfactory to the Depositor and each Other Depositor, all information reasonably necessary for each Other Exchange Act Reporting
Party to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to the related Other Pooling and Servicing
Agreement or otherwise (if such reports under the Exchange Act are required to be filed under the Exchange Act).


 


Section 11.3.     Other
Securitization Trust’s Filing Obligations. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall (and
shall cause (or, in the case of each Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts to cause)
each Additional Servicer and Servicing Function Participant utilized thereby to) reasonably cooperate with each Other Depositor
in connection with the satisfaction of each Other Securitization Trust’s reporting requirements under the Exchange Act.


 


Section 11.4.     Form
10-D Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
within one Business Day after the related Distribution Date (using commercially reasonable efforts), but in no event later than
noon (New York City time) on the third Business Day after the related Distribution Date, (i) the parties as set forth on Exhibit
S to this Agreement, shall be required to provide to each Other Exchange Act Reporting Party and each Other Depositor to which
the particular Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes, to the extent a Servicing Officer
or Responsible Officer thereof has knowledge thereof (other than information required by 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 (to the extent available to such party in such format),
or in such other format as otherwise agreed upon by each such Other Exchange Act Reporting Party, each such Other Depositor and
such parties, the form and substance of the Additional Form 10-D Disclosure, if applicable, and (ii) the parties listed on Exhibit
S to this Agreement shall include with such Additional Form 10-D Disclosure application to such party and shall cause each
Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts to
cause such Sub-Servicer) and Subcontractor of such


 






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party to the extent required under Regulation
AB to provide, and if received, include, an Additional Disclosure Notification in the form attached as Exhibit V to this
Agreement. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties
listed on Exhibit S to this Agreement of their duties under this paragraph or proactively solicit or procure from such parties
any Additional Form 10-D Disclosure information.


 


Section 11.5.     Form
10-K Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
no later than March 1, commencing in March 2016, (i) the parties listed on Exhibit T to this Agreement shall be required
to provide (and with respect to any Servicing Function Participant of such party (other than any party to this Agreement), shall
cause such Servicing Function Participant to provide) to each Other Exchange Act Reporting Party and each Other Depositor to which
the particular Additional Form 10-K Disclosure is relevant for Exchange Act Reporting purposes, to the extent a Servicing Officer
or a Responsible Officer, as the case may be, thereof has actual knowledge (other than information required by 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 (to the extent available to such
party in such format) or in such other format as otherwise agreed upon by each such Other Exchange Act Reporting Party, each such
Other Depositor and such providing parties, the form and substance of any Additional Form 10-K Disclosure described on Exhibit
T hereto applicable to such party, and (ii) the parties listed on Exhibit T to this Agreement shall include with such
Additional Form 10-K Disclosure applicable to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer
set forth on Exhibit W, shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such
party to the extent required under Regulation AB to provide, and if received, include, an Additional Disclosure Notification in
the form attached as Exhibit V to this Agreement. The Certificate Administrator has no duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit T hereto of their duties under this paragraph or proactively
solicit or procure from such parties any Additional Form 10-K Disclosure information.


 


Section 11.6.     Form
8-K Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act, to the extent a Servicing Officer or Responsible Officer thereof has actual knowledge of such event (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), within one Business Day after the
occurrence of an event requiring disclosure on Form 8-K (each such event, a “Reportable Event”) (using
commercially reasonable efforts), but in no event later than 1:00 p.m. (New York City time) on the second Business Day after
the occurrence of a Reportable Event, (i) the parties set forth on Exhibit U to this Agreement shall be required to
provide (and (i) with respect to any Servicing Function Participant of such party that is a Sub-Servicer set forth on Exhibit
W, shall use commercially reasonable efforts to cause such Servicing Function Participant to provide, and (ii) with
respect to any other Servicing Function Participant of such party (other than any party to this Agreement), shall cause such
Servicing Function Participant to provide) to each Other Depositor and each Other Exchange Act Reporting Party to which the
particular Form 8-K Disclosure


 






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Information is relevant for Exchange Act reporting purposes, in EDGAR-compatible format (to
the extent available to such party in such format) or in such other format as otherwise agreed upon by each such Other
Depositor, each such Other Exchange Act Reporting Party and such providing parties, any Form 8-K Disclosure Information
described on Exhibit U to this Agreement as applicable to such party, if applicable, and (ii) the parties listed on Exhibit
U to this Agreement shall include with such Form 8-K Disclosure Information applicable to such party and shall cause each
Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts
to cause such Sub-Servicer) and Subcontractor of such party to the extent required under Regulation AB to provide, and if
received, include, an Additional Disclosure Notification in the form attached hereto as Exhibit V. The Certificate
Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit
U of their duties under this paragraph or proactively solicit or procure from such parties any Form 8-K
Disclosure Information.


 


Section 11.7.     Annual
Compliance Statements. On or before March 15 of each year, commencing in 2016, each of the Servicer, the Special
Servicer (regardless of whether the Special Servicer has commenced special servicing of the Whole Loan) and, for so long as
any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator,
at its own expense, shall furnish (and each such party, (i) with respect to each Servicing Function Participant that is a
Sub-Servicer set forth on Exhibit W with which it has entered into a servicing relationship with respect to the Whole
Loan, shall use commercially reasonable efforts to cause such Servicing Function Participant to furnish, and (ii) with
respect to any other Servicing Function Participant of such party (other than any party to this Agreement), shall cause such
Servicing Function Participant to furnish) (each such Servicing Function Participant and each of the Servicer, Special
Servicer and the Certificate Administrator, a “Certifying Servicer”) to the Certificate Administrator (who
shall post it to the Certificate Administrator’s Website) and the 17g-5 Information Provider (who shall post it to the
17g-5 Website and the 17g-5 Information Provider’s Website), as applicable, pursuant to Section 8.14(b)) or Section
10.17, the Trustee the Depositor and the Companion Loan Holders (or, in the case of a Companion Loan that is part of an
Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), an Officer’s
Certificate stating, as to the signer thereof, that (A) a review of such Person’s activities during the preceding
calendar year or portion thereof and of such Person’s performance under this Agreement or the applicable sub-servicing
agreement, as applicable, has been made under such officer’s supervision and (B) to the best of such officer’s
knowledge, based on such review, such Person has fulfilled all its obligations under this Agreement or the applicable
sub-servicing agreement, as applicable, 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. For so long as any Other Securitization Trust is subject to the reporting requirements of
the Exchange Act, promptly after receipt of each such Officer’s Certificate, the Depositor (and, in the case of a
Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting
Party) may review each such Officer’s Certificate and, if applicable, consult with the Certifying Servicer, as
applicable, as to the nature of any failures by such Certifying Servicer, respectively, or any related Servicing Function
Participant with which the Servicer or the Special Servicer, as applicable, has entered into a servicing relationship with
respect to the Trust Loan or the Companion Loans in the fulfillment of any Certifying Servicer’s obligations hereunder
or under


 






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the applicable sub-servicing or primary servicing agreement. The obligations of each Certifying Servicer under this Section
11.7 apply to each such Certifying Servicer that serviced the Trust Loan or a Companion Loan during the applicable
period, whether or not the Certifying Servicer is acting in such capacity at the time such Officer’s Certificate is
required to be delivered. Copies of all Officer’s Certificates delivered pursuant to this Section 11.7 shall be
made available to any Privileged Person by the Certificate Administrator by posting such Compliance Report to the Certificate
Administrator’s Website pursuant to Section 8.14(b).


 


Section 11.8.     Annual
Reports on Assessment of Compliance with Servicing Criteria. (a) On or before March 15 of each year, commencing
in 2016, the Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of
the Whole Loan) and, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act, the Certificate Administrator, each at its own expense, shall furnish (and each such party, (i) with respect to each
Servicing Function Participant that is a Sub-Servicer set forth on Exhibit W with which it has entered into a
servicing relationship with respect to the Whole Loan, shall use commercially reasonable efforts to cause such Servicing
Function Participant to furnish, and (ii) with respect to any other Servicing Function Participant of such party (other than
any party to this Agreement), shall cause such Servicing Function Participant to furnish) (each Servicer, the Special
Servicer, the Certificate Administrator and any Servicing Function Participant, as the case may be, a “Reporting
Servicer”) to the Certificate Administrator (who shall post it to the Certificate Administrator’s Website)
and the 17g-5 Information Provider (who shall post it to the 17g-5 Website and the 17g-5 Information Provider’s
Website), as applicable, pursuant to Section 8.14(b)) or Section 10.17, the Trustee, the Depositor and the
Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable
Other Depositor and Other Exchange Act Reporting Party), a report on an assessment of compliance with the Applicable
Servicing Criteria that contains (A) a statement by such Reporting Servicer of its responsibility for assessing
compliance with the Applicable Servicing Criteria, (B) a statement that, to the best of such Reporting Servicer’s
knowledge, such Reporting Servicer used the Servicing Criteria to assess compliance with the Applicable Servicing Criteria,
(C) such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of the end of and for
the preceding calendar year, including, if there has been any material instance of noncompliance with the Applicable
Servicing Criteria, a discussion of each such failure and the nature and status thereof and (D) a statement that a registered
public accounting firm that is a member of the American Institute of Certified Public Accountants has issued an attestation
report on such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of and for such
period. Copies of all compliance reports delivered pursuant to this Section 11.8 shall be provided to any
Certificateholder, upon the written request therefor, by the Certificate Administrator.


 


Each such report shall
be addressed to the Depositor and each Other Depositor (if addressed) and signed by an authorized officer of the applicable company,
and shall address each of the Applicable Servicing Criteria. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, promptly after receipt of each such report, the Depositor and each Other Depositor may review
each such report and, if applicable, consult with the each Reporting Servicer as to the nature of any material instance of noncompliance
with the Relevant Servicing Criteria.


 






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(b)          On the Closing Date,
the Servicer, the Special Servicer and the Certificate Administrator each acknowledge and agree that Exhibit L hereto sets
forth the Relevant Servicing Criteria for such party.


 


(c)          No later than 30
days after the end of each fiscal year for the Trust, the Servicer, the Special Servicer and, for so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator shall notify the Certificate
Administrator, the Depositor, each Other Exchange Act Reporting Party and each Other Depositor as to the name of each Servicing
Function Participant utilized by it, in each case, and each such notice will specify what specific Servicing Criteria will be addressed
in the report on assessment of compliance prepared by such Servicing Function Participant. When the Servicer, the Special Servicer
and, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate
Administrator submit their assessments pursuant to Section 11.8(a) of this Agreement, such parties, as applicable, will
also at such time include the assessment (and related attestation pursuant to Section 11.9) of each Servicing Function Participant
engaged by it. The fiscal year for the Trust shall be January 1 through and including December 31 of each calendar year.


 


(d)          In the event the
Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting requirements of the
Exchange Act, the Certificate Administrator is terminated or resigns pursuant to the terms of this Agreement, such party shall
provide, and each such party shall cause (or, if the Servicing Function Participant is a Sub-Servicer set forth on Exhibit W
hereto, shall use commercially reasonable efforts to cause) any Servicing Function Participant engaged by it to provide (and the
Servicer, the Special Servicer and the Certificate Administrator shall, with respect to any Servicing Function Participant that
resigns or is terminated under any applicable servicing agreement, cause such Servicing Function Participant to provide) an annual
assessment of compliance pursuant to this Section 11.8, coupled with an attestation as required in Section 11.9 in
respect of the period of time that the Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject
to the reporting requirements of the Exchange Act, the Certificate Administrator was subject to this Agreement or the period of
time that the Servicing Function Participant was subject to such other servicing agreement.


 


Section 11.9.     Annual
Independent Public Accountants’ Servicing Report. On or before March 15 of each year, commencing in 2016, the Servicer,
the Special Servicer and, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act, the Certificate Administrator, each at its own expense, shall cause (and each such party, (i) with respect to each Servicing
Function Participant that is a Sub-Servicer set forth on Exhibit W with which it has entered into a servicing relationship
with respect to the Whole Loan, shall use commercially reasonable efforts to cause such Servicing Function Participant to furnish,
and (ii) with respect to any other Servicing Function Participant of such party (other than any party to this Agreement), shall
cause such Servicing Function Participant to furnish) a registered public accounting firm (which may also render other services
to the Servicer, the Special Servicer, the Certificate Administrator or the applicable 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 Certificate Administrator
(who shall post it to the Certificate Administrator’s Website pursuant to Section 8.14(b)), the Depositor, the Companion


 






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Loan Holders (or, in the case of a Companion
Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party) and
the 17g-5 Information Provider (who shall post
it to the 17g-5 Information Provider’s Website pursuant to Section 10.17), 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 Applicable Servicing Criteria and (ii) on the basis of an
examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the Public
Company Accounting Oversight Board, it is expressing an opinion as to whether such Reporting Servicer’s assessment of
compliance with the Servicing Criteria was fairly stated in all material respects, or it cannot express an overall opinion
regarding such party’s assessment of compliance with the Applicable Servicing Criteria. In the event that 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. Each accountant’s attestation report required hereunder shall be made in accordance with Rules
1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and the Exchange Act. Such report must be available for general use
and not contain restricted use language. Copies of all statements delivered pursuant to this Section 11.9 shall be
made available to any Privileged Person by the Certificate Administrator posting such statement on the Certificate
Administrator’s Website pursuant to Section 8.14(b).


 


For so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt of such report from the
Servicer, the Special Servicer, the Certificate Administrator or any Servicing Function Participant, the Depositor and each Other
Depositor may review the report and, if applicable, consult with the Servicer, the Special Servicer or, for so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator as to the nature
of any defaults by the Servicer, the Special Servicer, the Certificate Administrator or any Servicing Function Participant with
which it has entered into a servicing relationship with respect to the Trust Loan or any Companion Loan, as the case may be, in
the fulfillment of any of the Servicer’s, the Special Servicer’s, the Certificate Administrator’s or the applicable
Servicing Function Participants’ obligations hereunder or under the applicable sub-servicing agreement.


 


Section 11.10.     Significant
Obligor. If an Other Depositor has notified the Servicer in writing that a Property is a “significant obligor”
(within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization Trust that includes such Companion
Loan and of the distribution date under the Other Pooling and Servicing Agreement, the Servicer shall, if the Servicer is in receipt
of (i) the updated financial statements of such “significant obligor” for any calendar quarter (other than the fourth
calendar quarter of any calendar year), beginning with the first calendar quarter following receipt of such notice from the Other
Depositor, or (ii) the updated financial statements of such “significant obligor” for any calendar year, beginning
with the calendar year following such notice from the Other Depositor, deliver to the Other Depositor and Other Trustee, 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


 






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statements of such “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period as
calculated by the Servicer in accordance with CREFC® guidelines or (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 such “significant obligor”, together with the net operating income of
such “significant obligor” for the applicable period as reported by the related Loan Borrower in such financial statement.


 


If the 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 Business Days after the date such financial information is required
to be delivered under the Loan Documents, the Servicer shall notify the Other Depositor with respect to such Other Securitization
Trust that includes the related Companion Loan (and shall cause each applicable sub-servicing agreement to require any related
Sub-Servicer to notify such Other Depositor) that it has not received them. The Servicer shall use efforts consistent with the
Servicing Standard (taking into account, in addition, the ongoing reporting obligations of such Other Depositor under the Exchange
Act) to obtain the periodic financial statements of the Loan Borrower under the Loan Documents.


 


The Servicer shall (and
shall cause each applicable sub-servicing agreement to require any related Sub-Servicer to) retain written evidence of each instance
in which it (or a Sub-Servicer) attempts to contact the Loan Borrower 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
with respect to the Other Securitization Trust, shall forward an Officer’s Certificate evidencing its attempts to obtain
this information to the Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization Trust. 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 11.11.     Sarbanes-Oxley
Backup Certification. For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act, the Certificate Administrator, the Servicer and the Special Servicer shall provide (and with respect to any other Servicing
Function Participant of such party, shall cause such Servicing Function Participant to provide) to the Person who signs the Sarbanes-Oxley
Certification with respect to such Other Securitization Trust (the “Certifying Person”) no later than March
15 of the year following the year to which the Form 10-K of such Other Securitization Trust relates or, if March 15 is not a Business
Day, on the immediately following Business Day, a certification in the form attached to this Agreement as Exhibit X, on
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. In the
event 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 a certification to the Certifying
Person pursuant to this Section 11.11 with respect to the period of time it was subject to this Agreement or the applicable
sub-servicing or primary servicing agreement, as the case may be.


 






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Section 11.12.     Indemnification.
Each of the Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall indemnify and hold harmless the
Depositor, each Other Depositor and any employee, director or officer of the Depositor or any Other Depositor from and against
any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs
and expenses incurred by such indemnified party arising out of (i) an actual breach by the Servicer, the Special Servicer, the
Certificate Administrator or the Trustee, as the case may be, of its obligations under this Article 11 or (ii) negligence,
bad faith or willful misconduct on the part of the Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as applicable, in the performance of such obligations.


 


The Servicer, the Special
Servicer and the Certificate Administrator shall cause each Servicing Function Participant of such party that is not a Sub-Servicer
set forth on Exhibit W (and with respect to any Servicing Function Participant of such party that is a Sub-Servicer set
forth on Exhibit W, shall use commercially reasonable efforts to cause such Servicing Function Participant) to indemnify
and hold harmless the Depositor, each Other Depositor and any employee, director or officer of the Depositor or any Other Depositor
from and against any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments and any other costs, fees and expenses incurred by such indemnified party arising out of (i) a breach of its obligations
to provide any of the annual compliance statements or annual servicing criteria compliance reports or attestation reports pursuant
to the applicable sub-servicing agreement or (ii) negligence, bad faith or willful misconduct its part in the performance of such
obligations or (iii) any failure by a Servicing Party (as defined in Section 11.2(b)) to identify a Servicing Function Participant
pursuant to Section 11.2(c).


 


If the indemnification
provided for in, or contemplated by, either of the prior two paragraphs is unavailable or insufficient to hold harmless the Depositor,
any Other Depositor or any employee, director or officer of the Depositor or any Other Depositor, then the Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Additional Servicer or other Servicing Function Participant (the “Performing
Party”) shall contribute to the amount paid or payable to the indemnified party as a result of the losses, claims, damages
or liabilities of the indemnified party in such proportion as is appropriate to reflect the relative fault of the indemnified 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 11 (or breach of its obligations under the applicable sub-servicing agreement to provide any of the annual
compliance statements or annual servicing criteria compliance reports or attestation reports) or the Performing party’s negligence,
bad faith or willful misconduct in connection therewith.


 


The Servicer, the Special
Servicer and the Certificate Administrator shall cause each Servicing Function Participant of such party that is not a Sub-Servicer
set forth on Exhibit W (and with respect to any Servicing Function Participant of such party that is a Sub-Servicer set
forth on Exhibit W, shall use commercially reasonable efforts to cause such Servicing Function Participant) to agree to
the foregoing indemnification and contribution obligations. This Section 11.12 shall survive the termination of this Agreement
or the earlier resignation or removal of the Servicer, the Special Servicer or the Certificate Administrator.


 






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Section 11.13.     Amendments.
This Article 11 may be amended by the parties hereto pursuant to Section 10.1 of this Agreement for purposes of complying
with Regulation AB, the Act or the Exchange Act and/or to conform to standards developed within the commercial mortgage-backed
securities market and the Sarbanes-Oxley Act without 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 11.14.     Termination
of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement, the Depositor or any
Other Depositor may terminate the Certificate Administrator upon five Business Days’ notice if the Certificate Administrator
fails to comply with any of its obligations under this Article 11; provided that such termination shall not be effective
until a successor Certificate Administrator shall have accepted the appointment.


 


Section 11.15.     Termination
of Sub-Servicing Agreements. For so long as any Other Securitization Trust is subject to the reporting requirements of the
Exchange Act, each of the Servicer, the Certificate Administrator and the Trustee, as applicable, shall (i) cause each Sub-Servicing
Agreement to which it is a party to entitle the Depositor or any Other Depositor to terminate such agreement (without compensation,
termination fee or the consent of any other Person) at any time following any failure of the applicable Sub-Servicer to any deliver
any Exchange Act reporting items that such Sub-Servicer is required to deliver under Regulation AB or as otherwise contemplated
by this Article 11 and (ii) promptly notify the Depositor and any Other Depositor following any failure of the applicable
Sub-Servicer to deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver under Regulation AB or as
otherwise contemplated by this Article 11. The Depositor and any Other Depositor is hereby authorized to exercise the rights
described in clause (i) of the preceding sentence in its sole discretion. The rights of the Depositor and any Other Depositor to
terminate a Sub-Servicing Agreement as aforesaid shall not limit any right the Servicer, the Certificate Administrator or the Trustee,
as applicable, may have to terminate such Sub-Servicing Agreement.


