Exhibit 4.1


 


 





 


CITIGROUP
COMMERCIAL MORTGAGE SECURITIES INC.,

Depositor,


 


WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Master Servicer,


 


LNR
Partners, LLC,

Special Servicer,


 


Park
Bridge Lender Services LLC,

Operating Advisor,


 


CITIBANK,
N.A.,

Certificate Administrator,


 


and


 


DEUTSCHE
BANK TRUST COMPANY AMERICAS,

Trustee


 


and


 


WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Custodian


 





 



 


POOLING
AND SERVICING AGREEMENT

Dated as of August 1, 2015


 





 



  


Commercial
Mortgage Pass-Through Certificates

Series 2015-P1


 






     


     

    

 


TABLE OF CONTENTS


	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE I
	 	 	 	 	 
	DEFINITIONS
	 	 	 	 	 
	Section 1.01	 	Defined Terms	 	4
	Section 1.02	 	Certain Calculations	 	117
	Section 1.03	 	Certain Constructions	 	121
	 
	ARTICLE II
	 
	
        CONVEYANCE OF MORTGAGE LOANS;

        ORIGINAL ISSUANCE OF CERTIFICATES

	 	 	 	 	 
	Section 2.01	 	Conveyance of Mortgage Loans	 	122
	Section 2.02	 	Acceptance by the Trustee, the Custodian and the Certificate Administrator	 	126
	Section 2.03	 	Mortgage Loan Sellers’ Repurchase, Substitution or Cures
of Mortgage Loans for Document Defects in Mortgage Files and Breaches of Representations and Warranties	 	128
	Section 2.04	 	Representations and Warranties of the Depositor	 	136
	Section 2.05	 	Representations, Warranties and Covenants of the Master Servicer	 	138
	Section 2.06	 	Representations, Warranties and Covenants of the Special Servicer	 	140
	Section 2.07	 	Representations and Warranties of the Trustee	 	141
	Section 2.08	 	Representations and Warranties of the Certificate Administrator	 	143
	Section 2.09	 	Representations, Warranties and Covenants of the Operating Advisor	 	144
	Section 2.10	 	Representations and Warranties of the Custodian	 	146
	Section 2.11	 	Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests	 	147
	Section 2.12	 	Miscellaneous REMIC and Grantor Trust Provisions	 	148
	 	 	 	 	 
	ARTICLE III
	 	 	 	 	 
	
        ADMINISTRATION AND SERVICING

        OF THE MORTGAGE LOANS

	 	 	 	 	 
	Section 3.01	 	Master Servicer to Act as Master Servicer; Administration of
the Mortgage Loans; Sub-Servicing Agreements; Outside Serviced Trust Loans	 	149
	Section 3.02	 	Liability of the Master Servicer	 	161
	Section 3.03	 	Collection of Certain Mortgage Loan Payments	 	161
	Section 3.04	 	Collection of Taxes, Assessments and Similar Items; Escrow Accounts	 	163


  



    	-i-



    	 



    

 





	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 
	Section 3.05	 	Collection Account; Distribution Accounts; and Excess Liquidation
Proceeds Reserve Account; and Excess Interest Distribution Account	 	165
	Section 3.05 A.	 	Loan Combination Custodial Account	 	169
	Section 3.06	 	Permitted Withdrawals From the Collection Account	 	171
	Section 3.06 A.	 	Permitted Withdrawals From the Loan Combination Custodial Account	 	176
	Section 3.07	 	Investment of Funds in the Collection Account, the REO Account,
the Mortgagor Accounts, and Other Accounts	 	181
	Section 3.08	 	Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage	 	183
	Section 3.09	 	Enforcement of Due-On-Sale and Due-On-Encumbrance Clauses; Assumption
Agreements; Defeasance Provisions	 	187
	Section 3.10	 	Appraisal Reductions; Realization Upon Defaulted Loans	 	194
	Section 3.11	 	Custodian to Cooperate; Release of Mortgage Files	 	200
	Section 3.12	 	Servicing Fees, Trustee/Certificate Administrator Fees, Custodian
Fees and Special Servicing Compensation	 	201
	Section 3.13	 	Compensating Interest Payments	 	207
	Section 3.14	 	Application of Penalty Charges and Modification Fees	 	208
	Section 3.15	 	Access to Certain Documentation	 	209
	Section 3.16	 	Title and Management of REO Properties	 	212
	Section 3.17	 	Sale of Defaulted Loans and REO Properties; Sale of Outside Serviced Trust Loans	 	216
	Section 3.18	 	Additional Obligations of the Master Servicer; Inspections;
Obligation to Notify Ground Lessors; Delivery of Certain Reports to the Serviced Companion Loan Holder	 	224
	Section 3.19	 	Lock-Box Accounts, Escrow Accounts	 	225
	Section 3.20	 	Property Advances	 	225
	Section 3.21	 	Appointment of Special Servicer; Asset Status Reports	 	230
	Section 3.22	 	Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping	 	234
	Section 3.23	 	Interest Reserve Account	 	235
	Section 3.24	 	Modifications, Waivers and Amendments	 	236
	Section 3.25	 	Additional Obligations With Respect to Certain Mortgage Loans	 	240
	Section 3.26	 	Certain Matters Relating to the Outside Serviced Trust Loans	 	241
	Section 3.27	 	Additional Matters Regarding Advance Reimbursement	 	241
	Section 3.28	 	Serviced Companion Loan Intercreditor Matters	 	243
	Section 3.29	 	Appointment and Duties of the Operating Advisor	 	244
	Section 3.30	 	Rating Agency Confirmation	 	249
	Section 3.31	 	General Acknowledgement Regarding Companion Loan Holders	 	251
	 	 	 	 	 
	ARTICLE IV
	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 	 	 	 	 
	Section 4.01	 	Distributions	 	252
	Section 4.02	 	Statements to Certificateholders; Certain Reports by the Master
Servicer and the Special Servicer	 	265


 



    	-ii-



    	 



    




 


	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 
	Section 4.03	 	Compliance With Withholding Requirements	 	280
	Section 4.04	 	REMIC Compliance	 	280
	Section 4.05	 	Imposition of Tax on the Trust REMICs	 	283
	Section 4.06	 	Remittances; P&I Advances	 	284
	Section 4.07	 	Grantor Trust Reporting	 	289
	Section 4.08	 	Calculations	 	290
	 	 	 	 	 
	ARTICLE V
	 	 	 	 	 
	THE CERTIFICATES
	 	 	 	 	 
	Section 5.01	 	The Certificates	 	290
	Section 5.02	 	Form and Registration	 	291
	Section 5.03	 	Registration of Transfer and Exchange of Certificates	 	294
	Section 5.04	 	Mutilated, Destroyed, Lost or Stolen Certificates	 	301
	Section 5.05	 	Persons Deemed Owners	 	301
	Section 5.06	 	Appointment of Paying Agent	 	302
	Section 5.07	 	Access to Certificateholders’ Names and Addresses; Special Notices	 	302
	Section 5.08	 	Actions of Certificateholders	 	303
	Section 5.09	 	Authenticating Agent	 	303
	Section 5.10	 	Appointment of Custodian; Eligibility Requirements for the Custodian	 	304
	Section 5.11	 	Maintenance of Office or Agency	 	305
	Section 5.12	 	Exchanges of Exchangeable Certificates	 	305
	 	 	 	 	 
	ARTICLE VI
	 	 	 	 	 
	
        THE DEPOSITOR, THE MASTER SERVICER, THE
        SPECIAL SERVICER, THE

        OPERATING ADVISOR AND THE CONTROLLING CLASS
        REPRESENTATIVE

	 	 	 	 	 
	Section 6.01	 	Liability of the Depositor, the Master Servicer, the Special Servicer and the Operating
Advisor	 	307
	Section 6.02	 	Merger or Consolidation of the Master Servicer, the Special Servicer and the Operating Advisor	 	307
	Section 6.03	 	Limitation on Liability of the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor and Others	 	308
	Section 6.04	 	Limitation on Resignation of the Master Servicer, the Special Servicer or the Operating
Advisor	 	310
	Section 6.05	 	Rights of the Depositor, the Trustee and the Certificate Administrator
in Respect of the Master Servicer and Special Servicer	 	311
	Section 6.06	 	Master Servicer, Special Servicer as Owner of a Certificate	 	312
	Section 6.07	 	Rating Agency Fees	 	313
	Section 6.08	 	Termination of the Special Servicer Without Cause	 	313
	Section 6.09	 	The Directing Holder and the Controlling Class Representative	 	319


 



    	-iii-



    	 



    

 


	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE VII
	 	 	 	 	 
	DEFAULT
	 	 	 	 	 
	Section 7.01	 	Servicer Termination Events	 	325
	Section 7.02	 	Trustee to Act; Appointment of Successor	 	331
	Section 7.03	 	Notification to Certificateholders	 	333
	Section 7.04	 	Other Remedies of Trustee	 	334
	Section 7.05	 	Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination	 	334
	Section 7.06	 	Termination of the Operating Advisor	 	336
	 	 	 	 	 
	ARTICLE VIII
	 	 	 	 	 
	CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR
	 	 	 	 	 
	Section 8.01	 	Duties of the Trustee, the Custodian and the Certificate Administrator	 	339
	Section 8.02	 	Certain Matters Affecting the Trustee, the Custodian and the Certificate Administrator	 	342
	Section 8.03	 	None of the Trustee, the Custodian Or the Certificate Administrator
Is Liable for Certificates or Mortgage Loans	 	345
	Section 8.04	 	Trustee, Custodian and Certificate Administrator May Own Certificates	 	347
	Section 8.05	 	Payment of Trustee/Certificate Administrator Fees, Custodian Fees and Expenses; Indemnification	 	347
	Section 8.06	 	Eligibility Requirements for the Trustee and the Certificate Administrator	 	350
	Section 8.07	 	Resignation and Removal of the Trustee, the Custodian or the Certificate Administrator	 	351
	Section 8.08	 	Successor Trustee,  Successor Custodian or Successor Certificate Administrator	 	353
	Section 8.09	 	Merger or Consolidation of the Trustee, the Custodian or the Certificate Administrator	 	353
	Section 8.10	 	Appointment of Co-Trustee or Separate Trustee	 	354
	Section 8.11	 	Access to Certain Information	 	355
	 	 	 	 	 
	ARTICLE IX
	 	 	 	 	 
	TERMINATION; OPTIONAL MORTGAGE LOAN PURCHASE
	 	 	 	 	 
	Section 9.01	 	Termination; Optional Mortgage Loan Purchase	 	357
	 	 	 	 	 
	ARTICLE X
	 	 	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 	 	 
	Section 10.01	 	Intent of the Parties; Reasonableness	 	361


 



    	-iv-



    	 



    




 


	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 
	Section 10.02	 	Succession; Sub-Servicers; Subcontractors	 	362
	Section 10.03	 	Filing Obligations	 	364
	Section 10.04	 	Form 10-D Filings	 	365
	Section 10.05	 	Form 10-K Filings	 	368
	Section 10.06	 	Sarbanes-Oxley Certification	 	371
	Section 10.07	 	Form 8-K Filings	 	371
	Section 10.08	 	Annual Compliance Statements	 	374
	Section 10.09	 	Annual Reports on Assessment of Compliance With Servicing Criteria	 	375
	Section 10.10	 	Annual Independent Public Accountants’ Servicing Report	 	377
	Section 10.11	 	Significant Obligors	 	378
	Section 10.12	 	Indemnification	 	379
	Section 10.13	 	Amendments	 	382
	Section 10.14	 	Regulation AB Notices	 	382
	Section 10.15	 	Termination of the Certificate Administrator	 	382
	Section 10.16	 	Termination of the Master Servicer or the Special Servicer	 	383
	Section 10.17	 	Termination of Sub-Servicing Agreements	 	383
	Section 10.18	 	Notification Requirements and Deliveries in Connection With
Securitization of a Serviced Companion Loan	 	383
	Section 10.19	 	Termination of Exchange Act Filings With Respect to the Trust	 	386
	 	 	 	 	 
	ARTICLE XI
	 	 	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 	 	 
	Section 11.01	 	Counterparts	 	386
	Section 11.02	 	Limitation on Rights of Certificateholders	 	386
	Section 11.03	 	Governing Law	 	387
	Section 11.04	 	Notices	 	387
	Section 11.05	 	Severability of Provisions	 	389
	Section 11.06	 	Notice to the Rule 17g-5 Information Provider, Depositor and Each Rating Agency	 	390
	Section 11.07	 	Amendment	 	391
	Section 11.08	 	Confirmation of Intent	 	395
	Section 11.09	 	Third-Party Beneficiaries	 	395
	Section 11.10	 	Request by Certificateholders or the Serviced Companion Loan Holder	 	396
	Section 11.11	 	Waiver of Jury Trial	 	396
	Section 11.12	 	Submission to Jurisdiction	 	396
	Section 11.13	 	Exchange Act Rule 17g-5 Procedures	 	396
	Section 11.14	 	Precautionary Trust Indenture Act Provisions	 	402
	Section 11.15	 	Cooperation with the Mortgage Loan Sellers with Respect to Rights Under the Loan Agreements	 	402


 






    	-v-



    	 



    

 


	 	 	 
	TABLE OF EXHIBITS
	 	 	 
	Exhibit A-1	 	Form of Class A-1 Certificate
	Exhibit A-2	 	Form of Class A-2 Certificate
	Exhibit A-3	 	Form of Class A-3 Certificate
	Exhibit A-4	 	Form of Class A-4 Certificate
	Exhibit A-5	 	Form of Class A-5 Certificate
	Exhibit A-6	 	Form of Class A-AB Certificate
	Exhibit A-7	 	Form of Class X-A Certificate
	Exhibit A-8	 	Form of Class X-B Certificate
	Exhibit A-9	 	Form of Class A-S Certificate
	Exhibit A-10	 	Form of Class B Certificate
	Exhibit A-11	 	Form of Class PEZ Certificate
	Exhibit A-12	 	Form of Class C Certificate
	Exhibit A-13	 	Form of Class D Certificate
	Exhibit A-14	 	Form of Class X-D Certificate
	Exhibit A-15	 	Form of Class E Certificate
	Exhibit A-16	 	Form of Class F Certificate
	Exhibit A-17	 	Form of Class G Certificate
	Exhibit A-18	 	Form of Class R Certificate
	Exhibit B	 	Mortgage Loan Schedule
	Exhibit C	 	Form of Request for Release
	Exhibit D	 	Form of Distribution Date Statement
	Exhibit E	 	Form of Transfer Certificate for Rule 144A Global Certificate to Temporary Regulation S Global Certificate
	Exhibit F	 	Form of Transfer Certificate for Rule 144A Global Certificate to Regulation S Global Certificate
	Exhibit G	 	Form of Transfer Certificate for Temporary Regulation S Global Certificate to Rule 144A Global Certificate during Restricted Period
	Exhibit H	 	Form of Certification to be given by Beneficial Owner of Temporary Regulation S Global Certificate
	Exhibit I	 	Form of Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Global Certificate
	Exhibit J	 	Form of Transfer Certificate for Non-Book Entry Certificate to Regulation S Global Certificate
	Exhibit K	 	Form of Transfer Certificate for Non-Book Entry Certificate to Rule 144A Global Certificate
	Exhibit L-1	 	Form of Affidavit Pursuant to Sections 860D(a)(6)(A) and 860E(e)(4) of the Internal Revenue Code of 1986, as Amended
	Exhibit L-2	 	Form of Transferor Letter
	Exhibit L-3	 	Form of Transferee Letter
	Exhibit L-4	 	Form of Investment Representation Letter
	Exhibit M-1A	 	Form of Investor Certification for Obtaining Information and Notices (for persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)


 



    	-i-



    	 



    

 


	 	 	 
	Exhibit M-1B	 	Form of Investor Certification for Non-Borrower Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit M-1C	 	Form of Investor Certification for Borrower Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit M-1D	 	Form of Notice of Excluded Controlling Class Holder
	Exhibit M-1E	 	Form of Certification of the Controlling Class Representative
	Exhibit M-2A	 	Form of Investor Certification for Exercising Voting Rights for Non-Borrower Party
	Exhibit M-2B	 	Form of Investor Certification for Exercising Voting Rights for Borrower Party
	Exhibit M-3	 	Form of Online Vendor Certification
	Exhibit M-4	 	Form of Confidentiality Agreement
	Exhibit M-5	 	Form of NRSRO Certification
	Exhibit N	 	Custodian Certification
	Exhibit O	 	Servicing Criteria to be Addressed in Assessment of Compliance
	Exhibit P	 	Supplemental Servicer Schedule
	Exhibit Q	 	[Reserved]
	Exhibit R	 	Form of Operating Advisor Annual Report
	Exhibit S	 	Sub-Servicing Agreements
	Exhibit T	 	Form of Recommendation of Special Servicer Termination
	Exhibit U	 	Additional Form 10-D Disclosure
	Exhibit V	 	Additional Form 10-K Disclosure
	Exhibit W	 	Form of Additional Disclosure Notification
	Exhibit X	 	Form Certification to be Provided with Form 10-K
	Exhibit Y-1	 	Form of Certification to be Provided to Depositor by the Certificate Administrator
	Exhibit Y-2	 	Form of Certification to be Provided to Depositor by the Master Servicer
	Exhibit Y-3	 	Form of Certification to be Provided to Depositor by the Special Servicer
	Exhibit Y-4	 	Form of Certification to be Provided to Depositor by the Operating Advisor
	Exhibit Y-5	 	Form of Certification to be Provided to Depositor by the Custodian
	Exhibit Y-6	 	Form of Certification to be Provided to Depositor by the Trustee
	Exhibit Y-7	 	Form of Certification to be Provided to Depositor by a Sub-Servicer
	Exhibit Z	 	Form 8-K Disclosure Information
	Exhibit AA-1	 	Form of Power of Attorney for Master Servicer
	Exhibit AA-2	 	Form of Power of Attorney for Special Servicer
	Exhibit BB	 	Class A-AB Scheduled Principal Balance
	Exhibit CC-1	 	Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit CC-2	 	Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit DD	 	Form of Notice and Certification Regarding Defeasance of Mortgage Loan
	Exhibit EE	 	Form of Notice of Exchange of Exchangeable Certificates
	Exhibit FF	 	Form of Notice Regarding Outside Serviced Trust Loan
	Exhibit GG	 	Specified Serviced Mortgage Loans


 






    	-ii-



    	 



    

  


Pooling
and Servicing Agreement, dated as of August 1, 2015 , among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells
Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC,
as Operating Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells
Fargo Bank, National Association, as Custodian.


 


PRELIMINARY
STATEMENT:



(Terms used but not defined in this Preliminary

Statement shall have the meanings

specified in Article I hereof)


 


The
Depositor intends to sell pass-through certificates to be issued hereunder in multiple classes which in the aggregate will evidence
the entire beneficial ownership interest in the Trust Fund consisting primarily of the Mortgage Loans. As provided herein, the
Certificate Administrator will elect that two segregated portions of the Trust Fund (other than the Class A-S Specific Grantor
Trust Assets, the Class B Specific Grantor Trust Assets, the Excess Interest Grantor Trust Assets, the Class C Specific Grantor
Trust Assets, the Class PEZ Specific Grantor Trust Assets and the proceeds of the foregoing) be treated for federal income tax
purposes as two separate REMICs (designated as the “Upper-Tier REMIC” and the “Lower-Tier REMIC”,
respectively). The Regular Certificates and the Class PEZ Regular Interests will represent “regular interests”
in the Upper-Tier REMIC, and the Upper-Tier Residual Interest will be the sole class of “residual interests” in the
Upper-Tier REMIC.


 


There
are also (i) 13 classes of uncertificated Lower-Tier Regular Interests issued under this Agreement (designated as the Class LA-1,
Class LA-2, Class LA-3, Class LA-4, Class LA-5, Class LA-AB, Class LA-S, Class LB, Class LC,
Class LD, Class LE, Class LF and Class LG Interests), each of which will constitute a class of “regular interests”
in the Lower-Tier REMIC, and (ii) the Lower-Tier Residual Interest, which will be the sole class of “residual interests”
in the Lower-Tier REMIC.


 


The
Lower-Tier Regular Interests will be held by the Trustee as assets of the Upper-Tier REMIC. The Class R Certificates will
represent both the Lower-Tier Residual Interest and the Upper-Tier Residual Interest.


 


The
parties intend that (i) the portion of the Trust Fund representing the Class A-S Specific Grantor Trust Assets, the Class B Specific
Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class PEZ Specific Grantor Trust Assets, any Excess Interest
Grantor Trust Assets and the proceeds of the foregoing will be treated as assets of a grantor trust under subpart E of Part I
of subchapter J of the Code and (ii) the beneficial interests in such grantor trust will be represented by the Class A-S
Certificates, the Class B Certificates, the Class C Certificates, the Class PEZ Certificates and any Excess Interest Certificates.


 






     


     

    




 


UPPER-TIER
REMIC


 


The
following table sets forth the Class designation, the approximate initial pass-through rate and the aggregate initial principal
amount (the “Original Certificate Principal Amount”) or, in the case of the Class X-A, Class X B
and Class X-D Certificates, notional amount (the “Original Notional Amount”), as applicable, for each Class
of Certificates and each Class PEZ Regular Interest comprising or evidencing the interests in the Upper-Tier REMIC created
hereunder:


 


	Class Designation
	 	Approximate

                                         Initial

                                         Pass-Through Rate

                                         (per annum) 
	 	Original

                                         Certificate Principal Amount

                                         / Original Notional Amount

	Class A-1	 	1.648%	 	$35,065,000
	Class A-2	 	3.039%	 	$55,289,000
	Class A-3	 	3.098%	 	$2,198,000
	Class A-4	 	3.462%	 	$200,000,000
	Class A-5	 	3.717%	 	$398,935,000
	Class A-AB	 	3.470%	 	$75,556,000
	Class X-A(1)	 	0.957%	 	$838,269,000
	Class X-B(1)	 	0.053%	 	$58,898,000
	Class X-D(1)	 	1.260%	 	$56,159,000
	Class A-S Regular Interest	 	4.033%	 	$71,226,000
	Class B Regular    Interest	 	4.432%	 	$58,898,000
	Class C Regular Interest	 	4.485%	 	$52,049,000
	Class D	 	3.225%	 	$56,159,000
	Class E	 	4.485%	 	$23,285,000
	Class F	 	4.485%	 	$10,958,000
	Class G	 	4.485%	 	$56,158,641
	Class R(2)	 	N/A	 	N/A          



 





 



(1)   The
Class X-A, Class X-B and Class X-D Certificates will not have Certificate Principal Amounts; rather, each such
Class of Certificates will accrue interest as provided herein on the related Notional Amount.


 


(2)
  The Class R Certificates will not have a Certificate Principal Amount or Notional Amount, will not bear interest
and will not be entitled to distributions of Yield Maintenance Charges. Any Available Funds remaining in the Lower-Tier Distribution
Account and the Upper-Tier Distribution Account, after all required distributions under this Agreement have been made with respect
to the Regular Certificates and the Class PEZ Regular Interests, will be distributed to the Holders of the Class R Certificates.


 


LOWER-TIER
REMIC


 


The
following table sets forth the Class designation, the corresponding Lower-Tier Regular Interest (the “Corresponding Lower-Tier
Regular Interest”) and its original Lower-Tier Principal Balance, and the corresponding component of the Class X
Certificates (the


 






    	-2-



    	 



    

 


“Corresponding Component”) for each Class of Regular Certificates and each Class PEZ Regular
Interest. Each Class of Regular Certificates (other than the Class X Certificates) and each Class PEZ Regular Interest constitutes
the “Corresponding Certificates” with respect to that Class’ or Class PEZ Regular Interest’s Corresponding
Lower-Tier Regular Interest and Corresponding Component.


 


	Class Designation
	 	Corresponding

Lower-Tier Regular Interest(1)(2)
	 	Original
Lower-Tier

 Principal Balance
	 	Corresponding
Component(2)

	Class A-1	 	LA-1	 	$35,065,000	 	Class A-1
	Class A-2	 	LA-2	 	$55,289,000	 	Class A-2
	Class A-3	 	LA-3	 	$2,198,000	 	Class A-3
	Class A-4	 	LA-4	 	$200,000,000	 	Class A-4
	Class A-5	 	LA-5	 	$398,935,000	 	Class A-5
	Class A-AB	 	LA-AB	 	$75,556,000	 	Class A-AB
	Class A-S
    Regular

        Interest	 	LA-S	 	$71,226,000	 	Class A-S
	Class B
    Regular 

        Interest	 	LB	 	$58,898,000	 	Class
    B
	Class C
    Regular 

        Interest	 	LC	 	$52,049,000	 	N/A
	Class D	 	LD	 	$56,159,000	 	Class
    D
	Class E	 	LE	 	$23,285,000	 	N/A
	Class F	 	LF	 	$10,958,000	 	N/A
	Class G	 	LG	 	$56,158,641	 	N/A


  





 



(1)    The
interest rate of each Lower-Tier Regular Interest is the WAC Rate.


 


(2)    The
Corresponding Lower-Tier Regular Interest and Corresponding Component with respect to any Class of Regular Certificates or any
Class PEZ Regular Interest are also the Corresponding Lower-Tier Regular Interest and Corresponding Component with respect to
each other.


 


GRANTOR
TRUST


 


The
portions of the Trust Fund consisting of the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets,
the Class C Specific Grantor Trust Assets, the Class PEZ Specific Grantor Trust Assets and any Excess Interest Grantor Trust Assets
shall be treated as a grantor trust under subpart E, part I of subchapter J of the Code (the “Grantor Trust”)
for federal income tax purposes. The Class A-S Certificates shall represent undivided beneficial interests in the portion of the
Grantor Trust consisting of the Class A-S Specific Grantor Trust Assets. The Class B Certificates shall represent undivided beneficial
interests in the portion of the Grantor Trust consisting of the Class B Specific Grantor Trust Assets. The Class PEZ Certificates
shall represent undivided beneficial interests in the portion of the Grantor Trust consisting of the Class PEZ Specific Grantor
Trust Assets. The Class C Certificates shall represent undivided beneficial interests in the portion of the Grantor Trust consisting
of the Class C Specific Grantor Trust Assets. The Excess Interest Certificates shall represent undivided beneficial interests
in the portion of the Grantor Trust consisting of any Excess Interest Grantor Trust Assets. As provided herein, the Certificate
Administrator shall not take any actions that


 






    	-3-



    	 



    

 


would cause the Grantor Trust to either (i) lose its status as a “grantor
trust” or (ii) be treated as part of either Trust REMIC.


 


The
following table sets forth the Class designation, the approximate initial Pass-Through Rate and the Original Certificate Principal
Amount for each Class of Exchangeable Certificates representing a beneficial ownership interest in one or more of the Class PEZ
Regular Interests:


 


	Class Designation
	 	Approximate
Initial Pass-Through Rate (per annum)
	 	Original
Certificate Principal Amount

	Class A-S(1)	 	4.033%	 	           $71,226,000
	Class B(2)	 	4.432%	 	           $58,898,000
	Class PEZ(3)	 	N/A(4)	 	           $0
	Class C(5)	 	4.485%	 	           $52,049,000


(1)   The
Class A-S Certificates represent a beneficial ownership interest in the Class A-S Percentage Interest of the Class A-S Regular
Interest. The aggregate Certificate Principal Amount of the Class A-S Certificates and the Class PEZ Component A-S will at all
times equal the Certificate Principal Amount of the Class A-S Regular Interest.


 


(2)   The
Class B Certificates represent a beneficial ownership interest in the Class B Percentage Interest of the Class B Regular
Interest. The aggregate Certificate Principal Amount of the Class B Certificates and the Class PEZ Component B will at all
times equal the Certificate Principal Amount of the Class B Regular Interest.


 


(3)
  The Class PEZ Certificates represent a beneficial ownership interest in the Class A-S-PEZ Percentage Interest of the
Class A-S Regular Interest, the Class B-PEZ Percentage Interest of the Class B Regular Interest and the Class C-PEZ Percentage
Interest of the Class C Regular Interest.


 


(4)    The
Class PEZ Certificates will not have a Pass-Through Rate, but will be entitled to receive the sum of the interest distributable
on the Class PEZ Percentage Interest of the Class PEZ Regular Interests.


 


(5)    The
Class C Certificates represent a beneficial ownership interest in the Class C Percentage Interest of the Class C Regular
Interest. The aggregate Certificate Principal Amount of the Class C Certificates and the Class PEZ Component C will at all
times equal the Certificate Principal Amount of the Class C Regular Interest.


 


As
of the Cut-Off Date, the Mortgage Loans have an aggregate Stated Principal Balance equal to approximately $1,095,776,642.


 


In
consideration of the mutual agreements herein contained, the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator and the Trustee agree as follows:


 


Article
I



DEFINITIONS


 


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


 


“10-K
Filing Deadline”: As defined in Section 10.05 of this Agreement.


 






    	-4-



    	 



    

 


“AB
Loan Combination”: A Loan Combination that includes a Subordinate Companion Loan. The only AB Loan Combinations related
to the Trust as of the Closing Date are the US StorageMart Portfolio Loan Combination and the Alderwood Mall Loan Combination.


 


“Acceptable
Insurance Default”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination), any Default arising when
the related Loan Documents require that the related Mortgagor must maintain all risk casualty insurance or other insurance that
covers damages or losses arising from acts of terrorism and the Special Servicer has determined, in its reasonable judgment in
accordance with the Servicing Standard (and, with the consent of the related Directing Holder, unless (if the Controlling Class
Representative is the related Directing Holder) a Control Termination Event has occurred and is continuing), that (i) such
insurance is not available at commercially reasonable rates and the subject hazards are not commonly insured against by prudent
owners of similar real properties located in or near the geographic region in which the Mortgaged Property is located (but only
by reference to such insurance that has been obtained by such owners at current market rates), or (ii) such insurance is
not available at any rate; provided, however, that the related Directing Holder shall have no more than 30 days
to respond to the Special Servicer’s request for such consent; provided, further, that upon the Special Servicer’s
determination, consistent with the Servicing Standard, that exigent circumstances do not allow the Special Servicer to consult
with the related Directing Holder, the Special Servicer shall not be required to do so. In making this determination, the Special
Servicer, to the extent consistent with the Servicing Standard, may rely on the opinion of an insurance consultant.


 


“Accrued
Component Interest”: With respect to each Component for any Distribution Date, one month’s interest at the Class X
Strip Rate applicable to such Component for such Distribution Date, accrued on the Component Notional Amount of such Component
outstanding immediately prior to such Distribution Date. Accrued Component Interest shall be calculated on a 30/360 Basis and,
with respect to any Component and any Distribution Date, shall be deemed to accrue during the calendar month preceding the month
in which such Distribution Date occurs.


 


“Act”
or “Securities Act”: The Securities Act of 1933, as it may be amended from time to time and the rules and regulations
thereunder.