 


Section 11.16.     Notification
Requirements and Deliveries in Connection with Securitization of a Companion Loan. (a) Any other provision of this Article
11 to the contrary notwithstanding, including, without limitation, any deadlines for delivery set forth in this Article
11, in connection with the requirements contained in this Article 11 that provide for the delivery of information and
other items to, and the cooperation with, the Other Depositor and Other Exchange Act Reporting Party of any Other Securitization
Trust that includes a Companion Loan, no party hereunder shall be obligated to provide any such items to or cooperate with such
Other Depositor or Other Exchange Act Reporting Party (i) until the Other Depositor or Other Exchange Act Reporting Party of such
Other Securitization Trust has provided each party hereto with not less than 30 days written notice (which shall only be required
to be delivered once), and each such party shall be entitled to rely on such notice, setting forth the contact information for
such Person(s) and, except as regards the deliveries and cooperation contemplated by Section 11.7, Section 11.8 and
Section 11.9 of this Agreement, stating that such Other Securitization Trust is subject to the reporting requirements of
the Exchange Act, and (ii) specifying in reasonable detail the information and other items not otherwise specified in this Agreement
that are requested to be delivered; provided that if Exchange Act reporting is being requested, such Other Depositor or Other Exchange
Act


 






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Reporting Party is only required to provide
a single written notice to such effect. Any reasonable cost and expense of the Servicer, Special Servicer, Trustee and Certificate
Administrator in cooperating with such Other Depositor or Other Exchange Act Reporting Party of such Other Securitization Trust
(above and beyond their expressed duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization
Trust. The parties hereto shall have the right to confirm in good faith with the Other Depositor of such Other Securitization Trust
as to whether applicable law requires the delivery of the items identified in this Article 11 to such Other Depositor and
Other Exchange Act Reporting Party of such Other Securitization Trust prior to providing any of the reports or other information
required to be delivered under this Article 11 in connection therewith and (i) upon such confirmation, the parties shall comply
with the deadlines for delivery set forth in this Article 11 with respect to such Other Securitization Trust or (ii) in
the absence of such confirmation, the parties shall not be required to deliver such items; provided that no such confirmation
will be required in connection with any delivery of the items contemplated by Section 11.7, Section 11.8 and Section
11.9 of this Agreement. Such confirmation shall be deemed given if the Other Depositor or Other Exchange Act Reporting Party
for the Other Securitization Trust provides a written statement to the effect that the Other Securitization Trust is subject to
the reporting requirements of the Exchange Act and the appropriate party hereto receives such written statement. 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
Exchange Act Reporting Party and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization
Trust.


 


(b)          Each of the Servicer,
the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written request given in accordance
with the terms of Section 11.16(a) above, and subject to a right of the Servicer, Special Servicer, the Certificate Administrator
or Trustee, as the case may be, to review and approve such disclosure materials, permit the Companion Loan Holder to use such party’s
description contained in the Offering Circular (updated as appropriate by the Servicer, the Special Servicer, Certificate Administrator
or Trustee, as applicable, at the reasonable cost of the Other Depositor) for inclusion in the disclosure materials relating to
any securitization of a Companion Loan.


 


(c)          The Servicer, the
Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given in accordance with
the terms of Section 11.16(a) above, shall each timely provide (to the extent the reasonable cost thereof is paid or caused
to be paid by the requesting party) to the Other Depositor and any underwriters with respect to any securitization transaction
that includes a Companion Loan such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to the
updated description referred in Section 11.16(b) with respect to such party, substantially identical to those, if any, delivered
by the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as the case may be, or their respective counsel,
in connection with the information concerning such party in the Offering Circular and/or any other disclosure materials relating
to this Trust (updated as deemed appropriate by the Servicer, the Special Servicer, the Trustee or the Certificate Administrator,
or their respective legal counsel, as the case may be, and sufficient to comply with Regulation AB). None of the Servicer, the
Special Servicer, the Trustee or the Certificate Administrator shall be obligated to deliver any such item with respect to the
securitization of a Companion Loan if it did not deliver a corresponding item with respect to this Trust.


 






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ARTICLE 12


 


REMIC ADMINISTRATION


 


Section 12.1.     REMIC
Administration. (a) The parties intend that each of the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and that
the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify it as, a REMIC, and the
provisions hereof shall be interpreted consistently with this intention.


 


(b)          The Certificate Administrator
shall make or cause to be made an election on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC to treat the segregated
pool of assets constituting such REMIC as a REMIC under the Code. Each such election shall be made on IRS Form 1066 or other appropriate
federal tax or information return for the taxable year ending on the last day of the calendar year in which the Certificates are
issued.


 


(c)          The Closing Date
is hereby designated as the “Startup Day” of each of the Lower-Tier REMIC and the Upper-Tier REMIC within the
meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” of the Regular Certificates and the
Uncertificated Lower-Tier Interests for the purposes of Section 860G(a)(1) of the Code is the date that is the Rated Final Distribution
Date.


 


(d)          The Certificate Administrator
shall prepare or cause to be prepared and timely produced to the Trustee to sign (and the Trustee shall timely sign) and file or
cause to be filed with the IRS, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, an application for a taxpayer
identification number for such REMIC on IRS Form SS-4 or obtain such number by other permissible means. Within thirty days of the
Closing Date, the Certificate Administrator shall furnish or cause to be furnished to the IRS, on IRS Form 8811 or as otherwise
may be required by the Code, the name, title and address of the Persons that Holders of the Certificates may contact for tax information
relating thereto (and the Certificate Administrator shall act as the representative of each of the Lower-Tier REMIC and 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 ten (10) Business Days of the Closing
Date to provide any information reasonably requested by the Servicer or the Certificate Administrator and necessary to make such
filing). The Certificate Administrator shall be responsible for the preparation of the related IRS Form W-9, if such form is requested.
The Trustee shall be entitled to rely on the information contained therein, and is hereby directed to execute such IRS Form W-9;
provided, however, the Certificate Administrator shall also be directed to execute such IRS Form W-9 (in lieu of
the Trustee) if permitted by IRS regulations.


 


(e)          The
Certificate Administrator shall pay without any right of reimbursement the ordinary and usual expenses in connection with
the preparation, filing and mailing of tax information reports and returns that are incurred by it in the ordinary course of
its business, but extraordinary or unusual expenses, costs or liabilities incurred in connection with its tax-related duties
under this Agreement, including without limitation any expenses, costs or liabilities associated with audits or any
administrative or judicial proceedings with respect to the


 






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Lower-Tier REMIC or the Upper-Tier REMIC that involve the IRS or
state tax authorities, shall be reimbursable from the Trust Fund.


 


(f)           The Certificate Administrator
shall prepare, or cause to be prepared, timely furnish or cause to be furnished to the Trustee to sign (and the Trustee shall timely
sign), and the Certificate Administrator shall file or cause to be filed all federal, state and local income or franchise or other
tax and information returns for each of the Lower-Tier REMIC and the Upper-Tier REMIC as the direct representative for such REMIC.
Except as provided in Section 12.1(e), the expenses of preparing and filing such returns shall be borne by the Certificate
Administrator. The Depositor shall provide on a timely basis to the Certificate Administrator or its designee such information
with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in its possession, and is reasonably requested by the
Certificate Administrator to enable it to perform its obligations under this subsection, and the Certificate Administrator shall
be entitled to rely on such information in the performance of its obligations hereunder.


 


(g)          The Certificate Administrator
shall perform on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC all reporting and other tax compliance duties
that are the responsibility of such REMIC under the Code, the REMIC Provisions, or other compliance guidance issued by the IRS
or any state or local taxing authority. Among its other duties, the Certificate Administrator shall provide (i) to the IRS or other
Persons (including, but not limited to, the transferor of a Class R Certificate to a Disqualified Organization or to an agent that
has acquired a Class R Certificate on behalf of a Disqualified Organization) such information as is necessary for the application
of any tax relating to the transfer of a Class R Certificate to any Disqualified Organization and (ii) to the Certificateholders
such information or reports as are required by the Code or REMIC Provisions. The Depositor shall provide on a timely basis (and
in no event later than 30 days after the Certificate Administrator’s request) to the Certificate Administrator or its designee
such information with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in its possession and is reasonably
requested in writing by the Certificate Administrator to enable it to perform its obligations under this subsection.


 


(h)          The Holder of the
Class R Certificates holding the largest Percentage Interest therein shall be the Tax Matters Person of the Upper-Tier REMIC and
the Lower-Tier REMIC, pursuant to Treasury Regulations Section 1.860F-4(d). The duties of the Tax Matters Persons for the Upper-Tier
REMIC and the Lower-Tier REMIC are hereby delegated to the Certificate Administrator as agent for the related Tax Matters Person,
and the Class R Certificateholders, by acceptance of the Class R Certificates, agree, on behalf of themselves and all successor
holders of such Class R Certificates, to such delegation to the Certificate Administrator as its agent and attorney in fact.


 


(i)          The Certificate Administrator,
the Holders of the Class R Certificates, the Servicer and the Special Servicer shall perform their obligations under this Agreement
and the REMIC Provisions in a manner consistent with the status of each of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC.


 






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(j)          The Certificate Administrator,
any Holder of the Class R Certificates, the Servicer and the Special Servicer shall not take any action or cause either the Lower-Tier
REMIC or the Upper-Tier REMIC to take any action, within their respective control and the scope of their specific respective duties
under this Agreement that, under the REMIC Provisions, could reasonably be expected to (i) endanger the status of either the Lower-Tier
REMIC or the Upper-Tier REMIC as a REMIC or (ii) unless permitted under Section 12.2(a), result in the imposition of a tax
upon either the Lower-Tier REMIC or the Upper-Tier REMIC (including but not limited to the tax on prohibited transactions as defined
in Section 860F(a)(2) of the Code and the tax on prohibited contributions as defined in Section 860G(d)) of the Code (any such
result in clause (i) or (ii), an “Adverse REMIC Event”) unless (A) the Certificate Administrator
and the Servicer have received a Nondisqualification Opinion (at the expense of the party seeking to take such action or of the
Trust Fund if taken for the benefit of the Certificateholders) with respect to such action or (B) the Certificate Administrator
and the Servicer have received an opinion (at the expense of the party seeking to take such action or of the Trust Fund if taken
for the benefit of the Certificateholders) to the effect that such action will not cause either the Lower-Tier REMIC or the Upper-Tier
REMIC to fail to qualify as a REMIC and that no tax will actually be imposed.


 


(k)          Any and all federal,
state and local taxes imposed on the Upper-Tier REMIC or the Lower-Tier REMIC or its assets or transactions, including, without
limitation, “prohibited transaction” taxes as defined in Section 860F of the Code, and any tax on contributions imposed
by Section 860G(d) of the Code, shall be paid from the Collection Account; provided that the Servicer, upon two (2) days
prior written notice, shall remit from the Collection Account to the Certificate Administrator the amount of any such tax that
the Certificate Administrator notifies the Servicer is due; provided, further, if such taxes shall have been imposed
on account of the willful misconduct, bad faith or negligence of any party hereto, or in connection with the breach of any representation
or warranty made by any party hereto in this Agreement, then such taxes shall be paid by such party.


 


(l)          The Certificate Administrator
shall, for federal income tax purposes, maintain books and records with respect to the Lower-Tier REMIC and the Upper-Tier REMIC
on a calendar year and on an accrual basis. Notwithstanding anything to the contrary contained herein or in the Loan Documents
(but subject to Section 1.3), all amounts collected on the Trust Loan shall, for federal income tax purposes, be allocated
first to interest due and payable on the Trust Loan (including interest on overdue interest) other than Default Interest. The books
and records must be sufficient concerning the nature and amount of the investments of the Lower-Tier REMIC and the Upper-Tier REMIC
to show that such REMIC has complied with the REMIC Provisions.


 


(m)          None of the Certificate
Administrator, the Trustee, the Servicer or the Special Servicer shall enter into any arrangement by which either the Lower-Tier
REMIC or the Upper-Tier REMIC will receive a fee or other compensation for services.


 


(n)          In order to enable
the Certificate Administrator to perform its duties as set forth herein, the Depositor shall provide, or cause to be provided,
to the Certificate Administrator within ten (10) days after the Closing Date, all information or data that the Certificate Administrator
reasonably determines to be relevant for tax purposes on the valuations and offering prices of the Certificates, including, without
limitation, the yield, issue prices, pricing


 






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prepayment assumption and projected cash
flows of the Regular Certificates and the Class R Certificates, as applicable, and the projected cash flows on the Trust Loan.
Thereafter, the Depositor, the Trustee, the Servicer and the Special Servicer shall provide to the Certificate Administrator, promptly
upon request therefor, any such additional information or data that the Certificate Administrator may, from time to time, reasonably
request in order to enable the Certificate Administrator to perform its duties as set forth herein. The Certificate Administrator
is hereby directed to use any and all such information or data provided by the Trustee, the Depositor, the Servicer and the Special
Servicer in the preparation of all federal, state or local income, franchise or other tax and information returns and reports for
each of the Lower-Tier REMIC and the Upper-Tier REMIC to Certificateholders as required herein. The Depositor hereby indemnifies
the Certificate Administrator for any losses, liabilities, damages, claims or expenses of the Certificate Administrator arising
from any errors or miscalculations of the Certificate Administrator pursuant to this Section 12.1 that result from any failure
of the Depositor to provide or to cause to be provided, accurate information or data to the Certificate Administrator (but not
resulting from the methodology employed by the Certificate Administrator) on a timely basis and such indemnifications shall survive
the termination of this Agreement and the termination of the Certificate Administrator.


 


The Certificate Administrator
agrees that all such information or data so obtained by it shall be regarded as confidential information and agrees that it shall
use its best reasonable efforts to retain in confidence, and shall ensure that its officers, employees and representatives retain
in confidence, and shall not disclose, without the prior written consent of the Depositor, any or all of such information or data,
or make any use whatsoever (other than for the purposes contemplated by this Agreement) of any such information or data without
the prior written consent of the Depositor, unless such information is generally available to the public (other than as a result
of a breach of this Section 12.1) or is required by law or applicable regulations to be disclosed.


 


Section 12.2.     Foreclosed
Property. (a) The parties hereto acknowledge and understand that if the Trust Fund were to acquire a Property as Foreclosed
Property and were to own and operate that Property in a manner consistent with the manner in which such Property is currently owned
and operated by the related Loan Borrower, through a Successor Manager, some portion or all of the income derived in the Lower-Tier
REMIC from such Foreclosed Property may be considered “net income from foreclosure property” for purposes of Section
860G(c) of the Code and subject to tax at normal corporate income tax rates.


 


In determining whether
to acquire and hold any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee hereunder, shall take these
circumstances into account and shall only acquire such Foreclosed Property if it determines, in its reasonable judgment (after,
consultation with counsel, at the expense of the Trust Fund), that either (i) there is a commercially feasible alternative method
of administering such Foreclosed Property that would not result in such tax, e.g., a net lease that results in Rents from Real
Property or (ii) the likely recovery with respect to operating such Foreclosed Property on behalf of the Trust Fund and the Companion
Loan Holders, after taking into account any such taxes that might be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC,
will exceed the likely recovery to the Trust Fund if the Trust Fund were to net lease such Foreclosed Property or were not to acquire
and hold such Foreclosed Property. If the Trust Fund acquires any Foreclosed Property, the


 






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Special Servicer, acting on behalf of the
Trustee, if the Manager would not be considered an Independent Contractor, shall either renegotiate the applicable Management Agreement
or replace the Manager with a Successor Manager (as appropriate and to the extent permitted under such Management Agreement) so
that such Foreclosed Property would be considered to be operated by an Independent Contractor. If, after making the foregoing reasonable
efforts, the Special Servicer determines that it is in the best interests of Certificateholders and the Companion Loan Holders
on a net after-tax basis to operate such Foreclosed Property in a manner such that the Lower-Tier REMIC or Upper-Tier REMIC shall
receive, based upon an Opinion of Counsel, “net income from foreclosure property” under the REMIC Provisions, the Special
Servicer shall maintain or cause to be maintained such records of income and expense as to enable such amounts to be computed accurately,
and shall pay or retain or cause to be paid or retained from Foreclosure Proceeds such amounts as are necessary to pay such tax
or, to the extent such amounts are insufficient, from the Collection Account pursuant to Section 3.4.


 


Without limiting the
generality of the foregoing, the Special Servicer shall not, to the extent within its power:


 


(i)           permit the Trust
Fund to enter into, renew or extend any New Lease with respect to a Foreclosed Property, 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 a Foreclosed Property, other than the completion of a building or other improvement thereon, and then only
if more than 10% of the construction of such building or other improvements was completed before default on the Trust Loan became
imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or


 


(iv)         Directly Operate,
other than through an Independent Contractor, or allow any other Person to Directly Operate, other than through an Independent
Contractor, a Foreclosed Property on any date more than ninety (90) days after its acquisition date.


 


(b)          The Special Servicer,
acting on behalf of the Trustee hereunder, shall make reasonable efforts to sell any Foreclosed Property for its fair market value
in accordance with Section 3.15. In any event, however, the Special Servicer, acting on behalf of the Trustee hereunder,
shall dispose of any Foreclosed Property as soon as is practicable but in no event later than the close of the third calendar year
following the year in which the Acquisition Date occurs unless the Special Servicer, on behalf of the Trustee, has received (or
has not been denied) an extension of time (an “Extension”) by the IRS to sell such Foreclosed Property or an
opinion of counsel to the effect that the holding by the Trust of such Foreclosed Property for an additional specified period will
neither result in the imposition of taxes on “prohibited transactions” of the Trust Fund as defined in Section 860F
of the Code, nor cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC at any time that the Certificates
are outstanding, in which event such period shall be extended by such additional specified period, with the expenses of obtaining
any such extension of time being an expense of the Trust Fund. If the Special Servicer, on behalf of the Trustee, has received
(or has not been denied) such


 






    	-211-



    	 



    

 


Extension, then the Special Servicer, acting
on behalf of the Trustee hereunder, shall continue to attempt to sell such Foreclosed Property for its fair market value for such
longer period as such Extension permits (the “Extended Period”). If the Special Servicer, acting on behalf of
the Trustee, has not received such an Extension and the Special Servicer, acting on behalf of the Trustee hereunder, is unable
to sell such Foreclosed Property, within the foregoing period or if the Special Servicer, acting on behalf of the Trustee hereunder,
has received such an Extension, and the Special Servicer, acting on behalf of the Trustee hereunder, is unable to sell such Foreclosed
Property within the Extended Period, the Special Servicer shall, before the end of the above-referenced period or the Extended
Period, as the case may be, auction such Foreclosed Property to the highest bidder (which may be the Special Servicer) in accordance
with Accepted Servicing Practices.


 


(c)          Within thirty (30)
days of the sale of a Foreclosed Property, the Special Servicer shall provide to each of the Certificate Administrator and the
Trustee a statement of accounting for such Foreclosed Property, including, without limitation, (i) the date the related Property
was acquired in foreclosure or by deed in lieu of foreclosure, (ii) the date of disposition of such Foreclosed Property, (iii)
the gross sale price and related selling and other expenses, (iv) accrued interest calculated from the date of acquisition to the
disposition date, and (v) such other information as the Certificate Administrator and/or Trustee may reasonably request.


 


Section 12.3.     Prohibited
Transactions and Activities. The Special Servicer, on behalf of the Trust Fund, shall not permit the sale or disposition of
the Trust Loan at a time when the Trust Loan is not the subject of a breach of a representation or is not in default or default
with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the bankruptcy or insolvency of the
Lower-Tier REMIC or (ii) the termination of the Lower-Tier REMIC in a “qualified liquidation” as defined in Section
860F(a)(4) of the Code), nor acquire any assets for either the Lower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed
Property), nor sell or dispose of any investments in the Collection Account or Distribution Account for gain, nor receive any amount
representing a fee or other compensation for services, nor accept any contributions to either the Lower-Tier REMIC or the Upper-Tier
REMIC (other than a cash contribution during the three-month period beginning on the Startup Day), unless it has received an Opinion
of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution
or acceptance will not (a) affect adversely the status of either the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or of
the Certificates as representing regular interests therein, (b) affect the distribution of interest or principal on the Certificates,
(c) result in the encumbrance of the assets transferred or assigned to either the Lower-Tier REMIC or the Upper-Tier REMIC (except
pursuant to the provisions of this Agreement), or (d) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to be subject to
a tax on “prohibited transactions” or “prohibited contributions” pursuant to the REMIC Provisions.


 


Section 12.4.     Indemnification
with Respect to Certain Taxes and Loss of REMIC Status. (a) If either the Lower-Tier REMIC or the Upper-Tier REMIC fails
to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or a tax as a result of a prohibited transaction
or contribution subject to taxation under the REMIC Provisions due to the willful misconduct, bad faith or negligent performance
by the Certificate Administrator of its duties and obligations specifically set forth herein, or by reason of the Certificate Administrator’s


 






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negligent disregard of its obligations
and duties thereunder, the Certificate Administrator shall indemnify the Trust against any and all losses, claims, damages, liabilities
or expenses (“Losses”) resulting therefrom; provided, however, the Certificate Administrator shall
not be liable for any such Losses attributable to the action or inaction of the Servicer, the Special Servicer, the Depositor,
or the Holders of the Class R Certificates nor for any such Losses resulting from misinformation provided by the Holders of the
Class R Certificates, the Servicer, the Special Servicer, or the Depositor, on which the Certificate Administrator has relied.
The foregoing shall not be deemed to limit or restrict the rights and remedies of successor Holders of the Class R Certificates
at law or in equity.


 


If either the Lower-Tier
REMIC or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or a tax
as a result of a prohibited transaction or contribution subject to taxation under the REMIC Provisions due to the willful misconduct,
bad faith or negligent performance of the Servicer or the Special Servicer in the performance of its duties and obligations set
forth herein, or by reason of the Servicer’s or Special Servicer’s negligent disregard of its obligations and duties
thereunder, the Servicer or the Special Servicer, as the case may be, shall indemnify the Trust Fund against any and all losses
resulting therefrom; provided, however, the Servicer or the Special Servicer, as the case may be, shall not be liable
for any such losses attributable to the action or inaction of the Certificate Administrator, the Depositor, the Holders of the
Class R Certificates nor for any such losses resulting from misinformation provided by the Certificate Administrator, the Depositor
or the Holders of the Class R Certificates on which the Servicer or the Special Servicer, as the case may be, has relied. The foregoing
shall not be deemed to limit or restrict the rights and remedies of any successor Holders of the Class R Certificates at law or
in equity.


 


[SIGNATURE PAGES FOLLOW]


 






    	-213-



    	 



    





 


IN WITNESS WHEREOF, the
parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day
and year first above written.





	 	 	 
	 	CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., as Depositor
	 	 
		By:	/s/ Charles Y. Lee
	 	 	Name: Charles Y. Lee
	 	 	Title:   Vice President



















 



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	STATE OF	)
	 	)       ss:
	COUNTY OF	)


 


                    On
this 14th day of December 2015, before me, the undersigned, a
Notary Public in and for the State of N Y, duly commissioned and sworn, personally appeared Charles Lee, to me known
who, by me duly sworn, did depose and acknowledge before me and say that s/he resides at 11  Madison Ave NY, NY; that
s/he is the Authorized Signatory of Credit Suisse First Boston Mortgage Securities Corp., a Delaware corporation, the entity
described in and that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of the
board of directors of said entity and on behalf of such entity.


 


                    WITNESS
my hand and seal hereto affixed the day and year first above written.





	 	 
	 	/s/ David S Tlusty
	 	NOTARY PUBLIC in and for the 

          State of _________________
	 	 
	My Commission expires:	 
	 	 


 


DAVID
S TLUSTY

NOTARY PUBLIC-STATE OF NEW YORK

No. 02TL6313133

Qualified in New York County

My Commission Expires October 14, 2018





 






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	 	KEYBANK NATIONAL ASSOCIATION,
as Servicer
	 	 
		By:	/s/ Diane Haislip
	 	 	Name: Diane Haislip
	 	 	Title:   Senior Vice President





 



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	STATE OF Kansas	)
	 	)       ss:
	COUNTY OF Johnson	)


 


               On
this 8 day of December 2015, before me, the undersigned, a Notary Public in and for the State of Kansas, duly commissioned
and sworn, personally appeared Diane Haislip, to me known who, by me duly sworn, did depose and acknowledge before me and
say that s/he resides at Overland Park, KS; that s/he is the SVP of KeyBank National Association, a national banking
association, the entity described in and that executed the foregoing instrument; and that s/he signed her/his name thereto
under authority of the board of directors of said entity and on behalf of such entity.


 


               WITNESS
my hand and seal hereto affixed the day and year first above written. 


	 	 	 	 
	 	/s/ Jane Burton
	 	NOTARY PUBLIC in and for the 

          State of _________________
	 	 
	My Commission expires:	 	Jane Burton

    NOTARY PUBLIC

    STATE OF KANSAS

    My Commission Expires

    03/08/2016	 
	 
	 
	 





 



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	 	AEGON USA REALTY ADVISORS, LLC,
as Special Servicer
	 	 
		By:	/s/ David C. Feltman
	 	 	Name: David C. Feltman
	 	 	Title:   Executive Vice President





 



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	STATE OF IOWA	)
	 	)       ss:
	COUNTY OF LINN	)


 


                    On
this 22nd day of December 2015, before me, the undersigned, a Notary Public in and for the State of Iowa, duly commissioned
and sworn, personally appeared David C. Feltman, to me known who, by me duly sworn, did depose and acknowledge before me and say
that he resides at Cedar Rapids, Iowa; that he is the Executive Vice President of AEGON USA Realty Advisors, LLC, an Iowa limited
liability company, the entity described in and that executed the foregoing instrument; and that he signed his name thereto under
authority of the board of directors of said entity and on behalf of such entity.


 


                    WITNESS
my hand and seal hereto affixed the day and year first above written. 


	 	 	 	 	 	 	 
	 	 	REBECCA JOHNSON

    Commission Number 782312

    My Commission Expires

    January 23, 2017	 	/s/ Rebecca Johnson
	NOTARY PUBLIC in and for the 

State of Iowa
	 
	 	 
	[SEAL]                             	 
	 	 
	My Commission expires:	 
	 	 
	01.23.2017	 


 



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	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee
	 	 
		By:	/s/ Michael Baker
	 	 	Name:  Michael Baker
	 	 	Title:    Assistant Vice President





 



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	State of: Maryland	)
	 	)       ss:
	County of: Howard	)


 


                    On
the 8th day of December, 2015, before me, a notary public in and for said State, personally appeared Michael Baker, known to me
to be an Assistant Vice President of Wells Fargo Bank, N.A., one of the corporations that executed the within instrument, and also
know to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed
the within instrument.


 


                    IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 


	 	 
	 	/s/ Amy Martin
	 	Notary Public
	 	 
	 	AMY MARTIN

    NOTARY PUBLIC

    ANNE ARUNDEL COUNTY

    MARYLAND 

    My Commission Expires 2-22-2017





 






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	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Certificate Administrator
	 	 
		By:	/s/ Michael Baker
	 	 	Name: Michael Baker
	 	 	Title:   Assistant Vice President


 






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	State of: Maryland	)
	 	)       ss:
	County of: Howard	)


 


                    On
the 8th day of December, 2015, before me, a notary public in and for said State, personally appeared Michael Baker, known to me
to be an Assistant Vice President of Wells Fargo Bank, N.A., one of the corporations that executed the within instrument, and also
know to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed
the within instrument.


 


                    IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.





	 	 
	 	/s/ Amy Martin
	 	Notary Public
	 	 
	 	AMY MARTIN

    NOTARY PUBLIC

    ANNE ARUNDEL COUNTY

    MARYLAND 

    My Commission Expires 2-22-2017


 



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EXHIBIT A-1


 


FORM OF CLASS A CERTIFICATES


 


CLASS A


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN BORROWERS, THE SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE INITIAL


 


 



 


1
Temporary Regulation S Global Certificate legend.


 


2
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.


 


3
Global Certificate legend.


 



    	Exhibit A-1-1



    	 



    




 


PURCHASERS, THE LOAN SELLERS OR ANY
OF THEIR RESPECTIVE AFFILIATES (OTHER THAN THE LOAN BORROWERS AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE
NOR THE TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “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, OR (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 “ACCREDITED
INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A
QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.


 


THIS CERTIFICATE MAY NOT BE
PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER
PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT TO
ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE
(“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO
ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS


 



    	Exhibit A-1-2



    	 



    

 





DEFINED IN RULE 501(a)(1) OF REGULATION
D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION
OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR
SECTION 4975 OF THE CODE (OR A SIMILAR NON-EXEMPT VIOLATION OF SIMILAR LAW).


 


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.


 



    	Exhibit A-1-3



    	 



    




 


CSMC TRUST 2015-GLPB


COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,


SERIES 2015-GLPB, CLASS A


 


Pass-Through Rate: 3.6393%


 


First Distribution Date: January 15, 2016


 





	Aggregate Initial Certificate Balance of the Class A Certificates: $468,700,000	 	Rated Final Distribution Date: November 2034
	 	 	 
	CUSIP:	12650Y AA14	 	Initial Certificate Balance of this
	 	U13033 AA05	 	Certificate:	$[_____][QIB]
	 	12650Y AB96	 	 	$[_____][Reg S]
	 	 	 	 	$[_____][IAI]
	 	 	 	 	 
	ISIN:	US12650YAA107	 	 	 
	 	USU13033AA058	 	 	 
	 	US12650YAB929	 	 	 
	 	 	 	 	 
	Common Code: [__]	 	 	 


 


No.: A-[1]


 


This certifies that
[Cede & Co.]10 is the registered owner of the Percentage Interest evidenced
by this Certificate in the distributions to be made from a Trust Fund with respect to the Class A Certificates. The Trust Fund
consists primarily of four notes secured by certain Collateral held in trust by the Certificate Administrator on behalf of the
Trustee issued by multiple special purpose entities evidencing a portion of a fixed rate loan (such portion, the “Trust
Loan”). The Trust Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust 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 Trust and Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class X-A,
Class X-B, Class B, Class C, Class D and Class R Certificates (collectively with the


 


 



 


4 For Rule 144A Certificates.


 


5 For Regulation S
Certificates.


 


6 For IAI Certificates.


 


7 For Rule 144A Certificates.


 





8 For Regulation S
Certificates.


 





9 For IAI Certificates.


 





10 For Global Certificate
only.


 



    	Exhibit A-1-4



    	 



    




 


Class A Certificates, the
“Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are
collectively referred to herein as “Certificateholders”).


 


This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust
and Servicing Agreement”), by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank
National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator and Wells Fargo Bank, National Association, as Trustee. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Trust 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.


 


Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after each Determination
Date, commencing in January 2016 (each such date, a “Distribution Date”), to the Person in whose name this Certificate
is registered as of the related Record Date, which will be the close of business on the last Business Day of the month preceding
the calendar month in which the applicable Distribution Date occurs, 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,
any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the Class A Certificates for
such Distribution Date, all as more fully described in the Trust and Servicing Agreement.


 


All distributions will
be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions, at least five Business
Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified
by the Certificate Administrator in the notice to Certificateholders of such final distribution.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.


 


This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust 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 Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the


 



    	Exhibit A-1-5



    	 



    

 


Certificate Registrar shall execute, authenticate
and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations,
in like aggregate interest and of the same Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Servicer, the Special Servicer, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any agent
of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.


 


The Trust and
Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders or Companion Loan Holders, in certain
circumstances specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time
to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written
consent of the Holders of Certificates of each Class adversely affected by such amendment evidencing, in each case, not less
than 51% of the aggregate Percentage Interests constituting the Class for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the
rights of the Holders of the Certificates, except that the amendment may not (1) reduce in any manner the amount of, or delay
the timing of, payments received on the Trust Loan that are required to be distributed on any Certificate; (2) alter in any
manner the liens on any Collateral securing payments of the Trust Loan, (3) alter the obligations of the Servicer or the
Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or
Percentage Interests of Certificateholders that are required to consent to any action or inaction under the Trust and
Servicing Agreement; (5) adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders; or (6) amend Section 10.1 of the Trust and Servicing Agreement. Notwithstanding the
foregoing, no amendment to the Trust and Servicing Agreement may be made that changes in any manner the obligations of the
Loan Sellers under the Loan Purchase Agreement without the consent of the Loan Sellers, and the Trustee, the Servicer, the
Special Servicer or the Certificate Administrator may, but will not be obligated to, enter into any amendment to the
Trust and Servicing Agreement that it determines affects its rights, duties or immunities or creates any additional liability
for the Trustee, the Servicer, the Special Servicer or the Certificate Administrator under the Trust and Servicing Agreement.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Servicer, the Special
Servicer and the Certificate Administrator have first received an Opinion of Counsel (at the expense of the party requesting
the amendment, or at the Trust Fund’s expense if the Trustee is the requesting party) to the effect that the amendment
is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent have been met and that the
amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Certificate Administrator, the
Depositor, the Trustee or any other specified person in accordance with the amendment, will not result in the


 



    	Exhibit A-1-6



    	 



    

 





imposition of federal income tax on the
Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.


 


The Trust and
Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the
Certificate Administrator, the Depositor and the Trustee created thereby with respect to the Certificates (other than the
obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date
and other than the indemnification rights and obligations of the parties thereto) shall terminate upon the last action
required to be taken by the Certificate Administrator on the final Distribution Date pursuant to Article 9 of the
Trust and Servicing Agreement following the later of (i) the final payment on the Certificates or (ii) the liquidation of the
Trust Loan (including, without limitation, the sale of the Trust Loan pursuant to the Trust and Servicing Agreement) or the
liquidation or abandonment of the Properties and all other Collateral for the Trust Loan; provided, however,
that in no event shall the Trust 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 Court of St. James’s, living on the
date of execution of the Trust and Servicing Agreement.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.


 


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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.


 



    	Exhibit A-1-7



    	 



    




 


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


 


Dated: December 22, 2015


 





	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator



	 	 	 
	 	By:	
	 	 	Authorized Officer







 


Certificate
of Authentication


 





This
is one of the Class A Certificates referred to in the Trust and Servicing Agreement.


 


Dated:
December 22, 2015


 





	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent



	 	 	 
	 	By:	
	 	 	Authorized Officer







 



    	Exhibit A-1-8



    	 



    







 


SCHEDULE
A


 


SCHEDULE
OF EXCHANGES


 


The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] [Definitive Certificate] have been made:





 




	Date
    of 

    Exchange or

    Payment of 

    Principal	 	Certificate

    Balance 

    Prior to 

    Exchange or

    Payment	 	Certificate
    

    Balance 

    Exchanged 

    or Principal 

    Payment

    Made	 	Type
    of 

    Certificate 

    Exchanged 

    for	 	Remaining
    

    Certificate 

    Balance 

    Following 

    Such 

    Exchange or 

    Payment	 	Notation
    

    Made by 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




 



    	Exhibit A-1-9



    	 



    





 








ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.


 


I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:







	 
	 
	 
	 
	 
	Date: __________________





	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________








 



    	Exhibit A-1-10



    	 



    





 


DISTRIBUTION
INSTRUCTIONS


 


The
Assignee(s) should include the following for purposes of distribution:


 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.


 







	 	By:	 
	 	 	[Please print or type name(s)]


 

	 	Title:	 
	 	 
	 	Taxpayer Identification Number:












 






    	Exhibit A-1-11



    	 



    


 



EXHIBIT A-2


 


FORM OF CLASS X-A CERTIFICATES


 


CLASS X-A


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN BORROWERS, THE SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE INITIAL


 


 



 


1
Temporary Regulation S Global Certificate legend.


 


2
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.


 


3
Global Certificate legend.


 



    	Exhibit A-2-1



    	 



    

 


PURCHASERS, THE LOAN SELLERS OR ANY
OF THEIR RESPECTIVE AFFILIATES (OTHER THAN THE LOAN BORROWERS AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE
NOR THE TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS A CERTIFICATES. ACCORDINGLY, THE NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT.


 


THIS CLASS X-A CERTIFICATE WILL NOT
BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “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, OR (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 “ACCREDITED
INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A
QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.


 


THIS CERTIFICATE MAY NOT BE
PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER
PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT TO
ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF


 



    	Exhibit A-2-2



    	 



    

 


ERISA OR THE CODE (“SIMILAR
LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE,
UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES
AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES
BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE
CODE (OR A SIMILAR NON-EXEMPT VIOLATION OF SIMILAR LAW).


 


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.


 



    	Exhibit A-2-3



    	 



    

 


CSMC TRUST 2015-GLPB


COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,


SERIES 2015-GLPB, CLASS X-A


 


Pass-Through Rate: Variable IO4


 


First Distribution Date: January 15, 2016


 


	Aggregate Initial Notional Amount of the Class X-A Certificates: $468,700,000	 	Rated Final Distribution Date: November 2034
	 	 	 
	CUSIP:      12650Y
    AC75	 	Initial Notional Amount of this
	                   U13033
    AB86	 	Certificate:     $[___][QIB]
	                   12650Y
    AD57	 	$[___][Reg S]
	 	 	$[___][IAI]
	 	 	 
	ISIN:          US12650YAC758	 	 
	                   USU13033AB879	 	 
	                   US12650YAD5810	 	 
	 	 	 
	Common Code: [_]	 	 
	 	 	 
	No.: X-A-[1]	 	 




 


This certifies that
[Cede & Co.]11 is the registered owner of the Percentage Interest evidenced
by this Certificate in the distributions to be made from a Trust Fund with respect to the Class X-A Certificates. The Trust Fund
consists primarily of four notes secured by certain Collateral held in trust by the Certificate Administrator on behalf of the
Trustee issued by multiple special purpose entities evidencing a portion of a fixed rate loan (such portion, the “Trust
Loan”). The Trust Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust 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 Trust and Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A,
Class X-B, Class B, Class C, Class D and Class R Certificates (collectively with the


 


 



 


4 The initial Pass-Through
Rate on the Class X-A Certificates is 0.2985%.


 


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.


 


11 For Global Certificate
only.


 



    	Exhibit A-2-4



    	 



    

 


Class X-A Certificates, the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust
and Servicing Agreement”), by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank
National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator and Wells Fargo Bank, National Association, as Trustee. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Trust 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.


 


Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after each Determination
Date, commencing in January 2016 (each such date, a “Distribution Date”), to the Person in whose name this
Certificate is registered as of the related Record Date, which will be the close of business on the last Business Day of the month
preceding the calendar month in which the applicable Distribution Date occurs, 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,
any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the Class X-A Certificates for
such Distribution Date, all as more fully described in the Trust and Servicing Agreement.


 


All distributions will
be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions, at least five Business
Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified
by the Certificate Administrator in the notice to Certificateholders of such final distribution.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.


 


This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust 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 Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the


 



    	Exhibit A-2-5



    	 



    

 


Certificate Registrar shall execute, authenticate
and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations,
in like aggregate interest and of the same Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Servicer, the Special Servicer, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any agent
of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.


 


The Trust and
Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders or Companion Loan Holders, in certain
circumstances specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time
to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written
consent of the Holders of Certificates of each Class adversely affected by such amendment evidencing, in each case, not less
than 51% of the aggregate Percentage Interests constituting the Class for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the
rights of the Holders of the Certificates, except that the amendment may not (1) reduce in any manner the amount of, or delay
the timing of, payments received on the Trust Loan that are required to be distributed on any Certificate; (2) alter in any
manner the liens on any Collateral securing payments of the Trust Loan, (3) alter the obligations of the Servicer or the
Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or
Percentage Interests of Certificateholders that are required to consent to any action or inaction under the Trust and
Servicing Agreement; (5) adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders; or (6) amend Section 10.1 of the Trust and Servicing Agreement. Notwithstanding the
foregoing, no amendment to the Trust and Servicing Agreement may be made that changes in any manner the obligations of the
Loan Sellers under the Loan Purchase Agreement without the consent of the Loan Sellers, and the Trustee, the Servicer, the
Special Servicer or the Certificate Administrator may, but will not be obligated to, enter into any amendment to the
Trust and Servicing Agreement that it determines affects its rights, duties or immunities or creates any additional liability
for the Trustee, the Servicer, the Special Servicer or the Certificate Administrator under the Trust and Servicing Agreement.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Servicer, the Special
Servicer and the Certificate Administrator have first received an Opinion of Counsel (at the expense of the party requesting
the amendment, or at the Trust Fund’s expense if the Trustee is the requesting party) to the effect that the amendment
is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent have been met and that the
amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Certificate Administrator, the
Depositor, the Trustee or any other specified person in accordance with the amendment, will not result in the


 



    	Exhibit A-2-6



    	 



    

 


imposition of a federal income tax on
the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.


 


The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Certificate
Administrator, the Depositor and the Trustee created thereby with respect to the Certificates (other than the obligation of the
Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date and other than the
indemnification rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by the
Certificate Administrator on the final Distribution Date pursuant to Article 9 of the Trust and Servicing Agreement following
the later of (i) the final payment on the Certificates or (ii) the liquidation of the Trust Loan (including, without limitation,
the sale of the Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment of the Properties
and all other Collateral for the Trust Loan; provided, however, that in no event shall the Trust 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 Court of St. James’s, living on the date of execution of the Trust and Servicing Agreement.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.


 


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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.


 



    	Exhibit A-2-7



    	 



    

 


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


 


Dated: December 22, 2015


 





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Officer




 


Certificate of
Authentication


 


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


 


Dated:
December 22, 2015


 


	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,  

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer


 



    	Exhibit A-2-8



    	 



    

 


SCHEDULE A


 


SCHEDULE OF EXCHANGES


 


The
following exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S
Global Certificate] [Definitive Certificate] have been made:





	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Date
of

Exchange 	 	Notional 

Amount

Prior to

Exchange	 	Notional 

Amount

Exchanged	 	Type
    of 

Certificate 

Exchanged 

for	 	Remaining 

Notional 

Amount 

Following 

Such
    

Exchange	 	Notation
    

Made by
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 





 



    	Exhibit A-2-9



    	 



    

 


ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.