 


“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 W.


 


“Additional
Form 10-D Disclosure”: As defined in Section 10.04 of this Agreement.


 


“Additional
Form 10-K Disclosure”: As defined in Section 10.05 of this Agreement.


 


“Additional
Information”: As defined in Section 4.02(a) of this Agreement.


 






    	-5-



    	 



    

 


“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Depositor, any Mortgage Loan Seller or any of the Underwriters that Services any of the Mortgage Loans, each Outside Servicer,
each Outside Special Servicer and each Person, other than the Special Servicer or the Certificate Administrator, who is not an
Affiliate of the Master Servicer, the Certificate Administrator, the Trustee, the Depositor, any Mortgage Loan Seller or any of
the Underwriters who Services 10% or more of the Mortgage Loans by unpaid principal balance calculated in accordance with the
provisions of Regulation AB.


 


“Additional
Trust Fund Expenses”: (i) Special Servicing Fees, Workout Fees and Liquidation Fees, (ii) interest in respect
of unreimbursed Advances, (iii) the cost of various default-related or unanticipated Opinions of Counsel required or permitted
to be obtained in connection with the servicing of the Mortgage Loans and the administration of the Trust Fund, (iv) unanticipated,
non-Mortgage Loan specific expenses of the Trust Fund, including indemnities and expense reimbursements to the Trustee, the Certificate
Administrator, the Custodian, the Master Servicer, the Special Servicer, the Operating Advisor and the Depositor and federal,
state and local taxes, and tax-related expenses, specifically payable out of the Trust Fund and (v) any other default-related
or unanticipated expense of the Trust Fund that is not covered by an Advance and for which there is no corresponding collection
from a Mortgagor.


 


“Administrative
Cost Rate”: With respect to any Mortgage Loan (including any REO Mortgage Loan), as of any date of determination, a
rate equal to the sum of the Servicing Fee Rate, the Operating Advisor Fee Rate, the CREFC® Intellectual Property
Royalty License Fee Rate, the Custodian Fee Rate and the Trustee/Certificate Administrator Fee Rate.


 


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


 


“Advance
Interest Amount”: Interest at the Advance Rate on the aggregate amount of P&I Advances and Property Advances for
which the Master Servicer, the Special Servicer or the Trustee, as applicable, have not been reimbursed for the number of days
from the date on which such Advance was made through, but not including, the date of reimbursement of the related Advance, less
any amount of interest previously paid on such Advance; provided, however, that with respect to any P&I Advance
made prior to the expiration of the related grace period (or, if there is no grace period, on or prior to the related Due Date),
interest on such P&I Advance shall accrue only from and after the expiration of such grace period (or, if there is no grace
period, from and after the related Due Date) and only if the subject Mortgage Loan is then still delinquent; and provided,
further, that interest at the Advance Rate shall not accrue on any Advance made to cover a delinquent Applicable Monthly
Payment that has been received after the Determination Date and prior to 2:00 p.m. (Eastern Time) on the related Master Servicer
Remittance Date.


 


“Advance
Rate”: A per annum rate equal to the Prime Rate, compounded annually.


 


“Affected
Loan(s)”: As defined in Section 2.03(a) of this Agreement.


 






    	-6-



    	 



    

 


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


 


“Affiliate
Ethical Wall”: Reasonable policies and procedures to be maintained by an Affiliate of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian, 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 Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor or the Trustee,
as applicable, and (2) that the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Operating Advisor, the Custodian, 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 Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian or the Trustee,
as applicable, on the other; (ii) such policies and procedures restricting the flow of information operate in both directions
so as to include (a) policies and procedures against the disclosure of Confidential Information from the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian 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 Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Custodian or the Trustee, as applicable; (iii) the senior management personnel of such Affiliate who have obtained
Confidential Information in the course of their exercise of general managerial responsibilities may not 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 Pooling and Servicing Agreement and all amendments hereof and supplements hereto.


 


“Alderwood
Mall Co-Lender Agreement”: With respect to the Alderwood Mall Loan Combination, the related co-lender agreement, dated
as of May 5, 2015, by and between the holder of the Alderwood Mall Mortgage Loan and the Alderwood Mall Companion Loan Holders,
relating to the relative rights of the holder of the Alderwood Mall Mortgage Loan and the Alderwood Mall Companion Loan Holders,
as the same may be amended from time to time in accordance with the terms thereof.


 






    	-7-



    	 



    

 


“Alderwood
Mall Companion Loans”: The Alderwood Mall Pari Passu Companion Loans and the Alderwood Mall Subordinate Companion Loans.


 


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


 


“Alderwood
Mall Loan Combination”: The Alderwood Mall Mortgage Loan, together with the Alderwood Mall Companion Loans, each of
which is secured by the Alderwood Mall Mortgage. References herein to the Alderwood Mall Loan Combination shall be construed to
refer to the aggregate indebtedness secured under the Alderwood Mall Mortgage.


 


“Alderwood
Mall Mortgage”: The Mortgage securing the Alderwood Mall Mortgage Loan and the Alderwood Mall Companion Loans.


 


“Alderwood
Mall Mortgage Loan”: With respect to the Alderwood Mall Loan Combination, the Mortgage Loan included in the Trust, which
is (i) secured by the Alderwood Mall Mortgaged Property, (ii) evidenced by promissory note A-1-4-2 and (iii) pari passu in right
of payment with the Alderwood Mall Pari Passu Companion Loans to the extent set forth in the related Loan Documents and as provided
in the Alderwood Mall Co-Lender Agreement.


 


“Alderwood
Mall Mortgaged Property”: The Mortgaged Property identified on the Mortgage Loan Schedule as Alderwood Mall.


 


“Alderwood
Mall Pari Passu Companion Loans”: With respect to the Alderwood Mall Loan Combination, the related promissory notes
made by the related Mortgagor and secured by the Alderwood Mall Mortgage and designated as promissory notes A-1-1, A-1-2, A-1-3
and A-1-4-1, which are not included in the Trust and are pari passu in right of payment with the Alderwood Mall Mortgage Loan
to the extent set forth in the related Loan Documents and as provided in the Alderwood Mall Co-Lender Agreement.


 


“Alderwood
Mall Subordinate Companion Loans”: With respect to the Alderwood Mall Loan Combination, the related promissory notes
made by the related Mortgagor and secured by the Alderwood Mall Mortgage and designated as promissory notes A-2-1 and A-2-2, which
are not included in the Trust and are subordinate in right of payment to the Alderwood Mall Mortgage Loan and the Alderwood Mall
Pari Passu Companion Loans to the extent set forth in the related Loan Documents and as provided in the Alderwood Mall Co-Lender
Agreement


 


“A.M.
Best”: A.M. Best Company, Inc. or its successors in interest. If neither A.M. Best nor any successor remains in existence,
“A.M. Best” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer and specific ratings of A.M. Best herein referenced shall be deemed to refer to the
equivalent ratings (as reasonably determined by the Depositor) of the party so designated.


 


“Ancillary
Fees”: With respect to any Serviced Loan, any and all demand fees, beneficiary statement charges, fees for insufficient
or returned checks and other usual and


 






    	-8-



    	 



    

 


customary charges and fees (other than Modification Fees, Consent Fees, Penalty Charges,
Assumption Fees, assumption application fees and defeasance fees) actually received from the related Mortgagor.


 


“Anticipated
Repayment Date”: With respect to any ARD Mortgage Loan, the date upon which such ARD Mortgage Loan commences accruing
interest at its Revised Rate. There are no ARD Mortgage Loans included in the Trust Fund and all references in this Agreement
to “Anticipated Repayment Date” shall be disregarded.


 


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


 


“Applicable
Laws”: As defined in Section 3.01(l), Section 3.21(g) and Section 8.02(h), respectively, of this
Agreement.


 


“Applicable
Monthly Payment”: For any Mortgage Loan (including an Outside Serviced Trust Loan) with respect to any month
(including any such Mortgage Loan as to which the related Mortgaged Property has become an REO Property), the Monthly
Payment; provided, however, that for purposes of calculating the amount of any P&I Advance required to be
made by the Master Servicer or the Trustee, notwithstanding the amount of such Applicable Monthly Payment, interest shall be
calculated at the Mortgage Rate less the Servicing Fee Rate; and provided, further, that for purposes of
determining the amount of any P&I Advance, the Monthly Payment shall be as reduced pursuant to any modification of a
Mortgage Loan pursuant to Section 3.24 of this Agreement or pursuant to the applicable Outside Servicing Agreement, or
pursuant to any bankruptcy, insolvency, or other similar proceeding involving the related Mortgagor.


 


“Applicant”:
As defined in Section 5.07(a) of this Agreement.


 


“Appraisal”:
An appraisal prepared by an Appraiser, which shall be prepared in accordance with MAI standards.


 


“Appraisal
Reduction Amount”: For any Distribution Date and for any Serviced Mortgage Loan (or Serviced Loan Combination, if
applicable) as to which an Appraisal Reduction Event has occurred and an Appraisal Reduction Amount is required to be
calculated, an amount (subject to the operation of the final paragraph of Section 3.10(a)) equal to the excess, if
any, of (a) the Stated Principal Balance of such Serviced Mortgage Loan (or Serviced Loan Combination) as of the last
day of the related Collection Period over (b) the excess of (i) the sum of (A) 90% of the appraised value of
the related Mortgaged Property or Properties (as determined by one or more Appraisals obtained by the Special Servicer (the
cost of which shall be advanced by the Master Servicer as a Property Advance unless such Property Advance would be a
Nonrecoverable Advance)), minus such downward adjustments as the Special Servicer may make in accordance with the
Servicing Standard (without implying any obligation to do so) based upon the Special Servicer’s review of the
Appraisal and such other information as the Special Servicer may deem appropriate and (B) all escrows, letters of credit
and reserves in respect of such Serviced Mortgage Loan (or Serviced Loan Combination) as of the date of the calculation over
(ii) the sum, as of the Due Date occurring in the month of the date of


 






    	-9-



    	 



    

 


determination,
of (A) to the extent not previously advanced by the Master Servicer or the Trustee, all unpaid interest on such Serviced
Mortgage Loan (or Serviced Loan Combination) at a per annum rate equal to its Mortgage Rate (and with respect to a
Serviced Loan Combination, interest on the related Serviced Companion Loan(s) at the related Mortgage Rate), (B) all
unreimbursed Advances (which shall include, without limitation, (1) any Advances as to which the advancing party was
reimbursed from a source other than the related Mortgagor and (2) any Unliquidated Advances), with interest thereon at
the Advance Rate in respect of such Serviced Mortgage Loan (or Serviced Loan Combination) and (C) all currently due and
unpaid real estate taxes and assessments, insurance premiums and ground rents, unpaid Special Servicing Fees and all other
amounts, due and unpaid with respect to such Serviced Mortgage Loan (or Serviced Loan Combination) (which taxes, premiums,
ground rents and other amounts have not been the subject of an Advance by the Master Servicer or the Trustee, as applicable,
and/or for which funds have not been escrowed). Promptly upon the occurrence of an Appraisal Reduction Event (or a longer
period so long as the Special Servicer is (as certified thereby to the Trustee in writing) diligently and in good faith
proceeding to obtain such), if an Appraisal has not been obtained within the immediately preceding nine (9) months (or
if the Special Servicer has determined in accordance with the Servicing Standard such Appraisal to be materially inaccurate),
the Special Servicer shall obtain an Appraisal, the costs of which shall be paid by the Master Servicer as a Property Advance
(or as an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account if such Property Advance
would be a Nonrecoverable Advance). The Master Servicer shall provide (via electronic delivery) the Special Servicer with
information in its possession that is reasonably required to calculate or recalculate any Appraisal Reduction Amount pursuant
to the definition thereof using reasonable efforts to deliver such information within four (4) Business Days of the Special
Servicer’s reasonable written request. None of the Master Servicer, the Trustee or the Certificate Administrator shall
calculate or verify Appraisal Reduction Amounts. On the first Determination Date occurring on or after the delivery of such
Appraisal, the Special Servicer shall calculate or adjust, as applicable, the Appraisal Reduction Amount to take into account
such Appraisal and such information, if any, reasonably requested by the Special Servicer from the Master Servicer reasonably
required to calculate or recalculate the Appraisal Reduction Amount. Notwithstanding the foregoing, if an Appraisal is
required to be obtained in accordance with Section 3.10 (a) of this Agreement but is not obtained within 120 days
following the events described in the applicable clause of the definition “Appraisal Reduction Event” (without
regard to the time periods stated therein), then, until such Appraisal is obtained and solely for purposes of determining the
amounts of P&I Advances, the Appraisal Reduction Amount for or allocable to the related Serviced Mortgage Loan will equal
25% of the Stated Principal Balance of such related Serviced Mortgage Loan; provided that, upon receipt of an
Appraisal, however, the Appraisal Reduction Amount for such Serviced Mortgage Loan (or Serviced Loan Combination) will be
recalculated in accordance with this definition without regard to this sentence. With respect to each Serviced Loan as to
which an Appraisal Reduction Event has occurred (unless the Serviced Loan has become a Corrected Loan (if a Servicing
Transfer Event had occurred with respect to the related Serviced Loan) and has remained current for three consecutive Monthly
Payments, and with respect to which no other Appraisal Reduction Event has occurred during the preceding three months), the
Special Servicer shall, within 30 days of each anniversary of such Appraisal Reduction Event, order an Appraisal (which
may be an update of the prior Appraisal) (the cost of which will be covered by, and reimbursable as, a Property Advance by
the Master


 






    	-10-



    	 



    

 


Servicer or as an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account if such Property
Advance would be a Nonrecoverable Advance), provided, however, no new or updated Appraisal will be required if the
Serviced Loan or REO Property is under contract to be sold within 90 days of such Appraisal Reduction Event or anniversary
thereof and the Special Servicer reasonably believes such sale is likely to close. Based upon such Appraisal or letter updates
thereto, the Special Servicer shall determine and report to the Master Servicer and the Certificate Administrator the Appraisal
Reduction Amount, if any, with respect to such Serviced Mortgage Loan (or Serviced Loan Combination), and each of those parties
shall be entitled to rely conclusively on such determination by the Special Servicer. The Special Servicer shall deliver a copy
of any such Appraisal to the Master Servicer and the Certificate Administrator, which shall be in electronic format. Each Appraisal
Reduction Amount shall also be adjusted with respect to the next Distribution Date to take into account any subsequent Appraisal
and annual letter updates, as of the date of each such subsequent Appraisal or letter update.


 


Upon
payment in full or liquidation of any Serviced Loan for which an Appraisal Reduction Amount has been determined, such Appraisal
Reduction Amount will be eliminated. In addition, with respect to any Serviced Loan, as to which an Appraisal Reduction Event
has occurred, such Serviced Loan shall no longer be subject to the Appraisal Reduction Amount if (a) such Serviced Loan has
become a Corrected Loan (if a Servicing Transfer Event had occurred with respect to the related Serviced Loan) and such Serviced
Loan becomes and remains current for three consecutive Monthly Payments and (b) no other Appraisal Reduction Event has occurred
and is continuing.


 


Appraisal
Reduction Amounts with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced Subordinate
Companion Loan (up to the outstanding principal balance thereof), and then, to the related Serviced Mortgage Loan
and any related Serviced Pari Passu Companion Loan(s) on a pro rata and pari passu basis in accordance with the respective outstanding
principal balances of such Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan.


 


Notwithstanding
the foregoing, with respect to each Outside Serviced Trust Loan, the Appraisal Reduction Amount shall be the portion of any “Appraisal
Reduction Amount” relating to such Outside Serviced Loan Combination, that is calculated pursuant to the applicable Outside
Servicing Agreement by the related Outside Special Servicer or related Outside Servicer, as applicable, and that is allocable
to such Outside Serviced Trust Loan pursuant to such Outside Servicing Agreement and the related Co-Lender Agreement. The parties
hereto shall be entitled to rely on such calculations as reported to them by the related Outside Servicer. By their acceptance
of their Certificates, the Certificateholders shall be deemed to have acknowledged that the applicable Outside Servicing Agreement,
and the related Co-Lender Agreement taken together, provide that any such “Appraisal Reduction Amount” will be calculated
under the applicable Outside Servicing Agreement by the applicable party thereto.


 


“Appraisal
Reduction Event”: With respect to any Serviced Loan, the earliest of (i) the date on which such Serviced Loan becomes
a Modified Asset, (ii) the date on which such Serviced Loan is 60 days or more delinquent in respect of any Monthly
Payment, except for a Balloon Payment, (iii) in the case of a delinquent Balloon Payment, (A) the date occurring


 






    	-11-



    	 



    

 


60 days
after the date on which such Balloon Payment was due (except as described in clause B below) or (B) if the
related Mortgagor has delivered to the Master Servicer (who shall promptly deliver a copy thereof to the Special Servicer) or
the Special Servicer (who shall promptly deliver a copy thereof to the Master Servicer) a refinancing commitment acceptable
to the Special Servicer prior to the date 60 days after the Balloon Payment was due, the date occurring 120 days
after the date on which the Balloon Payment was due (or such shorter period beyond the date on which that Balloon Payment was
due during which the refinancing is scheduled to occur), (iv) the date on which the related Mortgaged Property has
become an REO Property, (v) a receiver or similar official is appointed and continues for 60 days in such capacity
in respect of the related Mortgaged Property, (vi) 60 days after the related Mortgagor is subject to a bankruptcy,
insolvency or similar proceedings, which, in the case of an involuntary bankruptcy, insolvency or similar proceeding, is not
dismissed within those 60 days, or (vii) the date on which such Serviced Loan remains outstanding five (5) years
following any extension of its maturity date pursuant to Section 3.24 of this Agreement. If an Appraisal Reduction
Event occurs with respect to any Serviced Mortgage Loan that is part of a Serviced Loan Combination, then an Appraisal
Reduction Event shall be deemed to have occurred with respect to the related Serviced Companion Loan(s). If an Appraisal
Reduction Event occurs with respect to any Serviced Companion Loan that is part of a Serviced Loan Combination, then an
Appraisal Reduction Event shall be deemed to have occurred with respect to the related Serviced Mortgage Loan and any other
Serviced Companion Loan(s) included as part of that Serviced Loan Combination. No Appraisal Reduction Event may occur at any
time when the aggregate Certificate Principal Amount of all Classes of Principal Balance Certificates (other than the
Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB Certificates) has been
reduced to zero. The Special Servicer shall notify the Master Servicer and the Master Servicer shall notify the Special
Servicer, as applicable, promptly upon the occurrence of any of the foregoing events.


 


“Appraised
Value”: As of any date of determination, (i) with respect to any Mortgaged Property (other than a Mortgaged Property
securing an Outside Serviced Trust Loan), the appraised value thereof based upon an appraisal or update thereof prepared by an
Appraiser that is contained in the related Servicing File obtained within the time parameters required by this Agreement, and
(ii) with respect to each Mortgaged Property securing an Outside Serviced Trust Loan, the appraised value allocable thereto, as
determined pursuant to the Outside Servicing Agreement.


 


“Appraised-Out
Class”: As defined in Section 3.10(a) of this Agreement.


 


“Appraiser”:
An Independent nationally recognized professional commercial real estate appraiser who (i) is a member in good standing of
the Appraisal Institute, (ii) if the state in which the related Mortgaged Property is located certifies or licenses appraisers,
is certified or licensed in such state, and (iii) has a minimum of five years’ experience in the related property type
and market.


 


“ARD
Mortgage Loan”: Any Mortgage Loan that is identified as having an Anticipated Repayment Date and a Revised Rate on the
Mortgage Loan Schedule. There are no ARD Mortgage Loans included in the Trust Fund and all references in this Agreement to “ARD
Mortgage Loan” and “ARD Mortgage Loans” shall be disregarded.


 






    	-12-



    	 



    

 


“Ascentia
MHC Portfolio Co-Lender Agreement”: With respect to the Ascentia MHC Portfolio Loan Combination, the related co-lender
agreement, dated as of July 1, 2015, by and between the holder of the Ascentia MHC Portfolio Mortgage Loan and the Ascentia MHC
Portfolio Companion Loan Holder, relating to the relative rights of the holder of the Ascentia MHC Portfolio Mortgage Loan and
the Ascentia MHC Portfolio Companion Loan Holder, as the same may be amended from time to time in accordance with the terms thereof.


 


“Ascentia
MHC Portfolio Companion Loan”: With respect to the Ascentia MHC Portfolio Loan Combination, the related promissory note
made by the related Mortgagor and secured by the Ascentia MHC Portfolio Mortgage and designated as promissory note A-1, which
is not included in the Trust and is pari passu in right of payment with the Ascentia MHC Portfolio Mortgage Loan to the extent
set forth in the related Loan Documents and as provided in the Ascentia MHC Portfolio Co-Lender Agreement.


 


“Ascentia
MHC Portfolio Companion Loan Holder”: The holder of the Ascentia MHC Portfolio Companion Loan.


 


“Ascentia
MHC Portfolio Loan Combination”: The Ascentia MHC Portfolio Mortgage Loan, together with the Ascentia MHC Portfolio
Companion Loan, each of which is secured by the Ascentia MHC Portfolio Mortgage. References herein to the Ascentia MHC Portfolio
Loan Combination shall be construed to refer to the aggregate indebtedness secured under the Ascentia MHC Portfolio Mortgage.


 


“Ascentia
MHC Portfolio Mortgage”: The Mortgage securing the Ascentia MHC Portfolio Mortgage Loan and the Ascentia MHC Portfolio
Companion Loan.


 


“Ascentia
MHC Portfolio Mortgage Loan”: With respect to the Ascentia MHC Portfolio Loan Combination, the Mortgage Loan included
in the Trust, which is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Ascentia MHC Portfolio,
(ii) evidenced by a promissory note A-2 and (iii) pari passu in right of payment with the Ascentia MHC Portfolio Companion Loan
to the extent set forth in the related Loan Documents and as provided in the Ascentia MHC Portfolio Co-Lender Agreement.


 


“Asset
Status Report”: As defined in Section 3.21(b) of this Agreement.


 


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


 


“Assumption
Fees”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), any and all assumption
fees of such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) for transactions effected under Section 3.09(a),
3.09(b) and 3.09(c) of this Agreement (excluding assumption application fees), actually paid by the related Mortgagor
and other applicable fees (not including assumption fees and/or assumption application fees) actually paid by the related Mortgagor
in accordance with the


 






    	-13-



    	 



    

 


related
Loan Documents, with respect to any assumption or substitution agreement entered into by the Master Servicer or the Special Servicer
on behalf of the Trust (or, in the case of a Serviced Loan Combination, on behalf of the Trust and the Serviced Companion Loan
Holder) pursuant to Section 3.09(a) of this Agreement or paid by the related Mortgagor with respect to any transfer of
an interest in such Mortgagor pursuant to Section 3.09(a) of this Agreement.


 


“Authenticating
Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 5.09 of this Agreement.


 


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


 


(a)        the
aggregate amount relating to the Trust Fund on deposit in the Collection Account and the Lower-Tier Distribution Account, as of
the close of business on the Business Day immediately preceding the related Master Servicer Remittance Date, exclusive of (without
duplication) any portion of the foregoing that represents:


 


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


 


(ii)       all
unscheduled payments of principal (including Principal Prepayments (together with any related payments of interest allocable to
the period following the Due Date for the related Mortgage Loan during the related Collection Period)), Net Liquidation Proceeds,
Net Insurance Proceeds or Net Condemnation Proceeds and other unscheduled recoveries, together with any Monthly Payments and any
Balloon Payments, that were received in respect of the Mortgage Pool subsequent to the related Determination Date (other than
any remittances on the Outside Serviced Trust Loans or the Trust’s interest in any related REO Property contemplated by
clause (b) of this definition);


 


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


 


(iv)       all
amounts representing Excess Interest;


 


(v)        all
Yield Maintenance Charges;


 


(vi)       all
Penalty Charges retained in the Collection Account pursuant to Section 3.14 of this Agreement;


 


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


 


(viii)     with
respect to the Mortgage Loans (including REO Mortgage Loans) for which Withheld Amounts are required to be deposited in the Interest
Reserve Account, and any Distribution Date in January (except in a leap year) or


 






    	-14-



    	 



    

 


February of each calendar year (commencing
in 2016) (unless, in either case, such Distribution Date is the final Distribution Date), an amount equal to one day of interest
on the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in the month preceding
the month in which the subject Distribution Date occurs at the related Mortgage Rate, less the Administrative Cost Rate, to the
extent such amounts are on deposit in the Collection Account and held pending transfer to the Interest Reserve Account;


 


(b)        if
and to the extent not already included in clause (a) of this definition, the aggregate amount transferred from any REO Account
or Loan Combination Custodial Account to the Collection Account for such Distribution Date pursuant to Section 3.16 or
Section 3.06A, as applicable, of this Agreement, and all remittances received on the Outside Serviced Trust Loans or the
Trust’s interest in any related REO Property in the month of such Distribution Date, in each case to the extent that such
transfer is made or such remittances are received, as the case may be, by the close of business on the Business Day immediately
preceding the related Master Servicer Remittance Date;


 


(c)        the
aggregate amount of any Compensating Interest Payments made by the Master Servicer and P&I Advances made by the Master Servicer
or the Trustee, as applicable, for such Distribution Date (net of the related Trustee/Certificate Administrator Fee and Custodian
Fee with respect to the Mortgage Loans (including REO Mortgage Loans) for which such Compensating Interest Payments or P&I
Advances are made, to the extent not already deducted from Available Funds pursuant to clause (a)(iii) of this definition); and


 


(d)        for
the Distribution Date occurring in each March (or February if the final Distribution Date occurs in such month), the
Withheld Amounts remitted to the Lower-Tier Distribution Account pursuant to Section 3.23 of this Agreement.


 


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


 


“Balloon
Loan”: Any Mortgage Loan or Serviced Companion Loan that by its original terms or by virtue of any modification provides
for an amortization schedule extending beyond its Maturity Date, unless such extension results solely from the accrual of interest
on the basis of the actual number of days elapsed in a year of 360 days, notwithstanding calculation of Monthly Payments
based on a 360-day year consisting of twelve 30-day months.


 


“Balloon
Payment”: With respect to any Balloon Loan as of any date of determination, the amount outstanding on the Maturity Date
of such Mortgage Loan in excess of the related Monthly Payment.


 


“Base
Interest Fraction”: With respect to any Principal Prepayment on any Mortgage Loan and with respect to any Class of Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class D Certificates or any Class PEZ Regular
Interest, a fraction (a) whose numerator is the amount, if any, by which (i) the Pass-Through Rate on such Class of


 






    	-15-



    	 



    

 


Certificates or Class PEZ Regular Interest exceeds (ii) the discount rate used in accordance with the related Loan Documents
in calculating the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance Charge is
a fixed percentage of the principal balance of the related Mortgage Loan, the yield rate applicable to any related yield maintenance
charge or that is otherwise described in the related Loan Documents) and (b) whose denominator is the amount, if any, by
which (i) the Mortgage Rate on such Mortgage Loan exceeds (ii) the discount rate used in accordance with the related
Loan Documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance
Charge is a fixed percentage of the principal balance of the related Mortgage Loan, the yield rate applicable to any related yield
maintenance charge or that is otherwise described in the related Loan Documents); provided, however, that under
no circumstances shall the Base Interest Fraction be greater than one. If the discount rate referred to in the preceding sentence
is greater than or equal to both of (x) the Mortgage Rate on the related Mortgage Loan and (y) the Pass-Through Rate
described in the preceding sentence, then the Base Interest Fraction shall equal zero, and if such discount rate is greater than
or equal to the Mortgage Rate on such Mortgage Loan, but less than the Pass-Through Rate described in the preceding sentence,
then the Base Interest Fraction shall equal one.


 


“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 Trustee,
the Certificate Administrator, the Special Servicer and the Master Servicer 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 evidence (which may
be in the form of an Investor Certification) at its expense of its status as a Beneficial Owner hereunder.


 


“Borrower
Delayed Reimbursements”: Any Additional Trust Fund Expenses and reimbursements of Advances that the related Mortgagor
is required, pursuant to a written modification agreement, to pay in the future to the Trust in its capacity as owner of the related
Mortgage Loan.


 


“Borrower
Party”: A borrower, a Mortgagor or a manager of a Mortgaged Property or any Affiliate of any of the foregoing.


 


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


 


“Business
Day”: Any day other than a Saturday, a Sunday or any day on which the New York Stock Exchange, the Federal Reserve Bank
of New York or banking institutions in the States of New York, Florida, North Carolina, Minnesota and California, the cities in
which the principal offices of the Operating Advisor, the Master Servicer or the Special Servicer are located, or the city in
which the Corporate Trust Office of the Certificate Administrator, the Custodian or the Trustee is located, are authorized or
obligated by law, executive order or governmental decree to be closed.


 


“Calculation
Rate”: A discount rate appropriate for the type of cash flows being discounted, namely (i) for principal and interest
payments on a Mortgage Loan or proceeds from


 






    	-16-



    	 



    

 


the sale of a Defaulted Mortgage Loan, the highest of (1) the rate determined
by the Master Servicer or the Special Servicer, as applicable, that approximates the market rate that would be obtainable by the
Mortgagors on similar debt of the Mortgagors as of such date of determination, (2) the Mortgage Rate and (3) the yield
on 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).


 


“Certificate”:
Any Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class
X-D, Class A-S, Class B, Class PEZ, Class C, Class D, Class E, Class F, Class G and Class R
Certificate issued, authenticated and delivered hereunder.


 


“Certificate
Administrator”: Citibank, N.A., a national banking association, or its successor in interest, or any successor Certificate
Administrator appointed as herein provided.


 


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


 


“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.sf.citidirect.com.


 


“Certificate
Factor”: With respect to any Class of Regular Certificates and any Class PEZ Regular Interest, as of any date of determination,
a fraction, expressed as a decimal carried to eight places, the numerator of which is the then related Certificate Principal Amount
or the Notional Amount, as the case may be, and the denominator of which is the related initial Certificate Principal Amount or
the initial Notional Amount, as the case may be.