 


I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:







	 
	 
	 
	 
	Date: __________________





	 	 	 
	 	Signature by or on behalf of Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________








 



    	Exhibit A-2-10



    	 



    

  


DISTRIBUTION
INSTRUCTIONS


 


The
Assignee(s) should include the following for purposes of distribution:


 


Address
of the Assignee(s) for the purpose of receiving notices and distributions:
____________________________________________________________.


 


Distributions,
if being made by wire transfer in immediately available funds, to _________________________ for the account of _______________________
account number ____________________.


 


This
information is provided by ________________________ the Assignee(s) named above, or _________________________________
as its (their) agent.


 







	 	By:	 
	 	 	[Please print or type name(s)]


 

	 	Title:	 
	 	 
	 	Taxpayer Identification Number:












 



    	Exhibit A-2-11



    	 



    

 



EXHIBIT A-3


 


FORM OF CLASS X-B CERTIFICATES


 


CLASS X-B


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN BORROWERS, THE SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE INITIAL


 





 



 





1 Temporary Regulation
S Global Certificate legend.


 


2 Legend
required as long as DTC is the Depository under the Trust and Servicing Agreement. 


 


3 Global
Certificate legend.


 



    	Exhibit A-2-1



    	 



    

 


PURCHASERS, THE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER THAN THE LOAN BORROWERS AS SET
FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS B CERTIFICATES. ACCORDINGLY, THE NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT.


 


THIS CLASS X-B CERTIFICATE WILL NOT
BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL OR INTEREST (OTHER THAN A PAYMENT OF $100 ON THE FIRST DISTRIBUTION DATE, WHICH
WILL BE DEEMED A PAYMENT OF PRINCIPAL ON THE PRINCIPAL BALANCE OF THE REMIC REGULAR INTEREST REPRESENTED BY THE CLASS X-B CERTIFICATES
FOR FEDERAL INCOME TAX PURPOSES).


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “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, OR (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 “ACCREDITED
INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A
QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.


 


THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975


  



    	Exhibit A-3-2



    	 



    

 


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 THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
SUCH PLAN TO ACQUIRE THIS CERTIFICATE.


 


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.


 



    	Exhibit A-3-3



    	 



    

 





CSMC TRUST 2015-GLPB

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GLPB, CLASS X-B


 


	Pass-Through Rate: N/A	 	 
	First Distribution Date: N/A	 	 
	Aggregate Initial Notional Amount of the Class X-B Certificates:  $111,200,000	 	Rated Final Distribution Date: N/A
	CUSIP:     12650Y AE34

                  U13033 AC65	 	Initial Notional Amount of this

Certificate:   $[______][QIB]

                      $[______][Reg S]
	ISIN:         US12650YAE326

                  USU13033AC607	 	 
	Common Code: [__]	 	 
	No.:  X-B-[1]	 	 


 


This certifies that [Cede
& Co.]8 is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from a Trust Fund with respect to the Class X-B Certificates. The Trust Fund consists primarily of four notes secured
by certain Collateral held in trust by the Certificate Administrator on behalf of the Trustee issued by multiple special purpose
entities evidencing a portion of a fixed rate loan (such portion, the “Trust Loan”). The Trust Fund was created,
and the Trust Loan is to be serviced, pursuant to the Trust 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 Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class X-A, Class B, Class C, Class D and Class
R Certificates (collectively with the Class X-B Certificates, the “Certificates”; the Holders of Certificates
issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust
and Servicing


 





 






 


4 For Rule
144A Certificates.


 


5 For Regulation
S Certificates.


 


6 For Rule
144A Certificates.


  


7 For Regulation
S Certificates.


 


8 For Global
Certificate only.






 



    	Exhibit A-3-4



    	 



    

 


Agreement”), by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National
Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator and Wells Fargo Bank, National Association, as Trustee. To the extent not defined herein, capitalized terms used
herein shall have the meanings assigned thereto in the Trust 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.


 


Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after each Determination
Date, commencing in January 2016 (each such date, a “Distribution Date”), to the Person in whose name this Certificate
is registered as of the related Record Date, which will be the close of business on the last Business Day of the month preceding
the calendar month in which the applicable Distribution Date occurs, 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 any Yield Maintenance Premiums
then distributable, if any, and any other amounts distributable to the Class X-B Certificates for such Distribution Date,
all as more fully described in the Trust and Servicing Agreement.


 


All distributions will
be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions, at least five Business
Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified
by the Certificate Administrator in the notice to Certificateholders of such final distribution.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.


 


This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust 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 Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.


 



    	Exhibit A-3-5



    	 



    

 


Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Servicer, the Special Servicer, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any agent
of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.


 


The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or Companion Loan Holders, in certain circumstances specified
in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates
of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the
amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Trust Loan that
are required to be distributed on any Certificate; (2) alter in any manner the liens on any Collateral securing payments of
the Trust Loan, (3) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing
Practices; (4) change the percentages of Voting Rights or Percentage Interests of Certificateholders that are required to
consent to any action or inaction under the Trust and Servicing Agreement; (5) adversely affect the Controlling Class Representative
without the consent of 100% of the Controlling Class Certificateholders; or (6) amend Section 10.1 of the Trust and
Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made that changes
in any manner the obligations of the Loan Sellers under the Loan Purchase Agreement without the consent of the Loan Sellers, and
the Trustee, the Servicer, the Special Servicer or the Certificate Administrator may, but will not be obligated to, enter into
any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities or creates any additional
liability for the Trustee, the Servicer, the Special Servicer or the Certificate Administrator under the Trust and Servicing Agreement.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Servicer, the Special Servicer
and the Certificate Administrator have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee is the requesting party) to the effect that the amendment is authorized or
permitted under the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment or the exercise
of any power granted to the Servicer, the Special Servicer, the Certificate Administrator, the Depositor, the Trustee or any other
specified person in accordance with the amendment, will not result in the imposition of federal income tax on the Trust or cause
either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.


 



    	Exhibit A-3-6



    	 



    

 


The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Certificate
Administrator, the Depositor and the Trustee created thereby with respect to the Certificates (other than the obligation of the
Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date and other than the indemnification
rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 9 of the Trust and Servicing Agreement following the later of (i) the
final payment on the Certificates or (ii)  the liquidation of the Trust Loan (including, without limitation, the sale of the
Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment of the Properties and all other Collateral
for the Trust Loan; provided, however, that in no event shall the Trust 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
Court of St. James’s, living on the date of execution of the Trust and Servicing Agreement.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.


 


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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.


 



    	Exhibit A-3-7



    	 



    

 





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


 


Dated:December 22, 2015





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 	not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Officer







 


Certificate of Authentication


 


This is one of the Class X-B
Certificates referred to in the Trust and Servicing Agreement.


 


Dated:December 22, 2015





	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 	not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer




 



    	Exhibit A-3-8



    	 



    

 





SCHEDULE A


 


SCHEDULE OF EXCHANGES


 


The following exchanges of a part of this
[Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate] [Definitive Certificate]
have been made:


 


	
        Date of 

Exchange

        
	 	
        Notional 

Amount 

Prior to 

Exchange

        
	 	
        Notional 

Amount 

Exchanged

        
	 	
        Type of 

Certificate 

Exchanged 

for

        
	 	
        Remaining 

Notional 

Amount 

Following
        

Such 

Exchange

        
	 	
        Notation 

Made by

        

	 

                                                                                 
	 	 	 	 	 	 	 	 	 	 
	 

                                                                                 
	 	 	 	 	 	 	 	 	 	 
	 

                                                                                 
	 	 	 	 	 	 	 	 	 	 
	 

                                                                                 
	 	 	 	 	 	 	 	 	 	 
	 

                                                                                 
	 	 	 	 	 	 	 	 	 	 
	 

                                                                                 
	 	 	 	 	 	 	 	 	 	 
	 

                                                                                 
	 	 	 	 	 	 	 	 	 	 
	 

                                                                                 
	 	 	 	 	 	 	 	 	 	 
	 

                                                                                 
	 	 	 	 	 	 	 	 	 	 
	 

                                                                                 
	 	 	 	 	 	 	 	 	 	 



 


 



    	Exhibit A-3-9



    	 



    

 


ASSIGNMENT


 


FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.




 


I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:











	 	 
	 	 
	 	 


 


Date: __________________


 


	 	Signature by or on behalf of	 
	 	Assignor(s):	 
	 	 	 
	 	 	 
	 	 	 
	 	Taxpayer Identification Number: _________


 








    	Exhibit A-3-10



    	 



    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should
include the following for purposes of distribution:


 


Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.


 







	 	By: 	 
	 	 	[Please print or type name(s)]
	 	 	 	 
	 	Title:	 
	 	 	 	 
	 	Taxpayer Identification Number:


 



 



    	Exhibit A-3-11



    	 



    

 



 


EXHIBIT A-4


 


FORM OF CLASS B CERTIFICATES


 


CLASS B


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT
REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN BORROWERS, THE SERVICER, THE SPECIAL SERVICER, THE
CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE INITIAL


 


 



 





1
Temporary Regulation S Global Certificate legend.


 


2
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.


		 	 



3
Global Certificate legend.



		 	 



 






    	Exhibit A-4-1



    	 



    

 


PURCHASERS, THE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER
THAN THE LOAN BORROWERS AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE TRUST LOAN ARE INSURED OR
GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “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, OR (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 “ACCREDITED
INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A
QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.


 


THIS CLASS B CERTIFICATE IS SUBORDINATED
TO THE CLASS A CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.


 


THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO 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 THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS,


 






    	Exhibit A-4-2



    	 



    

 


TO A MATERIAL
EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED
INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES
ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE
RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A SIMILAR NON-EXEMPT VIOLATION OF
SIMILAR LAW).


 


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. 


  



    	Exhibit A-4-3



    	 



    

 





CSMC TRUST 2015-GLPB

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GLPB, CLASS B


 


	Pass-Through Rate: The Net Trust Loan Rate4	 	 
	 	 	 
	First Distribution Date: January 15, 2016	 	 
	 	 	 
	Aggregate Initial Certificate Balance of the Class B Certificates:  $111,200,000	 	Rated Final Distribution Date: November 2034
	 	 	 
	CUSIP:  12650Y AG85

               U13033 AD46

               12650Y AH67	 	Initial Certificate Balance of this

Certificate:   $[______][QIB]

                     $[______][Reg S]

                     $[______][IAI]
	 	 	 
	ISIN:      US12650YAG898

               USU13033AD449

               US12650YAH6210	 	 
	 	 	 
	Common Code: [__]	 	 
	 	 	 
	No.:  B-[1]	 	 


 


This certifies that
[Cede & Co.]11 is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from a Trust Fund with respect to the Class B Certificates. The Trust Fund consists primarily of four notes secured
by certain Collateral held in trust by the Certificate Administrator on behalf of the Trustee issued by multiple special purpose
entities evidencing a portion of a fixed rate loan (such portion, the “Trust Loan”). The Trust Fund was created,
and the Trust Loan is to be serviced, pursuant to the Trust 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 Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class X-A, Class X-B, Class C, Class D and
Class R (collectively with the Class B


 





 



 


4
The initial approximate Pass-Through Rate as of the Closing Date is 3.9378%.


 


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.


 


11
For Global Certificate only.



 






    	Exhibit A-4-4



    	 



    

 


Certificates, the “Certificates”; the Holders of Certificates issued
under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust
and Servicing Agreement”), by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National
Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator and Wells Fargo Bank, National Association, as Trustee. To the extent not defined herein, capitalized terms used
herein shall have the meanings assigned thereto in the Trust 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.


 


Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after each Determination
Date, commencing in January 2016 (each such date, a “Distribution Date”), to the Person in whose name this Certificate
is registered as of the related Record Date, which will be the close of business on the last Business Day of the month preceding
the calendar month in which the applicable Distribution Date occurs, 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,
any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the Class B Certificates
for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.


 


All distributions will
be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions, at least five Business
Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified
by the Certificate Administrator in the notice to Certificateholders of such final distribution.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.


 


This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust 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 Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the


 






    	Exhibit A-4-5



    	 



    

 


Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Servicer, the Special Servicer, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any agent
of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.


 


The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or Companion Loan Holders, in certain circumstances specified
in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates
of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the
amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Trust Loan that
are required to be distributed on any Certificate; (2) alter in any manner the liens on any Collateral securing payments of
the Trust Loan, (3) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing
Practices; (4) change the percentages of Voting Rights or Percentage Interests of Certificateholders that are required to
consent to any action or inaction under the Trust and Servicing Agreement; (5) adversely affect the Controlling Class Representative
without the consent of 100% of the Controlling Class Certificateholders; or (6) amend Section 10.1 of the Trust and
Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made that changes
in any manner the obligations of the Loan Sellers under the Loan Purchase Agreement without the consent of the Loan Sellers, and
the Trustee, the Servicer, the Special Servicer or the Certificate Administrator may, but will not be obligated to, enter into
any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities or creates any additional
liability for the Trustee, the Servicer, the Special Servicer or the Certificate Administrator under the Trust and Servicing Agreement.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Servicer, the Special Servicer
and the Certificate Administrator have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee is the requesting party) to the effect that the amendment is authorized or
permitted under the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment or the exercise
of any power granted to the Servicer, the Special Servicer, the Certificate Administrator, the Depositor, the Trustee or any other
specified person in accordance with the amendment, will not result in the


 






    	Exhibit A-4-6



    	 



    

 


imposition of federal income tax on the Trust or cause
either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.


 


The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Certificate
Administrator, the Depositor and the Trustee created thereby with respect to the Certificates (other than the obligation of the
Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date and other than the indemnification
rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 9 of the Trust and Servicing Agreement following the later of (i) the
final payment on the Certificates or (ii)  the liquidation of the Trust Loan (including, without limitation, the sale of the
Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment of the Properties and all other Collateral
for the Trust Loan; provided, however, that in no event shall the Trust 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
Court of St. James’s, living on the date of execution of the Trust and Servicing Agreement.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.


 


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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement. 


 



    	Exhibit A-4-7



    	 



    




 


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


 


Dated:December 22, 2015 


 


	 	


WELLS
FARGO BANK, NATIONAL ASSOCIATION,


	 	 	not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	 By:	 
	 	 	Authorized Officer




 
















Certificate of Authentication


 


This is one of the Class B
Certificates referred to in the Trust and Servicing Agreement.


 


Dated:December 22, 2015


 





	 	


WELLS
FARGO BANK, NATIONAL ASSOCIATION,


	 	 	not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	 By:	 
	 	 	Authorized Officer

	 	 	 


 



    	Exhibit A-4-8



    	 



    

 


SCHEDULE A


 


SCHEDULE OF EXCHANGES


 


The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made:


 


	
        Date of 

Exchange or 

Payment
of 

Principal 
	 	
        Certificate

 Balance 

Prior
to 

Exchange or 

Payment 
	 	
        Certificate 

Balance

 Exchanged


or Principal 

Payment 

Made 
	 	
        Type of 

Certificate 

Exchanged


for 
	 	
        Remaining 

Certificate 

Balance


Following

 Such

 Exchange or 

Payment 
	 	
        Notation 

Made by 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

                                                
	 	 	 	 	 	 	 	 	 	 
	 

                                                
	 	 	 	 	 	 	 	 	 	 
	 

                                                
	 	 	 	 	 	 	 	 	 	 
	 

                                                
	 	 	 	 	 	 	 	 	 	 
	 

                                                
	 	 	 	 	 	 	 	 	 	 
	 

                                                
	 	 	 	 	 	 	 	 	 	 
	 

                                                
	 	 	 	 	 	 	 	 	 	 
	 

                                                
	 	 	 	 	 	 	 	 	 	 
	 

                                                
	 	 	 	 	 	 	 	 	 	 
	 

                                                
	 	 	 	 	 	 	 	 	 	 



  



    	Exhibit A-4-9



    	 



    




 


ASSIGNMENT


 


FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.




 


I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:











	 	 
	 	 
	 	 


 


Date:
__________________ 


 


	 	Signature by or on behalf of	 
	 	Assignor(s):	 
	 	 	 
	 	 	 
	 	 	 
	 	Taxpayer Identification Number: _________


 











    	Exhibit A-4-10



    	 



    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should
include the following for purposes of distribution:


 


Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.


 







	 	By: 	 
	 	 	[Please print or type name(s)]
	 	 	 	 
	 	Title:	 
	 	 	 	 
	 	Taxpayer Identification Number:




  









    	Exhibit A-4-11



    	 



    

 


EXHIBIT A-5


 


FORM OF CLASS C CERTIFICATES


 


CLASS C


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN BORROWERS, THE SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE INITIAL 


 







 



 




1
Temporary Regulation S Global Certificate legend.


 


2
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.


 

3
Global Certificate legend.


 


 



    	Exhibit A-5-1



    	 



    

 


PURCHASERS, THE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER THAN THE LOAN BORROWERS AS SET
FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “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, OR (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 “ACCREDITED
INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A
QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.


 


THIS CLASS C CERTIFICATE IS SUBORDINATED
TO THE CLASS A AND CLASS B CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO HEREIN.


 


THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO 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 THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, 


 



    	Exhibit A-5-2



    	 



    

 


TO A MATERIAL
EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED
INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES
ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE
RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A SIMILAR NON-EXEMPT VIOLATION OF
SIMILAR LAW).


 


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.


 






    	Exhibit A-5-3



    	 



    

 





CSMC TRUST 2015-GLPB

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GLPB, CLASS C 


	Pass-Through Rate: The Net Trust Loan Rate4	 	 
	First Distribution Date: January 15, 2016	 	 
	Aggregate Initial Certificate Balance of the Class C Certificates:  $102,300,000	 	Rated Final Distribution Date: November 2034
	CUSIP:     12650Y AJ25

U13033 AE26

12650Y AK97	 	Initial Certificate Balance of this

Certificate:   $[______][QIB]

                     $[______][Reg S]

                     $[______][IAI]
	ISIN:         US12650YAJ298

USU13033AE279

US12650YAK9110	 	 
	Common Code: [__]	 	 
	No.:  C-[1]	 	 


 


This certifies that
[Cede & Co.]11 is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from a Trust Fund with respect to the Class C Certificates. The Trust Fund consists primarily of four notes secured
by certain Collateral held in trust by the Certificate Administrator on behalf of the Trustee issued by multiple special purpose
entities evidencing a portion of a fixed rate loan (such portion, the “Trust Loan”). The Trust Fund was created,
and the Trust Loan is to be serviced, pursuant to the Trust 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 Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class X-A, Class X-B, Class B, Class D and
Class R (collectively with the Class C


 





 








 


4
The initial approximate Pass-Through Rate as of the Closing Date is 3.9378%.


 


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.


 


11
For Global Certificate only.



 


 


 



    	Exhibit A-5-4



    	 



    

 


Certificates, the “Certificates”; the Holders of Certificates issued
under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust
and Servicing Agreement”), by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National
Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator and Wells Fargo Bank, National Association, as Trustee. To the extent not defined herein, capitalized terms used
herein shall have the meanings assigned thereto in the Trust 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.


 


Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after each Determination
Date, commencing in January 2016 (each such date, a “Distribution Date”), to the Person in whose name this Certificate
is registered as of the related Record Date, which will be the close of business on the last Business Day of the month preceding
the calendar month in which the applicable Distribution Date occurs, 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,
any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the Class C Certificates
for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.


 


All distributions will
be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions, at least five Business
Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified
by the Certificate Administrator in the notice to Certificateholders of such final distribution.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.


 


This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust 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 Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the


 



    	Exhibit A-5-5



    	 



    

 


Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Servicer, the Special Servicer, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any agent
of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.


 


The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or Companion Loan Holders, in certain circumstances specified
in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates
of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the
amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Trust Loan that
are required to be distributed on any Certificate; (2) alter in any manner the liens on any Collateral securing payments of
the Trust Loan, (3) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing
Practices; (4) change the percentages of Voting Rights or Percentage Interests of Certificateholders that are required to
consent to any action or inaction under the Trust and Servicing Agreement; (5) adversely affect the Controlling Class Representative
without the consent of 100% of the Controlling Class Certificateholders; or (6) amend Section 10.1 of the Trust and
Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made that changes
in any manner the obligations of the Loan Sellers under the Loan Purchase Agreement without the consent of the Loan Sellers, and
the Trustee, the Servicer, the Special Servicer or the Certificate Administrator may, but will not be obligated to, enter into
any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities or creates any additional
liability for the Trustee, the Servicer, the Special Servicer or the Certificate Administrator under the Trust and Servicing Agreement.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Servicer, the Special Servicer
and the Certificate Administrator have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee is the requesting party) to the effect that the amendment is authorized or
permitted under the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment or the exercise
of any power granted to the Servicer, the Special Servicer, the Certificate Administrator, the Depositor, the Trustee or any other
specified person in accordance with the amendment, will not result in the


 



    	Exhibit A-5-6



    	 



    

 


imposition of federal income tax on the Trust or cause
either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.