 


“Certificate
Principal Amount”: With respect to any Class of Sequential Pay Certificates or Class PEZ Regular Interest, (a) as
of any date of determination on or prior to the first Distribution Date, an amount (adjusted in the case of any Class of Class
A-S, Class B and Class C Certificates to take into account any Certificate exchanges pursuant to Section 5.12 of this Agreement
from and including the Closing Date up to and including such date of determination) equal to the aggregate initial Certificate
Principal Amount of such Class of Sequential Pay Certificates or such Class PEZ Regular Interest, as specified in the Preliminary
Statement hereto, and (b) as of any date of determination after the first Distribution Date, an amount (adjusted in the case
of any Class of Class A-S, Class B and Class C Certificates to take into account any Certificate exchanges pursuant to Section
5.12 of this Agreement after the Distribution Date immediately prior to such date of determination up to and including such
date of determination) equal to the Certificate Principal Amount of such Class of Sequential Pay Certificates or such Class PEZ
Regular Interest on the Distribution Date immediately prior to such date of determination, after any actual distributions of principal
thereon and allocations of Realized Losses thereto on such prior Distribution Date, and after any increases to such Certificate
Principal Amount on such prior Distribution Date (as and to the extent provided in the


 






    	-17-



    	 



    

 


penultimate sentence of the first paragraph
of Section 4.01(f) of this Agreement) in connection with recoveries of Nonrecoverable Advances previously reimbursed out of collections
of principal on the Mortgage Loans. The Certificate Principal Amount of the Class PEZ Component A-S shall at all times equal the
Class A-S-PEZ Percentage Interest of the Certificate Principal Amount of the Class A-S Regular Interest. The Certificate Principal
Amount of the Class PEZ Component B shall at all times equal the Class B-PEZ Percentage Interest of the Certificate Principal
Amount of the Class B Regular Interest. The Certificate Principal Amount of the Class PEZ Component C shall at all times equal
the Class C-PEZ Percentage Interest of the Certificate Principal Amount of the Class C Regular Interest. The Certificate Principal
Amount of the Class PEZ Certificates shall at all times equal the aggregate Certificate Principal Amount of the Class PEZ Components.


 


“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.03(a) of this Agreement.


 


“Certificateholder”:
With respect to any Certificate, the Person whose name is registered in the Certificate Register (including, solely for the purposes
of distributing reports, statements or other information pursuant to this Agreement, Beneficial Owners or potential transferees
of Certificates to the extent the Person distributing such information has been provided with an Investor Certification by or
on behalf of such Beneficial Owner or potential transferee); provided, however, that solely for the purpose of giving
any consent or taking any action pursuant to this Agreement, any Certificate beneficially owned by the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor or a Borrower Party or
any Person known to a Responsible Officer of the Certificate Registrar to be an Affiliate of the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor or a Borrower Party shall
be deemed not to be outstanding and the Voting Rights to which it is entitled shall not be taken into account in determining whether
the requisite percentage of Voting Rights necessary to effect any such consent or take any such action has been obtained (provided,
that any Controlling Class Certificate owned by an Excluded Controlling Class Holder shall be deemed not to be outstanding solely
with respect to giving consent and taking any action with respect to any related Excluded Controlling Class Mortgage Loan; and
provided, further, that any Controlling Class Certificate owned by the Special Servicer or an affiliate thereof shall be deemed
not to be outstanding solely with respect to giving consent and taking any action with respect to any related Excluded Special
Servicer Mortgage Loan); provided, further, that, notwithstanding the foregoing:


 


(a)
for purposes of obtaining the consent of Certificateholders to an amendment of this Agreement, any Certificate beneficially owned
by the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating
Advisor or an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or the Operating Advisor shall be deemed to be outstanding; provided that if such amendment relates to the termination,
increase in compensation or material reduction of obligations of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Certificate Administrator, the Custodian, the Operating Advisor or any of their Affiliates, then such Certificate
so owned shall be deemed not to be outstanding;


 






    	-18-



    	 



    

 


(b)
if the Master Servicer, the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer is a member of the
Controlling Class, it shall be permitted to act in such capacity and exercise all rights under this Agreement bestowed upon the
Controlling Class; and


 


(c)
if an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the
Operating Advisor has provided an Investor Certification in which it has certified as to the existence of an Affiliate Ethical
Wall between it and the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the
Operating Advisor, as applicable, then any Certificates beneficially owned by such Affiliate shall be deemed to be outstanding.


 


“Certification
Parties”: As defined in Section 10.06 of this Agreement.


 


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


 


“Certifying
Person”: As defined in Section 10.06 of this Agreement.


 


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


 


“CGBAM
2015-SMRT Trust and Servicing Agreement”: The Citigroup Commercial Mortgage Trust 2015-SMRT, Commercial Mortgage Pass-Through
Certificates, Series 2015-SMRT Trust and Servicing Agreement, dated as of May 6, 2015, between Citigroup Commercial Mortgage Securities
Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as servicer and as special servicer,
Deutsche Bank Trust Company Americas, as trustee, and Citibank, N.A., as certificate administrator, as the same may be amended
from time to time in accordance with the terms thereof.


 


“CGMRC”:
Citigroup Global Markets Realty Corp., a New York corporation, and its successors in interest.


 


“CGMRC
Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of August 1, 2015 , by and between CGMRC and
the Depositor.


 


“Class”:
With respect to the Certificates, all of the Certificates bearing the same alphabetical or alphanumeric class designation, and
with respect to the Lower-Tier Regular Interests, each interest set forth in the Preliminary Statement hereto.


 


“Class A-1
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-1 hereto.


 


“Class A-1
Component”: The Component having such designation.


 


“Class A-1
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 1.648%.


 






    	-19-



    	 



    

 


“Class A-2
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-2 hereto.


 


“Class A-2
Component”: The Component having such designation.


 


“Class A-2
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.039%.


 


“Class A-3
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-3 hereto.


 


“Class A-3
Component”: The Component having such designation.


 


“Class A-3
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.098%.


 


“Class A-4
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-4 hereto.


 


“Class A-4
Component”: The Component having such designation.


 


“Class A-4
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.462%.


 


“Class A-5
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-5 hereto.


 


“Class A-5
Component”: The Component having such designation.


 


“Class A-5
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.717%.


 


“Class A-AB
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-6 hereto.


 


“Class A-AB
Component”: The Component having such designation.


 


“Class A-AB
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.470%.


 


“Class A-AB
Scheduled Principal Balance”: For any Distribution Date, the scheduled principal balance for such Distribution Date
set forth on Exhibit BB to this Agreement.


 






    	-20-



    	 



    

 


“Class A-S
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-9 hereto. The Class A-S Certificates represent undivided beneficial
interests in the Class A-S Specific Grantor Trust Assets.


 


“Class A-S
Component”: The Component having such designation.


 


“Class
A-S Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the
Class A-S Percentage Interest and (ii) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect
of the Class A-S Regular Interest on such Distribution Date.


 


“Class A-S
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the lesser of the WAC Rate and 4.033%.


 


“Class
A-S Percentage Interest”: As of any date of determination, with respect to the Class A-S Regular Interest and the
Class A-S Certificates, a percentage interest equal to a fraction, the numerator of which is the Certificate Principal Amount
of the Class A-S Certificates, and the denominator of which is the Certificate Principal Amount of the Class A-S Regular
Interest.


 


“Class
A-S Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the
Class A-S Percentage Interest and (ii) the Class A-S Regular Interest Principal Distribution Amount for such Distribution
Date.


 


“Class
A-S Regular Interest”: The uncertificated interest corresponding to the Class A-S Certificates and the Class PEZ Certificates
(to the extent of the Class A-S-PEZ Percentage Interest of the Class A-S Regular Interest), constituting a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.


 


“Class
A-S Regular Interest Available Funds”: With respect to any Distribution Date, an amount equal to the total amount of
all principal and/or interest distributions, as well as any other distributions (including Yield Maintenance Charges), properly
made on or in respect of the Class A-S Regular Interest with respect to such Distribution Date.


 


“Class
A-S Regular Interest Pass-Through Rate”: The Class A-S Pass-Through Rate.


 


“Class
A-S Regular Interest Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the amount
of principal distributed pursuant to Section 4.01(b) of this Agreement in respect of the Class A-S Regular Interest on such Distribution
Date.


 


“Class
A-S Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class A-S Percentage Interest
of the Class A-S Regular Interest and (ii) amounts held from time to time in the Exchangeable Distribution Account that represent
distributions on the Class A-S Percentage Interest in the Class A-S Regular Interest.


 






    	-21-



    	 



    

 


“Class
A-S-PEZ Percentage Interest”: As of any date of determination, with respect to the Class A-S Regular Interest and the
Class PEZ Certificates, a percentage interest equal to 100.0% minus the Class A-S Percentage Interest.


 


“Class B
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-10 hereto. The Class B Certificates represent undivided beneficial
interests in the Class B Specific Grantor Trust Assets.


 


“Class
B Component”: The Component having such designation.


 


“Class
B Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class
B Percentage Interest and (ii) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect of the Class
B Regular Interest on such Distribution Date.


 


“Class B
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate less 0.053%.


 


“Class
B Percentage Interest”: As of any date of determination, with respect to the Class B Regular Interest and the Class
B Certificates, a percentage interest equal to a fraction, the numerator of which is the Certificate Principal Amount of the Class
B Certificates, and the denominator of which is the Certificate Principal Amount of the Class B Regular Interest.


 


“Class
B Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class
B Percentage Interest and (ii) the Class B Regular Interest Principal Distribution Amount for such Distribution Date.


 


“Class
B Regular Interest”: The uncertificated interest corresponding to the Class B Certificates and the Class PEZ Certificates
(to the extent of the Class B-PEZ Percentage Interest of the Class B Regular Interest), constituting a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.


 


“Class
B Regular Interest Available Funds”: With respect to any Distribution Date, an amount equal to the total amount of all
principal and/or interest distributions, as well as any other distributions (including Yield Maintenance Charges), properly made
on or in respect of the Class B Regular Interest with respect to such Distribution Date.


 


“Class
B Regular Interest Pass-Through Rate”: The Class B Pass-Through Rate.


 


“Class
B Regular Interest Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the amount
of principal distributed pursuant to Section 4.01(b) of this Agreement in respect of the Class B Regular Interest on such Distribution
Date.


 






    	-22-



    	 



    

 


“Class
B Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class B Percentage Interest of
the Class B Regular Interest and (ii) amounts held from time to time in the Exchangeable Distribution Account that represent distributions
on the Class B Percentage Interest in the Class B Regular Interest.


 


“Class
B-PEZ Percentage Interest”: As of any date of determination, with respect to the Class B Regular Interest and the Class
PEZ Certificates, a percentage interest equal to 100.0% minus the Class B Percentage Interest.


 


“Class C
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-12 hereto. The Class C Certificates represent undivided beneficial
interests in the Class C Specific Grantor Trust Assets.


 


“Class
C Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class
C Percentage Interest and (ii) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect of the Class C
Regular Interest on such Distribution Date.


 


“Class C
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate.


 


“Class
C Percentage Interest”: As of any date of determination, with respect to the Class C Regular Interest and the Class
C Certificates, a percentage interest equal to a fraction, the numerator of which is the Certificate Principal Amount of the Class
C Certificates, and the denominator of which is the Certificate Principal Amount of the Class C Regular Interest.


 


“Class
C Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class
C Percentage Interest and (ii) the Class C Regular Interest Principal Distribution Amount for such Distribution Date.


 


“Class
C Regular Interest”: The uncertificated interest corresponding to the Class C Certificates and the Class PEZ Certificates
(to the extent of the Class C-PEZ Percentage Interest of the Class C Regular Interest), constituting a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.


 


“Class
C Regular Interest Available Funds”: With respect to any Distribution Date, an amount equal to the total amount of all
principal and/or interest distributions, as well as any other distributions (including Yield Maintenance Charges), properly made
on or in respect of the Class C Regular Interest with respect to such Distribution Date.


 


“Class
C Regular Interest Pass-Through Rate”: The Class C Pass-Through Rate.


 


“Class
C Regular Interest Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the amount
of principal distributed pursuant to


 






    	-23-



    	 



    

 


Section 4.01(b) of this Agreement in respect of the Class C Regular Interest on such Distribution
Date.


 


“Class
C Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class C Percentage Interest of
the Class C Regular Interest and (ii) amounts held from time to time in the Exchangeable Distribution Account that represent distributions
on the Class C Percentage Interest in the Class C Regular Interest.


 


“Class
C-PEZ Percentage Interest”: As of any date of determination, with respect to the Class C Regular Interest and the Class
PEZ Certificates, a percentage interest equal to 100.0% minus the Class C Percentage Interest.


 


“Class D
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-13 hereto.


 


“Class
D Component”: The Component having such designation.


 


“Class D
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.225%.


 


“Class E
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-15 hereto.


 


“Class E
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate.


 


“Class E
Transfer”: As defined in Section 6.09(h) of this Agreement.


 


“Class F
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-16 hereto.


 


“Class F
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate.


 


“Class G
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-17 hereto.


 


“Class G
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate.


 


“Class
PEZ Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-11 hereto. The Class PEZ Certificates represent undivided beneficial
interests in the Class PEZ Specific Grantor Trust Assets.


 






    	-24-



    	 



    

 


“Class
PEZ Component”: Any of the Class PEZ Component A-S, Class PEZ Component B or Class PEZ Component C.


 


“Class
PEZ Component A-S”: The portion of the Class A-S Regular Interest equal to the Class A-S-PEZ Percentage Interest of
the Class A-S Regular Interest.


 


“Class
PEZ Component A-S Principal Amount”: The product of the Class A-S-PEZ Percentage Interest and the Certificate Principal
Amount of the Class A-S Regular Interest.


 


“Class
PEZ Component B”: The portion of the Class B Regular Interest equal to the Class B-PEZ Percentage Interest of the Class
B Regular Interest.


 


“Class
PEZ Component B Principal Amount”: The product of the Class B-PEZ Percentage Interest and the Certificate Principal
Amount of the Class B Regular Interest.


 


“Class
PEZ Component C”: The portion of the Class C Regular Interest equal to the Class C-PEZ Percentage Interest of the Class
C Regular Interest.


 


“Class
PEZ Component C Principal Amount”: The product of the Class C-PEZ Percentage Interest and the Certificate Principal
Amount of the Class C Regular Interest.


 


“Class
PEZ Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to the sum of (i) the product
of (a) the Class A-S-PEZ Percentage Interest and (b) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement
in respect of the Class A-S Regular Interest on such Distribution Date, (ii) the product of (a) the Class B-PEZ Percentage
Interest and (b) the amount of interest distributable pursuant to 0 of this Agreement in respect of the Class B Regular
Interest on such Distribution Date and (iii) the product of (a) the Class C-PEZ Percentage Interest and (b) the amount of interest
distributable pursuant to Section 4.01(b) of this Agreement in respect of the Class C Regular Interest on such Distribution Date.


 


“Class
PEZ Percentage Interest”: Any of the Class A-S-PEZ Percentage Interest, the Class B-PEZ Percentage Interest or the Class
C-PEZ Percentage Interest.


 


“Class
PEZ Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the sum of (i) the product
of (a) the Class A-S-PEZ Percentage Interest and (b) the Class A-S Regular Interest Principal Distribution Amount for such Distribution
Date, (ii) the product of (a) the Class B-PEZ Percentage Interest and (b) the Class B Regular Interest Principal Distribution
Amount for such Distribution Date and (iii) the product of (a) the Class C-PEZ Percentage Interest and (b) the Class C Regular
Interest Principal Distribution Amount for such Distribution Date.


 


“Class
PEZ Regular Interests”: The Class A-S, Class B and Class C Regular Interests.


 






    	-25-



    	 



    

 


“Class
PEZ Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class PEZ Components and (ii)
amounts held from time to time in the Exchangeable Distribution Account that represent distributions on the Class PEZ Components.


 


“Class R
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-18 hereto. The Class R Certificates have no Pass-Through
Rate, Certificate Principal Amount or Notional Amount.


 


“Class X
Certificates”: The Class X-A Certificates, the Class X-B Certificates and/or the Class X-D Certificates, as the
context requires.


 


“Class X
Strip Rate”: With respect to each Component for any Distribution Date, a rate per annum equal to (i) the
WAC Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Corresponding Certificates.


 


“Class X-A
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-7 hereto.


 


“Class
X-A Components”: The Class A-1 Component, Class A-2 Component, Class A-3 Component, Class A-4 Component,
Class A-5 Component, Class A-AB Component and Class A-S Component, each of which constitutes a separate class of “regular
interests”, within the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its
Class X Strip Rate from time to time and a notional amount equal to its Component Notional Amount from time to time.


 


“Class X-A
Notional Amount”: With respect to the Class X-A Certificates as of any date of determination, the sum of the Component
Notional Amounts of the Class X-A Components.


 


“Class X-A
Pass-Through Rate”: For any Distribution Date, the weighted average of Class X Strip Rates for the Class X-A
Components for such Distribution Date (weighted on the basis of the respective Component Notional Amounts of such Components outstanding
immediately prior to such Distribution Date).


 


“Class X-B
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-8 hereto.


 


“Class
X-B Component”: The Class B Component, which constitutes a separate class of “regular interests”, within
the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate from
time to time and a notional amount equal to its Component Notional Amount from time to time.


 


“Class X-B
Notional Amount”: With respect to the Class X-B Certificates as of any date of determination, the Component Notional
Amount of the Class X-B Component.


 






    	-26-



    	 



    

 


“Class X-B
Pass-Through Rate”: For any Distribution Date, the Class X Strip Rate for the Class X-B Component for such Distribution
Date.


 


“Class X-D
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-13 hereto.


 


“Class
X-D Component”: The Class D Component, which constitutes a separate class of “regular interests”, within
the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate from
time to time and a notional amount equal to its Component Notional Amount from time to time.


 


“Class X-D
Notional Amount”: With respect to the Class X-D Certificates as of any date of determination, the Component Notional
Amount of the Class X-D Component.


 


“Class X-D
Pass-Through Rate”: For any Distribution Date, the Class X Strip Rate for the Class X-D Component for such
Distribution Date.


 


“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.


 


“Clearstream”:
Clearstream Banking, société anonyme, and its successors in interest.


 


“Closing
Date”: August 19, 2015.


 


“CMBS”:
Commercial mortgage-backed securities.


 


“Co-Lender
Agreement”: With respect to any Loan Combination, the co-lender agreement, intercreditor agreement, agreement among
noteholders or similar agreement governing the relative rights of the holders of the related Mortgage Loan and Companion Loan(s).
The only Co-Lender Agreements related to the Trust as of the Closing Date are the Decoration & Design Building Co-Lender Agreement,
the Kaiser Center Co-Lender Agreement, the Eden Roc Co-Lender Agreement, the Hilton Nashville Co-Lender Agreement, the Ascentia
MHC Portfolio Co-Lender Agreement, the US StorageMart Portfolio Co-Lender Agreement and the Alderwood Mall Co-Lender Agreement.


 


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


 


“Collection
Account”: The account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a) of this Agreement,
which (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled “Wells Fargo
Bank, National Association, as Master Servicer on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit
of the registered holders of Citigroup Commercial Mortgage Trust


 






    	-27-



    	 



    

 


2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1”
and which must be an Eligible Account.


 


“Collection
Period”: With respect to a Distribution Date and each Mortgage Loan (including an REO Mortgage Loan), the period beginning
on the day immediately following the Due Date (without regard to grace periods) in the month preceding the month in which such
Distribution Date occurs (or, in the case of the Distribution Date occurring in September 2015, beginning on the day after the
Cut-Off Date) and ending on and including the Due Date (without regard to grace periods) in the month in which such Distribution
Date occurs.


 


“COMM
2015-CCRE24 Pooling and Servicing Agreement”: The COMM 2015-CCRE24 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Pooling and Servicing Agreement, dated as of August 1, 2015, between Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer, Wilmington Trust,
National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian,
and Park Bridge Lender Services LLC, as operating advisor, as the same may be amended from time to time in accordance with the
terms thereof.


 


“Commission”:
The Securities and Exchange Commission.


 


“Companion
Loan”: Any mortgage loan that is part of a Loan Combination but is not an asset of the Trust. The only Companion Loans
related to the Trust as of the Closing Date are the Decoration & Design Building Companion Loan, the Kaiser Center Companion
Loan, the Eden Roc Companion Loans, the Hilton Nashville Companion Loan, the Ascentia MHC Portfolio Companion Loan, the US StorageMart
Portfolio Companion Loans and the Alderwood Mall Companion Loans.


 


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


 


“Companion
Loan Holder Representative”: With respect to each Serviced Companion Loan, any representative appointed by the related
Companion Loan Holder.


 


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


 


“Companion
Loan Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Serviced
Companion Loan or any related REO Property as to which any Serviced Companion Loan Securities exist, confirmation in writing (which
may be in electronic form) by each 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 Serviced Companion Loan Securities (if then rated by the Companion Loan Rating Agency); provided that upon
receipt of a written waiver or other acknowledgment from the 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 3.30 of this


 






    	-28-



    	 



    

 


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 Rating Agency Declination”: As defined in the definition of “Companion Loan Rating Agency Confirmation”
in this Agreement.


 


“Compensating
Interest Payments”: Any payment required to be made by the Master Servicer pursuant to Section 3.13 of this Agreement to
cover Prepayment Interest Shortfalls.


 


“Component”:
With respect to the Class X-A Certificates, the Class A-1 Component, Class A-2 Component, Class A-3 Component,
Class A-4 Component, Class A-5 Component, Class A-AB Component and Class A-S Component; with respect to the
Class X-B Certificates, the Class B Component; and with respect to the Class X-D Certificates, the Class D Component.


 


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


 


“Condemnation
Proceeds”: All proceeds received in connection with the taking of all or a part of a Mortgaged Property or REO Property
(including with respect to the Outside Serviced Trust Loans) by exercise of the power of eminent domain or condemnation, subject,
however, to the rights of any tenants and ground lessors, as the case may be, and the terms of the related Mortgage; provided
that, in the case of an Outside Serviced Trust Loan, “Condemnation Proceeds” under this Agreement shall be limited
to any related proceeds of the type described above in this definition that are received by the Trust Fund in connection with
such Outside Serviced Trust Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.


 


“Confidential
Information”: With respect to each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor
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 this Pooling and Servicing Agreement with respect to any Mortgage Loan
(or Serviced Loan Combination), any Mortgagor and any Mortgaged Property, unless such information (i) was already in the
possession of such Person prior to being disclosed to such Person, (ii) is or becomes available to such Person from a source
other than its activities as the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator or the Trustee, as applicable, or (iii) is or becomes generally available to the public other than as a result
of a disclosure by the Master Servicer Servicing Personnel, the Special Servicer Servicing Personnel, the Operating Advisor Personnel,
the Certificate Administrator Personnel or the Trustee Personnel.


 


“Consent
Fees”: With respect to any Serviced Loan, any and all fees actually paid by a Mortgagor with respect to any consent
or approval required pursuant to the terms of the Loan Documents that does not involve a modification evidenced by a signed writing,
assumption, extension, waiver or amendment of the terms of the Loan Documents.


 






    	-29-



    	 



    

 


“Consultation
Termination Event”: The event that (i) occurs when none of the Classes of Control Eligible Certificates has an outstanding
Certificate Principal Amount, without regard to the allocation of any Appraisal Reduction Amounts, that is equal to or greater
than 25% of the initial Certificate Principal Amount of that Class of Certificates or (ii) is deemed to occur pursuant to Section
6.09(d) or Section 6.09(h) of this Agreement; provided, however, that a Consultation Termination Event shall
in no event exist at any time that the aggregate Certificate Principal Amount of each Class of Certificates (other than the Control
Eligible Certificates) (without regard to the allocation of Appraisal Reduction Amounts) has been reduced to zero. With respect
to Excluded Mortgage Loans, a Consultation Termination Event shall be deemed to exist.


 


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


 


“Control
Termination Event”: The event that (i) occurs when none of the Classes of Control Eligible Certificates has an outstanding
Certificate Principal Amount (as notionally reduced by any Appraisal Reduction Amounts then allocable to such Class in accordance
with Section 3.10(a) of this Agreement) that is at least equal to 25% of the initial Certificate Principal Amount of such
Class of Certificates or (ii) is deemed to occur pursuant to Section 6.09(d) or Section 6.09(h) of this Agreement;
provided, however, that a Control Termination Event shall in no event exist at any time that the aggregate Certificate
Principal Amount of each Class of Certificates (other than the Control Eligible Certificates) (without regard to the allocation
of Appraisal Reduction Amounts) has been reduced to zero. With respect to Excluded Mortgage Loans, a Control Termination Event
shall be deemed to exist.


 


“Controlling
Class”: As of any time of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has a Certificate Principal Amount (as notionally reduced by any Appraisal Reduction Amounts allocable to such Class in accordance
with Section 3.10(a) of this Agreement) at least equal to 25% of the initial Certificate Principal Amount of such Class or if no Class
of Control Eligible Certificates meets the preceding requirement, the Class E Certificates; provided, however,
that (at any time that the aggregate Certificate Principal Amount of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
Class A-AB and Class D Certificates and the Class PEZ Regular Interests has been reduced to zero without regard to the allocation
of Appraisal Reduction Amounts) (a) in the case of any Class of Control Eligible Certificates to which the designation of “Controlling
Class” would otherwise shift by operation of this definition, where the Certificate Principal Amount of such Class of Control
Eligible Certificates has been reduced to zero (without regard to the allocation of Appraisal Reduction Amounts) prior to such
shift, then designation of “Controlling Class” shall not shift and shall remain with the Class of Control Eligible
Certificates currently designated as the Controlling Class, and (b) in the case of any Class of Control Eligible Certificates
which is then designated the “Controlling Class”, if the Certificate Principal Amount of such Class of Control Eligible
Certificates is reduced to zero (without regard to the allocation of Appraisal Reduction Amounts), then the designation of “Controlling
Class” shall shift to the Class of Control Eligible Certificates that is the most subordinate and that also has a remaining
Certificate Principal Amount. The Controlling Class as of the Closing Date will be the Class G Certificates.


 






    	-30-



    	 



    

 


“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 Representative”: The Controlling Class Certificateholder (or other representative) selected by at least
a majority of the Controlling Class Certificateholders by Certificate Principal Amount, 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 Master Servicer, the Operating Advisor and 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 the Controlling Class Certificateholders that own Certificates representing more than 50% of the Certificate
Principal Amount of the Controlling Class 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 Principal Amount of the Controlling Class as identified to the Certificate Registrar; provided, however,
that, in the case of the preceding proviso, in the event two or more holders (collectively, the “Subject Holders”)
each owns Certificates representing the same aggregate Certificate Principal Amount of the Controlling Class that is, in each
case, larger than the aggregate Certificate Principal Amount of the Controlling Class owned by any other particular holder besides
the Subject Holders, then the Controlling Class Representative shall be the Subject Holders acting unanimously (and for the avoidance
of doubt, if both or all of the Subject Holders do not act unanimously in accordance with this proviso, any direction and/or consent
received will not apply and the deemed consent provisions in this Agreement will be applicable). No person may exercise any of
the consent or consultation rights and powers of the Controlling Class Representative with respect to an Excluded Mortgage Loan.


 


The
initial Controlling Class Representative on the Closing Date shall be Raith Capital Partners, LLC, and the Certificate Registrar
and the other parties to this Agreement shall be entitled to assume Raith Capital Partners, LLC is the Controlling Class Representative
on behalf of the Controlling Class Certificateholder, until the Certificate Registrar receives (a) written notice of a replacement
Controlling Class Representative or (b) written notice that Raith Capital Partners, LLC is no longer the Holder (or Beneficial
Owner) of a majority of the applicable Controlling Class.


 


“Corporate
Trust Office”: The office of the Trustee or the Certificate Administrator, at which at any particular time its corporate
trust business shall be principally administered. At the date of this Agreement, the corporate trust office of (i) the Trustee
is located at 1761 East St. Andrew Place, Santa Ana, California, 92705-4934, Attention: Trust Administration – CI15P1, (ii) the
Certificate Administrator is located, for certificate transfer purposes, at 480 Washington Boulevard, 30th Floor, Jersey City,
New Jersey 07310, Attention - Citibank Agency & Trust, CGCMT 2015-P1, and for all other purposes, except as specifically set
forth herein, 388 Greenwich Street, 14th Floor, New York, New York 10013, Attention: Citibank Agency & Trust, CGCMT 2015-P1
and (iii) the Custodian is located at 1055 10th Avenue SE, Minneapolis, Minnesota 55414, Attention: CGCMT 2015-P1.


 






    	-31-



    	 



    

 


“Corrected
Loan”: Any Serviced Loan that had been a Specially Serviced Loan but has ceased to be such in accordance with the definition
of “Specially Serviced Loan” (other than by reason of a Liquidation Event occurring in respect of such Serviced Loan
or a related Mortgaged Property becoming an REO Property).


 


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


 


“Corresponding
Component”: As identified in the Preliminary Statement with respect to any Class of Regular Certificates, Class PEZ
Regular Interest or Lower-Tier Regular Interest.


 


“Corresponding
Lower-Tier Regular Interest”: As identified in the Preliminary Statement with respect to any Class of Regular Certificates,
Class PEZ Regular Interest or Component.


 


“CREFC®”:
CRE Finance Council, formerly known as Commercial Mortgage Securities Association, or any association or organization that is
a successor thereto. If neither such association nor any successor remains in existence, “CREFC®” shall
be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers, trustees,
certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and
whose principal purpose is the establishment of industry standards for reporting transaction-specific information relating to
commercial mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed
properties underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other
association or organization. If an organization or association described in one of the preceding sentences of this definition
does not exist, “CREFC®” shall be deemed to refer to such other association or organization as shall
be selected by the Master Servicer and reasonably acceptable to the Certificate Administrator, the Special Servicer and, for so
long as no Control Termination Event has occurred and is continuing, the Controlling Class Representative.


 


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


 


“CREFC®
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 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.


 






    	-32-



    	 



    

 


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


 


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


 


“CREFC®
Capitalized Amounts/Non-Recoverable Trust Expense Template”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Capitalized Amounts/Non-Recoverable Trust Expense Template”
available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information
and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage
securities transactions generally.


 


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


 


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


 


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


 


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


 


“CREFC®
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 as of the Closing Date on the CREFC® Website, or such other form for the presentation
of such


 






    	-33-



    	 



    

 


information and containing such additional information as may from time to time be approved by the CREFC®
for commercial mortgage securities transactions generally.


 


“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 as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information and containing such additional information
as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.


 


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


 


“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan (including any REO Mortgage Loan)
and for any Distribution Date, an amount accrued during the related Interest Accrual Period at the CREFC® Intellectual
Property Royalty License Fee Rate on, in the case of the initial Distribution Date, the Cut-Off Date Principal Balance of such
Mortgage Loan and, in the case of any subsequent Distribution Date, the Stated Principal Balance of such Mortgage Loan as of the
close of business on the Distribution Date in the related 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 interest payment due or deemed
due on the related Mortgage Loan is computed and shall be prorated for partial periods. For the avoidance of doubt, the CREFC®
Intellectual Property Royalty License Fee shall be payable from the Lower-Tier REMIC.


 


“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to each Mortgage Loan, a rate equal to 0.0005% per
annum.


 


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


 


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


 






    	-34-



    	 



    

 


(b)        the
following ten supplemental reports (and any other reports as may be, or have been, adopted and promulgated by CREFC®
as part of the CREFC® Investor Reporting Package (IRP) from time to time): (i) CREFC®
Delinquent Loan Status Report, (ii) CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage
Loan Report, (iii) CREFC® REO Status Report, (iv) CREFC® Operating Statement Analysis
Report, (v) CREFC® Comparative Financial Status Report, (vi) CREFC® Servicer Watchlist/Portfolio
Review Guidelines, (vii) CREFC® Loan Level Reserve/LOC Report, (viii) CREFC® NOI Adjustment
Worksheet, (ix) CREFC® Advance Recovery Report, and (x) CREFC® Total Loan Report;


 


(c)        the
following fifteen templates (and any other templates as may be, or have been, adopted and promulgated by CREFC®
as part of the CREFC® Investor Reporting Package (IRP) from time to time): (i) CREFC® Appraisal
Reduction Template, (ii) CREFC® Servicer Realized Loss Template, (iii) CREFC® Reconciliation of
Funds Template, (iv) CREFC® Historical Bond/Collateral Realized Loss Reconciliation Template, (v) CREFC®
Historical Liquidation Loss Template, (vi) CREFC® Interest Shortfall Reconciliation Template, (vii) CREFC®
Servicer Remittance to Certificate Administrator Template, (viii) CREFC® Significant Insurance Event Template,
(ix) CREFC® Loan Modification Report Template; (x) CREFC® Loan Liquidation Report Template,
(xi) CREFC® REO Liquidation Report Template; (xii) CREFC® Payment Posting Instructions Template;
(xiii) CREFC® Modification Posting Instructions Template; (xiv) CREFC® Assumption Modification
Posting Instructions Template, and (xv) CREFC® Capitalized Amounts/Non-Recoverable Trust Expense Template; and


 


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


 


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


 


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


 


“CREFC®
Loan Modification Report Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Loan Modification Report Template” 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.


 






    	-35-



    	 



    

 


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


 


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


 


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


 


“CREFC®
NOI Adjustment Worksheet”: The worksheet in the “NOI Adjustment Worksheet” format substantially in
the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.


 


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


 


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


 


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


 


“CREFC®
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 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


 






    	-36-



    	 



    

 


time to time be approved by the CREFC® for commercial mortgage securities transactions generally.


 


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


 


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


 


“CREFC®
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 as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from
time to time be approved by the CREFC® for commercial mortgage securities transactions generally.


 


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


 


“CREFC®
Servicer Watch List/Portfolio Review Guidelines”: As of each Determination Date a report, including and identifying
each Performing Serviced Loan satisfying the “CREFC® Portfolio Review Guidelines” approved from time
to time by the CREFC® in the “CREFC® Servicer Watch List” format substantially in the
form of and containing the information called for therein for the Mortgage Loans, or such other form (including other portfolio
review guidelines) for the presentation of such information as may be approved from time to time by the CREFC®
for commercial mortgage securities transactions generally.


 


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


 


“CREFC®
Special Servicer Loan File”: The data file in the “CREFC® Special Servicer Loan File”
format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form
for the presentation of such information as


 






    	-37-



    	 



    

 


may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.


 


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


 


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


 


“Cross-Collateralized
Group”: Any group of Mortgage Loans that are cross-collateralized and cross-defaulted with each other; provided that
a Mortgage Loan shall be part of a Cross-Collateralized Group only if and for so long as such Mortgage Loan is cross-collateralized
and cross-defaulted with each other Mortgage Loan in such Cross-Collateralized Group. There are no Cross-Collateralized Groups
included as assets of the Trust as of the Closing Date.


 


“Cross-Collateralized
Mortgage Loan”: Any Mortgage Loan that is part of a Cross-Collateralized Group.


 


“Cross-Over
Date”: The Distribution Date on which the Certificate Principal Amount of each Class of Principal Balance Certificates
(other than the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB Certificates
and other than the Exchangeable Certificates) and each Class PEZ Regular Interest is (or will be) reduced to zero due to
the application of Realized Losses.


 


“Custodian”:
Wells Fargo Bank, National Association, a national banking association, or its successor in interest, or any successor Custodian
as herein provided.


 


“Custodian
Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount accrued during the related Interest
Accrual Period at the Custodian Fee Rate on the Stated Principal Balance of such Mortgage 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 interest payment due or deemed due on the related Mortgage
Loan is computed and shall be prorated for partial periods. For the avoidance of doubt, the Custodian Fee shall be payable from
the Lower-Tier REMIC.


 


“Custodian
Fee Rate”: With respect to each Mortgage Loan, a rate equal to 0.0008% per annum


 


“Cut-Off
Date”: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any
Mortgage Loan that has its first due date in September 2015, the date that would have been its due date in August 2015 under the
terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).


 






    	-38-



    	 



    

 


“Cut-Off
Date Principal Balance”: With respect to any Mortgage Loan, the outstanding principal balance of such Mortgage Loan
as of the Cut-Off Date, after application of all payments of principal due on or before such date, whether or not received.


 


“DBRS”:
DBRS, Inc. or its successors in interest.


 


“Decoration
& Design Building Co-Lender Agreement”: With respect to the Decoration & Design Building Loan Combination, the
related co-lender agreement, dated as of August 1, 2015, by and between the holder of the Decoration & Design Building Mortgage
Loan and the Decoration & Design Building Companion Loan Holder, relating to the relative rights of the holder of the Decoration
& Design Building Mortgage Loan and the Decoration & Design Building Companion Loan Holder, as the same may be amended
from time to time in accordance with the terms thereof.


 


“Decoration
& Design Building Companion Loan”: With respect to the Decoration & Design Building Loan Combination, the related
promissory note made by the related Mortgagor and secured by the Decoration & Design Building Mortgage and designated as promissory
note A-2, which is not included in the Trust and is pari passu in right of payment with the Decoration & Design Building Mortgage
Loan to the extent set forth in the related Loan Documents and as provided in the Decoration & Design Building Co-Lender Agreement.


 


“Decoration
& Design Building Companion Loan Holder”: The holder of the Decoration & Design Building Companion Loan.


 


“Decoration
& Design Building Loan Combination”: The Decoration & Design Building Mortgage Loan, together with the Decoration
& Design Building Companion Loan, each of which is secured by the Decoration & Design Building Mortgage. References herein
to the Decoration & Design Building Loan Combination shall be construed to refer to the aggregate indebtedness secured under
the Decoration & Design Building Mortgage.


 


“Decoration
& Design Building Mortgage”: The Mortgage securing the Decoration & Design Building Mortgage Loan and the Decoration
& Design Building Companion Loan.


 


“Decoration
& Design Building Mortgage Loan”: With respect to the Decoration & Design Building Loan Combination, the Mortgage
Loan included in the Trust, which is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as The Decoration
& Design Building, (ii) evidenced by promissory note A-1 and (iii) pari passu in right of payment with the Decoration &
Design Building Companion Loan to the extent set forth in the related Loan Documents and as provided in the Decoration & Design
Building Co-Lender Agreement.


 


“Debt
Service Coverage Ratio”: With respect to any Mortgage Loan (or Serviced Loan Combination, if applicable), for any twelve-month
period covered by an annual operating statement for the related Mortgaged Property, the ratio of (i) Net Operating Income
produced by the related Mortgaged Property during such period to (ii) the aggregate amount of Monthly Payments (other than
any Balloon Payment) due under such Mortgage Loan (or Serviced Loan Combination, if applicable) during such period; provided
that with respect to the Mortgage


 






    	-39-



    	 



    

 


Loans (and with respect to any Serviced Loan Combination that includes a Mortgage Loan)
identified on the Mortgage Loan Schedule as paying interest only for a specified period of time set forth in the related Loan
Documents and then paying principal and interest, the related Monthly Payment will be calculated (for purposes of this definition
only) to include interest and principal (based on the remaining amortization term indicated in the Mortgage Loan Schedule).


 


“Default”:
An event of default under the Mortgage Loan (or Serviced Loan Combination, if applicable) or an event which, with the passage
of time or the giving of notice, or both, would constitute an event of default under the Mortgage Loan (or Serviced Loan Combination,
if applicable).


 


“Default
Interest”: With respect to any Mortgage Loan or Serviced Companion Loan, all interest other than Excess Interest accrued
in respect of such Mortgage Loan or Serviced Companion Loan as provided in the related Note or Mortgage as a result of a default
(exclusive of late payment charges) that is in excess of interest at the related Mortgage Rate.


 


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


 


“Defaulted
Loan”: A Serviced Loan (i) that is delinquent at least sixty days in respect of its 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 Mortgage or Note and without regard to any acceleration of payments under the related Mortgage
and Note or (ii) as to which the Master Servicer or Special Servicer has, by written notice to the related Mortgagor, accelerated
the maturity of the indebtedness evidenced by the related Note.


 


“Defaulted
Mortgage Loan”: A Mortgage Loan that is a Defaulted Loan.


 


“Defaulted
Serviced Loan Combination”: Any Serviced Loan Combination with respect to which the related Serviced Mortgage Loan or
Serviced Companion Loan is a Defaulted Loan.


 


“Defeasance
Loan”: Those Mortgage Loans which provide the related Mortgagor with the option to defease the related Mortgaged Property.


 


“Defective
Mortgage Loan”: As defined in Section 2.03(a) of this Agreement.


 


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


 






    	-40-



    	 



    

 


reporting
requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and/or the rules and regulations promulgated thereunder.


 


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


 


“Depositor”:
Citigroup Commercial Mortgage Securities Inc., a Delaware corporation, and its successors and assigns.


 


“Depositor’s
Rule 17g-5 Website”: A website to be maintained (or caused to be maintained) by the Depositor in order to comply with
Exchange Act Rule 17g-5.


 


“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.


 


“Designated
Servicing Documents”: With respect to any Serviced Mortgage Loan or Serviced Loan Combination, if applicable, collectively
the following documents:


 


(1)        (A) a
copy of the executed Note for such Mortgage Loan (or, alternatively, if the original executed Note has been lost, a copy of a
lost note affidavit and indemnity with a copy of such Note), and (B) in the case of a Serviced Loan Combination, a copy of
the executed Note for the related Companion Loan;


 


(2)        a
copy of the related Loan Agreement, if any;


 


(3)        a
copy of the Mortgage;


 


(4)        a
copy of the lock box agreement or cash management agreement relating to such Mortgage Loan or Serviced Loan Combination, if any;


 


(5)        any
pre-funding insurance review documentation and insurance certificates (for insurance policies other than title insurance policy
and environmental policy) or a marked up commitment therefor;


 


(6)        a
copy of any related title insurance policy or a marked up commitment therefor;


 


(7)        a
copy of any environmental insurance policy or a marked up commitment therefor;


 


(8)        legal
description of the related Mortgaged Property;


 






    	-41-



    	 



    

 


(9)        a
copy of the related escrow agreement and the related security agreement (in each case, if such item is a document separate from
the Loan Agreement and the Mortgage);


 


(10)       a
copy of the agreement governing post-closing obligations (if such item is a document separate from the Loan Agreement and the
Mortgage), if any;


 


(11)       a
copy of the closing statement and/or sources and uses statement;


 


(12)       the
related Mortgage Loan Seller’s asset summary, if any (provided that the delivery of such item shall not result in any liability
to the related Mortgage Loan Seller);


 


(13)       the
related Mortgagor tax ID;


 


(14)       a
PIP Schedule (if such item is a document separate from the Loan Agreement and the Mortgage), if any;


 


(15)       a
copy of an approved operating budget, if applicable;


 


(16)       a
copy of the related Ground Lease relating to such Mortgage Loan (or Serviced Loan Combination, if applicable), if any; and


 


(17)       in
the case of a Serviced Loan Combination, a copy of the related Co-Lender Agreement.


 


“Determination
Date”: With respect to any Distribution Date, the eleventh day of the calendar month of the related Distribution Date
or, if the eleventh day is not a Business Day, the next Business Day, commencing in September 2015.


 


“Directing
Holder”: (a) With respect to all of the Serviced Loans other than a Serviced Outside Controlled Loan Combination and
any Excluded Mortgage Loan, the Controlling Class Representative, and (b) with respect to any Serviced Outside Controlled
Loan Combination, the related Outside Controlling Note Holder.


 


“Directly
Operate”: With respect to any REO Property, the furnishing or rendering of services to the tenants thereof that are
not customarily provided to tenants in connection with the rental of space “for occupancy only” within the meaning
of Treasury Regulations Section 1.512(b)-1(c)(5), the management or operation of such REO Property, the holding of such REO
Property primarily for sale to customers in the ordinary course of a trade or business or any use of such REO Property in a trade
or business conducted by the Trust Fund, or the performance of any construction work on the REO Property (other than the completion
of a building or improvement, where more than 10% of the construction of such building or improvement was completed before default
became imminent), other than through an Independent Contractor; provided, however, that the Special Servicer, on
behalf of the Trust Fund, shall not be considered to Directly Operate an REO Property solely because the Special Servicer, on
behalf of the Trust Fund, establishes rental terms, chooses tenants, enters into or renews leases, deals with taxes and insurance,
or makes decisions as to repairs or capital


 






    	-42-



    	 



    

 


expenditures with respect to such REO Property or takes other actions consistent with
Treasury Regulations Section 1.856-4(b)(5)(ii).


 


“Disclosable
Special Servicer Fees”: With respect to any Serviced Loan or REO Property, any compensation and other remuneration (including,
without limitation, in the form of commissions, brokerage fees and rebates) received or retained by the Special Servicer or any
of its Affiliates that is paid by any Person (including, without limitation, the Trust, any Mortgagor, any Manager, any guarantor
or indemnitor in respect of a Serviced Loan and any purchaser of any Serviced Loan or REO Property (or an interest in an REO Property
related to a Serviced Loan Combination, if applicable) in connection with the disposition, workout or foreclosure of any Serviced
Loan, the management or disposition of any REO Property, and the performance by the Special Servicer or any such Affiliate of
any other special servicing duties under this Agreement, other than (1) any Special Servicing Compensation which is payable to
the Special Servicer under this Agreement, and (2) any Permitted Special Servicer/Affiliate Fees.


 


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


 


“Disqualified
Organization”: Any of (a) the United States, a State or any political subdivision thereof, 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), (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 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), (d) rural electric and telephone cooperatives described in Code Section 1381(a)(2)
or (e) 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 tax or to fail to qualify as a REMIC for federal income
tax purposes at any time that the Certificates are outstanding. For purposes of this definition, the terms “United States,”
“State” and “International Organization” shall have the meanings set forth in Code Section 7701 or
successor provisions.


 


“Distribution
Account”: Collectively, the Lower-Tier Distribution Account and the Upper-Tier Distribution Account, each of which may
be subaccounts of a single Eligible Account.


 






    	-43-



    	 



    

 


“Distribution
Date”: The fourth Business Day following the Determination Date in each month, commencing in September 2015. The first
Distribution Date shall be September 17, 2015.


 


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


 


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


 


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


 


“Due
Diligence Service Provider”: As defined in Section 11.13(l) of this Agreement.


 


“Early
Termination Notice Date”: Any date as of which the aggregate Stated Principal Balance of the Mortgage Loans (including
REO Mortgage Loans) is less than 1.0% of the sum of the aggregate Cut-Off Date Principal Balance of the Mortgage Pool initially
included in the Trust Fund.


 


“Eden
Roc Co-Lender Agreement”: With respect to the Eden Roc Loan Combination, the related co-lender agreement, dated as of
June 25, 2015, by and between the holder of the Eden Roc Mortgage Loan and the Eden Roc Companion Loan Holders, relating to the
relative rights of the holder of the Eden Roc Mortgage Loan and the Eden Roc Companion Loan Holders, as the same may be amended
from time to time in accordance with the terms thereof.


 


“Eden
Roc Companion Loans”: With respect to the Eden Roc Loan Combination, the related promissory notes made by the related
Mortgagor and secured by the Eden Roc Mortgage and designated as promissory notes A-1 and A-2, which are not included in the Trust
and are pari passu in right of payment with the Eden Roc Mortgage Loan to the extent set forth in the related Loan Documents and
as provided in the Eden Roc Co-Lender Agreement.


 


“Eden
Roc Companion Loan Holder”: The holder of an Eden Roc Companion Loan.


 


“Eden
Roc Loan Combination”: The Eden Roc Mortgage Loan, together with the Eden Roc Companion Loans, each of which is secured
by the Eden Roc Mortgage. References herein to the Eden Roc Loan Combination shall be construed to refer to the aggregate indebtedness
secured under the Eden Roc Mortgage.


 






    	-44-



    	 



    

 


“Eden
Roc Mortgage”: The Mortgage securing the Eden Roc Mortgage Loan and the Eden Roc Companion Loans.


 


“Eden
Roc Mortgage Loan”: With respect to the Eden Roc Loan Combination, the Mortgage Loan included in the Trust, which is
(i) secured by the Eden Roc Mortgaged Property, (ii) evidenced by promissory notes A-3 and A-4 and (iii) pari passu in right of
payment with the Eden Roc Companion Loans to the extent set forth in the related Loan Documents and as provided in the Eden Roc
Co-Lender Agreement.


 


“Eden
Roc Mortgaged Property”: The Mortgaged Property identified on the Mortgage Loan Schedule as Eden Roc.


 


“EDGAR”:
The Commission’s Electronic Data Gathering and Retrieval System.


 


“EDGAR-Compatible
Format”: Any format compatible with EDGAR, including HTML, Word, Excel or clean, searchable PDFs.


 


“Eligible
Account”: Any of (i) a segregated account or accounts maintained with a federal or state chartered depository institution
or trust company (including the Trustee and the Certificate Administrator), the long-term unsecured debt obligations (or short-term
unsecured debt obligations if the account holds funds for less than 30 days) or commercial paper of which are rated by
Fitch and Moody’s in its highest rating category at all times (or, in the case of the REO Account, Collection Account, Loan
Combination Custodial Account, Interest Reserve Account, Excess Liquidation Proceeds Reserve Account and Escrow Account, the long-term
unsecured debt obligations (or short-term unsecured debt obligations if the account holds funds for less than 30 days) of
which are rated at least “AA-” by Fitch (or “A” by Fitch so long as the short-term deposit or short-term
unsecured debt obligations of such depository institution or trust company are rated no less than “F1” by Fitch) and
“A2” by Moody’s or, if applicable, the short-term rating equivalent thereof, which is at least “F1”
by Fitch and “P-1” by Moody’s), (ii) an account or accounts maintained with Wells Fargo Bank, National
Association or Citibank, N.A. so long as Wells Fargo Bank, National Association’s or Citibank, N.A.’s, as applicable,
long-term unsecured debt rating or deposit account rating shall be at least “A-” by Fitch and “A2” by
Moody’s (if the deposits are to be held in the account for more than 30 days) or Wells Fargo Bank, National Association’s
or Citibank, N.A.’s, as applicable, short-term deposit account or short-term unsecured debt rating shall be at least “F1”
by Fitch and “P-1” by Moody’s (if the deposits are to be held in the account for 30 days or less), (iii)
a segregated trust account or accounts maintained with the corporate trust department of a federal or state chartered depository
institution or trust company that, in either case, has corporate trust powers, acting in its fiduciary capacity, which institution
or trust company has a combined capital and surplus of at least $50,000,000, is (in the case of a state chartered depository institution
or trust company) subject to regulations substantially similar to 12 C.F.R. §9.10(b), and is subject to supervision or examination
by federal and state authority, and the long-term unsecured debt obligations of which are rated at least “A2” by Moody’s,
(iv) such other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth in
the applicable clause, would be listed in clauses (i) - (iii) above, with respect to which a Rating Agency Confirmation has
been obtained from each Rating Agency for which the minimum ratings set forth in the applicable clause is not satisfied with
respect to such account, or (v) such other account or


 






    	-45-



    	 



    

 


accounts not listed in clauses (i) - (iii) above with respect
to which a Rating Agency Confirmation has been obtained from each Rating Agency. Eligible Accounts may bear interest. No Eligible
Account shall be evidenced by a certificate of deposit, passbook or other similar instrument.


 


“Eligible
Operating Advisor”: An institution (i) that is the special servicer or operating advisor on a transaction rated
by any of Moody’s, Fitch, KBRA, S&P, Morningstar and/or DBRS but has not been the special servicer or operating advisor
on a transaction for which Moody’s, Fitch, KBRA, S&P, Morningstar and/or DBRS has qualified, downgraded or withdrawn
its rating or ratings of, one or more classes of certificates for such transaction citing servicing concerns with the special
servicer or operating advisor, as applicable, as the sole or material factor in such rating action, (ii) that can and will
make the representations and warranties set forth in Section 2.09(a) of this Agreement, (iii) that is not the Special Servicer or
any Directing Holder or an Affiliate of the Special Servicer or any Directing Holder and (iv) that has not been paid any
fees, compensation or other remuneration by any Special Servicer or successor special servicer (x) in respect of its obligations
under this Agreement or (y) for the recommendation of the replacement of the Special Servicer or the appointment of a successor
special servicer to become the Special Servicer.


 


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


 


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


 


“ERISA
Restricted Certificate”: Any Class E, Class F or Class G Certificate; provided that any such Certificate:
(a) will cease to be considered an ERISA Restricted Certificate and (b) will cease to be subject to the transfer restrictions
with respect to ERISA Restricted Certificates contained in Section 5.03(m) of this Agreement if, as of the date of a proposed transfer
of such Certificate, it is rated in one of the four highest generic ratings categories by a credit rating agency that meets
the requirements of the Underwriter Exemption or (ii) relevant provisions of ERISA would permit the transfer of such Certificate
to a Plan.


 


“Escrow
Account”: As defined in Section 3.04(b) of this Agreement.


 


“Escrow
Payment”: Any payment made by any Mortgagor to the Master Servicer pursuant to the related Mortgage, Lock-Box Agreement
or Loan Agreement for the account of such Mortgagor for application toward the payment of taxes, insurance premiums, assessments,
ground rents, mandated improvements and similar items in respect of the related Mortgaged Property.


 


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


 


“Excess
Interest”: With respect to each ARD Mortgage Loan, additional interest accrued on such ARD Mortgage Loan after the Anticipated
Repayment Date allocable to the difference between the Revised Rate and the Mortgage Rate, plus any compound interest


 






    	-46-



    	 



    

 


thereon,
to the extent permitted by applicable law and the related Loan Documents. The Excess Interest on any ARD Mortgage Loan shall not
be an asset of any Trust REMIC, but rather shall be an asset of the Grantor Trust. There are no ARD Mortgage Loans included in
the Trust Fund and, accordingly, no Excess Interest is payable to the Trust and all references in this Agreement to “Excess
Interest” shall be disregarded.


 


“Excess
Interest Certificates”: Any class of commercial mortgage pass-through certificates issued under this Agreement that
are designated as evidencing an interest in the Excess Interest Grantor Trust Assets. There are no Excess Interest Grantor Trust
Assets in the Trust Fund, and, accordingly, no Excess Interest Certificates shall be designated or issued, and all references
in this Agreement to “Excess Interest Certificates” shall be disregarded.


 


“Excess
Interest Distribution Account”: If there are any ARD Mortgage Loans included in the Trust Fund, the trust account or
subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(e) of this Agreement in trust
for the Holders of the Excess Interest Certificates (if applicable), which (subject to changes in the identities of the Certificate
Administrator and/or the Trustee) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Deutsche
Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2015-P1,
Commercial Mortgage Pass-Through Certificates, Series 2015-P1 – Excess Interest Distribution Account”. Any such account
shall be an Eligible Account. The Excess Interest Distribution Account shall be held solely for the benefit of the Holders of
the Excess Interest Certificates (if applicable). The Excess Interest Distribution Account shall not be an asset of the Lower
Tier REMIC or the Upper Tier REMIC, but rather shall be an asset of the Grantor Trust. There are no ARD Mortgage Loans included
in the Trust Fund and, accordingly, no Excess Interest Distribution Account will be established with respect to the Trust and
all references in this Agreement to “Excess Interest Distribution Account” shall be disregarded.


 


“Excess
Interest Grantor Trust Assets”: The portion of the Trust Fund consisting of the Excess Interest, the Excess Interest
Distribution Account and amounts held from time to time in the Excess Interest Distribution Account. There is no Excess Interest
in the Trust Fund and no Excess Interest Distribution Account shall be established. Accordingly, all references in this Agreement
to “Excess Interest Grantor Trust Assets” shall be disregarded.


 


“Excess
Liquidation Proceeds”: With respect to any Mortgage Loan, the excess of (i) Liquidation Proceeds of that Mortgage
Loan or related REO Property (net of any related Liquidation Expenses and any amounts payable to a related Serviced Companion
Loan Holder pursuant to the related Co-Lender Agreement), over (ii) the amount that would have been received if a Principal
Payment in full had been made, and all other outstanding amounts had been paid, with respect to such Mortgage Loan on the Due
Date immediately following the date on which such proceeds were received. With respect to any Outside Serviced Trust Loan, Excess
Liquidation Proceeds shall mean such Outside Serviced Trust Loan’s pro rata share of any “Excess Liquidation
Proceeds” determined in accordance with the applicable Outside Servicing Agreement and the related Co-Lender Agreement that
are received by the Trust.


 


“Excess
Liquidation Proceeds Reserve Account”: The trust account or subaccount created and maintained by the Certificate Administrator
pursuant to Section 3.05(c)


 






    	-47-



    	 



    

 


of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of
the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf
of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage
Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Excess Liquidation Proceeds Reserve Account.”
Any such account shall be an Eligible Account.


 


“Excess
Modification Fees”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the sum
of (A) the excess of (i) any and all Modification Fees with respect to any modification, waiver, extension or amendment
of any of the terms of a Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), over (ii) all unpaid or unreimbursed
Advances and Additional Trust Fund Expenses (other than (1) Special Servicing Fees, Workout Fees and Liquidation Fees and
(2) Borrower Delayed Reimbursements) outstanding or previously incurred hereunder with respect to the related Serviced Mortgage
Loan (or Serviced Loan Combination, if applicable) and reimbursed from such Modification Fees (which such Additional Trust Fund
Expenses shall be reimbursed from such Modification Fees) and (B) expenses previously paid or reimbursed from Modification
Fees as described in the preceding clause (A), which expenses have been recovered from the related Mortgagor as Penalty Charges,
specific reimbursements or otherwise. All Excess Modification Fees earned by the Special Servicer shall offset any future Workout
Fees or Liquidation Fees payable with respect to the related Serviced Mortgage Loan (or Serviced Loan Combination, if applicable)
or REO Property; provided that if the Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) ceases being
a Corrected Loan, and is subject to a subsequent modification, any Excess Modification Fees earned by the Special Servicer prior
to such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) ceasing to be a Corrected Loan shall no longer be
offset against future Liquidation Fees and Workout Fees unless such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable)
ceased to be a Corrected Loan within 18 months of it becoming a modified Serviced Mortgage Loan (or modified Serviced Loan
Combination, if applicable). In such case, the Special Servicer shall be entitled to a Liquidation Fee or Workout Fee (to the
extent not previously offset) with respect to the new modification, waiver, extension or amendment or future liquidation of the
Specially Serviced Loan or related REO Property (including in connection with a repurchase, sale, refinance, discounted or full
payoff or other liquidation); provided that any Excess Modification Fees earned and paid to the Special Servicer in connection
with such subsequent modification, waiver, extension or amendment shall be applied to offset such Liquidation Fee or Workout Fee
to the extent described above. Within any prior 12-month period, all Excess Modification Fees earned by the Master Servicer or
the Special Servicer (after taking into account any offset described above applied during such 12-month period) with respect to
any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) shall be subject to a cap equal to the greater of (i)
1% of the outstanding principal balance of such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) after giving
effect to such transaction, and (ii) $25,000.


 


“Excess
Penalty Charges”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) and any Collection
Period, the sum of (A) the excess of (i) any and all Penalty Charges collected in respect of such Serviced Mortgage
Loan (or Serviced Loan Combination, if applicable) during such Collection Period, over (ii) all unpaid or unreimbursed Additional
Trust Fund Expenses (other than Special Servicing Fees, Workout Fees


 






    	-48-



    	 



    

 


and Liquidation Fees) outstanding or previously incurred
on behalf of the Trust (and, if applicable, the related Serviced Companion Loan Holder) with respect to any Serviced Mortgage
Loan (or Serviced Loan Combination, if applicable) and reimbursed from such Penalty Charges (which such Additional Trust Fund
Expenses shall be reimbursed from such Penalty Charges) in accordance with Section 3.14 of this Agreement and (B) expenses previously
paid or reimbursed from Penalty Charges as described in the preceding clause (A), which expenses have been recovered from
the related Mortgagor or otherwise.


 


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


 


“Excess
Servicing Fees”: With respect to each Mortgage Loan (including an REO Mortgage Loan), that portion of the Servicing
Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.


 


“Excess
Servicing Fee Rate”: With respect to each Mortgage Loan (including an REO Mortgage Loan), a rate per annum equal
to the Servicing Fee Rate (minus the applicable fee rate, if any, set forth under the column labeled “Subservicing Fee Rate
(%)” on the Mortgage Loan Schedule) minus 0.0025%; provided that such rate shall be subject to reduction at any time
following any resignation of the Master Servicer pursuant to Section 6.04 of this Agreement (if no successor is appointed in accordance
with Section 6.04 of this Agreement) or any termination of the Master Servicer pursuant to Section 7.01 of this Agreement, to the extent
reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master Servicer
(which successor may include the Trustee) that meets the requirements of Section 7.02 of this Agreement.


 


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


 


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


 


“Exchange
Date”: As defined in Section 5.12(g) of this Agreement.


 


“Exchangeable
Certificate”: Any of the Class A-S, Class B, Class PEZ or Class C Certificates.


 


“Exchangeable
Distribution Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant
to Section 3.05(d) of this Agreement in trust for the Holders of the Exchangeable Certificates, which (subject to any changes in the
identity of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator,
on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial
Mortgage Trust 2015-P1,


 






    	-49-



    	 



    

 


Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Exchangeable Distribution Account.”
Any such account shall be an Eligible Account. The Exchangeable Distribution Account shall not be an asset of any Trust REMIC
formed hereunder, but rather shall be an asset of the Grantor Trust.


 


“Exchangeable
Proportion”: Class A-S, Class B and Class C Certificates that evidence equal Tranche Percentage Interests in the related
Class PEZ Regular Interests.


 


“Excluded
Controlling Class Holder”: With respect to any Excluded Controlling Class Mortgage Loan, the Controlling Class Representative
or any Controlling Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling
Class Mortgage Loan. Immediately upon obtaining actual knowledge of any such party becoming an “Excluded Controlling Class
Holder”, the Controlling Class Certificateholder or Controlling Class Representative, as the case may be, shall provide
notice in the form of Exhibit M-1D hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee
and the Certificate Administrator, which such notice shall be physically delivered in accordance with Section 11.04 of
this Agreement and shall specifically identify the Excluded Controlling Class Holder and the subject Excluded Controlling Class
Mortgage Loan.