 


The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Certificate
Administrator, the Depositor and the Trustee created thereby with respect to the Certificates (other than the obligation of the
Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date and other than the indemnification
rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 9 of the Trust and Servicing Agreement following the later of (i) the
final payment on the Certificates or (ii)  the liquidation of the Trust Loan (including, without limitation, the sale of the
Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment of the Properties and all other Collateral
for the Trust Loan; provided, however, that in no event shall the Trust 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
Court of St. James’s, living on the date of execution of the Trust and Servicing Agreement.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.


 


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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.


 






    	Exhibit A-5-7



    	 



    

 





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


 


Dated:December 22, 2015








	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 
	 	 	 	not in its individual capacity but solely as Certificate Administrator 
	 	 	 	 
	 	 	By:	 
	 	 	 	Authorized Officer







 





Certificate of Authentication


 


This is one of the Class C
Certificates referred to in the Trust and Servicing Agreement.


 


Dated:December 22, 2015








	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 	 	not in its individual capacity but solely as Authenticating Agent
	 	 	 	 
	 	 	By:	 
	 	 	 	Authorized Officer





 



    	Exhibit A-5-8



    	 



    

 





SCHEDULE A


 


SCHEDULE OF EXCHANGES


 


The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made:


 


	
        Date of

Exchange or

Payment of

Principal 
	 	
        Certificate

Balance

Prior to

Exchange or

Payment 
	 	
        Certificate

Balance

Exchanged

or Principal

Payment

Made 
	 	
        Type of

Certificate

Exchanged

for 
	 	
        Remaining

Certificate

Balance

Following

Such

Exchange or

Payment 
	 	
        Notation

Made by 

	 

                                                                     
	 	 	 	 	 	 	 	 	 	 
	 

                                                                     
	 	 	 	 	 	 	 	 	 	 
	 

                                                                     
	 	 	 	 	 	 	 	 	 	 
	 

                                                                     
	 	 	 	 	 	 	 	 	 	 
	 

                                                                     
	 	 	 	 	 	 	 	 	 	 
	 

                                                                     
	 	 	 	 	 	 	 	 	 	 
	 

                                                                     
	 	 	 	 	 	 	 	 	 	 
	 

                                                                     
	 	 	 	 	 	 	 	 	 	 
	 

                                                                     
	 	 	 	 	 	 	 	 	 	 
	 

                                                                     
	 	 	 	 	 	 	 	 	 	 
	 

                                                                     
	 	 	 	 	 	 	 	 	 	 



 


 






    	Exhibit A-5-9



    	 



    

 



ASSIGNMENT


 


FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.




 


I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address: 











	 	 
	 	 
	 	 


 


Date: __________________


 


	 	Signature by or on behalf of	 
	 	Assignor(s):	 
	 	 	 
	 	 	 
	 	 	 
	 	Taxpayer Identification Number: _________


 



    	Exhibit A-5-10



    	 



    




 





DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should
include the following for purposes of distribution:


 


Address of the Assignee(s) for the purpose
of receiving notices and distributions: _____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.









	 	 	 
	 	 	By:	 
	 	 		[Please print or type name(s)]
	 	 	 
	 	 	Title: 	 
	 	 	 	 
	 	 	Taxpayer Identification Number:










 



    	Exhibit A-5-11



    	 



    




 



 



EXHIBIT A-6


 


FORM OF CLASS D CERTIFICATES


 


CLASS D


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN BORROWERS, THE SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE INITIAL


 





 









1
Temporary Regulation S Global Certificate legend.


 


2
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.


 


3
Global Certificate legend.




 






    	Exhibit A-6-1



    	 



    

 


PURCHASERS, THE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER THAN THE LOAN BORROWERS AS SET
FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “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, OR (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 “ACCREDITED
INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A
QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.


 


THIS CLASS D CERTIFICATE IS SUBORDINATED
TO THE CLASS A, CLASS B AND CLASS C CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT
REFERRED TO HEREIN.


 


THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO 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 THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS,


 






    	Exhibit A-6-2



    	 



    

 


TO A MATERIAL
EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED
INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES
ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE
RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A SIMILAR NON-EXEMPT VIOLATION OF
SIMILAR LAW).


 


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.


 




    	Exhibit A-6-3



    	 



    

 


CSMC TRUST 2015-GLPB

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GLPB, CLASS D


 


	Pass-Through Rate: The Net Trust Loan Rate4	 	 
	 	 	 
	First Distribution Date: January 15, 2016	 	 
	 	 	 
	Aggregate Initial Certificate Balance of the Class D Certificates:  $121,800,000	 	Rated Final Distribution Date: November 2034
	 	 	 
	CUSIP:  12650Y AL75

               U13033 AF96

               12650Y AM57	 	Initial Certificate Balance of this

Certificate:    $[______][QIB]

                      $[______][Reg S]

                      $[______][IAI]
	 	 	 
	ISIN:      US12650YAL748

               USU13033AF919

               US12650YAM5710	 	 
	 	 	 
	Common Code: [__]	 	 
	 	 	 
	No.:  D-[1]	 	 


 


This certifies that [Cede
& Co.]11 is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from a Trust Fund with respect to the Class D Certificates. The Trust Fund consists primarily of four notes secured
by certain Collateral held in trust by the Certificate Administrator on behalf of the Trustee issued by multiple special purpose
entities evidencing a portion of a fixed rate loan (such portion, the “Trust Loan”). The Trust Fund was created,
and the Trust Loan is to be serviced, pursuant to the Trust 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 Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class X-A, Class X-B, Class B, Class C and
Class R Certificates (collectively with the


 





 



 


4
The initial approximate Pass-Through Rate as of the Closing Date is 3.9378%


 


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.


 


11
For Global Certificate only.



 






    	Exhibit A-6-4



    	 



    

 


Class D Certificates, the “Certificates”; the Holders of Certificates
issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust
and Servicing Agreement”), by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National
Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator and Wells Fargo Bank, National Association, as Trustee. To the extent not defined herein, capitalized terms used
herein shall have the meanings assigned thereto in the Trust 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.


 


Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after each Determination
Date, commencing in January 2016 (each such date, a “Distribution Date”), to the Person in whose name this Certificate
is registered as of the related Record Date, which will be the close of business on the last Business Day of the month preceding
the calendar month in which the applicable Distribution Date occurs, 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,
any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the Class D Certificates
for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.


 


All distributions will
be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions, at least five Business
Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified
by the Certificate Administrator in the notice to Certificateholders of such final distribution.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.


 


This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust 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 Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the


 






    	Exhibit A-6-5



    	 



    

 


Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Servicer, the Special Servicer, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any agent
of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.


 


The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or Companion Loan Holders, in certain circumstances specified
in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates
of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the
amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Trust Loan that
are required to be distributed on any Certificate; (2) alter in any manner the liens on any Collateral securing payments of
the Trust Loan, (3) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing
Practices; (4) change the percentages of Voting Rights or Percentage Interests of Certificateholders that are required to
consent to any action or inaction under the Trust and Servicing Agreement; (5) adversely affect the Controlling Class Representative
without the consent of 100% of the Controlling Class Certificateholders; or (6) amend Section 10.1 of the Trust and
Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made that changes
in any manner the obligations of the Loan Sellers under the Loan Purchase Agreement without the consent of the Loan Sellers, and
the Trustee, the Servicer, the Special Servicer or the Certificate Administrator may, but will not be obligated to, enter into
any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities or creates any additional
liability for the Trustee, the Servicer, the Special Servicer or the Certificate Administrator under the Trust and Servicing Agreement.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Servicer, the Special Servicer
and the Certificate Administrator have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee is the requesting party) to the effect that the amendment is authorized or
permitted under the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment or the exercise
of any power granted to the Servicer, the Special Servicer, the Certificate Administrator, the Depositor, the Trustee or any other
specified person in accordance with the amendment, will not result in the


 






    	Exhibit A-6-6



    	 



    

 


imposition of federal income tax on the Trust or cause
either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.


 


The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Certificate
Administrator, the Depositor and the Trustee created thereby with respect to the Certificates (other than the obligation of the
Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date and other than the indemnification
rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 9 of the Trust and Servicing Agreement following the later of (i) the
final payment on the Certificates or (ii)  the liquidation of the Trust Loan (including, without limitation, the sale of the
Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment of the Properties and all other Collateral
for the Trust Loan; provided, however, that in no event shall the Trust 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
Court of St. James’s, living on the date of execution of the Trust and Servicing Agreement.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.


 


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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.


 




    	Exhibit A-6-7



    	 



    

 


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


 


Dated:December 22, 2015


 







	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Officer







  


Certificate of Authentication


 


This is one of the Class D
Certificates referred to in the Trust and Servicing Agreement.


 


Dated:December 22, 2015


 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Officer





  




    	Exhibit A-6-8



    	 



    

 


SCHEDULE A


 


SCHEDULE OF EXCHANGES


 


The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made:


 


	
        Date of 

Exchange or 

Payment of 

Principal 
	 	
        Certificate 

Balance 

Prior to 

Exchange or 

Payment 
	 	
        Certificate 

Balance 

Exchanged 

or Principal
        

Payment 

Made

        
	 	
        Type of 

Certificate 

Exchanged 

for 
	 	
        Remaining 

Certificate 

Balance 

Following 

Such 

Exchange or 

Payment 
	 	
        Notation 

Made by 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 



  




    	Exhibit A-6-9



    	 



    

 


ASSIGNMENT


 


FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ___________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.


 


I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:










	 
	 
	 
	 
	Date: __________________





	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________









 







    	Exhibit A-6-10



    	 



    

 







DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should
include the following for purposes of distribution:


 


Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.


 







	 	By: 	 
	 	 	[Please print or type name(s)]
	 	 	 	 
	 	Title:	 
	 	 	 	 
	 	Taxpayer Identification Number:


 



    	Exhibit A-6-11



    	 



    



 








EXHIBIT A-7


 


FORM OF CLASS R CERTIFICATES


 


CLASS R


 


THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE LOAN BORROWERS, THE PROPERTY MANAGER, THE SERVICER, THE SPECIAL SERVICER, THE
CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE CONTROLLING CLASS REPRESENTATIVE, THE INITIAL PURCHASERS, THE LOAN SELLERS OR ANY OF
THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR
INSTRUMENTALITY OR PRIVATE INSURER.


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO 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 THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
SUCH PLAN TO ACQUIRE THIS CERTIFICATE.


 


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. EACH TRANSFEREE OF THIS


 






    	Exhibit A-7-1



    	 



    

  


CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS,
INSTITUTIONS THAT ARE NOT U.S. PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTIONS 5.02 AND 5.03 OF THE TRUST 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 CODE SECTION 860E(e)(5), OR AN AGENT (INCLUDING A
BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY
PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY
INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES
ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) 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 AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR
AFFIDAVIT. 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 TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE
AS SPECIFIED IN TREASURY REGULATIONS.


 



    	Exhibit A-7-2



    	 



    




 








CSMC TRUST 2015-GLPB

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GLPB, CLASS R


 


	Percentage Interest: [___]%	 
	 	 
	Cut-off Date: December 6, 2015	 
	 	 
	CUSIP:  12650Y AN31	 
	 	 
	ISIN:      US12650YAN312	 
	 	 
	Common Code: [__]	 
	 	 
	No.:  R-[1]	 


 


This certifies that [__]
is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund
with respect to the Class R Certificates. The Trust Fund consists primarily of four notes secured by certain Collateral held
in trust by the Certificate Administrator on behalf of the Trustee issued by multiple special purpose entities evidencing a portion
of a fixed rate loan (such portion, the “Trust Loan”). The Trust Fund was created, and the Trust Loan is to
be serviced, pursuant to the Trust 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 Trust and Servicing Agreement and is bound thereby. Also
issued under the Trust and Servicing Agreement are the Class A, Class X-A, Class X-B, Class B, Class C and Class D Certificates
(collectively with the Class R Certificates, the “Certificates”; the Holders of Certificates issued under
the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust
and Servicing Agreement”), by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National
Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator and Wells Fargo Bank, National Association, as Trustee. To the extent not defined herein, capitalized terms used
herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 


This Certificate represents
the “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.





 


 






 


1
For Rule 144A Certificates.


 


2
For Rule 144A Certificates.


 







    	Exhibit A-7-3



    	 



    

 


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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.


 


Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after each Determination
Date, commencing in January 2016 (each such date, a “Distribution Date”), to the Person in whose name this Certificate
is registered as of the related Record Date, which will be the close of business on the last Business Day of the month preceding
the calendar month in which the applicable Distribution Date occurs, 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,
any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the Class R Certificates
for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.


 


All distributions will
be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions, at least five Business
Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified
by the Certificate Administrator in the notice to Certificateholders of such final distribution.


 


This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.


 


This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust 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 and Trustee.


 


As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Servicer, the Special Servicer, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
neither the Trustee, the


 






    	Exhibit A-7-4



    	 



    

 


Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any agent
of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.


 


The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee, without the consent of any of the Certificateholders or Companion Loan Holders, in certain circumstances specified
in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates
of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or of modifying in any manner the rights of the Holders of the Certificates, except that the
amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the Trust Loan that
are required to be distributed on any Certificate; (2) alter in any manner the liens on any Collateral securing payments of
the Trust Loan, (3) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing
Practices; (4) change the percentages of Voting Rights or Percentage Interests of Certificateholders that are required to
consent to any action or inaction under the Trust and Servicing Agreement; (5) adversely affect the Controlling Class Representative
without the consent of 100% of the Controlling Class Certificateholders; or (6) amend Section 10.1 of the Trust and
Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made that changes
in any manner the obligations of the Loan Sellers under the Loan Purchase Agreement without the consent of the Loan Sellers, and
the Trustee, the Servicer, the Special Servicer or the Certificate Administrator may, but will not be obligated to, enter into
any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities or creates any additional
liability for the Trustee, the Servicer, the Special Servicer or the Certificate Administrator under the Trust and Servicing Agreement.
In addition, no amendment may be made to the Trust and Servicing Agreement unless the Trustee, the Servicer, the Special Servicer
and the Certificate Administrator have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee is the requesting party) to the effect that the amendment is authorized or
permitted under the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment or the exercise
of any power granted to the Servicer, the Special Servicer, the Certificate Administrator, the Depositor, the Trustee or any other
specified person in accordance with the amendment, will not result in the imposition of federal income tax on the Trust or cause
either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.


 


The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Certificate
Administrator, the Depositor and the Trustee created thereby with respect to the Certificates (other than the obligation of the
Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date and other than the indemnification
rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 9 of the Trust and Servicing Agreement following the


 






    	Exhibit A-7-5



    	 



    

 


later of (i) the
final payment on the Certificates or (ii)  the liquidation of the Trust Loan (including, without limitation, the sale of the
Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment of the Properties and all other Collateral
for the Trust Loan; provided, however, that in no event shall the Trust 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
Court of St. James’s, living on the date of execution of the Trust and Servicing Agreement.


 


Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.


 


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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.








 






    	Exhibit A-7-6



    	 



    

 


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


 


Dated:December 22, 2015


 


	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Officer





 


Certificate of Authentication


 


This is one of the Class R
Certificates referred to in the Trust and Servicing Agreement.


 


Dated:December 22, 2015


 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Officer





 












    	Exhibit A-7-7



    	 



    

 


SCHEDULE A


 


SCHEDULE OF EXCHANGES


 


The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made:


 





	Date
        of 

        Exchange or 

        Payment of 

        Principal 
	 	Certificate
        

        Balance 

        Prior to 

        Exchange or 

        Payment 
	 	Certificate
        

        Balance 

        Exchanged 

        or Principal 

        Payment 

        Made

        
	 	Type
        of 

        Certificate 

        Exchanged 

        for 
	 	Remaining
        

        Certificate 

        Balance 

        Following 

        Such 

        Exchange or 

        Payment 
	 	Notation
        

        Made by 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 


 












    	Exhibit A-7-8



    	 



    

 


ASSIGNMENT


 


FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.


 


I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:













	 
	 
	 
	 
	Date: __________________





	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________









 









    	Exhibit A-7-9



    	 



    

 







DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should
include the following for purposes of distribution:


 


Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.


 







	 	By: 	 
	 	 	[Please print or type name(s)]
	 	 	 	 
	 	Title:	 
	 	 	 	 
	 	Taxpayer Identification Number:


 



    	Exhibit A-7-10



    	 



    








  






EXHIBIT B


 


FORM OF REQUEST FOR RELEASE

(for Certificate Administrator) 


	Loan Information
	 	Name of Mortgagor:	
         

         

	Certificate Administrator
	 	Name:	Wells Fargo Bank, National Association
	 	Address:	1055 10th Ave SE

Minneapolis, Minnesota 55414

Attention:  Corporate Trust (CMBS) – CSMC Trust 2015-GLPB
	 	Custodian/Certificate 

Administrator 

Mortgage File No.:	
         

         

	Depositor
	 	Name:	Credit Suisse First Boston Mortgage Securities Corp.
	 	Address:	
         

        11 Madison Avenue, 3rd Floor, New York, New York 10010

        

	 	Certificates:	CSMC Trust 2015-GLPB, Commercial Mortgage Pass-Through Certificates, Series 2015-GLPB


 


    The undersigned [Servicer]
[Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as certificate administrator (in such
capacity, the “Certificate Administrator”), for the Holders of CSMC 2015-GLPB, Commercial Mortgage Pass-Through
Certificates, Series 2015-GLPB, the documents referred to below (the “Documents”). All capitalized terms not
otherwise defined in this Request for Release shall have the meanings given them in the Trust and Servicing Agreement, dated as
of December 22, 2015, by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and Wells Fargo Bank, National Association, as Trustee (the “Trust and Servicing Agreement”).


 


	( )	Note dated [          ], in the original principal sum of $________, made by
_______, payable to, or endorsed to the order of, the Trustee.




 






    	Exhibit B-1



    	 



    

 


	( )	Mortgage(s) recorded on ____________ as instrument no. ________ in the County Recorder’s Office of the County of _________,
State of ___________ in book/reel/docket ___________ of official records at page/image ________.




 


	( )	Deed of Trust(s) recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ___________,
State of _______ in book/reel/docket ____________ of official records at page/image.




 


	( )	Deed to Secure Debt recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ___________,
State of _______ in book/reel/docket ____________ of official records at page/image.




 







	( )	Other documents, including any amendments, assignments or other assumptions of the Notes or Mortgages.
	 	 













	 	(  )	 	 
	 	 	 	 
	 	(  )	 	 
	 	 	 	 
	 	(  )	 	 
	 	 	 	 
	 	(  )	 	 





 


The undersigned [Servicer]
[Special Servicer] hereby acknowledges and agrees as follows:


 


(1)       The [Servicer]
[Special Servicer] shall hold and retain possession of the Documents in trust on behalf of the Certificate Administrator for the
benefit of the Certificateholders, solely for the purposes provided in the Trust and Servicing Agreement.


 


(2)       The [Servicer]
[Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claims, liens, security
interests, charges, writs of attachment or other impositions nor shall the [Servicer] [Special Servicer] assert or seek to assert
any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided in the Trust and
Servicing Agreement.


 


(3)       The [Servicer]
[Special Servicer] shall return the Documents to the Certificate Administrator when the need therefor no longer exists, unless
the Whole Loan has been liquidated or the Whole Loan has been paid in full and the proceeds thereof have been remitted to the Collection
Account except as expressly provided in the Trust and Servicing Agreement.


 


(4)        The Documents,
coming into the possession or control of the [Servicer] [Special Servicer] shall at all times be earmarked for the account of the
Certificate Administrator, and the [Servicer] [Special Servicer] shall keep the Documents separate and distinct from all other
property in the [Servicer’s] [Special Servicer’s] possession, custody or control.


 



    	Exhibit B-2



    	 



    

 





	 	 	 
	 	[SERVICER][SPECIAL SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	Date: _________	 	 





 



    	Exhibit B-3



    	 



    







 


EXHIBIT C


 


FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE


 


(Exchanges or transfers pursuant to

Section 5.3(c) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


Marquette Avenue and Sixth
Street


Minneapolis, Minnesota
55479-0113


Attention: Certificate Transfers (CMBS) - CSMC Trust 2015-GLPB


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage Pass-Through
Certificates, Series 2015-GLPB, Class [__]



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust and Servicing Agreement”), by
and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON
USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo
Bank, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in
the Trust and Servicing Agreement.


 


This letter relates to
US $[______] aggregate [Certificate Balance][Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Global Certificate
of such Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear]
[Clearstream]* (Common Code No. [______]).