 


“Excluded
Controlling Class Mortgage Loan”: Any Mortgage Loan or Loan Combination with respect to which, as of any date of determination,
the Controlling Class Representative or any Controlling Class Certificateholder is a Borrower Party. For the avoidance of doubt,
if a Mortgage Loan or a Loan Combination is not an Excluded Controlling Class Mortgage Loan, such Mortgage Loan or Loan Combination
also is not an Excluded Mortgage Loan.


 


“Excluded
Information”: With respect to any Excluded Controlling Class Mortgage Loan, any information and reports solely relating
to such Excluded Controlling Class Mortgage Loan(s) and/or the related Mortgaged Properties, including, without limitation, any
Asset Status Reports, Final Asset Status Reports or summaries thereof, or any Appraisals, inspection reports (related to Specially
Serviced Loans conducted by the Special Servicer or the Excluded Mortgage Loan Special Servicer), any Officer’s Certificates
delivered by the Master Servicer, the Special Servicer or the Trustee pursuant to Section 3.20(c) or Section 4.06(b)
supporting a non-recoverability determination, the Operating Advisor Annual Reports, any determination of the Special Servicer’s
net present value calculation, any Appraisal Reduction Amount calculations, environmental assessments, seismic reports and property
condition reports and such other information and reports designated as Excluded Information (other than such information with
respect to such Excluded Controlling Class Mortgage Loan(s) that is aggregated with information of other Mortgage Loans at a pool
level) by the Master Servicer, the Special Servicer or the Operating Advisor, as the case may be. For the avoidance of doubt,
any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other than the
CREFC® Special Servicer Loan File relating to any Excluded Controlling Class Mortgage Loan) shall not be considered
“Excluded Information”.


 


“Excluded
Mortgage Loan”: A Mortgage Loan or Loan Combination with respect to which, as of any date of determination, the Controlling
Class Representative or the Controlling Class Certificaholder (or Controlling Class Certificateholders in the aggregate) of more
than 50%


 






    	-50-



    	 



    

 


of the Controlling Class (by Certificate Principal Amount) is a Borrower Party. For the avoidance of doubt, any Excluded
Mortgage Loan is also an Excluded Controlling Class Mortgage Loan.


 


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


 


“Excluded
Special Servicer Mortgage Loan”: Any Mortgage Loan or Loan Combination with respect to which, as of any date of determination,
the Special Servicer is a Borrower Party.


 


“FDIC”:
The Federal Deposit Insurance Corporation, and its successors in interest.


 


“Final
Asset Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such
other data or supporting information provided by the Special Servicer to the Operating Advisor or the related Directing Holder
or any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative), in each case, which does not include
any communications (other than the related Asset Status Report) between the Special Servicer and the related Directing Holder
and/or any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative), with respect to such Specially
Serviced Loan; provided that no Asset Status Report shall be considered to be a Final Asset Status Report unless any related
Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or, prior to the occurrence and
continuance of a Control Termination Event, the Controlling Class Representative (if any other Serviced Loan(s) are involved),
as applicable, has either finally approved of and consented to the actions proposed to be taken in connection therewith, or has
exhausted all of its rights of approval and consent pursuant to this Agreement, or has been deemed to have approved or consented
to such action, or unless the Asset Status Report is otherwise implemented by the Special Servicer in accordance with this Agreement.


 


“Final
Recovery Determination”: With respect to any defaulted Mortgage Loan or Serviced Loan Combination that is a Specially
Serviced Loan (or, in the case of an Outside Serviced Trust Loan, the equivalent under the applicable Outside Servicing Agreement)
or REO Mortgage Loan, as the case may be, a determination that there has been a recovery of all Insurance Proceeds, Condemnation
Proceeds, Liquidation Proceeds, REO Proceeds and other payments or recoveries that the Special Servicer, or the related Outside
Special Servicer with respect to an Outside Serviced Trust Loan (if it is a “Specially Serviced Loan” (or an analogous
concept) under the applicable Outside Servicing Agreement) or any related REO Property, has determined in accordance with the
Servicing Standard will ultimately be recoverable; provided that with respect to each Outside Serviced Trust Loan, the
Final Recovery Determination shall be made by the related Outside Special Servicer in accordance with the applicable Outside Servicing
Agreement.


 


“Fitch”:
Fitch Ratings, Inc. or its successors in interest. If neither Fitch nor any successor remains in existence, “Fitch”
shall be deemed to refer to such other nationally


 






    	-51-



    	 



    

 


recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the Master Servicer
and the Special Servicer and specific ratings of Fitch herein referenced shall be deemed to refer to the equivalent ratings (as
reasonably determined by the Depositor) of the party so designated.


 


“Form 8-K
Disclosure Information”: As defined in Section 10.07 of this Agreement.


 


“General
Special Servicer”: As defined in Section 6.08(i) of this Agreement.


 


“Global
Certificates”: Any Certificate registered in the name of the Depository or its nominee.


 


“Grantor
Trust”: A segregated asset pool within the Trust Fund, which at all times shall be treated as a “grantor trust”
under the Grantor Trust Provisions, consisting of (a) the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor
Trust Assets, the Class C Specific Grantor Trust Assets and the Class PEZ Specific Grantor Trust Assets, beneficial ownership
of which is represented by the Exchangeable Certificates, and (b) the Excess Interest Grantor Trust Assets, beneficial ownership
of which is represented by the Excess Interest Certificates.


 


“Grantor
Trust Certificates”: The Exchangeable Certificates and the Excess Interest Certificates, collectively.


 


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


 


“Ground
Lease”: The ground lease pursuant to which any Mortgagor holds a leasehold interest in the related Mortgaged Property.


 


“GSMS
2015-GC32 Pooling and Servicing Agreement”: The GS Mortgage Securities Trust 2015-GC32, Commercial Mortgage Pass-Through
Certificates, Series 2015-GC32 Pooling and Servicing Agreement, dated as of July 1, 2015, between GS Mortgage Securities Corporation
II, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, CWCapital Asset Management
LLC, as special servicer, Wells Fargo Bank, National Association, as trustee and as certificate administrator, and Park Bridge
Lender Services LLC, as operating advisor, as the same may be amended from time to time in accordance with the terms thereof.


 


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


 






    	-52-



    	 



    

 


“Hilton
Nashville Co-Lender Agreement”: With respect to the Hilton Nashville Loan Combination, the related co-lender agreement,
dated as of July 22, 2015, by and between the holder of the Hilton Nashville Mortgage Loan and the Hilton Nashville Companion
Loan Holder, relating to the relative rights of the holder of the Hilton Nashville Mortgage Loan and the Hilton Nashville Companion
Loan Holder, as the same may be amended from time to time in accordance with the terms thereof.


 


“Hilton
Nashville Companion Loan”: With respect to the Hilton Nashville Loan Combination, the related promissory note made by
the related Mortgagor and secured by the Hilton Nashville Mortgage and designated as promissory note A-2, which is not included
in the Trust and is pari passu in right of payment with the Hilton Nashville Mortgage Loan to the extent set forth in the related
Loan Documents and as provided in the Hilton Nashville Co-Lender Agreement.


 


“Hilton
Nashville Companion Loan Holder”: The holder of the Hilton Nashville Companion Loan.


 


“Hilton
Nashville Loan Combination”: The Hilton Nashville Mortgage Loan, together with the Hilton Nashville Companion Loan,
each of which is secured by the Hilton Nashville Mortgage. References herein to the Hilton Nashville Loan Combination shall be
construed to refer to the aggregate indebtedness secured under the Hilton Nashville Mortgage.


 


“Hilton
Nashville Mortgage”: The Mortgage securing the Hilton Nashville Mortgage Loan and the Hilton Nashville Companion Loan.


 


“Hilton
Nashville Mortgage Loan”: With respect to the Hilton Nashville Loan Combination, the Mortgage Loan included in the Trust,
which is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Hilton Nashville, (ii) evidenced by
promissory note A-1 and (iii) pari passu in right of payment with the Hilton Nashville Companion Loan to the extent set forth
in the related Loan Documents and as provided in the Hilton Nashville Co-Lender Agreement.


 


“Holder”:
With respect to any Certificate, a Certificateholder, and with respect to any Lower-Tier Regular Interest or Class PEZ Regular
Interest, the Trustee for the benefit of the Certificateholders.


 


“Indemnified
Party”: As defined in Section 8.05(c) or Section 11.13(d), as applicable, of this Agreement, as the context requires.


 


“Indemnifying
Party”: As defined in Section 8.05(c), Section 10.12 or Section 11.13(d), as applicable, of this Agreement, as the context requires.


 


“Independent”:
When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any
material indirect financial interest, in any of a Mortgage Loan Seller, the Depositor, the Trustee, the Operating Advisor, the
Certificate Administrator, the Master Servicer, the Special Servicer, the Controlling Class Representative, any Mortgagor, any
Companion Loan Holder (or, if applicable, its Companion Loan Holder Representative) or any Affiliate thereof, and (ii) is
not connected with any such Person as an


 






    	-53-



    	 



    

 


officer, employee, promoter, underwriter, trustee, partner, director or Person performing
similar functions; provided, however, that a Person shall not fail to be Independent of the Mortgage Loan Sellers,
the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Controlling Class Representative, the Operating Advisor,
the Certificate Administrator, any Mortgagor, any Companion Loan Holder (or, if applicable, its Companion Loan Holder Representative)
or any Affiliate thereof merely because such Person is (A) compensated for services by, or (B) the beneficial owner
of 1% or less of any class of securities issued by, the Depositor, the Mortgage Loan Sellers, the Trustee, the Master Servicer,
the Special Servicer, the Controlling Class Representative, the Operating Advisor, the Certificate Administrator, any Mortgagor,
any Companion Loan Holder (or, if applicable, its Companion Loan Holder Representative) or any Affiliate thereof, as the case
may be, provided that such ownership constitutes less than 1% of the total assets owned by such Person.


 


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


 


“Initial
Purchasers”: Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc. and Drexel Hamilton,
LLC.


 


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


 


“Institutional
Accredited Investor”: An entity that qualifies as an “accredited investor” within the meaning of Rule 501(a) (1),
(2), (3) or (7) under the Act or any entity in which all of the equity owners qualify as “accredited investors” within
the meaning of Rule 501(a) (1), (2), (3) or (7) under the Act.


 






    	-54-



    	 



    

 


“Insurance
Proceeds”: Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to a Mortgage
Loan (including an Outside Serviced Trust Loan) (including any amounts paid by the Master Servicer pursuant to Section 3.07 of this
Agreement); provided that, in the case of an Outside Serviced Trust Loan, “Insurance Proceeds” under
this Agreement shall be limited to any related proceeds of the type described above in this definition that are received by the
Trust Fund in connection with such Outside Serviced Trust Loan, pursuant to the allocations set forth in the related Co-Lender
Agreement or, if no allocation is provided in the related Co-Lender Agreement, as allocated pursuant to the applicable Outside
Servicing Agreement.


 


“Interest
Accrual Amount”: With respect to any Distribution Date and any Class of Regular Certificates (other than the Class X
Certificates) or any Class PEZ Regular Interest, an amount equal to interest for the related Interest Accrual Period accrued
at the Pass-Through Rate for such Class or Class PEZ Regular Interest on the related Certificate Principal Amount outstanding
immediately prior to such Distribution Date. With respect to any Distribution Date and a Class of the Class X Certificates,
an amount equal to the sum of the Accrued Component Interest for the related Interest Accrual Period for all of the respective
Components for such Class for such Interest Accrual Period. Calculations of interest due in respect of the Regular Certificates
and the Class PEZ Regular Interests shall be made on the basis of a 360-day year consisting of twelve 30-day months.


 


“Interest
Accrual Period”: With respect to any Distribution Date, the calendar month preceding the month in which such Distribution
Date occurs. Each Interest Accrual Period, for purposes of accruing interest on each Lower–Tier Regular Interest, each Class
of Sequential Pay Certificates and Class X Certificates and each Class PEZ Regular Interest is assumed to consist of 30 days.


 


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


 


“Interest
Reserve Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant to
Section 3.23 of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator)
shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Deutsche Bank Trust Company Americas, as Trustee,
for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates,
Series 2015-P1, Interest Reserve Account” and which shall be an Eligible Account.


 


“Interest
Shortfall”: With respect to any Distribution Date for any Class of Regular Certificates or any Class PEZ Regular Interest,
subject to increase as provided in the penultimate sentence of the first paragraph of Section 4.01(f) of this Agreement,
the sum of (a) the portion of the Interest Distribution Amount for such Class or Class PEZ Regular Interest


 






    	-55-



    	 



    

 


remaining unpaid
as of the close of business on the preceding Distribution Date (if any), and (b) to the extent permitted by applicable law,
(i) other than in the case of a Class of the Class X Certificates, one month’s interest on that amount remaining
unpaid at the Pass-Through Rate applicable to such Class or Class PEZ Regular Interest for the current Distribution Date, and
(ii) in the case of a Class of the Class X Certificates, one month’s interest on that amount remaining unpaid
at the WAC Rate for such Distribution Date.


 


“Interested
Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Trustee, the Certificate Administrator, the Controlling Class Representative, any Mortgage Loan Seller, any Mortgagor, any
holder of a related mezzanine loan, any manager of a Mortgaged Property, any Independent Contractor engaged by the Special Servicer
pursuant to Section 3.16 of this Agreement, or any Person actually known to a Responsible Officer of the Trustee or the Certificate
Administrator to be an Affiliate of any of the preceding entities; and, with respect to a Defaulted Serviced Loan Combination,
the related Other Depositor, the master servicer, the special servicer (or any independent contractor engaged by such special
servicer), or the trustee for the related Other Securitization Trust, the related Serviced Companion Loan Holder or its Companion
Loan Holder Representative, any holder of a related mezzanine loan, or any Person actually known to a Responsible Officer of the
Trustee or the Certificate Administrator to be an Affiliate of any of the preceding entities.


 


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


 


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


 


“Investment
Company Act”: The Investment Company Act of 1940, as it may be amended from time to time.


 


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


 


“Investor
Certification”: A certificate representing that such Person executing the certificate is a Certificateholder, the Controlling
Class Representative (to the extent the Controlling Class Representative is not a Certificateholder), a Beneficial Owner or a
prospective purchaser of a Certificate (or any investment advisor or manager of the foregoing), a Serviced Companion Loan Holder
or its Companion Loan Holder Representative and that (i) for purposes of obtaining certain information and notices (including
access to information and notices on the Certificate Administrator’s Website) pursuant to this Agreement, (A) such
Person is not a


 






    	-56-



    	 



    

 


Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent, principal, partner,
member, joint venturer, limited partner, employee, representative, director, trustee, advisor or investor in or of any of the
foregoing or, in the case of the Controlling Class Representative or any Controlling Class Certificateholder, such Person is or
is not a Borrower Party and (B) except in the case of a prospective purchaser of a Certificate, a Serviced Companion Loan
Holder or its Companion Loan Holder Representative, such Person has received a copy of the Prospectus Supplement and the Prospectus,
which certificate shall be substantially in the form of Exhibit M-1A, Exhibit M-1B, or Exhibit M-1C
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 does not apply to a prospective purchaser of a Certificate, a
Serviced Companion Loan Holder or its Companion Loan Holder Representative), (A) such Person is or is not a Borrower Party,
(B) such Person is or is not the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Custodian, the Certificate
Administrator, the Operating Advisor or an Affiliate of any of the foregoing and (C) such Person has received a copy of the
Prospectus Supplement and the Prospectus, which certificate shall be substantially in the form of Exhibit M-2A or
Exhibit M-2B to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s
Website or the Master Servicer’s website; provided that, for purposes of clause (ii), if such Person is an Affiliate
of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Custodian, the Certificate Administrator or the
Operating Advisor, such certification shall indicate whether an Affiliate Ethical Wall exists between it and the Depositor, the
Master Servicer, the Special Servicer, the Trustee, the Custodian, the Certificate Administrator or the Operating Advisor, as
applicable. The Certificate Administrator may require that Investor Certifications are resubmitted from time to time in accordance
with its policies and procedures.


 


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


 


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


 


“IRS”:
The Internal Revenue Service.


 


“Kaiser
Center Co-Lender Agreement”: With respect to the Kaiser Center Loan Combination, the related co-lender agreement, dated
as of July 8, 2015, by and between the holder of the Kaiser Center Mortgage Loan and the Kaiser Center Companion Loan Holder,
relating to the relative rights of the holder of the Kaiser Center Mortgage Loan and the Kaiser Center Companion Loan Holder,
as the same may be amended from time to time in accordance with the terms thereof.


 


“Kaiser
Center Companion Loan”: With respect to the Kaiser Center Loan Combination, the related promissory note made by the
related Mortgagor and secured by the Kaiser Center Mortgage and designated as promissory note A-2, which is not included in the
Trust and is pari passu in right of payment with the Kaiser Center Mortgage Loan to the extent set forth in the related Loan Documents
and as provided in the Kaiser Center Co-Lender Agreement.


 


“Kaiser
Center Companion Loan Holder”: The holder of the Kaiser Center Companion Loan.


 






    	-57-



    	 



    

 


“Kaiser
Center Loan Combination”: The Kaiser Center Mortgage Loan, together with the Kaiser Center Companion Loan, each of which
is secured by the Kaiser Center Mortgage. References herein to the Kaiser Center Loan Combination shall be construed to refer
to the aggregate indebtedness secured under the Kaiser Center Mortgage.


 


“Kaiser
Center Mortgage”: The Mortgage securing the Kaiser Center Mortgage Loan and the Kaiser Center Companion Loan.


 


“Kaiser
Center Mortgage Loan”: With respect to the Kaiser Center Loan Combination, the Mortgage Loan included in the Trust,
which is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Kaiser Center, (ii) evidenced by promissory
note A-1 and (iii) pari passu in right of payment with the Kaiser Center Companion Loan to the extent set forth in the related
Loan Documents and as provided in the Kaiser Center Co-Lender Agreement.


 


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


 


“Liquidation
Event”: With respect to any Mortgage Loan (or, solely with respect to clauses (i), (ii), (v), (vi)
and (vii) below, any Serviced Loan Combination or the senior portion thereof), any of the following events: (i) such
Mortgage Loan (or Serviced Loan Combination or the senior portion thereof) is paid in full; (ii) a Final Recovery Determination
is made with respect to such Mortgage Loan (or Serviced Loan Combination or the senior portion thereof); (iii) such Mortgage
Loan is repurchased or substituted for, or a Loss of Value Payment with respect to such Mortgage Loan is made, by the applicable
Mortgage Loan Seller pursuant to Section 6 of the related Loan Purchase Agreement; (iv) such Mortgage Loan is purchased
or otherwise acquired by the Special Servicer, the Master Servicer, the Holders of the Controlling Class, Holders of the Class
R Certificates or the Remaining Certificateholder pursuant to Section 9.01 of this Agreement; (v) such Mortgage Loan (or Serviced
Loan Combination or the senior portion thereof) is purchased by the holder of a mezzanine loan or a Companion Loan pursuant to
the related intercreditor, co-lender or similar agreement; (vi) the taking of a Mortgaged Property (or portion thereof) by
exercise of the power of eminent domain or condemnation; (vii) such Mortgage Loan (or Serviced Loan Combination or the senior
portion thereof) is purchased by any Person in accordance with Section 3.17 of this Agreement; or (viii) in the case of an Outside
Serviced Trust Loan, such Mortgage Loan is liquidated by any party pursuant to terms analogous to those set forth in the preceding
clauses contained in the applicable Outside Servicing Agreement and/or the related Co-Lender Agreement. With respect to any REO
Property (and the related REO Mortgage Loan or REO Companion Loan), any of the following events: (i) a Final Recovery Determination
is made with respect to such REO Property; (ii) such REO Property is purchased or otherwise acquired by the Master Servicer,
the Special Servicer, Holders of the Controlling Class, Holders of the Class R Certificates or the Remaining Certificateholder
pursuant to Section 9.01 of this Agreement; (iii) the taking of a


 






    	-58-



    	 



    

 


REO Property (or portion thereof) by exercise of the power
of eminent domain or condemnation; (iv) such REO Property is purchased by the holder of a mezzanine loan pursuant to the
related intercreditor agreement; or (v) such REO Property is purchased by another party in accordance with Section 3.17 of this
Agreement.


 


“Liquidation
Expenses”: All customary, reasonable and necessary costs and expenses incurred by the Master Servicer, the Special Servicer,
the Certificate Administrator and the Trustee in connection with the liquidation of any Specially Serviced Loan or REO Property
acquired in respect thereof or final payoff of a Corrected Loan (including, without limitation, legal fees and expenses, committee
or referee fees, and, if applicable, brokerage commissions, and conveyance taxes associated with such Mortgage Loan or Mortgaged
Property).


 


“Liquidation
Fee”: With respect to each Specially Serviced Loan as to which the Special Servicer receives a full or discounted payoff
(or unscheduled partial payment to the extent such prepayment is required by the Special Servicer as a condition to a workout) from
the related Mortgagor and, except as otherwise described below, with respect to any Serviced Mortgage Loan (or Serviced Loan Combination,
if applicable) repurchased or substituted as contemplated by Section 2.03 of this Agreement, and with respect to any Specially Serviced
Loan or any REO Property (other than an REO Property related to an Outside Serviced Trust Loan) as to which the Special Servicer
receives Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds, an amount calculated by the application of the applicable
Liquidation Fee Rate to the related payment or proceeds (exclusive of any portion of such payoff or proceeds that represents Penalty
Charges); provided that the Liquidation Fee with respect to such Specially Serviced Loan or REO Property shall be reduced
by the amount of any Excess Modification Fees paid by or on behalf of the related Mortgagor with respect to the Specially Serviced
Loan or REO Property as described in the definition of “Excess Modification Fees” in this Agreement, but only to the
extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee; provided, however,
that, except as contemplated by the preceding proviso with respect to offset in connection with Excess Modification Fees and the
next two (2) provisos, no Liquidation Fee will be less than $25,000; provided, further, that (a) the Liquidation
Fee shall be zero with respect to any Serviced Mortgage Loan or Serviced Loan Combination or any Mortgaged Property purchased,
repurchased, substituted for or with respect to which a Loss of Value Payment is made pursuant to clauses (iii) through (v)
of the first sentence of the definition of Liquidation Event (unless with respect to (A) clause (iii), the applicable
Mortgage Loan Seller does not repurchase or substitute for, or make the particular Loss of Value Payment with respect to, such
Mortgage Loan until after more than 120 days following its receipt of notice or discovery of a Material Breach or Material
Defect, and (B) clause (v), the mezzanine loan holder or the Subordinate Companion Loan Holder does not purchase such
Serviced Mortgage Loan or Serviced Loan Combination (or senior portion thereof) within 90 days of the date that the first
purchase option related to the subject Servicing Transfer Event first becomes exercisable under the related intercreditor agreement
or Co-Lender Agreement, as applicable) or pursuant to clauses (ii) or (iv) of the second sentence of such definition
(unless with respect to clause (iv), the mezzanine loan holder or the Subordinate Companion Loan Holder does not purchase
such REO Property within 90 days of the date that the first purchase option related to the subject Servicing Transfer Event
first becomes exercisable under the related intercreditor agreement or Co-Lender Agreement, as applicable) and (b) the Liquidation
Fee with respect to each Serviced Mortgage Loan or REO Mortgage Loan


 






    	-59-



    	 



    

 


repurchased or substituted for after more than 120 days
following the Mortgage Loan Seller’s receipt of notice or discovery of a Material Breach or Material Defect shall be in
an amount equal to the Liquidation Fee Rate of the outstanding principal balance of such Serviced Mortgage Loan or REO Mortgage
Loan; provided, further that if a Serviced Mortgage Loan or Serviced Loan Combination becomes a Specially Serviced
Loan only because of an event described in clause (a) of the definition of Specially Serviced Loan and the related Liquidation
Proceeds are received within 90 days following the related maturity date in connection with the full and final payoff or
refinancing of the related Serviced Mortgage Loan or Serviced Loan Combination, if applicable, the Special Servicer will not be
entitled to collect a Liquidation Fee, but may collect and retain appropriate fees from the related Mortgagor in connection with
such liquidation.


 


“Liquidation
Fee Rate”: A rate equal to the lesser of (a) such rate as would result in a Liquidation Fee of $1,000,000 and (b) 1.0%.


 


“Liquidation
Proceeds”: The amount (other than Insurance Proceeds and Condemnation Proceeds) received in connection with a Liquidation
Event.


 


“Loan
Agreement”: With respect to any Mortgage Loan or Serviced Loan Combination, the loan agreement, if any, between the
related originator(s) and the Mortgagor, pursuant to which such Mortgage Loan or Serviced Loan Combination was made.


 


“Loan
Combination”: An aggregate debt consisting of a particular Mortgage Loan that is an asset of the Trust and one or more
other mortgage loans (each of which is referred to as a “Companion Loan”) that are not assets of the Trust,
which Mortgage Loan and related Companion Loan(s) are: (i) each evidenced by one or more separate Notes; (ii) cross-defaulted
with each other; and (iii) all secured by the same Mortgage(s) encumbering the same Mortgaged Property or portfolio of Mortgaged
Properties. The term “Loan Combination” shall include any successor REO Mortgage Loan and the related successor REO
Companion Loan(s) (or the related deemed Companion Loan(s), if applicable)). The only Loan Combinations related to the Trust as
of the Closing Date are the Decoration & Design Building Loan Combination, the Kaiser Center Loan Combination, the Eden Roc
Loan Combination, the Hilton Nashville Loan Combination, the Ascentia MHC Portfolio Loan Combination, the US StorageMart Portfolio
Loan Combination and the Alderwood Mall Loan Combination.


 


“Loan
Combination Custodial Account”: With respect to any Serviced Loan Combination, the respective segregated account or
sub-account created and maintained by the Master Servicer pursuant to Section 3.05A of this Agreement on behalf of
the holders of such Serviced Loan Combination, which (subject to any changes in the identities of the Master Servicer and/or the
Trustee) shall be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf of Deutsche Bank Trust
Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1, and the related Serviced Companion Loan Holder, as their interests may
appear.”


 


“Loan
Combination Special Servicer”: Any Person responsible for performing the duties of Special Servicer hereunder with respect
to a Serviced Loan Combination or any related REO Property.


 






    	-60-



    	 



    

 


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


 


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


 


“Loan
Purchase Agreement”: The CGMRC Loan Purchase Agreement, the WFBNA Loan Purchase Agreement, or the PCC Loan Purchase
Agreement, as applicable.


 


“Loan-to-Value
Ratio”: With respect to any Mortgage Loan or Serviced Loan Combination, as of any date of determination, the fraction,
expressed as a percentage, the numerator of which is the then unpaid principal balance of such Mortgage Loan or Serviced Loan
Combination, as applicable, and the denominator of which is the Appraised Value of the related Mortgaged Property as determined
by an Appraisal thereof.


 


“Lock-Box
Account”: With respect to any Mortgaged Property, if applicable, any account created pursuant to any documents relating
to a Mortgage Loan or Serviced Loan Combination to receive rental or other income generated by the Mortgaged Property. Any Lock-Box
Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment
income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Loan Combination and
Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.


 


“Lock-Box
Agreement”: With respect to any Mortgage Loan or Serviced Loan Combination, the lock-box or other similar agreement,
if any, between the related originator(s) and the Mortgagor, pursuant to which the related Lock-Box Account, if any, may have
been established.


 


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


 


“Lower-Tier
Distribution Account”: The account or accounts created and maintained as a separate account (or separate sub-account
within the same account as the Upper-Tier Distribution Account) or accounts by the Certificate Administrator pursuant to
Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator)
shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Deutsche Bank Trust Company Americas, as Trustee,
for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates,
Series 2015-P1, Lower-Tier Distribution Account” and which must be an Eligible Account. The Lower-Tier Distribution
Account shall be an asset of the Lower-Tier REMIC.


 


“Lower-Tier
Principal Balance”: The principal amount of any Lower-Tier Regular Interest outstanding as of any date of determination.
As of the Closing Date, the Lower-Tier Principal Balance of each Lower-Tier Regular Interest shall equal the original Lower-Tier
Principal Balance as set forth in the Preliminary Statement hereto. On each


 






    	-61-



    	 



    

 


Distribution Date, the Lower-Tier Principal Balance
of each Lower-Tier Regular Interest shall be permanently reduced by all distributions of principal deemed to have been made in
respect of such Lower-Tier Regular Interest on such Distribution Date pursuant to Section 4.01(a)(ii) of this Agreement, and shall be further
permanently reduced on such Distribution Date by all Realized Losses deemed to have been allocated thereto on such Distribution
Date pursuant to Section 4.01(e) of this Agreement, such that at all times the Lower-Tier Principal Balance of a Lower-Tier Regular Interest
shall equal the Certificate Principal Amount of the Corresponding Certificates. The Lower-Tier Principal Balance of any Lower-Tier
Regular Interest may be increased on a particular Distribution Date as and to the extent contemplated by the penultimate sentence
of the first paragraph of Section 4.01(f) of this Agreement.


 


“Lower-Tier
Regular Interests”: The respective classes of “regular interests”, within the meaning of Code Section 860G(a)(1),
in the Lower-Tier REMIC, designated as the Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-5, Class LA-AB,
Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF and Class LG Interests.


 


“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Mortgage Loans and collections thereon (other
than the Excess Interest), any related REO Property (or a beneficial interest in the applicable portion of the “REO Property”
under the applicable Outside Servicing Agreement related to any Outside Serviced Trust Loan) acquired in respect thereof and all
proceeds of such REO Property, other property of the Trust Fund related thereto and amounts (other than Excess Interest and any
interest or other income earned thereon) held in respect thereof from time to time in the Collection Account, any Serviced Loan
Combination Custodial Account, the Interest Reserve Account and the related REO Account, and amounts held from time to time in
the Lower-Tier Distribution Account and the Excess Liquidation Proceeds Reserve Account, in each case excluding amounts allocable
to the Companion Loans and any interest or other income earned on such amounts allocable to the Companion Loans.


 


“Lower-Tier
Residual Interest”: The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2),
in the Lower-Tier REMIC and evidenced by the Class R Certificates.


 


“MAI”:
Member of the Appraisal Institute.


 


“Major
Decision”: Collectively:


 


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


 


(b)        any
modification, consent to a modification or waiver of a monetary term (other than Penalty Charges which the Master Servicer or
the Special Servicer, as applicable, is permitted to waive pursuant to this Agreement) or material non-monetary term (including,
without limitation, a modification with respect to the timing of payments and acceptance of discounted payoffs but excluding waiver
of Penalty Charges) of a


 






    	-62-



    	 



    

 


Serviced Loan or any extension of the Maturity Date or Anticipated Repayment Date, as applicable, of
any Serviced Loan;


 


(c)        any
sale of a Defaulted Mortgage Loan (and any related Serviced Pari Passu Companion Loan) or REO Property (other than in connection
with (i) the termination of the Trust Fund and (ii) the repurchase of, or substitution for, any Mortgage Loan by the applicable
Mortgage Loan Seller for a Material Document Defect or Material Breach, as applicable) for less than the applicable Purchase Price;


 


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


 


(e)        any
release of collateral or any acceptance of substitute or additional collateral for a Serviced Loan, or any consent to either of
the foregoing, other than immaterial condemnation actions and other similar takings or if otherwise required pursuant to the specific
terms of the related Serviced Loan and for which there is no lender discretion;


 


(f)        any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Serviced Loan or, if lender
consent is required, any consent to such waiver or consent to a transfer of the Mortgaged Property or interests in the Mortgagor
or consent to the incurrence of additional debt, other than any such transfer or incurrence of debt as may be effected without
the consent of the lender under the related loan agreement or related to an immaterial easement, right of way or similar agreement;


 


(g)        any
approval of property management company changes (with respect to a Mortgage Loan with a Stated Principal Balance greater than
$2.5 million) or franchise changes (in each case, to the extent the lender is required to consent or approve under the related
Loan Documents);


 


(h)        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 related Serviced Loan and for which there is no lender discretion;


 


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


 


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


 


(k)        following
a default or an event of default with respect to a Serviced Loan, any acceleration of such Serviced Loan, or initiation of judicial,
bankruptcy or similar proceedings under the related Loan Documents or with respect to the related Mortgagor or Mortgaged Property;


 






    	-63-



    	 



    

 


(l)        any
modification, waiver or amendment of an intercreditor agreement, Co-Lender Agreement or similar agreement with any mezzanine lender
or subordinate debt holder related to a Serviced Loan, or an action to enforce rights with respect thereto;


 


(m)       any
determination of an Acceptable Insurance Default;


 


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


 


(o)        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 the Mortgaged Property;


 


provided,
for the avoidance of doubt, that any modification, waiver, consent or amendment by the Master Servicer or the Special Servicer
that is set forth in any of clauses (a) through (o) above in this definition shall constitute a Major Decision
regardless of the fact that such action is being taken in connection with a defeasance; and, provided, further,
that, in the case of a Serviced Outside Controlled Loan Combination, “Major Decision” shall have the meaning as such
term or any analogous term is assigned in the related Co-Lender Agreement. For the avoidance of doubt, the Controlling Class Representative
shall have no consent or consultation rights with respect to Major Decisions with respect to any Excluded Mortgage Loan


 


“Manager”:
With respect to any Mortgage Loan or Serviced Loan Combination, any property manager for the related Mortgaged Properties.


 


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


 


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


 


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


 


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


 


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


 


“Maturity
Date”: With respect to each Mortgage Loan, the maturity date as set forth on the Mortgage Loan Schedule; and with respect
to each Serviced Companion Loan, the Maturity Date for the related Mortgage Loan.


 


“Modification
Fees”: With respect to any Serviced Loan, any and all fees collected from the related Mortgagor with respect to a modification,
extension, waiver or amendment that modifies, extends, amends or waives any term of the Loan Documents (as


 






    	-64-



    	 



    

 


evidenced by a signed
writing) agreed to by the Master Servicer or the Special Servicer, other than (a) any Assumption Fees, Consent Fees or assumption
application fees and (b) any fee in connection with a defeasance of such Serviced Loan.


 


“Modified
Asset”: Any Serviced Loan as to which any Servicing Transfer Event has occurred and which has been modified by the Special
Servicer pursuant to Section 3.24 of this Agreement in a manner that:


 


(a)        affects
the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing Monthly Payments
current with respect to such Serviced Loan);


 


(b)        except
as expressly contemplated by the related Loan Documents, results in a release of the lien of the related Mortgage on any material
portion of the related Mortgaged Property without a corresponding Principal Prepayment in an amount, or the delivery of substitute
real property collateral with a fair market value (as is), that is not less than the fair market value (as is) of the property
to be released, as determined by an appraisal delivered to the Special Servicer (at the expense of the related Mortgagor and upon
which the Special Servicer may conclusively rely); or


 


(c)        in
the reasonable, good faith judgment of the Special Servicer, otherwise materially impairs the security for such Serviced Loan
or materially reduces the likelihood of timely payment of amounts due thereon.


 


“Monthly
Payment”: With respect to any Mortgage Loan or Serviced Companion Loan, as applicable (other than any REO Mortgage Loan
or REO Companion Loan) and any Due Date, the scheduled monthly payment of principal (if any) and interest at the related Mortgage
Rate, which is payable by the related Mortgagor on such Due Date under the related Note or Notes. The Monthly Payment with respect
to any Due Date for (i) an REO Mortgage Loan or REO Companion Loan, (ii) any Mortgage Loan or Serviced Companion Loan
that is delinquent at its respective Maturity Date and with respect to which the Special Servicer has not entered into an extension
or (iii) any ARD Mortgage Loan after the related Anticipated Repayment Date, is the monthly payment that would otherwise have
been payable on such Due Date had the related Note not been discharged or the related Maturity Date or Anticipated Repayment Date,
as applicable, had not been reached, as the case may be, determined as set forth in the preceding sentence and on the assumption
that all other amounts, if any, due thereunder are paid when due. The Monthly Payment for any Serviced Loan Combination is the
aggregate Monthly Payment for the related Mortgage Loan and Serviced Companion Loan(s).


 


“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 reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer and specific ratings of Moody’s herein referenced shall be deemed to refer
to the equivalent ratings (as reasonably determined by the Depositor) of the party so designated.


 






    	-65-



    	 



    

 


“Morningstar”:
Morningstar Credit Ratings, LLC or its successors in interest.


 


“Mortgage”:
The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in a Mortgaged Property
securing the Note(s) evidencing a Mortgage Loan or Loan Combination.


 


“Mortgage
File”: With respect to any Mortgage Loan or the related Serviced Loan Combination, subject to Section 2.01(b), collectively
the following documents:


 


(1)        (A) the
original executed Note for such Mortgage Loan, endorsed on its face or by allonge thereto (without recourse, representation or
warranty, express or implied) to the order of “Deutsche Bank Trust Company Americas, as Trustee, on behalf of the registered
Holders of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1”
or in blank, and further showing a complete, unbroken chain of endorsement from the originator (if such originator is not the
applicable Mortgage Loan Seller) (or, alternatively, if the original executed Note has been lost, a lost note affidavit and
indemnity with a copy of such Note), and (B) in the case of a Serviced Loan Combination, a copy of the executed Note for
the related Serviced Companion Loan;


 


(2)        an
original or copy of the Mortgage, together with originals or copies of any and all intervening assignments thereof, in each case
(unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon
or certified by the applicable recorder’s office;


 


(3)        an
original or copy of any related Assignment of Leases (if such item is a document separate from the Mortgage), together with originals
or copies of any and all intervening assignments thereof, in each case (unless the particular item has not been returned from
the applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder’s
office;


 


(4)        an
original executed assignment, in recordable form (except for missing recording information not yet available if the instrument
being assigned has not been returned from the applicable recording office), of (A) the Mortgage and (B) any related
Assignment of Leases (if such item is a document separate from the Mortgage), in favor of “Deutsche Bank Trust Company Americas,
as Trustee, on behalf of the registered Holders of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through
Certificates, Series 2015-P1 [and the holder of the related Serviced Companion Loan, as their interests may appear]” or
in blank, or a copy of such assignment if the related Mortgage Loan Seller or its designee, rather than the Trustee, is responsible
for recording such assignment;


 


(5)        the
original assignment of all unrecorded documents relating to the Mortgage Loan (or the related Serviced Loan Combination, if applicable),
in favor of “Deutsche Bank Trust Company Americas, as Trustee, on behalf of the registered Holders of Citigroup Commercial
Mortgage Trust 2015-P1, Commercial Mortgage


 






    	-66-



    	 



    

 


Pass-Through Certificates, Series 2015-P1 [and the holder of the related Serviced
Companion Loan, as their interests may appear]”;


 


(6)        originals
or copies of final written modification agreements in those instances where the terms or provisions of the Note for such Mortgage
Loan (or, if applicable, any Note of a Serviced Loan Combination) or the related Mortgage have been modified, in each case (unless
the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon
if the instrument being modified is a recordable document;


 


(7)        the
original or a copy of the policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan
or the related Serviced Loan Combination or, if such policy has not been issued or located, an irrevocable, binding commitment
(which may be a “marked-up” pro forma title policy marked as binding and executed by an authorized representative
of the title insurer or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative
of the title insurer) to issue such title insurance policy;


 


(8)        an
original or copy of the related Ground Lease relating to such Mortgage Loan (or the related Serviced Loan Combination, if applicable),
if any, and any ground lessor estoppel;


 


(9)        an
original or copy of the related Loan Agreement, if any;


 


(10)       an
original or copy of any guaranty under such Mortgage Loan or the related Serviced Loan Combination, if any;


 


(11)       an
original or copy of the lock box agreement or cash management agreement relating to such Mortgage Loan or the related Serviced
Loan Combination, if any;


 


(12)       an
original or copy of the environmental indemnity from the related Mortgagor, if any;


 


(13)       an
original or copy of the related escrow agreement and the related security agreement (in each case, if such item is a document
separate from the Mortgage) and, if applicable, the originals or copies of any intervening assignments thereof;


 


(14)       an
original assignment of the related security agreement (if such item is a document separate from the Mortgage and if such item
is not included in the assignment described in clause (5)), in favor of “Deutsche Bank Trust Company Americas, as Trustee,
on behalf of the registered Holders of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates,
Series 2015-P1 [and the holder of the related Serviced Companion Loan, as their interests may appear]”;


 


(15)       any
filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements in favor of the originator of
such Mortgage Loan or the related Serviced Loan Combination or in favor of any assignee prior to the Trustee, and an


 






    	-67-



    	 



    

 


original
UCC-2 and/or UCC-3 assignment thereof, in form suitable for filing, in favor of the Trustee (or, in each case, a copy thereof,
certified to be the copy of such assignment submitted or to be submitted for filing);


 


(16)       in
the case of any Mortgage Loan or the related Serviced Loan Combination as to which there exists a related mezzanine loan, the
original or a copy of the related intercreditor agreement;


 


(17)       an
original or copy of any related environmental insurance policy;


 


(18)       a
copy of any letter of credit relating to such Mortgage Loan or the related Serviced Loan Combination and any related assignment
thereof (with the original to be delivered to the Master Servicer);


 


(19)       copies
of any related franchise agreement, property management agreement or hotel management agreement and related comfort letters (together
with (i) copies of any notices of transfer that are necessary to transfer or assign to the Trust or the Trustee the benefits of
such comfort letter or (ii) if the related comfort letter contemplates that a request be made of the related franchisor to issue
a replacement comfort letter for the benefit of the Trust or Trustee, a copy of the notice requesting the issuance of such replacement
comfort letter (the copy of such notice shall be delivered by the related Mortgage Loan Seller to the Custodian for inclusion
in the Mortgage File within the time period set forth in the penultimate paragraph of Section 2.01(b)), with the original
of any replacement comfort letter to be included in the Mortgage File following receipt thereof by the Master Servicer) and/or
estoppel letters relating to such Mortgage Loan or the related Serviced Loan Combination and any related assignment thereof; and


 


(20)       in
the case of a Loan Combination, an original or a copy of the related Co-Lender Agreement;


 


provided
that, whenever the term “Mortgage File” is used to refer to documents actually received by the Custodian, such
term shall not be deemed to include such documents and instruments required to be included therein unless they are actually so
received.


 


Notwithstanding
anything to the contrary contained herein, with respect to an Outside Serviced Trust Loan, the preceding document delivery requirements
shall be deemed satisfied by the delivery by the applicable Mortgage Loan Seller to the Custodian (on behalf of the Trustee) of
(i) with respect to clause (1) above, executed originals of the related documents, and (ii) with respect to clauses (2)
through (20) above, a copy of the mortgage file related to the applicable Outside Serviced Companion Loan delivered under the
applicable Outside Servicing Agreement.


 


“Mortgage
Loan”: Each of the mortgage loans transferred and assigned to the Trustee pursuant to Section 2.01 and from time to time
held in the Trust Fund, the mortgage loans originally so transferred, assigned and held being identified on the Mortgage Loan
Schedule as of the Cut-Off Date. Such term shall include any Specially Serviced Mortgage Loan, REO Mortgage Loan or defeased Mortgage
Loan and each Outside Serviced Trust Loan (but not the Companion Loans). For the avoidance of doubt, no Retained Defeasance Rights
and Obligations will be part of a “Mortgage Loan” or an asset of the Trust.


 






    	-68-



    	 



    

 


“Mortgage
Loan Schedule”: The list of Mortgage Loans included in the Trust Fund as of the Closing Date being attached hereto as
Exhibit B, which list shall set forth the following information with respect to each Mortgage Loan:


 


(i)        the
Loan Number;


 


(ii)       the
street address (including city, state and zip code) and name of the related Mortgaged Property;


 


(iii)      the
Cut-Off Date Balance;


 


(iv)      the
original Mortgage Rate;


 


(v)       the
(A) remaining term to stated maturity and (B) Stated Maturity Date;


 


(vi)      in
the case of a Balloon Loan, the remaining amortization term;


 


(vii)     the
Servicing Fee Rate (separately identifying any primary servicing fee rate or subservicing fee rate included in the Servicing Fee
Rate, and in the case of a Serviced Loan Combination, separately identifying the Servicing Fee Rate applicable to the related
Serviced Companion Loan in such Serviced Loan Combination, and in the case of an Outside Serviced Trust Loan, separately identifying
the primary servicing fee rate payable to the Outside Servicer);


 


(viii)    the
Mortgage Loan Seller(s);


 


(ix)      whether
the Mortgage Loan is cross-collateralized and the cross-collateralized group it belongs to;


 


(x)       whether
the Mortgage Loan is an ARD Mortgage Loan;


 


(xi)      the
Anticipated Repayment Date, if applicable;


 


(xii)     the
Revised Rate, if applicable; and


 


(xiii)    such
Mortgage Loan is part of a Serviced Loan Combination, in which case the information required by clauses (iii), (iv), (v), (vi)
and (vii) above shall also be set forth for the Serviced Companion Loan in the related Serviced Loan Combination.


 


“Mortgage
Loan Seller”: Each of CGMRC, WFBNA, and PCC, and their respective successors in interest.


 


“Mortgage
Loan Seller Sub-Servicer”: A Sub-Servicer required to be retained by the Master Servicer by a Mortgage Loan Seller,
as listed on Exhibit S to this Agreement, or any successor thereto.


 






    	-69-



    	 



    

 


“Mortgage
Pool”: All of the Mortgage Loans and any successor REO Mortgage Loans, collectively. The Mortgage Pool does not include
the Companion Loans or any related REO Companion Loans.


 


“Mortgage
Rate”: With respect to any Mortgage Loan (including an REO Mortgage Loan) or Serviced Companion Loan (including an REO
Companion Loan), the per annum rate at which interest accrues (or, if and while it is an REO Mortgage Loan or REO Companion
Loan, is deemed to accrue) on such Mortgage Loan or Serviced Companion Loan, as the case may be, as stated in the related Note
or Co-Lender Agreement, in each case without giving effect to the Default Rate, any Excess Interest or any Revised Rate with respect
to such Mortgage Loan or Serviced Companion Loan, as the case may be.


 


“Mortgaged
Property”: The underlying property securing a Mortgage Loan and the related Companion Loan(s), including any REO Property
(including with respect to an Outside Serviced Trust Loan), consisting of a fee simple estate, and, with respect to certain Mortgage
Loans and any related Companion Loan(s), a leasehold estate, or both a leasehold estate and a fee simple estate, or a leasehold
estate in a portion of the property and a fee simple estate in the remainder, in a parcel of land improved by a commercial property,
together with any personal property, fixtures, leases and other property or rights pertaining thereto.


 


“Mortgagor”:
The obligor or obligors on a Note and the related Note(s) in favor of a Companion Loan Holder(s), including, without limitation,
any Person that has acquired the related Mortgaged Property and assumed the obligations of the original obligor under such Note
and the related Note(s) in favor of a Companion Loan Holder(s).


 


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


 


“Net
Condemnation Proceeds”: The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan
(including an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect
thereto and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided
that, in the case of an Outside Serviced Trust Loan, “Net Condemnation Proceeds” under this Agreement shall be
limited to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Trust
Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.


 


“MSCCG
Trust 2015-ALDR Trust and Servicing Agreement”: The MSCCG Trust 2015-ALDR, Commercial Mortgage Pass-Through Certificates,
Series 2015-ALDR Trust and Servicing Agreement, dated as of May 5, 2015, between Morgan Stanley Capital I Inc., as depositor,
KeyBank National Association, as servicer and as special servicer, Wells Fargo Bank, National Association, as trustee and as certificate
administrator, as the same may be amended from time to time in accordance with the terms thereof.


 


“Net
Insurance Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the
related Mortgaged Property or released to the Mortgagor in accordance with the express requirements of the Mortgage or Note or
other Loan Documents included in the Mortgage File or in accordance with the Servicing Standard, or with


 






    	-70-



    	 



    

 


respect to the environmental
insurance policy, applied to pay any costs, expenses, penalties, fines or similar items; provided that, in the case of
an Outside Serviced Trust Loan, “Net Insurance Proceeds” under this Agreement shall be limited to any related Insurance
Proceeds that are received by the Trust Fund in connection with such Outside Serviced Trust Loan, pursuant to the allocations
set forth in the related Co-Lender Agreement.


 


“Net
Liquidation Proceeds”: The Liquidation Proceeds received by the Trust Fund with respect to any Mortgage Loan or Serviced
Loan Combination (including an REO Mortgage Loan or REO Companion Loan) net of the amount of Liquidation Expenses incurred with
respect thereto.


 


“Net
Mortgage Rate”: Except as set forth in the following two sentences of this definition, with respect to any Mortgage
Loan (including an REO Mortgage Loan) and any Distribution Date, the per annum rate equal to the Mortgage Rate for such
Mortgage Loan minus the related Administrative Cost Rate. Notwithstanding the foregoing, if any Mortgage Loan does not accrue
interest on the basis of a 360-day year consisting of twelve 30-day months, then, for purposes of calculating Pass-Through Rates
and the WAC Rate, the Net Mortgage Rate of such Mortgage Loan for any one-month period preceding a related Due Date shall be the
annualized rate at which interest would have to accrue in respect of such Mortgage Loan on the basis of a 360-day year consisting
of twelve 30-day months in order to produce the aggregate amount of interest actually accrued (exclusive of Default Interest and
Excess Interest) in respect of such Mortgage Loan during such one-month period at a per annum rate equal to the related
Mortgage Rate minus the related Administrative Cost Rate; provided, however, that, for purposes of calculating Pass-Through
Rates and the WAC Rate, with respect to each Mortgage Loan that accrues interest on the basis of a 360-day year and the actual
number of days during each one-month interest accrual period, (i) the Net Mortgage Rate for the one-month period preceding
the Due Dates in January and February in any year which is not a leap year and in February in any year which is a leap
year (unless, in either case, the related Distribution Date is the final Distribution Date), shall be determined based on the
“aggregate amount of interest actually accrued”, as referred to above in this sentence, being net of any Withheld
Amounts and (ii) the Net Mortgage Rate for the one-month period preceding the Due Date in March shall be determined
based on the “aggregate amount of interest actually accrued”, as referred to above in this sentence, including any
such Withheld Amounts. For purposes of calculating Pass-Through Rates and the WAC Rate, the Net Mortgage Rate of any Mortgage
Loan shall be determined without regard to any modification, waiver or amendment of the terms of such Mortgage Loan, whether agreed
to by the Special Servicer or an Outside Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving
the related Mortgagor, and without regard to the related Mortgaged Property becoming an REO Property.


 


“Net
Operating Income”: With respect to any Mortgaged Property, for any Mortgagor’s fiscal year end, Net Operating
Income will be calculated in accordance with the standard definition of “Net Operating Income” approved from time
to time endorsed and put forth by CREFC®.


 


“Net
REO Proceeds”: With respect to each REO Property and any related REO Mortgage Loan or REO Companion Loan, REO Proceeds
received by the Trust Fund with respect to such REO Property, REO Mortgage Loan or REO Companion Loan (other than the


 






    	-71-



    	 



    

 


proceeds
of a liquidation thereof), net of any insurance premiums, taxes, assessments, ground rents and other costs and expenses permitted
to be paid therefrom pursuant to Section 3.16(b) of this Agreement; provided that, in the case of an REO Property that relates
to an Outside Serviced Trust Loan, “Net REO Proceeds” under this Agreement shall be limited to any REO Proceeds that
are received by the Trust Fund in connection with such Outside Serviced Trust Loan, pursuant to the allocations set forth in the
related Co-Lender Agreement.


 


“New
Lease”: Any lease of REO Property entered into on behalf of the Trust Fund, including any lease renewed or extended
on behalf of the Trust Fund, if the Trust Fund has the right to renegotiate the terms of such lease.


 


“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance or Nonrecoverable Property Advance. Workout-Delayed Reimbursement Amounts
shall constitute a Nonrecoverable Advance only when the Person making such determination in accordance with the procedures specified
in Sections 3.20 and 4.06, the definition of Nonrecoverable P&I Advance or the definition of Nonrecoverable Property
Advance, as applicable, and taking into account factors such as all other outstanding Advances, either (a) has determined
that such Workout-Delayed Reimbursement Amounts, would not ultimately be recoverable from late collections or any other recovery
on or in respect of the related Mortgage Loan or Serviced Loan Combination or REO Property, as applicable, or (b) has determined
that such Workout-Delayed Reimbursement Amount, along with any other Workout-Delayed Reimbursement Amounts (that have not been
reimbursed to the party that made such Advance) or unreimbursed Nonrecoverable Advances, would not be ultimately recoverable from
the principal portion of future general collections on the Mortgage Loans and REO Properties.


 


“Nonrecoverable
P&I Advance”: With respect to any Mortgage Loan, any P&I Advance previously made or proposed to be made in respect
of such Mortgage Loan or a related REO Mortgage Loan by the Master Servicer or the Trustee, which P&I Advance such party or
the Special Servicer has determined pursuant to and in accordance with Section 4.06 of this Agreement, would not or will not be ultimately
recoverable from late payments, Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds, or any other recovery on or
in respect of such Mortgage Loan or REO Mortgage Loan, as the case may be.


 


“Nonrecoverable
Property Advance”: Any Property Advance previously made or proposed to be made in respect of a Serviced Mortgage Loan,
Serviced Loan Combination or REO Property by the Master Servicer, the Special Servicer or the Trustee, which Property Advance
the advancing party (or, in the case of a Property Advance made by the Special Servicer pursuant to the proviso to the penultimate
sentence of Section 3.20(e), the reimbursing party) or the Special Servicer has determined pursuant to and in accordance with Section 3.20
of this Agreement, would not or will not, as applicable, be ultimately recoverable from late payments, Insurance Proceeds, Condemnation
Proceeds, Liquidation Proceeds, or any other recovery on or in respect of such Serviced Mortgage Loan, Serviced Loan Combination
or REO Property, as the case may be. Any Property Advance that is not required to be repaid by the related Mortgagor under the
terms of the related Loan Documents shall be deemed to be a Nonrecoverable Advance for purposes of the Master Servicer’s
or the Trustee’s entitlement to reimbursement for such Advance. In the case of an Outside Serviced Trust Loan or any related


 






    	-72-



    	 



    

 


REO Property, the term “Nonrecoverable Property Advance” shall have the meaning assigned thereto in the Outside Servicing
Agreement.


 


“Non-Book
Entry Certificates”: As defined in Section 5.02(c)(iii) of this Agreement.


 


“Non-Reduced
Certificates”: As of any date of determination, any Class of Certificates (other than the Class R and Class X
Certificates) then outstanding for which (a)(1) the initial Certificate Principal Amount of such Class of Certificates minus
(2) the sum (without duplication) of (x) the aggregate payments of principal (whether as principal prepayments or otherwise)
previously distributed to the Holders of such Class of Certificates as of such date of determination, (y) any Appraisal Reduction
Amounts allocated to such Class of Certificates as of such date of determination and (z) any Realized Losses previously allocated
to such Class of Certificates as of such date of determination, is equal to or greater than (b) 25% of the remainder of (i) the
initial Certificate Principal Amount of such Class of Certificates less (ii) any payments of principal (whether as principal
prepayments or otherwise) previously distributed to the Holders of that Class of Certificates as of such date of determination;
provided that for purposes of this definition, the Class A-S Certificates and the Class PEZ Component A-S will be considered
as if they together constitute a single “Class” of Certificates, the Class B Certificates and the Class PEZ Component
B will be considered as if they together constitute a single “Class” of Certificates, the Class C Certificates and
the Class PEZ Component C will be considered as if they together constitute a single “Class” of Certificates, and
the Class PEZ Certificates will be Non-Reduced Certificates only with respect to each Class PEZ Component that is part of a “Class”
of Non-Reduced Certificates determined as described in this proviso.


 


“Non-U.S.
Beneficial Ownership Certification”: As defined in Section 5.03(f) of this Agreement.


 


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


 


“Note”:
With respect to any Mortgage Loan or Companion Loan as of any date of determination, the note or other evidence of indebtedness
and/or agreements evidencing the indebtedness of a Mortgagor under such Mortgage Loan or Companion Loan, as the case may be, including
any amendments or modifications, or any renewal or substitution notes, as of such date.


 


“Notice
of Termination”: Any of the notices given to the Certificate Administrator by the Master Servicer, the Depositor or
any Holder of a Class R Certificate pursuant to Section 9.01(c).


 


“Notifying
Party”: As defined in Section 3.01(i).


 


“Notional
Amount”: For any date of determination, (a) with respect to the Class X-A Certificates, the Class X-A
Notional Amount, (b) with respect to the Class X-B Certificates, the Class X-B Notional Amount and (c) with respect
to the Class X-D Certificates, the Class X-D Notional Amount.


 






    	-73-



    	 



    

 


“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 (other than a Rating Agency) in favor of the Rule 17g-5 Information
Provider substantially in the form attached as Exhibit M-5 hereto that states that (i) such NRSRO has provided the Depositor
with the appropriate certifications under Exchange Act Rule 17g-5(e) and (ii) such NRSRO has access to the Depositor’s Rule
17g-5 website regarding the Certificates. An NRSRO Certification will be deemed to have been executed by an NRSRO if the Depositor
so directs the Rule 17g-5 Information Provider.


 


“OCC”:
The Office of the Comptroller of the Currency, and its successors in interest.


 


“Offering
Circular”: The offering circular dated August 6, 2015 relating to the Private Certificates.


 


“Officer’s
Certificate”: With respect to any Person, a certificate signed by an authorized officer of such Person or, in the case
of the Master Servicer or the Special Servicer, a Servicing Officer, and delivered to the Depositor, the Trustee, the Certificate
Administrator, the Master Servicer or the Special Servicer, as the case may be.


 


“Operating
Advisor”: Park Bridge Lender Services LLC, a New York limited liability company, or its successor in interest, or any
successor Operating Advisor appointed as herein provided.


 


“Operating
Advisor Annual Report”: As defined in Section 3.29(d)(ii) of this Agreement.


 


“Operating
Advisor Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consultation rights equal
to the lesser of (a) $12,000, or (b) the amount the related Mortgagor agrees to pay with respect to any Serviced Mortgage
Loan (or Serviced Loan Combination, if applicable), payable pursuant to Section 3.06(a) and Section 3.06A(a) of this Agreement;
provided, however, no such fee shall be payable unless paid by the related Mortgagor; provided, further
that the Operating Advisor may in its sole discretion reduce the Operating Advisor Consulting Fee with respect to any Major
Decision; provided, further that the Master Servicer or Special Servicer, as applicable, may waive or reduce the
amount of any Operating Advisor Consulting Fee payable by the related Mortgagor if it determines that such full or partial waiver
is in accordance with the Servicing Standard (provided that the Master Servicer or the Special Servicer, as applicable,
shall consult with the Operating Advisor prior to any such waiver or reduction).


 


“Operating
Advisor Fee”: With respect to each Mortgage Loan (including any Outside Serviced Trust Loan) and any Distribution Date,
an amount accrued during the related Interest Accrual Period at the applicable Operating Advisor Fee Rate on the Stated Principal
Balance of such Mortgage 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
interest payment due or deemed


 






    	-74-



    	 



    

 


due on the related Mortgage Loan is computed and shall be prorated for partial periods. Such fee
shall be in addition to, and not in lieu of, any other fee or other sum payable to the Operating Advisor under this Agreement.
For the avoidance of doubt, the Operating Advisor Fee shall be payable from the Lower-Tier REMIC.


 


“Operating
Advisor Fee Rate”: With respect to each Interest Accrual Period, a rate equal to 0.00133% per annum.


 


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


 


“Operating
Advisor Standard”: As defined in Section 3.29(b) of this Agreement.


 


“Operating
Advisor Termination Event”: As defined in Section 7.06(a) of this Agreement.


 


“Opinion
of Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Operating
Advisor, the Special Servicer or the Master Servicer, as the case may be, reasonably acceptable to the Trustee and the Certificate
Administrator, except that any opinion of counsel relating to (a) qualification of a Trust REMIC or the imposition of tax
under the REMIC Provisions on any income or property of any such Trust REMIC, (b) compliance with the REMIC Provisions (including
application of the definition of “Independent Contractor”), (c) qualification of the Grantor Trust as
a grantor trust under the Grantor Trust Provisions or (d) a resignation of the Master Servicer or Special Servicer pursuant
to Section 6.04, must be an opinion of counsel who is Independent of the Depositor, the Special Servicer and the Master Servicer.


 


“Opting-Out
Party”: As defined Section 6.09(h) of this Agreement.


 


“Other
Crossed Loans”: As defined in Section 2.03(a) of this Agreement.


 


“Other
Depositor”: With respect to a Serviced Companion Loan or a Serviced Loan Combination, the “depositor” (within
the meaning of Item 1101(e) of Regulation AB) of the related Other Securitization Trust.


 


“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 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, 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.


 






    	-75-



    	 



    

 


“Other
Pooling and Servicing Agreement”: With respect to a Serviced Companion Loan or the related Serviced Loan Combination,
the pooling and servicing agreement or other comparable agreement governing the creation of the related Other Securitization Trust
and the issuance of securities backed by the assets of such Other Securitization Trust, but not the servicing of such Serviced
Companion Loan or Serviced Loan Combination or the related Mortgage Loan. The only Other Pooling and Servicing Agreement related
to the Trust as of the Closing Date is the GSMS 2015-GC32 Pooling and Servicing Agreement which governs the creation of the Other
Securitization Trust that holds the Kaiser Center Pari Passu Companion Loan.


 


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


 


“Outside
Certificate Administrator”: With respect to an Outside Serviced Trust Loan, the certificate administrator under the
applicable Outside Servicing Agreement.