 


In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with
Regulation S (“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 “U.S. person” within the meaning of Rule 902(k) of Regulation S;


 





 



 


*
Select appropriate depository.


 






    	Exhibit C-1



    	 



    

 


(2)          the
offer and sale of the Certificates was made in an “offshore transaction” within the meaning of Rule 902(h) of Regulation
S;


 


(3)          no
“directed selling efforts” have been made by the Transferor, an affiliate of the Transferor, or any person acting on
behalf of the Transferor or any such affiliate 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.


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Trustee, the Servicer, the Special Servicer, the Certificate
Administrator and the Initial Purchasers.


	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 
	 	 	 
	cc: Credit Suisse
First Boston Mortgage Securities Corp.
	 	 





 






    	Exhibit C-2



    	 



    

 


EXHIBIT D


 


FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE


 


(Exchange or transfers pursuant to

Section 5.3(d) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


Marquette Avenue and Sixth
Street


Minneapolis, Minnesota
55479-0113

Attention: Certificate Transfers (CMBS) - CSMC Trust 2015-GLPB


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage
                                         Pass-Through Certificates, Series 2015-GLPB, Class [__]



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust and Servicing Agreement”), by
and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON
USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo
Bank, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in
the Trust and Servicing Agreement.


 


This letter relates to
US $[______] aggregate [Certificate Balance][Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such
Class (CINS No. [______], ISIN No. [______], and Common Code No. [______]).


 


In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with
Regulation S (“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 “U.S. person” within the meaning of Rule 902(k) of Regulation S;


 


(2)          the
offer and sale of the Certificates was made in an “offshore transaction” within the meaning of Rule 902(h) of Regulation
S;


 






    	Exhibit D-1



    	 



    

 


(3)          no
“directed selling efforts” have been made by the Transferor, an affiliate of the Transferor, or a person acting on
behalf of the Transferor or any such affiliate 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.


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Trustee, the Servicer, the Special Servicer, the Certificate
Administrator and the Initial Purchasers.


	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 
	 	 	 
	cc: Credit Suisse
First Boston Mortgage Securities Corp.
	 	 





 






    	Exhibit D-2



    	 



    

 


EXHIBIT E


 


FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD


 


(Exchange or transfers pursuant to

Section 5.3(e) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


Marquette Avenue and Sixth
Street


Minneapolis, Minnesota
55479-0113

Attention: Certificate Transfers (CMBS) - CSMC Trust 2015-GLPB


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage
                                         Pass-Through Certificates, Series 2015-GLPB, Class [__]



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust and Servicing Agreement”), by
and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON
USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo
Bank, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in
the Trust and Servicing Agreement.


 


This letter relates to
US $[______] aggregate [Certificate Balance][Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS
No. [______] and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code
[______]) through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor
has requested an exchange or transfer of such beneficial interest for a beneficial interest in the Rule 144A Global Certificate
of such Class (CUSIP No. [______]).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and
the transferee and any such account is a “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 other applicable jurisdiction.


 





 



 


*
Select appropriate depository.


 






    	Exhibit E-1



    	 



    

 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Trustee, the Servicer, the Special Servicer, the Certificate
Administrator and the Initial Purchasers.


	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 
	 	 	 
	cc: Credit Suisse First Boston Mortgage Securities Corp.
	 	 





 






    	Exhibit E-2



    	 



    

 


EXHIBIT F


 


FORM OF CERTIFICATION TO BE GIVEN BY

BENEFICIAL OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE


 


(Exchanges pursuant to

Section 5.3(f) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


Marquette Avenue and Sixth
Street


Minneapolis, Minnesota
55479-0113

Attention: Certificate Transfers (CMBS) – CSMC Trust 2015-GLPB


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage
                                         Pass-Through Certificates, Series 2015-GLPB, Class [__]



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust and Servicing Agreement”), by
and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON
USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo
Bank, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in
the Trust and Servicing Agreement.


 


[For purposes of acquiring
a beneficial interest in a Regulation S Global Certificate of the Class specified above after the expiration of the Restricted
Period,] [For purposes of receiving payments under a Temporary Regulation S Global Certificate of the Class specified
above,]* the undersigned holder of a beneficial interest in a Temporary Regulation S
Global Certificate of the Class specified above issued under the Trust and Servicing Agreement certifies that it is not a
“U.S. person” as defined in Rule 902(k) of Regulation S under the Securities Act of 1933, as amended.


 


We undertake to advise
you promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification relating to the
Certificates of the Class specified above held by you for our account if any applicable statement herein is not correct on
such date, and in the absence of any such notification it may be assumed that this certification applies as of such date.


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding.


 





 



 


*
Select, as applicable.  



 






    	Exhibit F-1



    	 



    

 


This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Servicer, the
Special Servicer, the Certificate Administrator, the Trustee and the Initial Purchasers.


	 	 


Dated:______________



	 	 	 
	 	By:	  
	 	 	as, or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.





 






    	Exhibit F-2



    	 



    

 


EXHIBIT G


 


FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE


 


(Exchanges or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


Marquette Avenue and Sixth
Street


Minneapolis, Minnesota
55479-0113

Attention: Certificate Transfers (CMBS)- CSMC Trust 2015-GLPB


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage
                                         Pass-Through Certificates, Series 2015-GLPB, Class [__]



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust and Servicing Agreement”), by
and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON
USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo
Bank, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in
the Trust and Servicing Agreement.


 


This letter relates to
US $[______] aggregate [Certificate Balance][Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of
Transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry
Certificates for a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______] and
ISIN No. [______]) to be held with [Euroclear] [Clearstream]* (Common Code [______])
through the Depository.


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with
Regulation S (“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 “U.S. person” within the meaning of Rule 902(k) of Regulation S;


 





 



 


*
Select appropriate depository.





 






    	Exhibit G-1



    	 



    

 


(2)
         the offer and sale of the Certificates was made in an “offshore
transaction” within the meaning of Rule 902(h) of Regulation S;


 


(3)          no
“directed selling efforts” have been made by the Transferor, an affiliate of the Transferor, or any person acting on
behalf of the Transferor or any such affiliate 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.


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Servicer, the Special Servicer, the Certificate Administrator,
the Trustee and the Initial Purchasers.


	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 
	 	 	 
	cc: Credit Suisse First Boston Mortgage Securities Corp.
	 	 





 






    	Exhibit G-2



    	 



    

 


EXHIBIT H


 


FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE


 


(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


Marquette Avenue and Sixth
Street


Minneapolis, Minnesota
55479-0113

Attention: Certificate Transfers (CMBS) – CSMC Trust 2015-GLPB


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage
                                         Pass-Through Certificates, Series 2015-GLPB, Class [__]



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust and Servicing Agreement”), by
and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON
USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo
Bank, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in
the Trust and Servicing Agreement.


 


This letter relates to
US $[______] aggregate [Certificate Balance][Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of
Transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry
Certificates for a beneficial interest in the Regulation S Global Certificate (CINS No. [______], ISIN No. [______], and Common
Code No. [______]).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with
Regulation S (“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 “U.S. person” within the meaning of Rule 902(k) of Regulation S;


 


(2)          the
offer and sale of the Certificates was made in an “offshore transaction” within the meaning of Rule 902(h) of Regulation
S;


 


(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


 






    	Exhibit H-1



    	 



    

 


(4)          the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Servicer, the Special Servicer, the Certificate Administrator,
the Trustee and the Initial Purchasers.


	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 
	 	 	 
	cc: Credit Suisse First Boston Mortgage Securities Corp.
	 	 





 






    	Exhibit H-2



    	 



    

 


EXHIBIT I


 


FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE


 


(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


Marquette Avenue and Sixth
Street


Minneapolis, Minnesota
55479-0113

Attention: Certificate Transfers (CMBS) - CSMC Trust 2015-GLPB


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage
                                         Pass-Through Certificates, Series 2015-GLPB, Class [__]



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust and Servicing Agreement”), by
and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON
USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo
Bank, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in
the Trust and Servicing Agreement.


 


This letter relates to
US $[______] aggregate [Certificate Balance][Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of
transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest
for a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and
the transferee and any such account is a “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 other applicable jurisdiction.


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding.


 






    	Exhibit I-1



    	 



    

 


This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Servicer, the
Special Servicer, the Certificate Administrator, the Trustee and the Initial Purchasers.





	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 
	 	 	 
	cc: Credit Suisse First Boston Mortgage Securities Corp.
	 	 


 






    	Exhibit I-2



    	 



    

 


EXHIBIT J-1


 


FORM OF INVESTMENT REPRESENTATION
LETTER


 


[Date]


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


Marquette Avenue and Sixth
Street


Minneapolis, Minnesota
55479-0113

Attention: (CMBS) - CSMC Trust 2015-GLPB


 


Credit Suisse First Boston Mortgage Securities Corp.

11 Madison Avenue, 3rd Floor

New York, New York 10010

Attention: N. Dante LaRocca


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage
                                         Pass-Through Certificates, Series 2015-GLPB, Class [__]



 


Ladies and Gentlemen:


 


This letter is delivered
pursuant to Section 5.3 of the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust and Servicing
Agreement”), by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and Wells Fargo Bank, National Association, as Trustee, on behalf of the holders of Commercial Mortgage Pass Through Certificates,
Series 2015-GLPB (the “Certificates”) in connection with the transfer by [             ]
(the “Seller”) to the undersigned (the “Purchaser”) of $_____ aggregate Certificate Balance
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 Trust and Servicing Agreement.


 


In connection with such
transfer, the Purchaser hereby represents and warrants to you as follows:


 


1.          The
Purchaser is an entity qualifying as an “accredited investor” (an “Institutional Accredited Investor”)
within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended
(the “Securities Act”), 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 such 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


 






    	Exhibit J-1-1



    	 



    

 


Purchaser
exercises sole investment discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by it in connection
with this transfer.


 


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” in transactions under Rule 144A, or (ii) Institutional
Accredited Investors 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
Non-Book Entry 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 resold 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 Offering Circular dated December 8, 2015, relating to the Certificates (the “Offering
Circular”) 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 Offering Circular.


 


5.          The
Purchaser hereby undertakes to be bound by the terms and conditions of the Trust and Servicing Agreement in its capacity as an
owner of a Non-Book Entry 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 Certificate Registrar
and all Certificateholders present and future.


 


6.          The
Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance with Section 5.3 of the Trust
and Servicing Agreement.


 


7.          Check
one of the following:


 


☐        The
Purchaser is a “U.S. Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W 9 (or
successor form).


 


☐        The
Purchaser is not a “U.S. Person” and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Registrar (or


 






    	Exhibit J-1-2



    	 



    

 


its agent) with respect to Distributions to be made on the Certificate(s). The
Purchaser has attached hereto (i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or successor form), which
identifies such Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Person, (ii)
two duly executed copies of IRS Form W-8IMY (and all appropriate attachment 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 U.S. Securities 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. Person” means a citizen or resident of the United States, a corporation, partnership (except to
the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of the United
States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal
income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source, or a trust
if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more
such U.S. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable
Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. 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:	 
	 
	Institution: 	 







                                                 


(b)          by
mailing a check or draft to the following address:


 


	 
	 
	 
	 
	 
	 





 





 



 


**Please
select (a) or (b).


 






    	Exhibit J-1-3



    	 



    

 





	 	 	 
	 	Very truly yours,
	 	 	 
	 	[Insert Name of Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	Dated: __________________, 20__	 	 


 






    	Exhibit J-1-4



    	 



    

 


EXHIBIT J-2


 


FORM OF AFFIDAVIT PURSUANT TO

SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF

THE INTERNAL REVENUE CODE OF 1986, AS AMENDED


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


Marquette Avenue and Sixth
Street


Minneapolis, Minnesota
55479-0113

Attention: (CMBS) - CSMC Trust 2015-GLPB


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage Pass-Through Certificates, Series 2015-GLPB (the
                                                                                 “Certificates”) issued pursuant to the Trust and Servicing Agreement, dated as of December 22, 2015 (the
                                                                                 “Trust and Servicing Agreement”), by and among Credit Suisse First Boston Mortgage Securities Corp., as
                                                                                 Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank,
                                                                                 National Association, as Certificate Administrator and Wells Fargo Bank, National Association, as Trustee.



 


 






	 	 	 
	STATE OF	)	 
	 	)	ss.:
	COUNTY OF	)	 


 


Capitalized terms not
defined herein shall have the meaning ascribed to them in the Trust and Servicing Agreement.


 


I, [______], under penalties
of perjury, declare that, to the best of my knowledge and belief, the following representations are true, correct and complete,
and being first sworn, depose and say that:


 


1.          I
am a [______] of [______] (the “Purchaser”), on behalf of which I have the authority to make this affidavit.


 


2.          The
Purchaser is acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment
conduits (each, a “REMIC”) designated as the “Lower-Tier REMIC” and ”Upper-Tier
REMIC,” respectively, relating to the Certificates for which an election is to be made under Section 860D of the
Internal Revenue Code of 1986 (the “Code”).


 


3.          The
Purchaser is not a “Disqualified Organization” (as defined below), and that the Purchaser is not acquiring the
Class R Certificates for the account of, or as agent or nominee of, or with a view to the transfer of direct or indirect record
or beneficial ownership


 






    	Exhibit J-2-1



    	 



    

 


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


 


4.          The
Purchaser acknowledges that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances,
on an agent for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.


 


5.          The
Purchaser is a Permitted Transferee. For the purpose hereof, a “Permitted Transferee” is any Person or agent
of such Person 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 either Trust REMIC to
fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Disqualified Non-U.S. Tax Person, (d) an
entity treated as a U.S. partnership if any of its partners, directly or indirectly (other than through a U.S. corporation) is
(or is permitted to be under the partnership agreement) a Disqualified Non-U.S. Tax Person or (e) a U.S. Tax Person with respect
to which income from a Class R Certificate is attributable to a foreign permanent establishment or fixed base, within the meaning
of an applicable income tax treaty, of the transferee or any other U.S. Tax Person).


 


6.          No
purpose of the acquisition of the Class R Certificates is to impede the assessment or collection of tax.


 


7.          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.


 


8.          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:


 






    	Exhibit J-2-2



    	 



    

 


(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 Class R 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 Section 11(b) of the
Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b)
of the Code if the Purchaser has been subject to the alternative minimum tax under Section 55 of the Code 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 Section 1274(d) of the Code 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 Sections 1.860E-1(c)(5) and (6) and, accordingly,


 


(i)           the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as
to which income from the Class R Certificate will only be taxed in the United States;


 


(ii)          at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a Person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;


 


(iii)         the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury Regulations
Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i), (ii) and (iii) and
Treasury Regulations Section 1.860E-1(c)(5); 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.


 


9.            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 Certificates as they become due.


 






    	Exhibit J-2-3



    	 



    

 


10.          The
Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows generated
by such Certificate.


 


11.          The
Purchaser is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor unless
the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit and agreement
in substantially the same form as this affidavit and agreement. The Purchaser expressly agrees that it will not consummate any
such transfer to any Person that does not provide an affidavit and agreement in substantially the same form as this affidavit and
agreement or as to which the Purchaser 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.


 


12.          The
Purchaser represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any Person that is not
a Permitted Transferee and that for so long as it retains its interest in the Class R Certificate, it will endeavor to remain a
Permitted Transferee.


 


13.          The
Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.


 


14.          The
Purchaser has reviewed the provisions of Section 5.3 of the Trust and Servicing Agreement, a description of which provisions
is set forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.


 


15.          The
Purchaser consents to the designation of the Certificate Administrator as the agent of the Tax Matters Person of the Lower-Tier
REMIC and the Upper-Tier REMIC pursuant to Section 12.1 of the Trust and Servicing Agreement.


 


Capitalized terms used
but not defined herein have the meanings assigned thereto in the Trust and Servicing Agreement.


 


IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this ___day of _________,
20__.


	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:








	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






    	Exhibit J-2-4



    	 



    

 


On this ____ day of
_______20__, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn,
personally appeared ______________________ and ________________________, known or proved to me to be the same persons who executed
the foregoing instrument and to be _____________________________ and ___________________________, respectively, of the Purchaser,
and acknowledged to me that they executed the same as their respective free acts and deeds and as the free act and deed of the
Purchaser.


	 	 	 
	 	 	NOTARY
PUBLIC in and for the

State of _______________
	 	 	 
	[SEAL]	 	 
	 	 	 
	My Commission expires:	 	 








 





 




    	Exhibit J-2-5



    	 



    

 


EXHIBIT J-3


 


FORM OF TRANSFEROR LETTER


 


[Date]


 


Wells Fargo
Bank, National Association,


as Certificate
Registrar


Marquette
Avenue and Sixth Street


Minneapolis,
Minnesota 55479-0113


Attention:
(CMBS) - CSMC Trust 2015-GLPB


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage Pass-Through
Certificates, Series 2015-GLPB, Class R



 


 










 


Ladies and Gentlemen:


 


This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of Class R Certificates evidencing a [__]% Percentage Interest in such Class (the “Residual Certificates”).
The Certificates, including the Residual Certificates, were issued pursuant to the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust and Servicing Agreement”), by and among Credit Suisse First Boston Mortgage Securities
Corp., as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo
Bank, National Association, as Certificate Administrator and Wells Fargo Bank, National Association, as Trustee. Capitalized terms
used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement. The Transferor hereby certifies,
represents and warrants to you, as Certificate Registrar, that:


 


(1)          No
purpose of the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will
be to impede the assessment or collection of any tax.


 


(2)          The
Transferor understands that the Transferee has delivered to you a Transfer Affidavit and Agreement in the form attached to the
Trust and Servicing Agreement as Exhibit J-2. The Transferor has no actual knowledge that the Transferee is not a Permitted Transferee
(as defined in such Transfer Affidavit and Agreement) and has no actual knowledge or reason to know that the Transferee’s
representations in such Transfer Affidavit and Agreement are false.


 


(3)          The
Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee as
contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor
has determined that the Transferee has historically paid its debts as they became due and has found no significant evidence to
indicate that the Transferee will not continue to pay its debts as they become due in the future. The Transferor understands that
the transfer of the Residual Certificates may not be


 






    	Exhibit J-3-1



    	 



    

 


respected for United States income tax purposes (and the Transferor may continue
to be liable for United States income taxes associated therewith) unless the Transferor has conducted such an investigation.


 





	 	Very truly yours, 
	 	 
	 	  (Transferor)
	 	 
	 	By:	
	 	 	   Name:
  Title:


 






    	Exhibit J-3-2



    	 



    

 


EXHIBIT K


 


FORM OF INVESTOR CERTIFICATION FOR EXERCISING
VOTING RIGHTS


 


[Date]


 


Wells Fargo Bank, National
Association,

as Certificate Administrator


9062 Old Annapolis Road


Columbia, Maryland
21045

Attention: Corporate Trust Services - CSMC Trust 2015-GLPB


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage
                                         Pass-Through Certificates, Series 2015-GLPB, Class [__]



 


In accordance with
the requirements for obtaining certain information under, or the exercise of Voting Rights pursuant to, the Trust and Servicing
Agreement, dated as of December 22, 2015 (the “Trust Agreement”), by and among Credit Suisse First Boston Mortgage
Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo Bank, National Association, as Trustee, 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] of the Class ___ Certificates.


 


2.           The
undersigned has received a copy of the Offering Circular.


 


3.           The
undersigned is not a Loan Borrower, the Property Manager, a Restricted Holder, an Affiliate of any of the foregoing or an agent
of any Loan Borrower.


 


4.           The
undersigned intends to exercise Voting Rights under the Trust and Servicing Agreement and certifies that (please check one of the
following):


 


___        The
undersigned is the Depositor, the Servicer, the Special Servicer, the Certificate Administrator or the Trustee.


 


___        The
undersigned is an Affiliate of the Depositor, the Servicer, the Special Servicer, the Certificate Administrator or the Trustee
and hereby certifies to the existence of an Affiliate Ethical Wall between it and the Depositor, the Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, as applicable.


 


___        The
undersigned is not the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or an Affiliate
of the foregoing.


 






    	Exhibit K-1



    	 



    

 


5.          The
undersigned shall be fully liable for any breach of this certificate by itself or any of its Representatives and shall indemnify
the Depositor, the Trustee, the Servicer, the Special Servicer, the Certificate Administrator 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.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust 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 day and year written above.


	 	 
	 	[Certificateholder]
    [Beneficial Owner]





                    








	 	By:	 
















 





	 	Name:	 







 





	 	Title:	 







 





	 	Company:	 




 





	 	Phone:	 
	 	 	 



 






    	Exhibit K-2



    	 



    

 


EXHIBIT L


 


APPLICABLE SERVICING CRITERIA


 


The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). For the avoidance of doubt, for purposes of this
Exhibit L, other than with respect to Item 1122(d)(2)(iii), references to Servicer below shall include any Sub-Servicer engaged
by a Servicer or Special Servicer.


 


	 	Servicing
    Criteria 	applicable
    

    Servicing 

    Criteria
	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.	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.	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.	Servicer 

        Special
        Servicer

         

	 	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.	Servicer 

        Special
        Servicer


	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	N/A
	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.	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.	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 Exchange Act.	Servicer

    Special Servicer



 






    	Exhibit L-1



    	 



    

 




	 	Servicing
    Criteria 	applicable
    

    Servicing 

    Criteria
	Reference	Criteria	 
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	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.	Servicer

    Special Servicer
	 	Investor
    Remittances and Reporting	 
	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 Reporting Servicer.	N/A
	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.	N/A
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Servicer’s investor records, or such other number of
    days specified in the transaction agreements.	N/A
	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.	N/A
	 	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.	Servicer

    Special Servicer
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	N/A
	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.	Servicer

    Special Servicer
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the 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.	Servicer
	1122(d)(4)(v)	The
    Reporting Servicer’s records regarding the mortgage loans agree with the Reporting Servicer’s records with respect
    to an obligor’s unpaid principal balance.	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.	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



 






    	Exhibit L-2



    	 



    

 


	 	Servicing
    Criteria 	applicable
    

    Servicing 

    Criteria
	Reference	Criteria	 
	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).	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.	Servicer
	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.	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.	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.	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.	Servicer
	1122(d)(4)(xiv)	Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	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


 






    	Exhibit L-3



    	 



    

 


EXHIBIT M


 


NRSRO CERTIFICATION


 


[Date]


 


Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, MD 21045

Attention: CMBS – CSMC 2015-GLPB 


 


		Attention:	CSMC Trust 2015-GLPB Commercial Mortgage Pass-Through
Certificates, Series 2015-GLPB



 


In accordance with
the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Agreement”), by and among Credit Suisse
First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC,
as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo Bank, National Association,
as Trustee, entered into 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 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.



 






    	Exhibit M-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. 





	 	 	 	 	 
	 	Nationally Recognized Statistical Rating Organization
	 	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 	Company:  	 
	 	 	 
	 	Phone:	 	 
	 	 	 	 
	 	Email:	 	 







 






    	Exhibit M-2



    	 



    

  


ANNEX A


 


CONFIDENTIALITY AGREEMENT


 


This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with Credit Suisse First Boston Mortgage Securities Corp. (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 CSMC Trust 2015-GLPB, Commercial Mortgage Pass-Through Certificates,
Series 2015-GLPB (the “Certificates”) pursuant to the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust and Servicing Agreement”), by and among Credit Suisse First Boston Mortgage Securities Corp.,
as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank,
National Association, as Certificate Administrator and as Trustee, and the assets underlying or referenced by the Certificates,
including the identity of, and financial information with respect to borrowers, sponsors, guarantors, managers and lessees with
respect to such assets (together, the “Collateral”) to you (the “NRSRO”) through the website
of Wells Fargo Bank, National Association, as 17g-5 Information Provider under the Trust 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 Trust and Servicing Agreement). Information provided by each Furnishing Entity is labeled as provided by the
specific Furnishing Entity.


 


1. Definition of Confidential Information.
(a) 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 Trust and Servicing Agreement, including the status thereof;
provided, however, that the term Confidential Information shall not include information which:


 


(i) 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;


 


(ii) was or is lawfully obtained by you from
a source other than a Furnishing Entity or its representatives that (A) is reasonably believed by you to be under no obligation
to maintain the information as confidential and (B) provides it to you without any obligation to maintain the information
as confidential; or is independently developed by the NRSRO without reference to any Confidential Information.


 


2. Information to Be Held in Confidence.


 






    	Exhibit M-3



    	 



    

 


(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 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


 






    	Exhibit M-4



    	 



    

 


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. The NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.


 


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.


 


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 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.


 






    	Exhibit M-5



    	 



    

 


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:


  


[_____________]


 






    	Exhibit M-6



    	 



    




 


 



EXHIBIT N


 


FORM OF POWER OF ATTORNEY


 


When
recorded return to:





	[	 	]
	[	 	]
	[	 	]
	Attention: [ 	 	]









 


LIMITED POWER OF ATTORNEY 


 


Wells Fargo Bank, National Association,
a national banking association organized and existing under the laws of the United States and having an office at 9062 Old Annapolis
Road, Columbia, Maryland 21045, not in its individual capacity but solely as Trustee (in such capacity, the “Trustee”),
hereby constitutes and appoints [_________________] (“[_______________]”), and in its name, aforesaid Attorney-In-Fact,
by and through any officer appointed by the [Board of Directors] of [______________________], to execute and acknowledge in writing
or by facsimile stamp all documents customarily and reasonably necessary and appropriate for the tasks described in the items
(1) through (6) below; 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 Trust and Servicing Agreement dated as of December 22, 2015
(the “Agreement”) by and among Credit Suisse First Boston Mortgage Securities Corp. (the “Depositor”),
KeyBank National Association, as servicer (the “Servicer”), AEGON USA Realty Advisors, LLC, as special servicer
(the “Special Servicer”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”) and the Trustee in connection with the CSMC Trust 2015-GLPB, Commercial Mortgage
Pass-Through Certificates, Series 2015-GLPB and no power is granted hereunder to take any action that would be adverse to the
interests of Wells Fargo Bank, National Association.


 


This Limited Power of Attorney is being
issued in connection with the [Servicer] [Special Servicer]’s responsibilities to service the mortgage loan (the “Trust
Loan”) held by Wells Fargo Bank, National Association, as Trustee, and the related Companion Loans. The Whole Loan is
comprised of mortgages or deeds of trust (the “Mortgages” and “Deeds of Trust” respectively),
and other forms of security instruments (collectively, the “Security Instruments”) and the Notes secured thereby.
Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.


 


		1.	Demand, sue for, recover, collect and receive each and every sum of money, debt, account and interest
(which now is, or hereafter shall become due and payable) belonging to or claimed by Wells Fargo Bank, National Association, as
Trustee, and to use or take any lawful means for recovery by legal process or otherwise, including but not limited to the substitution
of trustee serving under a Deed of Trust, the preparation and issuance of statements of breach, notices of default, and/or notices
of sale, taking deeds in lieu of 



 






    	Exhibit N-1



    	 



    

  


			 foreclosure, evicting (to the extent allowed by federal, state or local laws) and foreclosing
on the properties under the Security Instruments.



 


		2.	Execute and/or file such documents and take such other action as is proper and necessary to defend
Wells Fargo Bank, National Association, as Trustee, in litigation and to resolve any litigation where the [Servicer] [Special Servicer]
has an obligation to defend Wells Fargo Bank, National Association, as Trustee.



 


		3.	Obtain an interest in the Property and/or building thereon, as Wells Fargo Bank, National Association,
Trustee’s act and deed, to contract for, purchase, receive and take possession and evidence of title in and to the property
and/or to secure payment of a promissory note or performance of any obligation or agreement.



 


		4.	Execute bonds, notes, Mortgages, Deeds of Trust and other contracts, agreements and instruments
regarding the Loan Borrowers and/or the Properties, including but not limited to the execution of estoppel certificates, financing
statements, continuation statements, releases, satisfactions, assignments, loan modification agreements, loan assumption agreements,
subordination agreements, property adjustment agreements, non-disturbance and attornment agreements, leasing agreements, management
agreements, listing agreements, purchase and sale agreements, and other instruments pertaining to Mortgages or Deeds of Trust,
and execution of deeds and associated instruments, if any, conveying the Properties, in the interest of Wells Fargo Bank, National
Association, as Trustee.



 


		5.	Endorse on behalf of the undersigned all checks, drafts and/or other negotiable instruments made
payable to the undersigned and draw upon, replace, substitute, release or amend letters of credit as property securing the Whole
Loan.



 


		6.	Such other actions and file such other instruments and certifications as are reasonably necessary
to complete or accomplish the [Servicer] [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 as of [date]. 


 


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.


 


The [Servicer] [Special Servicer]
hereby agrees to indemnify and hold Wells Fargo Bank, National Association, as 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 misuse of this Limited Power of Attorney by the [Servicer] [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 Wells Fargo Bank, National Association, as Trustee under the Agreement.


 






    	Exhibit N-2



    	 



    

 





IN WITNESS WHEREOF,
Wells Fargo Bank, National Association, as Trustee has caused these presents to be signed and acknowledged in its name and behalf
by a duly elected and authorized signatory this ___ day of ___________, 20___.


 





	 	Wells Fargo Bank, National Association,
	 	as Trustee, for CSMC Trust 2015-GLPB, Commercial Mortgage Pass-Through Certificates, Series 2015-GLPB
	 	 
	 	By:   	 
	 	 	Name:
	 	 	Title:



 






    	Exhibit N-3



    	 



    

   





	Witness:	 
	 	 
	Witness:	 



  


State of _________} 


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 ________ that the foregoing paragraph is true and correct.


 


Witness
my hand and official seal.


 





	 	 



 


Notary signature


 






    	Exhibit N-4



    	 



    

 


EXHIBIT O


 


FORM OF ERISA REPRESENTATION LETTER


 


[Date]


 


Wells Fargo Bank, National
Association,

as Certificate Registrar 


Marquette Avenue and Sixth
Street 


Minneapolis, Minnesota 55479-0113

Attention: (CMBS) - CSMC Trust 2015-GLPB 


 


Wells Fargo
Bank, National Association,

as Certificate Administrator 


9062 Old Annapolis Road 


Columbia, MD 21045 


Attention: Corporate Trust (CMBS) – CSMC Trust 2015-GLPB


 


[Transferor] 


[______] 


[______] 


Attention: [______]


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage Pass-Through Certificates, Series
2015-GLPB



 


Ladies and Gentlemen:


 


The undersigned (the
“Purchaser”) proposes to purchase [[_____]% Percentage Interest][[$_____] Initial Notional Amount] of CSMC
Trust 2015-GLPB, Commercial Mortgage Pass-Through Certificates, Series 2015-GLPB, [Class R][Class X-B] Certificates (the “Certificate”)
issued pursuant to that certain Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust Agreement”),
by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON
USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo
Bank, National Association, as Trustee. Capitalized terms used and not otherwise defined herein have the respective meanings ascribed
to such terms in the Trust Agreement.


 


In connection with such
transfer, the undersigned hereby represents and warrants to you that, with respect to the Certificate, the Purchaser is not and
will not become an employee benefit plan or other plan subject to the fiduciary responsibility provisions of the Employee Retirement
Income Security Act 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) that is subject to any federal,
state or local law that is, to a material extent, similar to the foregoing provisions of ERISA or the Code (“Similar Law”)
(each, a “Plan”), or


 






    	Exhibit O-1



    	 



    

 


any
person acting on behalf of any such Plan or using the assets of a Plan to purchase such Certificate.


 


IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____, ____.


 


	 	Very truly yours,
	 	 
	 	[The
Purchaser]
	 	 
	 	By:  	 
	 	 	Name:
Title:



 



    	Exhibit O-2



    	 



    

 


EXHIBIT P 


[RESERVED]


 






    	Exhibit P-1



    	 



    

 


EXHIBIT Q


 


FORM OF ONLINE VENDOR 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. If you represent a Vendor Provider not listed herein and would like access to the information, please contact
CTSLink at 866-846-4526, or at ctslink.customerservice@wellsfargo.com.


 


In connection with
the CSMC Trust 2015-GLPB, Commercial Mortgage Pass-Through Certificates, Series 2015-GLPB (the “Certificates”),
the undersigned hereby certifies and agrees as follows:


 


1.          The undersigned
is an employee or agent of Bloomberg Financial Markets, L.P., Trepp, LLC or Intex Solutions, Inc., a market data provider that
has been given access to the Distribution Date Statements, CREFC reports and supplemental notices on www.ctslink.com (“CTSLink”)
by request of the Depositor.


 


2.          The undersigned
agrees that each time it accesses CTSLink, the undersigned is deemed to have recertified that the representation above remains
true and correct.


 


3.          The undersigned
acknowledges and agrees that the provision to it of information and/or reports on CTSLink is for its own use only, and agrees that
it will not disseminate or otherwise make such information available to any other person without the written consent of the Depositor,
and any confidentiality agreement applicable to the undersigned with respect to information obtained from the Depositor’s
17g-5 Website shall also be applicable to information obtained from CTSLink.


 


4.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement, dated as
of December 22, 2015, by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and Wells Fargo Bank, National Association, as Trustee.


 


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.


 






    	Exhibit Q-1



    	 



    

 





	 	 	 	 	 
	 	[                   ]
	 	 	 	 	 
	 	By:	 	 	 	 
	 	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 	Company:  	 
	 	 	 
	 	Phone:	 	 







 







    	Exhibit Q-2



    	 



    

 


EXHIBIT R


 


FORM OF NOTICE OF MEZZANINE COLLATERAL
FORECLOSURE


 


Wells Fargo Bank, National Association,

               as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045


 





		Re:	CSMC Trust
                                         2015-GLPB, Commercial Mortgage Pass-Through Certificates, Series 2015-GLPB


          


In accordance with
the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Agreement”), by and among Credit Suisse
First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC,
as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo Bank, National Association,
as Trustee, with respect to the above-referenced certificates, the undersigned hereby notifies you that [an event of default has
occurred giving rise to an automatic acceleration of a Mezzanine Loan] [[an event of default has occurred giving rise to the right
of the lender thereunder to accelerate a Mezzanine Loan] [Mezzanine Lender][other mezzanine lender] has accelerated such [Mezzanine
Loan][other mezzanine loan] [has commenced foreclosure or similar proceedings against the related mezzanine collateral], as described
below:


 


[__________________]1


 


As set forth in the
Trust and Servicing Agreement, you are required to cause the Mezzanine Lender to re-submit any Investor Certification previously
delivered by the Mezzanine Lender, prior to allowing it access to the information on your Internet website, to the extent such
information is accessible only to Privileged Persons.


 


Capitalized terms used
but not defined herein shall have the meanings ascribed thereto in the Trust and Servicing Agreement.


 





	 	[SPECIAL SERVICER]	 
	 	 	 
	 	Name:	 
	 	Title:	 



 





 






1 If
this Exhibit R is being submitted with respect to a subordinate mezzanine lender other than a Mezzanine Lender in connection
with another subordinate mezzanine loan secured by equity interests in the Loan Borrowers or other owner of the Property, replace
the bracketed text with a description of the applicable mezzanine financing agreement under which such other mezzanine lender
is pursuing remedies.


 











    	Exhibit R-1



    	 



    

 


EXHIBIT S


 


ADDITIONAL FORM 10-D DISCLOSURE


 


Solely in the event
that a Companion Loan is included in an Other Securitization Trust which is subject to the Exchange Act reporting requirements
of Regulation AB, 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 11.4 of the Trust and Servicing Agreement to disclose to each Other Depositor and Other Exchange
Act Reporting Party to which such information is relevant for Exchange Act reporting purposes 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 net operating income information, financial statements, annual operating statements, budgets and/or rent rolls
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 Trustee, the Servicer and the Special Servicer (in its capacity as such) shall be entitled
to rely on the accuracy of the Offering Circular and prospectus supplement related to an Other Securitization Trust (other than
information with respect to itself that is set forth in or omitted from the Offering Circular or such prospectus supplement),
in the absence of specific written notice to the contrary from the Depositor or a Loan Seller. Each of the Certificate Administrator,
the Trustee, the 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 or property identified as such in the prospectus supplement related
to an Other Securitization Trust and to assume that no other party or property will constitute a “significant obligor”
after the Cut-off Date. In no event shall the Servicer or the Special Servicer be required to provide any information for inclusion
in a Form 10-D that relates to the Trust Loan if the Servicer or the Special Servicer is not the Servicer or the Special Servicer
of the Trust Loan, as the case may be. For this CSMC Trust 2015-GLPB and any Other Securitization Trust, each of the Certificate
Administrator, the Trustee, the 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. 


 


	Item on Form 10-D	Party Responsible 
	
        Item 1: Distribution and Pool Performance
Information

         

        Any information required by Item
1121 of Regulation AB which is NOT included on the Distribution Date Statement
	
        Certificate Administrator 

        Depositor 

        Servicer

(only with respect to Item 1121(a)(12)

as to non-Specially Serviced Loans) 

        Special Servicer

(only with respect to Item 1121(a)(12)

as to Specially Serviced Loans) 

	
        Item 2: Legal Proceedings

         

        per Item 1117 of Regulation AB
	(i) All parties to the Trust and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Servicer and the Special Servicer



 






    	Exhibit S-1



    	 



    

 


	 	 as to the Trust (in the case of the Servicer and the Special Servicer, to be reported by the party controlling such litigation), (iv) each Sponsor as to itself and as to each 1110(b) originator and 1100(d)(1) party relating to the Trust Loan sold by such Sponsor to the Depositor, (v) the Depositor (as to any party under Item 1100(d)(1) of Regulation AB)
	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	
        Servicer (excluding information
for which the Special Servicer is the “Party Responsible”) 

        Special Servicer (as to REO Properties) 

	Item 7:  Significant Enhancement Provider Information	Depositor
	Item 8:  Other Information	Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item 9:  Exhibits	
        Certificate Administrator (as to
the Distribution Date Statement) 

        Depositor 






 






    	Exhibit S-2



    	 



    

 


EXHIBIT T


 


ADDITIONAL FORM 10-K DISCLOSURE


 


Solely in the event
that a Companion Loan is included in an Other Securitization Trust which is subject to the Exchange Act reporting requirements
of Regulation AB, 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 11.5 of the Trust and Servicing Agreement to disclose to each Other Depositor and Other Exchange
Act Reporting Party to which such information is relevant for Exchange Act reporting purposes 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 net operating income information, financial statements, annual operating statements, budgets and/or rent rolls
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 Trustee, the Servicer and the Special Servicer (in its capacity as such) shall be entitled
to rely on the accuracy of the Offering Circular and prospectus supplement related to an Other Securitization Trust (other than
information with respect to itself that is set forth in or omitted from the Offering Circular or such prospectus supplement),
in the absence of specific written notice to the contrary from the Depositor or the Loan Seller. Each of the Certificate Administrator,
the Trustee, the 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 or property identified as such in the prospectus supplement related
to an Other Securitization Trust and to assume that no other party or property will constitute a “significant obligor”
after the Cut-off Date. In no event shall the Servicer or the Special Servicer be required to provide any information for inclusion
in a Form 10-K that relates to the Trust Loan if the Servicer or the Special Servicer is not the applicable Servicer or Special
Servicer of the Trust Loan, as the case may be. For this CSMC Trust 2015-GLPB and any Other Securitization Trust, each of the
Certificate Administrator, the Trustee, the 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. 


 


	Item on Form 10-K	Party Responsible 
	
        Item 1B: Unresolved Staff Comments

         
	Depositor
	Item 9B:  Other Information	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 1117 of Regulation
AB
	(i) All parties to the Trust and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Servicer, the Depositor and the Special 



 






    	Exhibit T-1



    	 



    

 


	 	Servicer as to the Trust (in the case of the Servicer, the Depositor and the Special Servicer, to be reported by the party controlling such litigation), (iv) each Sponsor as to itself and as to each 1110(b) originator and 1100(d)(1) party relating to the Trust Loan sold by such Sponsor to the Depositor, (v) the Depositor (as to any party under Item 1100(d)(1) of Regulation AB)
	
        Additional Item: 

        Disclosure per Item 1119 of Regulation AB

         
	(i) All parties to the Trust and Servicing Agreement as to themselves (in the case of the Servicer, only as to 1119(a) affiliations with Significant Obligors identified in the Trust and Servicing Agreement, the Trustee, the Certificate Administrator, the Special Servicer or a sub-servicer described in 1108(a)(3) and, in the case of the Special Servicer, only as to 1119(a) affiliations with Significant Obligors identified in the Trust and Servicing Agreement, the Trustee, the Certificate Administrator, the Servicer or a sub-servicer described in 1108(a)(3)), (ii) the Depositor (as to the Trust), (iii) each Sponsor as to itself and as to each 1110(b) originator and 1100(d)(1) party relating to the Trust Loan sold by such Sponsor to the Depositor, (iv) the Depositor as to the enhancement or support provider, (v) the Depositor (as to any party under Item 1100(d)(1) of Regulation AB)
	
        Additional Item: 

        Disclosure per Item 1112(b) of
Regulation AB
	
        Servicer (excluding information
for which the Special Servicer is the “Party Responsible”)

        Special Servicer (as to REO Properties) 

	
        Additional Item: 

        Disclosure per Items 1114(b)(2)
and 1115(b) of Regulation AB
	Depositor


 






    	Exhibit T-2



    	 



    

 


EXHIBIT U


 


FORM 8-K DISCLOSURE INFORMATION


 


Solely in the event
that a Companion Loan is included in an Other Securitization Trust which is subject to the Exchange Act reporting requirements
of Regulation AB, 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 11.6 of the Trust and Servicing Agreement to report to each Other Depositor and Other Exchange
Act Reporting Party to which such information is relevant for Exchange Act reporting purposes 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 Trustee, the Servicer
and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Offering Circular and prospectus
supplement related to an Other Securitization Trust (other than information with respect to itself that is set forth in or omitted
from the Offering Circular or such prospectus supplement), in the absence of specific written notice to the contrary from the
Depositor or the Loan Seller. Each of the Certificate Administrator, the Trustee, the 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
or property identified as such in the prospectus supplement related to an Other Securitization Trust and to assume that no other
party or property will constitute a “significant obligor” after the Cut-off Date. In no event shall the Servicer or
the Special Servicer be required to provide any information for inclusion in a Form 8-K that relates to the Trust Loan if the
Servicer or the Special Servicer is not the applicable Servicer or Special Servicer of the Trust Loan, as the case may be. For
this CSMC Trust 2015-GLPB and any Other Securitization Trust, each of the Certificate Administrator, the Trustee, the 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. 