 


“Outside
Controlling Note Holder”: With respect to any Loan Combination that is, and only for so long as such Loan Combination
is, a Serviced Outside Controlled Loan Combination, at any time the holder of the related controlling note (regardless of whether
such note evidences a Pari Passu Companion Loan or a Subordinate Companion Loan) or such holder’s designated representative;
provided that if, with respect to any Serviced Outside Controlled Loan Combination, the related controlling note is included
in a securitization trust, the Outside Controlling Note Holder shall be the party designated under the pooling and servicing agreement,
trust and servicing agreement or comparable agreement governing the securitization of the related controlling note as authorized
to exercise the rights of the holder of the related controlling note; and provided, further, that the right of any such designated
party to exercise some or all of such rights may terminate or shift to another designated party upon the occurrence of certain
trigger events if and to the extent set forth in the pooling and servicing agreement, trust and servicing agreement or comparable
agreement governing the securitization of the related controlling note. There is no Outside Controlling Note Holder related to
the Trust as of the Closing Date and references in this Agreement to “Outside Controlling Note Holder” shall be disregarded.


 


“Outside
Custodian”: With respect to an Outside Serviced Trust Loan, the custodian under the applicable Outside Servicing Agreement.


 


“Outside
Depositor”: With respect to an Outside Serviced Trust Loan, the depositor under the applicable Outside Servicing Agreement.


 


“Outside
Operating Advisor”: With respect to an Outside Serviced Trust Loan, the operating advisor under the applicable Outside
Servicing Agreement.


 


“Outside
Paying Agent”: With respect to an Outside Serviced Trust Loan, the paying agent under the applicable Outside Servicing
Agreement.


 






    	-76-



    	 



    

 


“Outside
Securitization Trust”: With respect to any Outside Serviced Trust Loan, the “issuing entity” (within the
meaning of Item 1101(f) of Regulation AB) that holds a related Outside Serviced Companion Loan (or any portion thereof or interest
therein) and is created under the related Outside Servicing Agreement.


 


“Outside
Service Providers”: With respect to any Outside Serviced Trust Loan, the related Outside Trustee, Outside Custodian,
Outside Certificate Administrator, Outside Paying Agent, Outside Servicer, Outside Special Servicer and any sub-servicer of any
of the foregoing.


 


“Outside
Serviced Co-Lender Agreement”: The Co-Lender Agreement for an Outside Serviced Loan Combination. The only Outside Serviced
Co-Lender Agreements related to the Trust as of the Closing Date are the Eden Roc Co-Lender Agreement, the Ascentia MHC Portfolio
Co-Lender Agreement, the US StorageMart Portfolio Co-Lender Agreement and the Alderwood Mall Co-Lender Agreement.


 


“Outside
Serviced Companion Loan”: Any Companion Loan that is part of an Outside Serviced Loan Combination. The only Outside
Serviced Companion Loans related to the Trust as of the Closing Date are the Eden Roc Companion Loans, the Ascentia MHC Portfolio
Companion Loan, the US StorageMart Portfolio Companion Loans and the Alderwood Mall Companion Loans.


 


“Outside
Serviced Loan Combination”: Any Loan Combination that is not serviced under this Agreement, but instead is being serviced
pursuant to the pooling and servicing agreement or other comparable agreement governing the securitization of a related Companion
Loan (whether by itself or with other mortgage assets), or pursuant to any successor servicing agreement contemplated by the related
Co-Lender Agreement. The only Outside Serviced Loan Combinations related to the Trust as of the Closing Date are the Eden Roc
Loan Combination, the Ascentia MHC Portfolio Loan Combination, the US StorageMart Portfolio Loan Combination and the Alderwood
Mall Loan Combination.


 


“Outside
Serviced Loan Combination Noteholders”: With respect to an Outside Serviced Loan Combination, the holder of the related
Outside Serviced Trust Loan and the holder(s) of the related Outside Serviced Companion Loan(s), collectively.


 


“Outside
Serviced Trust Loan”: Any Mortgage Loan that is part of an Outside Serviced Loan Combination. The only Outside Serviced
Trust Loans related to the Trust as of the Closing Date are the Eden Roc Mortgage Loan, the Ascentia MHC Portfolio Mortgage Loan,
the US StorageMart Portfolio Mortgage Loan and the Alderwood Mall Mortgage Loan.


 


“Outside
Servicer”: With respect to an Outside Serviced Trust Loan, the master servicer under the applicable Outside Servicing
Agreement.


 


“Outside
Servicing Agreement”: With respect to an Outside Serviced Trust Loan or the related Outside Serviced Loan Combination,
the pooling and servicing agreement or other comparable agreement governing the creation of an Outside Securitization Trust that
includes a related Outside Serviced Companion Loan, the issuance of securities backed by the assets of such Outside Securitization
Trust and the servicing of such Outside Serviced Trust Loan, such


 






    	-77-



    	 



    

 


Outside Serviced Loan Combination and the related Outside Serviced
Companion Loan(s), or any successor servicing agreement with respect to such Outside Serviced Trust Loan, such Outside Serviced
Loan Combination and the related Outside Serviced Companion Loan(s) contemplated by the related Co-Lender Agreement. The only
Outside Servicing Agreements related to the Trust as of the Closing Date are (i) the COMM 2015-CCRE24 Pooling and Servicing Agreement
pursuant to which the Eden Roc Mortgage Loan (which is an Outside Serviced Trust Loan) is being serviced, (ii) the GSMS 2015-GC32
Pooling and Servicing Agreement pursuant to which the Ascentia MHC Portfolio Mortgage Loan (which is an Outside Serviced Trust
Loan) is being serviced, (iii) the CGBAM 2015-SMRT Trust and Servicing Agreement pursuant to which the US StorageMart Portfolio
Mortgage Loan (which is an Outside Serviced Trust Loan) is being serviced and (iv) the MSCCG Trust 2015-ALDR Trust and Servicing
Agreement pursuant to which the Alderwood Mall Mortgage Loan (which is an Outside Serviced Trust Loan) is being serviced.


 


“Outside
Special Servicer”: With respect to an Outside Serviced Trust Loan, the special servicer under the applicable Outside
Servicing Agreement.


 


“Outside
Trustee”: With respect to an Outside Serviced Trust Loan, the trustee under the applicable Outside Servicing Agreement.


 


“Ownership
Interest”: Any record or beneficial interest in a Class R Certificate.


 


“P&I
Advance”: As to any Mortgage Loan (including any Outside Serviced Trust Loan and any REO Mortgage Loan), any advance
made by the Master Servicer or the Trustee pursuant to Section 4.06 of this Agreement. Each reference to the payment or reimbursement
of a P&I Advance shall be deemed to include, whether or not specifically referred to but without duplication, payment or reimbursement
of interest thereon at the Advance Rate to but excluding the date of payment or reimbursement.


 


“Pari
Passu Companion Loan”: A Companion Loan that is pari passu in right of payment to the related Split Mortgage Loan. The
only Pari Passu Companion Loans related to the Trust as of the Closing Date are the Decoration & Design Building Companion
Loan, the Kaiser Center Companion Loan, the Eden Roc Companion Loans, the Hilton Nashville Companion Loan, the Ascentia MHC Portfolio
Companion Loan, the US StorageMart Portfolio Pari Passu Companion Loans and the Alderwood Mall Pari Passu Companion Loans.


 


“Pari
Passu Indemnified Items”: As defined in Section 3.01(j)(ii) of this Agreement.


 


“Pari
Passu Indemnified Party”: As defined in Section 3.01(j)(ii) of this Agreement.


 


“Pari
Passu Loan Combination”: A Loan Combination that includes a Pari Passu Companion Loan. The only Pari Passu Loan Combinations
related to the Trust as of the Closing Date are the Decoration & Design Building Loan Combination, the Kaiser Center Loan
Combination, the Eden Roc Loan Combination, the Hilton Nashville Loan Combination, the Ascentia MHC Portfolio Loan Combination,
the US StorageMart Portfolio Loan Combination and the Alderwood Mall Loan Combination.


 






    	-78-



    	 



    

 


“Pass-Through
Rate”: Each of the Class A-1 Pass-Through Rate, the Class A-2 Pass-Through Rate, the Class A-3 Pass-Through
Rate, the Class A-4 Pass-Through Rate, the Class A-5 Pass-Through Rate, the Class A-AB Pass-Through Rate, the Class X-A
Pass-Through Rate, the Class X-B Pass Through Rate, the Class X-D Pass-Through Rate, the Class A-S Pass-Through Rate, the
Class A-S Regular Interest Pass-Through Rate, the Class B Pass-Through Rate, the Class B Regular Interest Pass-Through
Rate, the Class C Pass-Through Rate, the Class C Regular Interest Pass-Through Rate, the Class D Pass-Through Rate,
the Class E Pass-Through Rate, the Class F Pass-Through Rate and the Class G Pass-Through Rate. The Class PEZ Certificates
will not have a Pass-Through Rate, but will be entitled to receive the sum of the interest distributable on the Class PEZ Components.
The Class R Certificates do not have a Pass-Through Rate.


 


“Paying
Agent”: The paying agent appointed pursuant to Section 5.06 of this Agreement.


 


“PCC”:
Macquarie US Trading LLC d/b/a Principal Commercial Capital, a Delaware limited liability company, and its successors in interest.


 


“PCC
Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of August 1, 2015, by and between PCC and the
Depositor.


 


“PCC
Mortgage Loans”: The Mortgage Loans transferred by PCC to the Depositor and/or the Trust pursuant to the PCC Loan Purchase
Agreement and this Agreement.


 


“Penalty
Charges”: With respect to any Mortgage Loan (or Serviced Loan Combination, if applicable) (or successor REO Mortgage
Loan or successor REO Companion Loan), any amounts actually collected thereon from the Mortgagor that represent default charges,
penalty charges, late fees and/or Default Interest (in the case of any Split Mortgage Loan or Serviced Companion Loan, to the
extent allocable thereto pursuant to the related Co-Lender Agreement, and, in the case of a Serviced Companion Loan, to the extent
not payable to the Serviced Companion Loan Holder, and, in the case of an Outside Serviced Trust Loan, to the extent remitted
by the related Outside Servicer to the Master Servicer).


 


“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 Certificate (other than a Class R Certificate), the percentage interest
is equal to the initial denomination as of the Closing Date of such Certificate divided by the initial Certificate Principal Amount
or Notional Amount, as applicable, of such Class of Certificates. For these purposes on any date of determination, the “initial
denomination as of the Closing Date” of any Exchangeable Certificate received in an exchange will be determined as if such
Certificate was part of the related Class on the Closing Date, the “initial denomination as of the Closing Date” of
any Exchangeable Certificate surrendered in an exchange will be determined as if such Certificate was not part of the related
Class on the Closing Date and the initial Certificate Principal Amount of the related Class of Exchangeable Certificates will
be determined as if such Class consisted only of the Certificates composing the Class on that date of determination and such Certificates
had been outstanding as of the Closing Date. With respect to any Class R Certificate, the percentage interest is set forth
on the face thereof.


 






    	-79-



    	 



    

 


“Performing
Party”: As defined in Section 10.12 of this Agreement.


 


“Performing
Serviced Companion Loan”: A Serviced Companion Loan that is not, and is not part of, a Specially Serviced Loan or REO
Loan.


 


“Performing
Serviced Loan”: A Performing Serviced Mortgage Loan, a Performing Serviced Companion Loan or a Performing Serviced Loan
Combination, as the context may require.


 


“Performing
Serviced Loan Combination”: A Serviced Loan Combination that is not a Specially Serviced Loan or REO Loan.


 


“Performing
Serviced Mortgage Loan”: A Serviced Mortgage Loan that is not, and is not part of, a Specially Serviced Loan or REO
Loan.


 


“Permitted
Investments”: Any one or more of the following obligations or securities payable on demand or having a scheduled maturity
on or before the Business Day preceding the date upon which such funds are required to be drawn (provided that funds invested
by the Certificate Administrator in Permitted Investments managed or advised by the Certificate Administrator may (or, as and
when contemplated under Section 3.07(c), shall) mature on the Distribution Date) and a maximum maturity of 365 days, regardless of whether
issued by the Depositor, the Master Servicer, the Trustee, the Certificate Administrator or any of their respective Affiliates
and having at all times the required ratings, if any, provided for in this definition, unless each Rating Agency shall have provided
a Rating Agency Confirmation:


 


(i)        obligations
of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency or instrumentality
thereof; provided such obligations are backed by the full faith and credit of the United States of America including, without
limitation, obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home Administration (certificates
of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed
Title XI financing), the Small Business Administration (guaranteed participation certificates and guaranteed pool certificates),
the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority
(guaranteed transit bonds); provided, however, that the investments described in this clause must (A) have
a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if such investments have a variable
rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately
with that index, and (C) such investments must not be subject to liquidation prior to their maturity;


 


(ii)       Federal
Housing Administration debentures;


 


(iii)      obligations
of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt obligations), the Farm Credit
System (consolidated system wide bonds and notes), the Federal Home


 






    	-80-



    	 



    

 


Loan Banks (consolidated debt obligations), the Federal National
Mortgage Association (debt obligations), the Financing Corp. (debt obligations), and the Resolution Funding Corp. (debt obligations);
provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar
amount of principal due at maturity that cannot vary or change, (B) if such investments have a variable rate of interest,
such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with
that index, and (C) such investments must not be subject to liquidation prior to their maturity;


 


(iv)      federal
funds, unsecured certificates of deposit, time or similar deposits, bankers’ acceptances and repurchase agreements of any
bank, (A) if it has a term of three months or less, (1) the short-term obligations of which are rated in the highest
short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2) 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) if it has a term of more than three months and not in excess of six months, the short-term obligations of
which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated
at least “Aa3” by Moody’s and (C) if it has a term of more than six months, the short-term obligations of which
are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated “Aaa”
by Moody’s (or, in the case of any such Rating Agency as set forth in clauses (A) through (C) above, such lower rating as
is the subject of a Rating Agency Confirmation by such Rating Agency); provided, however, that the investments described
in this clause must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change,
(B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index
plus a fixed spread (if any) and must move proportionately with that index, and (C) such investments must not be subject
to liquidation prior to their maturity;


 


(v)       demand
and time deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company, savings
and loan association or savings bank, (A) if it has a term of three months or less, (1) the short-term obligations of which
are rated in the highest short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2) 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) if it has a term of more than three months and not in excess of six months, the
short-term obligations of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations
of which are rated at least “Aa3” by Moody’s and (C) if it has a term of more than six months, the short-term
obligations of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of
which are rated “Aaa” by Moody’s (or, in the case of any such Rating Agency as set forth in clauses (A) through
(C) above, such lower rating as is the subject of a Rating


 






    	-81-



    	 



    

 


Agency Confirmation by such Rating Agency); provided, however,
that the investments described in this clause must (A) have a predetermined fixed dollar amount of principal due at
maturity that cannot vary or change, (B) if such investments have a variable rate of interest, such interest rate must be
tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (C) such
investments must not be subject to liquidation prior to their maturity;


 


(vi)      debt
obligations, (A) if it has a term of three months or less, (1) the short-term obligations of which are rated in the highest
short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2) 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) if it has a term of more than three months and not in excess of six months, the short-term obligations of
which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated
at least “Aa3” by Moody’s and (C) if it has a term of more than six months, the short-term obligations of which
are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated “Aaa”
by Moody’s (or, in the case of any such Rating Agency as set forth in clauses (A) through (C) above, such lower rating as
is the subject of a Rating Agency Confirmation by such Rating Agency); provided, however, that the investments described
in this clause must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change,
(B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index
plus a fixed spread (if any) and must move proportionately with that index, and (C) such investments must not be subject
to liquidation prior to their maturity;


 


(vii)     commercial
paper (including both non-interest bearing discount obligations and interest bearing obligations payable on demand or on a specified
date not more than one year after the date of issuance thereof), (A) if it has a term of one month or less, the short-term
obligations of which are rated at least “F1” by Fitch and “P-1” by Moody’s (or, in the case of Moody’s,
the long-term obligations of which are rated at least “A2” by Moody’s) and in the highest short-term debt
rating category of KBRA (if then rated by KBRA); (B) if it has a term of more than one month and not in excess of three months,
(1) the short-term debt obligations of which are rated at least “F1+” by Fitch (or “F1” by Fitch,
if the long-term debt obligations of which are rated at least “AA-” by Fitch), (2) the short-term debt obligations
of which are rated at least “P-1” by Moody’s or the long-term obligations of which are rated at least “A2”
by Moody’s and (3) the short-term debt obligations of which are rated in the highest short-term debt rating category
by KBRA (if then rated by KBRA); (C) if it has a term of more than three months and not in excess of six months, (1) the
short-term debt obligations of which are rated at least “F1+” by Fitch (or “F1” by Fitch, if the long-term
debt obligations of which are rated at least “AA-” by Fitch), (2) the short-term debt obligations of which are rated
at least “P-1” by Moody’s and the long-term debt obligations of which are rated at least “Aa3” by
Moody’s and (3) the short-term debt obligations of which are rated in the highest short-term rating category by KBRA
(if then rated by KBRA); and (D) if it has a term of more than six months, (1) the short-term debt obligations of which
are rated at least “F1+” by Fitch (or “F1” by Fitch, if the long-term debt obligations of which are rated
at least “AA-” by Fitch), (2) the short-term debt obligations of which are rated at least “P-1” by Moody’s
and the long-term debt


 






    	-82-



    	 



    

 


obligations of which are rated at least “Aaa” by Moody’s and (3) the short-term
debt obligations of which are rated in the highest short-term rating category by KBRA (if then rated by KBRA) (or, in the case
of any such Rating Agency as set forth in clauses (A) through (D) above, such lower rating as is the subject of a Rating Agency
Confirmation by such Rating Agency); provided, however, that the investments described in this clause must
(A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if such investments
have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any)
and must move proportionately with that index, and (C) such investments must not be subject to liquidation prior to their
maturity;


 


(viii)     the
Wells Fargo Advantage Heritage Money Market Fund or any other money market fund (in each case, the “Fund”)
so long as the Fund is rated by Fitch and Moody’s in its highest money market fund ratings category (or, if not rated by
such Rating Agency, otherwise acceptable to such Rating Agency and KBRA, as confirmed in a Rating Agency Confirmation);


 


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


 


(x)        such
other demand, money market or time deposit, demand obligation or any other obligation, security or investment that, but for the
failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) –
(ix) above, with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which the minimum
ratings set forth in the applicable clause is not satisfied with respect to such demand, money market or time deposit, demand
obligation or any other obligation, security or investment;


 


provided,
however, that such instrument continues to qualify as a “cash flow investment” pursuant to Code Section 860G(a)(6)
earning a passive return in the nature of interest and that no instrument or security shall be a Permitted Investment if (i) such
instrument or security evidences a right to receive only interest payments, (ii) the right to receive principal and interest
payments derived from the underlying investment provides a yield to maturity in excess of 120% of the yield to maturity at par
of such underlying investment, (iii) the rating for such instrument or security includes an “r” designation or
(iv) if such instrument may be redeemed at a price below the purchase price; and provided, further, that 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


 






    	-83-



    	 



    

 


purposes, unless the Master
Servicer receives an Opinion of Counsel, at the expense of the party directing such Permitted Investment, to the effect that such
investment will not adversely affect the status of the Upper-Tier REMIC or the Lower-Tier REMIC. Permitted Investments that are
subject to prepayment or call may not be purchased at a price in excess of par.


 


Notwithstanding
the foregoing, to the extent that the Loan Documents with respect to a particular Mortgage Loan require the funds in the related
Mortgagor Accounts to be invested in investments other than those itemized in clauses (i) through (ix) above, the Master
Servicer shall invest the funds in such Mortgagor Accounts in accordance with the terms of the related Loan Documents.


 


“Permitted
Special Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, title insurance
and/or other insurance commissions and fees received or retained by the Special Servicer or any of its Affiliates in connection
with any services performed by such party with respect to any Serviced Loan or REO Property, in each case, in accordance with
Article III of this Agreement.


 


“Permitted
Transferee”: With respect to a Class R Certificate, any Person or agent 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.


 


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


 


“Plan”:
As defined in Section 5.03(m) of this Agreement.


 


“Plan
Investor”: As defined in Section 5.03(m) of this Agreement.


 


“Prepayment
Assumption”: The assumption that there will be zero prepayments with respect to the Mortgage Loans; provided,
that it is assumed that any ARD Mortgage Loan is prepaid in full on its Anticipated Repayment Date.


 


“Prepayment
Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Pari Passu Companion Loan
that was subject to a Principal Prepayment in full or in part during the related Prepayment Period, which Principal Prepayment
was applied to such Mortgage Loan or Serviced Pari Passu Companion Loan after the Due Date in such Prepayment Period, the amount
of interest (net of the related Servicing Fee, any related Excess Interest and/or Default Interest) that accrued for such Mortgage
Loan or Serviced Pari


 






    	-84-



    	 



    

 


Passu Companion Loan on the amount of such Principal Prepayment during the period commencing on the date
after such Due Date and ending on the date as of which such Principal Prepayment was applied to the unpaid principal balance of
the Mortgage Loan or Serviced Pari Passu Companion Loan (or any later date through which interest accrues), inclusive, to the
extent collected from the related Mortgagor (exclusive of any related Yield Maintenance Charge or related Excess Interest and/or
Default Interest that may have been collected) and, in the case of an Outside Serviced Trust Loan, remitted to the Trust Fund.


 


“Prepayment
Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Pari Passu Companion
Loan that was subject to a Principal Prepayment in full or in part during the related Prepayment Period, which Principal Prepayment
was applied to such Mortgage Loan or Serviced Pari Passu Companion Loan prior to the Due Date in such Prepayment Period, the amount
of interest (net of the related Servicing Fee and any related Excess Interest and/or Default Interest) to the extent not collected
from the related Mortgagor, that would have accrued on such Mortgage Loan or Serviced Pari Passu Companion Loan on the amount
of such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was applied to the
unpaid principal balance of the Mortgage Loan or Serviced Pari Passu Companion Loan through the end of the applicable interest
accrual period for such Due Date, inclusive.


 


“Prepayment
Period”: With respect to any Distribution Date, the period beginning the day immediately following the Determination
Date in the month immediately preceding the month in which such Distribution Date occurs (or beginning on the day immediately
following the Cut-Off Date, in the case of the first Distribution Date) through and including the Determination Date immediately
preceding such Distribution Date.


 


“Primary
Collateral”: With respect to any Cross-Collateralized Mortgage Loan, any Mortgaged Property (or portion thereof) designated
as directly securing such Cross-Collateralized Mortgage Loan and excluding any Mortgaged Property (or portion thereof) as to which
the related lien may only be foreclosed upon by exercise of the cross-collateralization provisions of such Cross-Collateralized
Mortgage Loan.


 


“Prime
Rate”: The “Prime Rate” as published in the “Money Rates” section of The Wall Street Journal,
Eastern edition (or, if such section or publication is no longer available, such other comparable publication as determined by
the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime Rate”
no longer exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion) as
may be in effect from time to time. The Certificate Administrator shall notify in writing the Master Servicer with regard to any
determination of the Prime Rate in accordance with the parenthetical in the preceding sentence.


 


“Principal
Balance Certificates”: The Sequential Pay Certificates and the Class PEZ Certificates, collectively.


 


“Principal
Distribution Amount”: For any Distribution Date will be equal to the sum, without duplication, of:


 






    	-85-



    	 



    

 


(A)       the
Scheduled Principal Distribution Amount for such Distribution Date;


 


(B)        the
Unscheduled Payments with respect to the Mortgage Loans (including the REO Mortgage Loans) with respect to such Distribution Date;
and


 


(C)        the
Principal Shortfall, if any, for such Distribution Date;


 


provided
that the Principal Distribution Amount for any Distribution Date shall be reduced by the amount of any reimbursements of (i) Nonrecoverable
Advances plus interest on such Nonrecoverable Advances that are paid or reimbursed to the Master Servicer and/or the Trustee from
principal collections on the Mortgage Loans (including the REO Mortgage Loans) in a period during which such principal collections
would have otherwise been included in the Principal Distribution Amount for such Distribution Date and (ii) Workout-Delayed
Reimbursement Amounts that were paid or reimbursed to the Master Servicer and/or the Trustee from principal collections on the
Mortgage Loans (including the REO Mortgage Loans) in a period during which such principal collections would have otherwise been
included in the Principal Distribution Amount for such Distribution Date (provided that, in the case of clause (i)
and (ii) above, if any of the amounts that were reimbursed from principal collections on the Mortgage Loans (including the REO
Mortgage Loans) for a prior Distribution Date are subsequently recovered on the related Mortgage Loan (including an REO Mortgage
Loan), such recovery will increase the Principal Distribution Amount for the Distribution Date related to the applicable Prepayment
Period in which such recovery occurs).


 


The
principal component of the amounts set forth above shall be determined in accordance with Section 1.02 hereof.


 


“Principal
Prepayment”: Any payment of principal made by a Mortgagor on a Mortgage Loan or Serviced Loan Combination which is received
in advance of its scheduled Due Date and which is not accompanied by an amount of interest representing the full amount of scheduled
interest due on any date or dates in any month or months subsequent to the month of prepayment other than any amount paid in connection
with the release of the related Mortgaged Property through defeasance.


 


“Principal
Shortfall”: For any Distribution Date, the amount, if any, by which (i) the Principal Distribution Amount for the
preceding Distribution Date exceeds (ii) the aggregate amount actually distributed with respect to principal on the Principal
Balance Certificates on such preceding Distribution Date in respect of such Principal Distribution Amount.


 


“Private
Certificates”: The Class D, Class X-D, Class E, Class F, Class G and Class R Certificates.


 


“Privileged
Information”: Any (i) correspondence or other communications between the related Directing Holder (and, in the
case of a Serviced Loan Combination, the related Serviced Companion Loan Holder (or its Companion Loan Holder Representative))
and the Special Servicer related to any Specially Serviced Loan or the exercise of the consent or consultation rights of such
Directing Holder under this Agreement and/or any related Serviced


 






    	-86-



    	 



    

 


Companion Loan Holder (or its Companion Loan Holder Representative)
under the related Co-Lender Agreement, (ii) strategically sensitive information that the Special Servicer has reasonably
determined could compromise the Trust Fund’s position in any ongoing or future negotiations with the related Mortgagor or
other interested party, and (iii) any information subject to attorney-client privilege.


 


“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information
becomes generally available and known to the public other than as a result of a disclosure directly or indirectly by the party
restricted from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable
and necessary for the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing
authorities or other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and
not otherwise subject to a confidentiality obligation and/or (d) the Restricted Party is (in the case of the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, any affected Serviced Companion Loan Holder and the
Trustee, as evidenced by an Opinion of Counsel (which shall be an Additional Trust Fund Expense) delivered to each of the Master
Servicer, the Special Servicer, the applicable Directing Holder, the Operating Advisor, the Certificate Administrator and the
Trustee) required by law, rule, regulation, order, judgment or decree to disclose such information.


 


“Privileged
Person”: The Depositor, the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer, the Excluded
Mortgage Loan Special Servicer, the Controlling Class Representative (but only for so long as a Consultation Termination Event
has not occurred and is not continuing), any Serviced Companion Loan Holder that delivers an Investor Certification, the Trustee,
the Certificate Administrator, the Custodian, the Operating Advisor, the Mortgage Loan Sellers, a designee of the Depositor and
any Person who provides the Certificate Administrator with an Investor Certification; provided further, that in no event
shall an Excluded Controlling Class Holder be entitled to Excluded Information with respect to an Excluded Controlling Class Mortgage
Loan with respect to which it is a Borrower Party (but not any other Mortgage Loan) and such Person shall not have access to any
related Excluded Information. In no event shall a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing
or an agent, principal, partner, member, joint venturer, limited partner, employee, representative, director, trustee, advisor
or investor in or of any of the foregoing be considered a Privileged Person; provided that the foregoing shall not be applicable
to, nor limit, an Excluded Controlling Class Holder’s right to access information with respect to any Mortgage Loan other
than Excluded Information with respect to a related Excluded Controlling Class Mortgage Loan.


 


“Property
Advance”: As to any Serviced Mortgage Loan, Serviced Loan Combination or REO Property (other than an REO Property related
to an Outside Serviced Trust Loan), any advance made by the Master Servicer or the Trustee in respect of Property Protection Expenses,
together with all other customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’
fees and fees and expenses of real estate brokers) incurred by the Master Servicer, the Special Servicer or the Trustee in
connection with the servicing and administration of a Serviced Mortgage Loan or Serviced Loan Combination, if a default is imminent
thereunder or a default, delinquency or other unanticipated event has occurred with respect thereto, or in connection with the
administration of any REO Property (other than an


 






    	-87-



    	 



    

 


REO Property related to an Outside Serviced Trust Loan), including, but not
limited to, the cost of (a) compliance with the obligations of the Master Servicer, the Special Servicer or the Trustee,
if any, set forth in Sections 2.03, 3.04 and 3.07 of this Agreement, (b) the preservation, insurance, restoration,
protection and management of a related Mortgaged Property, (c) obtaining any Insurance Proceeds, Condemnation Proceeds or
Liquidation Proceeds, (d) any enforcement or judicial proceedings with respect to a related Mortgaged Property, including
foreclosures, (e) any Appraisal or any other appraisal or update thereof expressly permitted or required to be obtained hereunder
and (f) the operation, management, maintenance and liquidation of any such REO Property; provided that, notwithstanding
anything to the contrary, “Property Advances” shall not include allocable overhead of the Master Servicer, the Special
Servicer or the Trustee, such as costs for office space, office equipment, supplies and related expenses, employee salaries and
related expenses and similar internal costs and expenses, or costs and expenses incurred by any such party in connection with
its purchase of any Mortgage Loan or REO Property pursuant to any provision of this Agreement or an intercreditor agreement. Each
reference to the payment or reimbursement of a Property Advance shall be deemed to include, whether or not specifically referred
to, payment or reimbursement of interest thereon at the Advance Rate from and including the date of the making of such Advance
to but excluding the date of payment or reimbursement. If and when used with respect to an Outside Serviced Trust Loan or any
related REO Property, the term “Property Advance” shall have the meaning assigned thereto or to the term “Servicing
Advance” in the applicable Outside Servicing Agreement.


 


“Property
Protection Expenses”: Any costs and expenses incurred by the Master Servicer, the Special Servicer or the Trustee pursuant
to Sections 3.04, 3.07, 3.10(f), 3.10(g) and 3.17(b) or indicated herein as being a cost or expense of the Lower-Tier
REMIC to be advanced by the Master Servicer or the Trustee, as applicable.


 


“Prospectus”:
The prospectus dated January 16, 2015, relating to the Public Certificates.


 


“Prospectus
Supplement”: The prospectus supplement dated August 6, 2015, relating to the Public Certificates.