 


	Item on Form 8-K	Party Responsible 
	Item 1.01- Entry into a Material Definitive Agreement	
        Servicer, Special Servicer and
the Trustee (in the case of the Servicer, Special Servicer and the Trustee, only as to agreements it is a party to or entered
into on behalf of the Trust) Certificate Administrator (other than as to agreements to which the Depositor (and no other party to the Trust and Servicing Agreement)
is a party) Depositor 

	Item 1.02- Termination of a Material Definitive Agreement	
        Servicer, Special Servicer and
the Trustee (in the case of the Servicer, Special Servicer and the Trustee, only as to agreements it is a party to or entered
into on behalf of the Trust) Certificate Administrator (other
than as to agreements to which the Depositor (and no 




 






    	Exhibit U-1



    	 



    

 


	 	other party to the Trust and Servicing Agreement) is a party)

        Depositor
	Item 1.03- Bankruptcy or Receivership	Depositor

Each Sponsor as to itself
	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	Depositor

Certificate Administrator
	Item 3.03- Material Modification to Rights of Security Holders	Certificate Administrator
	Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year	Depositor
	Item 6.01- ABS Informational and Computational Material	Depositor
	Item 6.02- Change of Servicer, Special Servicer or Trustee	
        Servicer (as to itself or a servicer
retained by it) 

        Special Servicer (as to itself
or a servicer retained by it) 

        Trustee

Certificate Administrator

Depositor 

	Item 6.03- Change in Credit Enhancement or External Support	Depositor

Certificate Administrator
	Item 6.04- Failure to Make a Required Distribution	Certificate Administrator
	Item 6.05- Securities Act Updating Disclosure	Depositor
	Item 7.01- Regulation FD Disclosure	Depositor
	Item 8.01	Depositor
	Item 9.01	Depositor


 



    	Exhibit U-2



    	 



    




 


EXHIBIT V


 


ADDITIONAL DISCLOSURE NOTIFICATION


 


**SEND VIA FAX TO 410-715-2380 AND VIA EMAIL TO cts.sec.notifications@wellsfargo.com
AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**


 


Wells Fargo Bank, National
Association,

as Certificate Administrator 


Marquette Avenue and Sixth
Street 


Minneapolis, Minnesota 55479-0113

Attention: Certificate Transfers (CMBS) - CSMC Trust 2015-GLPB


 


RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required


 


Ladies and Gentlemen:


 


In accordance with Section
[11.4] [11.5] [11.6] of the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust and Servicing Agreement”),
by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON
USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo
Bank, National Association, as Trustee, 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:


 


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: Depositor


 






    	Exhibit V-1



    	 



    

 


EXHIBIT W


 


INITIAL SUB-SERVICERS


 


None.


 






    	Exhibit W-1



    	 



    

 


EXHIBIT X


 


FORM OF BACK-UP CERTIFICATION


 


CSMC Trust 2015-GLPB (the “Trust”)


 


I, [identify the certifying
individual], a [identify position] of [identify party], as [identify role] under
that certain Trust and Servicing Agreement dated as of December 22, 2015 (the “Trust and Servicing Agreement”),
by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON
USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo
Bank, National Association, as Trustee, on behalf of the [identify role], 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 [identify role] to the applicable
Other Exchange Act Reporting Party pursuant to the Trust 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 “Reports”) have been submitted
by the [identify role] to the Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion
in these reports;



 


		2.	Based on my knowledge, the [identify role] information contained in the 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 [identify role] under the Trust 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 [identify
role], and except as disclosed in the compliance certificate delivered by the [identify role] under Section 11.7 of the Trust and
Servicing Agreement, the [identify role] has fulfilled its obligations under the Trust 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 [identify role] with respect to the Trust’s fiscal year _____ have been
provided all information relating to the [identify role] 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 [identify role]
for asset-backed securities with respect to the [identify role] or any Servicing 



 






    	Exhibit X-1



    	 



    

 


		 	 Function Participant retained by the [identify
role] 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 Trust and Servicing Agreement.


 


Date: ________________


 








	 	[IDENTIFY
PARTY]	 
	 	 	 	 
	 	By: 	 
	 	 	Name:	 
	 	 	Title:	 



 






    	Exhibit X-2



    	 



    

  


 






EXHIBIT Y-1


 


FORM OF INVESTOR CERTIFICATION FOR
NON-BORROWER AFFILIATE


 


[Date]


 


	
        

KeyBank National Association 

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Diane Haislip

         
	AEGON USA Realty Advisors, LLC,

4333 Edgewood Road NE,

Cedar Rapids, IA  52499

Attention:  Vice President, Special Servicing
	
        Wells Fargo Bank,
National Association 

        9062 Old Annapolis Road 

        Columbia, Maryland 21045-1951 

        Attention: CMBS – CSMC Trust 2015-GLPB 
	 


  


		Attention:	Corporate Trust Services (CMBS) – CSMC Trust 2015-GLPB, Commercial
Mortgage Pass-Through Certificates, Series 2015-GLPB



 


In accordance with the
requirements for obtaining certain information under, or the exercise of Voting Rights pursuant to the Trust and Servicing Agreement,
dated as of December 22, 2015 (the “Agreement”), by and among Credit Suisse First Boston Mortgage Securities
Corp., as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo
Bank, National Association, as Certificate Administrator and Wells Fargo Bank, National Association, as Trustee, 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] [prospective purchaser] of the Class ___ Certificates] [a Companion Loan Holder] [the
Controlling Class Representative]1 [a holder of [___]% of the Controlling Class, by Certificate Balance].


 


2.            The undersigned
is not a Borrower Related Party.


 


3.            The undersigned
has received a copy of the final Offering Circular.2


 


4.            The undersigned
is requesting access pursuant to the Agreement to certain information (the “Information”) on the Certificate
Administrator’s Website and/or is requesting


 





 






1
Only required during a Controlling Class Control Period or Controlling Class Consultation Period. 


2 Only
required for a certificateholder, a beneficial owner, a Companion Loan Holder or the Controlling Class Representative. 







 






    	Exhibit Y-1-1



    	 



    

 


the
information identified on the schedule attached hereto (also, the “Information”) pursuant to the provisions
of the Trust and Servicing Agreement, provided, however, that the confidentiality requirement detailed below 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.


 


In consideration of
the disclosure to the undersigned of the Information, or the access thereto, the undersigned will 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 will not, without the prior written consent of the Servicer or Certificate Administrator, as
applicable, 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.


 


The undersigned will
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 officers, directors, partners, employees, agents
or representatives (collectively, the “Representatives”) and shall indemnify the Depositor, the Certificate
Administrator, the Trustee, the Servicer, the Special Servicer 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 Related Party with respect to the Trust Loan, the undersigned shall deliver the certification attached
as Exhibit Y-2 to the Agreement and shall deliver to the applicable parties the notice attached as Exhibit Y-3 and
Exhibit Y-4 to the Agreement.


 


7.            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 hereby agrees that it (i) will not directly or indirectly provide such Excluded
Information to (A) the Loan Borrowers, (B) any Borrower Affiliate, (C) any employees or personnel of the undersigned, (D) any Affiliate
involved in the management of any investment in the Loan Borrowers or the Property or (E) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the Loan Borrowers, 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.


 


8.            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.


 






    	Exhibit Y-1-2



    	 



    

 


9.            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.


 


10.          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.


 





	 	 	 	 	 
	 	[Certificateholder][Companion
Loan 

Holder][Beneficial Owner][Prospective 

Purchaser][The Controlling Class 

Representative][a Controlling Class 

Certificateholder]
	 	 	 	 	 
	 	By:	 	 	 	 
	 	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 	Company:  	 
	 	 	 
	 	Phone:	 	 







 






    	Exhibit Y-1-3



    	 



    

  


EXHIBIT Y-2


 


FORM OF INVESTOR CERTIFICATION FOR
BORROWER AFFILIATE


 


[Date]


 


	
         

        KeyBank National Association 

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Diane Haislip

         
	AEGON USA Realty Advisors, LLC,

4333 Edgewood Road NE,

Cedar Rapids, IA  52499

Attention:  Vice President, Special Servicing
	
        Wells Fargo Bank,
National Association 

        9062 Old Annapolis Road 

        Columbia, Maryland 21045-1951 

        Attention: CMBS – CSMC Trust 2015-GLPB 
	 


  


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage Pass-Through Certificates, Series 2015-GLPB



 


In accordance with
Section 8.14(b) of, and the requirements for obtaining certain information under, or the exercise of Voting Rights pursuant
to, the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Agreement”), by and among Credit
Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors,
LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo Bank, National Association,
as Trustee, 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] [prospective purchaser] of the Class ___ Certificates] [a Companion Loan Holder] [the
Controlling Class Representative]1 [a holder of [___]% of the Controlling Class, by Certificate Balance].


 


2.            The undersigned
is a Borrower Related Party. 


 


3.            The undersigned
has received a copy of the final Offering Circular.2


 


4.            Except with
respect to the Excluded Information, the undersigned is requesting access pursuant to the Agreement to certain information (the
“Information”) on the Certificate Administrator’s Website.


 





 






1
Only required during a Controlling Class Control Period or Controlling Class Consultation Period. 


2 Only
required for a certificateholder, a beneficial owner, a Companion Loan Holder or the Controlling Class Representative.


 






    	Exhibit Y-2-1



    	 



    

  


In consideration of
the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with its holding or 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 will not, without the prior written consent of the Trustee, 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.


 


The undersigned will
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.


 


6.            The undersigned
hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined in the
Agreement) relating to the Whole Loan 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 Agreement.


 


7.            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 Servicer, the Special Servicer 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.


 


8.            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 hereby agrees that it (i) will not directly or indirectly provide such Excluded
Information to (A) the Loan Borrowers, (B) any Borrower Affiliate, (C) any employees or personnel of the undersigned, (D) any Affiliate
involved in the management of any investment in the Loan Borrowers or the Property or (E) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the Loan Borrowers, 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.


 


9.            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.


 


10.          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.


 


11.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.


 






    	Exhibit Y-2-2



    	 



    

 


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 day and year written above.


 








	 	 	 	 	 
	 	[Certificateholder][Companion
Loan 

Holder][Beneficial Owner][Prospective 

Purchaser][The Controlling Class 

Representative][a Controlling Class 

Certificateholder]
	 	 	 	 	 
	 	By:	 	 	 	 
	 	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 	Company:  	 







 







    	Exhibit Y-2-3



    	 



    

  



 


EXHIBIT Y-3


 


FORM OF NOTICE OF BORROWER AFFILIATE


 


[Date]


 


	
        KeyBank National Association 

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Diane Haislip

         
	AEGON USA Realty Advisors, LLC,

4333 Edgewood Road NE,

Cedar Rapids, IA  52499

Attention:  Vice President, Special Servicing
	
        Wells Fargo Bank,
National Association 

        9062 Old Annapolis Road 

        Columbia, Maryland 21045-1951 

        Attention: CMBS – CSMC Trust 2015-GLPB 
	 


 


		Re:	CSMC Trust 2015-GLPB, Commercial
                                         Mortgage Pass-Through Certificates, Series 2015-GLPB



 


THIS NOTICE IDENTIFIES A “BORROWER RELATED
PARTY” RELATING TO THE CSMC TRUST 2015-GLPB, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2015-GLPB REQUIRING ACTION
BY YOU AS THE RECIPIENT PURSUANT TO SECTION 8.14(b) OF THE TRUST AND SERVICING AGREEMENT.


 


In accordance with Section 8.14(b) of the
Trust and Servicing Agreement, dated as of December 22, 2015 (the “Agreement”), by and among Credit Suisse First
Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo Bank, National Association, as Trustee,
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] [prospective purchaser] of the Class ___ Certificates] [a Companion Loan Holder] [the Controlling Class Representative]
[a holder of [___]% of the Controlling Class, by Certificate Balance], as of the date hereof.


 


2.            The undersigned has become a Borrower
Related Party.


 


3.            The undersigned hereby requests termination
of access to any Excluded Information relating to the Whole Loan. The undersigned acknowledges that it is not permitted to access
and shall not access any Excluded Information related to the Whole Loan and made available on the Certificate Administrator’s
Website or otherwise pursuant to the Agreement unless and until it (i) is no longer a Borrower Affiliate, (ii) has delivered notice
of the


 






    	Exhibit Y-3-1



    	 



    

 


termination
of the related Borrower Affiliate status and (iii) has submitted a new Investor Certification in accordance with Section 8.14(b)
of the Agreement.


 


4.            The undersigned agrees to indemnify
and hold harmless each party to the Agreement, 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 Whole Loan.


 


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.            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.


 


Capitalized terms used but not defined herein
have the respective meanings given to them 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.


 





	 	[Certificateholder][Companion
Loan 

Holder][Beneficial Owner][Prospective 

Purchaser][The Controlling Class Representative][a 

Controlling Class Certificateholder]	 
	 	 	 	 
	 	By:	 	 
	 	Name:

Title:

Phone:

Email:	 	 



 






    	Exhibit Y-3-2



    	 



    

 





EXHIBIT Y-4


 


FORM OF NOTICE OF BORROWER AFFILIATE
TO CERTIFICATE ADMINISTRATOR


 


[Date]


 


	
        Via: Email

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – CSMC Trust 2015-GLPB

        cts.cmbs.bond.admin@wellsfargo.com

         

        with a copy to:

         

        Wells Fargo Bank, National Association

        8480 Stagecoach Circle

        Frederick, Maryland 21701-4747

        Attention: CSMC Trust 2015-GLPB

         



		Re:	Trust and Servicing Agreement (“Trust and Servicing Agreement”)
relating to CSMC Trust 2015-GLPB, Commercial Mortgage Pass-Through Certificates, Series 2015-GLPB



 


In accordance with Section 8.14(b) of the
Trust 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 [a [certificateholder]
[beneficial owner] [prospective purchaser] of the Class ___ Certificates] [a Companion Loan Holder] [the Controlling Class Representative]
[a holder of [___]% of the Controlling Class, by Certificate Balance] as of the date hereof.


 


2.            The undersigned has become a Borrower
Related Party with respect to the Whole Loan.


 


3.            The following USER IDs for CTSLink
are affiliated with the undersigned and access to any information on the Certificate Administrator’s Website with respect
to the CSMC Trust 2015-GLPB securitization trust should be revoked as to such users:


 





	 	 
	 	 
	 	 



 






    	Exhibit Y-4-1



    	 



    

 


	 	 



 


4.            The undersigned acknowledges that it
is not permitted to access and shall not access any Excluded Information with respect to the Whole Loan on the Certificate Administrator’s
website unless and until it (i) is no longer a Borrower Affiliate with respect to the Whole Loan, (ii) has delivered notice of
the related Borrower Affiliate status and (iii) has submitted an investor certification in the form of Exhibit Y-2 to the
Trust and Servicing Agreement.


 


Capitalized terms used but not defined herein
have the respective meanings given to them in the Trust and Servicing 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.


 








	 	[Certificateholder][Companion
Loan 

Holder][Beneficial Owner][Prospective 

Purchaser][The Controlling Class Representative][a 

Controlling Class Certificateholder]	 
	 	 	 	 
	 	 	 	 
	 	Name:

Title:

Phone:

Email:

Address:	 	 



 


The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.


 


WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator





 





	 	 



Name:


 






    	Exhibit Y-4-2



    	 



    

 


EXHIBIT Y-5


 


FORM OF CERTIFICATION OF THE CONTROLLING
CLASS REPRESENTATIVE 


	 	 
	
        KeyBank National Association 

        11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Diane Haislip
	
        AEGON USA Realty Advisors, LLC,

4333 Edgewood Road NE,

Cedar Rapids, IA 52499

Attention: Vice President, Special Servicing

         

	
        Wells Fargo Bank,
National Association 

        9062 Old Annapolis Road 

        Columbia, Maryland 21045-1951 

        Attention: CMBS – CSMC Trust 2015-GLPB

         
	Credit Suisse First Boston Mortgage Securities Corp.

11 Madison Avenue

New York, New York 10010

Attention: Chuck Lee


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage Pass-Through
Certificates, Series 2015-GLPB



 


In accordance with
Section 8.14(b) of the Trust and Servicing Agreement, dated as of December 22, 2015 (the “Agreement”),
by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National Association, as Servicer, AEGON
USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Wells Fargo
Bank, National Association, as Trustee, with respect to the above-referenced certificates (the “Certificates”),
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 Related Party.


 


3.            If the undersigned
becomes a Borrower Related Party with respect to the Whole Loan, the undersigned agrees to and shall deliver the certification
attached as Exhibit Y-2 to the Trust and Servicing Agreement and shall deliver to the applicable parties the notice attached
as Exhibit Y-3 and Exhibit Y-4 to the Trust and Servicing Agreement.


 


4.            [[For
each certification other than the Closing Date certification]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 Trust and Servicing Agreement to
each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.]


 


5.            Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Trust 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.]


 






    	Exhibit Y-5-1



    	 



    

 





	 	[The Controlling Class Representative]
	 	 	 
	 	By: 	 
	 	 	Title:

Company:

Phone:



 






    	Exhibit Y-5-2



    	 



    

  


EXHIBIT Z-1


 


FORM OF TRANSFEROR CERTIFICATE FOR
TRANSFER OF EXCESS SERVICING FEE RIGHTS


 


[Date]


 


Credit Suisse First Boston
Mortgage Securities Corp.

11 Madison Avenue

New York, New York 10010

Attention: Chuck Lee


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage
                                         Pass-Through Certificates, Series 2015-GLPB



 


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 Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust
and Servicing Agreement”), by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National
Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator and Wells Fargo Bank, National Association, as Trustee. All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Trust and Servicing Agreement. The Transferor 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 (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.


 






    	Exhibit Z-1-1



    	 



    

 








	 	Very truly yours,
	 	 	 
	 	By: 	 
	 	 	Name:

        Title:
 




 






    	Exhibit Z-1-2



    	 



    

 


EXHIBIT Z-2


 


FORM OF TRANSFEREE CERTIFICATE FOR
TRANSFER OF EXCESS SERVICING FEE RIGHTS


 


[Date]


 


Credit Suisse First Boston
Mortgage Securities Corp.

11 Madison Avenue

New York, New York 10010

Attention: Chuck Lee


 


KeyBank National Association 


11501 Outlook Street, Suite
300

Overland Park, Kansas 66211

Attention: Diane Haislip


 


		Re:	CSMC Trust 2015-GLPB, Commercial Mortgage
                                         Pass-Through Certificates, Series 2015-GLPB



 


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 Trust and Servicing Agreement, dated as of December 22, 2015 (the “Trust
and Servicing Agreement”), by and among Credit Suisse First Boston Mortgage Securities Corp., as Depositor, KeyBank National
Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator and Wells Fargo Bank, National Association, as Trustee. All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Trust and Servicing Agreement. The Transferee hereby certifies, represents
and warrants to you, as the Depositor and the Servicer, that:


 


1.           The Transferee
is acquiring the right to receive Excess Servicing Fees (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


 






    	Exhibit Z-2-1



    	 



    

 


and
qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit Z-1 to the Trust and Servicing Agreement, and (B) each of KeyBank National Association and the Depositor have
received a certificate from the prospective transferee substantially in the form attached as Exhibit Z-2 to the Trust 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 3.17(a) of the Trust 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 Trust and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing of
the Whole Loan, 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 Trust and Servicing Agreement,
and made available to it,


 






    	Exhibit Z-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 (collectively,
“Representatives”) not to disclose such information, in any manner whatsoever, in whole or in part, to any
other Person other than the Transferee’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 Person or has become generally available to the public other than as a result of disclosure by such Person;
provided, however, that the Transferee or any of its Representatives 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 other 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 other 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 Trust and Servicing Agreement
except as set forth in Section 3.17(a) of the Trust and Servicing Agreement, and that the Excess Servicing Fee Rate may be reduced
to the extent provided in the Trust and Servicing Agreement.


 











	 	Very truly yours,
	 	 	 
	 	By: 	 
	 	 	Name:

        Title:
 




 






    	Exhibit Z-2-3