 


“PTCE”:
Prohibited Transaction Class Exemption.


 


“Public
Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 Class A-AB, Class X-A,
Class X-B, Class A-S, Class B, Class PEZ and Class C Certificates.


 


“Public
Documents”: As defined in Section 4.02(a) of this Agreement.


 


“Public
Global Certificates”: A Global Certificate relating to a Class of Public Certificates.


 


“Purchase
Price”: With respect to any Mortgage Loan (or REO Property), a price equal to the following: (a) the outstanding
principal balance of such Mortgage Loan (or the related REO Mortgage Loan) as of the date of purchase; plus (b) all
accrued and unpaid interest on the principal balance of such Mortgage Loan (or the related REO Mortgage Loan), other than Default
Interest or Excess Interest, at the related Mortgage Rate in effect from time to time through the Due Date in the Collection Period
of purchase; plus (c) all related unreimbursed


 






    	-88-



    	 



    

 


Property Advances (including any Property Advances and Advance Interest Amounts
that were reimbursed out of general collections on the Mortgage Loans) (or, in the case of an Outside Serviced Trust Loan, the
pro rata portion of any similar amounts allocable to such Mortgage Loan and payable with respect thereto pursuant to the
related Co-Lender Agreement); plus (d) all accrued and unpaid Advance Interest Amounts in respect of related Advances (or,
in the case of an Outside Serviced Trust Loan, all such amounts with respect to P&I Advances related to such Outside Serviced
Trust Loan and, with respect to outstanding Property Advances, the pro rata portion of any similar interest amounts payable
with respect thereto pursuant to the related Co-Lender Agreement); plus (e) any unpaid Special Servicing Fees and any other
unpaid Additional Trust Fund Expenses outstanding or previously incurred in respect of the related Mortgage Loan; plus (f) if
such Mortgage Loan is being purchased by a Mortgage Loan Seller pursuant to Section 6 of the related Loan Purchase Agreement,
all expenses incurred or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee in respect of the Breach or Document Defect giving rise to the repurchase or substitution obligation (to the extent
not otherwise included in the amount described in clause (c) above); plus (g) any Liquidation Fee, if and to the extent payable
in accordance with the terms and conditions of this Agreement (to the extent not otherwise included in the amount described in
clause (e) above). With respect to any REO Property that relates to a Serviced Loan Combination, the Purchase Price for
the Trust Fund’s interest in such REO Property shall be the amount calculated in accordance with the first sentence of this
definition in respect of the related REO Mortgage Loan and, solely for purposes of calculating fair prices under the final sentence
of Section 3.17(k) of this Agreement, such amount shall be calculated as if the REO Mortgage Loan consisted of the REO Mortgage Loan
and the related REO Companion Loan(s), if applicable.


 


“Qualified
Bidder”: As defined in Section 7.01(b) of this Agreement.


 


“Qualified
Institutional Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.


 


“Qualified
Insurer”: As used in Sections 3.08 and 5.10 of this Agreement, in the case of (i) all policies not
referred to in clause (ii) below, an insurance company or security or bonding company qualified to write the related
insurance policy in the relevant jurisdiction and whose claims paying ability is rated at least “A” by Fitch (or,
if not rated by Fitch, an equivalent rating such as that listed above by at least two NRSROs (which may include S&P, DBRS,
Moody’s and/or A.M. Best)) and “A3” by Moody’s (or, if not rated by Moody’s, then either (x) an
equivalent rating such as that listed above by at least two NRSROs (which may include S&P and/or Fitch) or one NRSRO (which
may include S&P and/or Fitch) and A.M. Best or (y) Moody’s has issued a Rating Agency Confirmation with respect to such insurance
company) or (ii) in the case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant
to Section 3.08(c) of this Agreement, a company that shall have a claims-paying ability rated at least as follows by at
least one of the following NRSROs: “A (low)” by DBRS, “A-” by S&P, “A-” by Fitch, “A3”
by Moody’s or “A:X” by A.M. Best, or (iii) in either case, an insurance company not satisfying the ratings criteria
of any Rating Agency set forth in clause (i) or (ii), as applicable, but with respect to which the Master Servicer
or the Special Servicer, as applicable, has received a Rating Agency Confirmation from such Rating Agency. “Qualified Insurer”
shall also mean any entity that satisfies all of the criteria, other than the


 






    	-89-



    	 



    

 


ratings criteria, set forth in one of the foregoing
clauses and whose obligations under the related insurance policy are guaranteed or backed by an entity that satisfies the ratings
criteria set forth in such clause (construed as if such entity were an insurance company referred to therein).


 


“Qualified
Mortgage”: A Mortgage Loan that is a “qualified mortgage” within the meaning of Code Section 860G(a)(3)
(but without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats a defective obligation as a qualified
mortgage, or any substantially similar successor provision).


 


“Qualified
Substitute Mortgage Loan”: A mortgage loan that must, on the date of substitution: (i) have an outstanding principal
balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution,
whether or not received, not in excess of the Stated Principal Balance of the deleted Mortgage Loan as of the Due Date in the
calendar month during which the substitution occurs; (ii) have a Mortgage Rate not less than the Mortgage Rate of the deleted
Mortgage Loan; (iii) have the same Due Date as and grace period no longer than that of the deleted Mortgage Loan; (iv) accrue
interest on the same basis as the deleted Mortgage Loan (for example, on the basis of a 360-day year consisting of twelve 30-day
months); (v) have a remaining term to stated maturity not greater than, and not more than two years less than, the remaining
term to stated maturity of the deleted Mortgage Loan; (vi) have a then-current loan-to-value ratio equal to or less than
the lesser of (a) the loan-to-value ratio of the deleted Mortgage Loan as of the Cut-Off Date and (b) 75%, in each case
using the “value” for the Mortgaged Property as determined using an Appraisal; (vii) comply (except in a manner
that would not be adverse to the interests of the Certificateholders) as of the date of substitution in all material respects
with all of the representations and warranties set forth in the applicable Loan Purchase Agreement; (viii) have an environmental
report that indicates no material adverse environmental conditions with respect to the related Mortgaged Property and which will
be delivered as a part of the related Servicing File; (ix) have a then-current debt service coverage ratio at least equal
to the greater of (a) the debt service coverage ratio of the deleted Mortgage Loan as of the Closing Date and (b) 1.25x;
(x) constitute a “qualified replacement mortgage” within the meaning of Code Section 860G(a)(4) as evidenced
by an Opinion of Counsel (provided at the applicable Mortgage Loan Seller’s expense); (xi) not have a maturity date
or an amortization schedule that extends to a date that is after the date that is three years prior to the Rated Final Distribution
Date; (xii) have prepayment restrictions comparable to those of the deleted Mortgage Loan; (xiii) not be substituted
for a deleted Mortgage Loan unless the Trustee and the Certificate Administrator have received a prior Rating Agency Confirmation
(the cost, if any, of obtaining such Rating Agency Confirmation to be paid by the applicable Mortgage Loan Seller); (xiv) have
been approved, so long as a Consultation Termination Event has not occurred and is not continuing, by the Controlling Class Representative;
(xv) prohibit defeasance within two years of the Closing Date; (xvi) not be substituted for a deleted Mortgage Loan
if it would result in the termination of the REMIC status of a Trust REMIC or the imposition of tax on a Trust REMIC other than
a tax on income expressly permitted or contemplated to be imposed by the terms of this Agreement, as determined by an Opinion
of Counsel; (xvii) have an engineering report with respect to the related Mortgaged Property that will be delivered as a
part of the related Servicing File; and (xviii) be current in the payment of all scheduled payments of principal and interest
then due. In the event that more than one mortgage loan is substituted for a deleted Mortgage Loan or Mortgage Loans, then the
amounts described in clause (i) above shall be determined on


 






    	-90-



    	 



    

 


the basis of aggregate principal balances and each such proposed
Qualified Substitute Mortgage Loan shall individually satisfy each of the requirements specified in clauses (ii) through
(xviii) above; provided that the rates described in clause (ii) above and the remaining term to stated maturity referred
to in clause (v) above shall be determined on a weighted average basis; provided further, that no individual
Mortgage Rate (net of the Administrative Cost Rate) shall be lower than the highest fixed Pass-Through Rate (and not based on,
or subject to a cap equal to, the WAC Rate) of any Class of Sequential Pay Certificates or Class PEZ Regular Interest having a
Certificate Principal Amount then outstanding. When a Qualified Substitute Mortgage Loan is substituted for a deleted Mortgage
Loan, the applicable Mortgage Loan Seller shall certify that the replacement mortgage loan meets all of the requirements of the
above definition and shall send such certification to the Certificate Administrator and the Trustee and, prior to the occurrence
and continuance of a Consultation Termination Event, the Controlling Class Representative.


 


“Rated
Final Distribution Date”: The Distribution Date occurring in September 2048.


 


“Rating
Agency”: Each of Moody’s, Fitch and KBRA or their successors in interest. If no such rating agency nor any successor
thereof remains in existence, “Rating Agency” shall be deemed to refer to such nationally recognized statistical rating
organization or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to
the Trustee, the Certificate Administrator and the Master Servicer, and specific ratings of Moody’s, Fitch and KBRA herein
referenced shall be deemed to refer to the equivalent ratings (as reasonably determined by the Depositor) of the party so designated.
References herein to the highest long-term unsecured debt rating category of Moody’s, Fitch or KBRA shall mean “Aaa”
with respect to Moody’s and “AAA” with respect to Fitch and KBRA, and, in the case of any other rating agency,
shall mean such highest rating category without regard to any plus or minus or numerical qualification.


 


“Rating
Agency Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by each
applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result
in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated
by the Rating Agency); provided that upon receipt of a written waiver or other acknowledgment from any applicable Rating
Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought
(such written notice, a “Rating Agency Declination”), or as otherwise provided in Section 3.30 of this Agreement, the
requirement for the Rating Agency Confirmation from the applicable Rating Agency with respect to such matter shall not apply.


 


“Rating
Agency Declination”: As defined in the definition of “Rating Agency Confirmation” in this Agreement.


 


“Realized
Loss”: With respect to any Distribution Date, the amount, if any, by which (A) the aggregate Certificate Principal
Amount of all Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the Class PEZ Regular
Interests, after giving effect to distributions on such Distribution Date, exceeds (B) the aggregate Stated


 






    	-91-



    	 



    

 


Principal Balance
of the Mortgage Loans (including any REO Mortgage Loans) (for purposes of this calculation only, not giving effect to any reductions
of the Stated Principal Balance for principal payments received on the Mortgage Loans that were used to reimburse the Master Servicer
or the Trustee from general collections of principal on the Mortgage Loans for Workout-Delayed Reimbursement Amounts, to the extent
such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable Advances) after giving effect
to any and all reductions thereon on such Distribution Date. The allocation of Realized Losses may be reversed as provided in
the penultimate sentence of the first paragraph of Section 4.01(f) of this Agreement.


 


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


 


“Registered
Rating Agency”: (a) Any Rating Agency that has registered as a user of the Rule 17g-5 Information Provider’s Website;
or (b) any NRSRO other than the Rating Agencies (i) that has registered as a user of the Rule 17g-5 Information Provider’s
Website and (ii) with respect to which the Rule 17g-5 Information Provider has received an NRSRO Certification pursuant to
Section 11.13(h) of this Agreement.


 


“Regular
Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A,
Class X-B, Class X-D, Class D, Class E, Class F and Class G Certificates.


 


“Regulation AB”:
Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such 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 each case as effective
from time to time as of the compliance dates specified therein.


 


“Regulation S”:
Regulation S under the Act.


 


“Regulation S
Global Certificates”: As defined in Section 5.02(c)(i) of this Agreement.


 


“Regulation S
Investor”: With respect to a transferee of a Regulation S Global Certificate, a transferee that acquires such Certificate
pursuant to Regulation S.


 


“Relevant
Distribution Date”: With respect to (a) any Significant Obligor with respect to the Trust, the Distribution Date, and
(b) any Significant Obligor with respect to an Other Securitization Trust, the “Distribution Date” (or an analogous
concept) under the related Other Pooling and Servicing Agreement.


 


“Relevant
Servicing Criteria”: The Servicing Criteria applicable to a specific party, as set forth on Exhibit O to
this Agreement. For clarification purposes, multiple parties can have responsibility for the same Relevant Servicing Criteria.
With respect to a Servicing Function Participant engaged by the Master Servicer, the Special Servicer or the Certificate


 






    	-92-



    	 



    

 


Administrator,
the term “Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria applicable to the
Master Servicer, the Special Servicer or the Certificate Administrator.


 


“Remaining
Certificateholder”: Any Holder (or Holders provided they act in unanimity) holding 100% of the Certificates (other
than the Class R Certificates) or an assignment of the voting rights thereof; provided, however, that the Certificate
Principal Amounts of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class D
Certificates and the Class PEZ Regular Interests and the Notional Amounts of the Class X-A and Class X-B Certificates have
been reduced to zero.


 


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


 


“REMIC
Provisions”: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear
at Section 860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and regulations (including
any applicable proposed regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.


 


“Rents
from Real Property”: With respect to any REO Property, gross income of the character described in Code Section 856(d),
which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:


 


(1)        except
as provided in Code Section 856(d)(4) or (6), any amount received or accrued, directly or indirectly, with respect to
such REO Property, if the determination of such amount depends in whole or in part on the income or profits derived by any Person
from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise constitutes Rents
from Real Property);


 


(2)        any
amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by
attribution) a ten percent or greater interest in such Person determined in accordance with Code Sections 856(d)(2)(B)
and (d)(5);


 


(3)        any
amount received or accrued, directly or indirectly, with respect to such REO Property if any Person Directly Operates such REO
Property;


 


(4)        any
amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings
of a similar class in the same geographic market as such REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1) (whether
or not such charges are separately stated); and


 


(5)        rent
attributable to personal property unless such personal property is leased under, or in connection with, the lease of such REO
Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or accrued
under, or in connection with, the lease.


 






    	-93-



    	 



    

 



“REO Account”:
A segregated custodial account or accounts created and maintained by the Special Servicer pursuant to Section 3.16 of this Agreement
on behalf of the Trustee in trust for the Certificateholders and the Serviced Companion Loan Holders, which (subject to any change
in the identities of the Special Servicer and/or the Trustee) shall be entitled “LNR Partners, LLC, as Special Servicer,
on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial
Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1 and the Companion Loan Holder REO Account,
as their interests may appear.” Any such account or accounts shall be an Eligible Account.


 


“REO Companion
Loan”: Any Serviced Companion Loan if the related Mortgaged Property has become an REO Property.


 


“REO Extension”:
As defined in Section 3.16(a) of this Agreement.


 


“REO Loan”:
An REO Mortgage Loan, REO Companion Loan or REO Loan Combination, as the context may require.


 


“REO Loan Combination”:
Any Serviced Loan Combination as to which the related Mortgaged Property has become an REO Property.


 


“REO Mortgage
Loan”: Any Mortgage Loan as to which the related Mortgaged Property has become an REO Property.


 


“REO Proceeds”:
With respect to any REO Property (other than an REO Property related to an Outside Serviced Trust Loan) and the related REO Mortgage
Loan and REO Companion Loan, all revenues received by the Special Servicer with respect to such REO Property, REO Mortgage Loan
or REO Companion Loan which do not constitute Liquidation Proceeds. In the case of an Outside Serviced Trust Loan that has become
an REO Mortgage Loan and in the case of the related REO Property, “REO Proceeds” under this Agreement shall be limited
to any proceeds of the type described above in this definition that are received by the Trust Fund in connection with such Outside
Serviced Trust Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.


 


“REO Property”:
A Mortgaged Property as to which title has been acquired on behalf of the Trust Fund and any related Serviced Companion Loan Holder
through foreclosure, deed in lieu of foreclosure or otherwise; provided that a Mortgaged Property that secures an Outside
Serviced Trust Loan shall constitute an REO Property if and when it is acquired under the applicable Outside Servicing Agreement
on behalf of the Trustee for the benefit of the Trust Fund as the holder of such Outside Serviced Trust Loan and of the related
Companion Loan Holder(s) through foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise in accordance with applicable
law in connection with a default or imminent default of such Outside Serviced Trust Loan.


 


“Reportable
Event”: As defined in Section 10.07 of this Agreement.


 


“Reporting Servicer”:
As defined in Section 10.09 of this Agreement.


 






    	-94-



    	 



    

 


“Repurchase”:
As defined in Section 2.03(a) of this Agreement.


 


“Repurchase
Communication”: For purposes of Sections 2.03(a) and 3.01(c) of this Agreement only, any communication, whether
oral or written, which need not be in any specific form.


 


“Repurchase
Request”: As defined in Section 2.03(a) of this Agreement.


 


“Repurchase
Request Rejection”: As defined in Section 2.03(a) of this Agreement.


 


“Repurchase
Request Withdrawal”: As defined in Section 2.03(a) of this Agreement.


 


“Request for
Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit C hereto.


 


“Requesting
Holders”: As defined in Section 3.10(a) of this Agreement.


 


“Requesting
Party”: As defined in Section 3.30(a) of this Agreement.


 


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


 


“Responsible
Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee (and,
in the event that the Trustee is the Certificate Registrar or the Paying Agent, of the Certificate Registrar or the Paying Agent,
as applicable) assigned to the Corporate Trust Office with direct responsibility for the administration of this Agreement
and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject and (ii) the Certificate Administrator, any officer assigned to the
Corporate Trust 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 because of such officer’s
knowledge of and familiarity with the particular subject. When used with respect to any Certificate Registrar (other than the Trustee
or the Certificate Administrator), any officer or assistant officer thereof.


 


“Restricted
Group”: Collectively, the following persons and entities: the Trustee; the Underwriters; the Depositor; the Master Servicer;
the Special Servicer; any Sub-Servicers; the Sponsors; each Mortgagor, if any, with respect to Mortgage Loans constituting more
than 5% of the total unamortized principal balance of all the Mortgage Loans in the Trust Fund as of the Closing Date; and any
and all Affiliates of any of the aforementioned Persons.


 


“Restricted
Party”: As defined in the definition of “Privileged Information Exception” in this Agreement.


 


“Restricted
Period”: As defined in Section 5.02(c)(i) of this Agreement.


 






    	-95-



    	 



    

 


“Retained Defeasance
Rights and Obligations”: As defined in Section 3.09(d)(i) of this Agreement.


 


“Review Package”:
A package of documents consisting of a memorandum outlining the analysis and recommendation (in accordance with the Servicing Standard)
of the Master Servicer or the Special Servicer, as the case may be, with respect to the matters that are the subject thereof, and
copies of all relevant documentation.


 


“Revised Rate”:
With respect to any ARD Mortgage Loan, the increased interest rate after the Anticipated Repayment Date (in the absence of a default)
for such ARD Mortgage Loan, as calculated and as set forth in the related Loan Agreement.


 


“Rule 144A”:
Rule 144A under the Act.


 


“Rule 144A
Global Certificates”: As defined in Section 5.02(c)(ii) of this Agreement.


 


“Rule 15Ga-1”:
Rule 15Ga-1 under the Exchange Act.


 


“Rule 15Ga-1
Notice”: As defined in Section 2.03(a) of this Agreement.


 


“Rule 15Ga-1
Notice Provider”: As defined in Section 2.03(a) of this Agreement.


 


“Rule 17g-5”:
Rule 17g-5 under the Exchange Act.


 


“Rule 17g-5
Information Provider”: The Certificate Administrator acting in such capacity under this Agreement.


 


“Rule 17g-5
Information Provider’s Website”: The website established and maintained by the Rule 17g-5 Information Provider
pursuant to Section 11.06 and Section 11.13 of this Agreement, initially located at www.sf.citidirect.com, under the “NRSRO”
tab for the related transaction.


 


“S&P”:
Standard & Poor’s Ratings Services, or its successors in interest.


 


“Sarbanes-Oxley
Act”: The Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).


 


“Sarbanes-Oxley
Certification”: As defined in Section 10.05 of this Agreement.


 


“Scheduled Principal
Distribution Amount”: For any Distribution Date, the sum, without duplication, of:


 


(A)        the
principal component of all scheduled Monthly Payments and Balloon Payments which became due on their respective Due Dates in the
related Collection Period (if and to the extent received by the Master Servicer by the related Determination Date (or, in the case
of an Outside Serviced Trust Loan, by


 






    	-96-



    	 



    

 


the Business Day immediately preceding the related Master Servicer Remittance Date) or (other
than Balloon Payments) advanced by the Master Servicer or the Trustee in respect of such Distribution Date) with respect to
the Mortgage Loans (including any REO Mortgage Loans); and


 


(B)         the
principal component of any payment on any Mortgage Loan (including an REO Mortgage Loan) received or applied on or after the date
on which such payment was due on deposit in the Collection Account as of the related Determination Date (or, in the case of an
Outside Serviced Trust Loan, as of the Business Day immediately preceding the related Master Servicer Remittance Date), net of
the principal portion of any unreimbursed P&I Advances related to such Mortgage Loan.


 


“Sequential
Pay Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class A-S,
Class B, Class C, Class D, Class E, Class F and Class G Certificates, collectively.


 


“Service(s)”
or “Servicing”: In accordance with Regulation AB, the act of servicing, managing or administering the Mortgage
Loans or any other assets of the Trust by an entity (other than the Certificate Administrator and the Trustee) 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 market.


 


“Serviced AB
Loan Combination”: An AB Loan Combination that is being serviced pursuant to this Agreement. There is no Serviced AB
Loan Combination relating to the Trust and all references in this Agreement to “Serviced AB Loan Combination” shall
be disregarded.


 


“Serviced Companion
Loan”: A Companion Loan that is part of a Serviced Loan Combination. The only Serviced Companion Loans related to the
Trust as of the Closing Date are the Decoration & Design Building Companion Loan, the Kaiser Center Companion Loan and the
Hilton Nashville Companion Loan.


 


“Serviced Companion
Loan Holder”: The holder of a Serviced Companion Loan. The only Serviced Companion Loan Holders related to the Trust
as of the Closing Date are the Decoration & Design Building Companion Loan Holder, the Kaiser Center Companion Loan Holder
and the Hilton Nashville Companion Loan Holder.


 


“Serviced 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 Serviced Companion Loan (or a portion thereof or interest therein).


 


“Serviced Loan”:
A Serviced Mortgage Loan or Serviced Companion Loan.


 


“Serviced Loan
Combination”: A Loan Combination that is being serviced pursuant to this Agreement. The only Serviced Loan Combinations
related to the Trust as of the


 






    	-97-



    	 



    

 


Closing
Date are the Decoration & Design Building Loan Combination, the Kaiser Center Loan Combination and the Hilton Nashville Loan
Combination.


 


“Serviced Mortgage
Loan”: A Mortgage Loan that is not an Outside Serviced Trust Loan.


 


“Serviced Outside
Controlled Mortgage Loan”: With respect to a Serviced Outside Controlled Loan Combination, the related Serviced Mortgage
Loan included in the Trust, which is evidenced by a non-controlling promissory note made by the related Mortgagor. There is no
Serviced Outside Controlled Mortgage Loan related to the Trust and references in this Agreement to “Serviced Outside Controlled
Mortgage Loan” shall be disregarded.


 


“Serviced Outside
Controlled Companion Loan”: With respect to a Serviced Outside Controlled Loan Combination, the related Serviced Companion
Loan evidenced by a controlling promissory note made by the related Mortgagor which is not included in the Trust. There is no Serviced
Outside Controlled Companion Loan related to the Trust and references in this Agreement to “Serviced Outside Controlled Companion
Loan” shall be disregarded.


 


“Serviced Outside
Controlled Loan Combination”: A Serviced Loan Combination with respect to which the related “controlling note”
(regardless of whether such note evidences a Pari Passu Companion Loan or a Subordinate Companion Loan) is not included in the
Trust. There is no Serviced Outside Controlled Loan Combination related to the Trust and references in this Agreement to “Serviced
Outside Controlled Loan Combination” shall be disregarded.


 


“Serviced Pari
Passu Companion Loan”: A Pari Passu Companion Loan that is part of a Serviced Loan Combination. The only Serviced Pari
Passu Companion Loans related to the Trust as of the Closing Date are the Decoration & Design Building Companion Loan, the
Kaiser Center Companion Loan and the Hilton Nashville Companion Loan.


 


“Serviced Pari
Passu Companion Loan Holder”: A holder of a Serviced Pari Passu Companion Loan.


 


“Serviced Pari
Passu Loan Combination”: A Pari Passu Loan Combination that is being serviced pursuant to this Agreement. The only Serviced
Pari Passu Loan Combinations related to the Trust as of the Closing Date are the Decoration & Design Building Loan Combination,
the Kaiser Center Loan Combination and the Hilton Nashville Loan Combination.


 


“Serviced Subordinate
Companion Loan”: A Subordinate Companion Loan that is part of a Serviced Loan Combination. There are no Serviced Subordinate
Companion Loans related to the Trust and references in this Agreement to “Serviced Subordinate Companion Loan” shall
be disregarded.


 


“Serviced Subordinate
Companion Loan Holder”: A holder of a Serviced Subordinate Companion Loan. There are no Serviced Subordinate Companion
Loan Holders related to the Trust and references in this Agreement to “Serviced Subordinate Companion Loan Holder”
shall be disregarded.


 






    	-98-



    	 



    

 


“Servicer”:
As defined in Section 10.02(b) of this Agreement.


 


“Servicer Indemnified
Party”: As defined in Section 8.05(c) of this Agreement.


 


“Servicer Termination
Event”: As defined in Section 7.01 of this Agreement.


 


“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB, as such may be amended from time to time.


 


“Servicing Fee”:
With respect to each Mortgage Loan and Serviced Companion Loan (including each Specially Serviced Loan and the Outside Serviced
Trust Loans) or any successor REO Mortgage Loan or successor REO Companion Loan and for any Distribution Date, the amount accrued
during the related Interest Accrual Period at the related Servicing Fee Rate on the Stated Principal Balance of such Mortgage Loan
or such Serviced Companion Loan, as the case may be, 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 interest payment due or deemed due on the related Mortgage Loan or Serviced Loan Combination is computed and
shall be prorated for partial periods.


 


For the avoidance of
doubt, notwithstanding Section 3.05 or Section 3.12 of this Agreement, (1) the Servicing Fee shall be payable from the
Lower-Tier REMIC and (2) the portion thereof payable with respect to each Outside Serviced Trust Loan to the applicable Outside
Servicer shall be paid under the applicable Outside Servicing Agreement, shall not be payable to the Master Servicer and will
previously have been deducted by the applicable Outside Servicer prior to remittance to the Trust and shall not be withdrawn from
the Collection Account.


 


“Servicing Fee
Rate”: With respect to each Mortgage Loan (including any Outside Serviced Trust Loan) (or any successor REO Mortgage
Loan with respect thereto), the per annum rate equal to the sum of the rates set forth under the columns labeled “Servicing
Fee Rate (%)” and “Subservicing Fee Rate (%)”on the Mortgage Loan Schedule; with respect to the Decoration &
Design Building Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0025% per annum; with respect to the
Kaiser Center Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0025% per annum; and with respect to
the Hilton Nashville Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0125% per annum.


 


“Servicing File”:
Any documents (other than documents required to be part of the related Mortgage File but including copies of such documents required
to be part of the related Mortgage File) related to the origination or the servicing of the Mortgage Loans that are in the
possession of or under the control of the applicable Mortgage Loan Seller, including but not limited to appraisals, environmental
reports, engineering reports, legal opinions, and the applicable Mortgage Loan Seller’s asset summary, delivered to the Master
Servicer or the Special Servicer; provided that no information that is proprietary to the related Mortgage Loan Seller or
any draft documents, privileged or other related Mortgage Loan Seller communications, credit underwriting, due diligence analyses
or data, or internal worksheets, memoranda, communications or evaluations shall be required to be delivered as part of the Servicing
File.


 






    	-99-



    	 



    

 


Notwithstanding
anything to the contrary contained herein, with respect to each Outside Serviced Trust Loan, the Servicing File shall consist
solely of any related documents or records generated by the Master Servicer or Special Servicer hereunder or received by either
of them from the applicable Outside Servicer or Outside Special Servicer.


 


“Servicing Function
Participant” Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer and the Trustee, that is performing activities that address the
Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans by unpaid principal balance
calculated in accordance with the provisions of Regulation AB.


 


“Servicing Officer”:
Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible for, the administration
and servicing of the Mortgage Loans and the Serviced Companion Loans or this Agreement and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s or employee’s knowledge of and familiarity
with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer, such an officer
or employee whose name and specimen signature appears on a list of servicing officers furnished to the Trustee, the Operating Advisor
and the Certificate Administrator by the Master Servicer or the Special Servicer, as applicable, as such list may from time to
time be amended.


 


“Servicing Standard”:
With respect to the Master Servicer or the Special Servicer, to service and administer the Serviced Loans and any REO Properties
that such party is obligated to service and administer pursuant to this Agreement on behalf of the Trust Fund and the Trustee (as
the trustee for the Certificateholders or, with respect to each Serviced Loan Combination, on behalf of the Certificateholders
and the related Serviced Companion Loan Holder(s), as a collective whole as if such Certificateholders or, with respect to each
Serviced Loan Combination, such Certificateholders and the related Serviced Companion Loan Holder(s), constituted a single lender
(and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion
Loan)) as determined in the good faith and reasonable judgment of the Master Servicer or the Special Servicer, as the case
may be: (i) in accordance with the higher of the following standards of care: (A) with the same care, skill, prudence
and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers comparable mortgage
loans with similar borrowers and comparable REO properties for other third-party portfolios (giving due consideration to the customary
and usual standards of practice of prudent institutional commercial mortgage lenders servicing their own mortgage loans and REO
properties), and (B) with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer,
as the case may be, services and administers comparable mortgage loans and REO properties owned by the Master Servicer or the Special
Servicer, as the case may be, and in either case, exercising reasonable business judgment and acting in accordance with applicable
law, the terms of this Agreement and the terms of the respective subject Serviced Loans; (ii) with a view to: the timely recovery
of all payments of principal and interest, including Balloon Payments, under the Serviced Loans or, in the case of (1) a Specially
Serviced Loan or (2) a Mortgage Loan or Serviced Loan Combination as to which the related Mortgaged Property is an REO Property,
the maximization of recovery on that Mortgage Loan or Serviced Loan Combination to the


 






    	-100-



    	 



    

 


Certificateholders
(as a collective whole as if such Certificateholders constituted a single lender) (or, if any Serviced Companion Loan is involved,
with a view to the maximization of recovery on the related Serviced Loan Combination to the Certificateholders and the related
Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and Serviced Companion Loan Holder(s) constituted
a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related
Subordinate Companion Loan))) of principal and interest, including Balloon Payments, on a present value basis (the relevant discounting
of anticipated collections that will be distributable to the Certificateholders (or, in the case of any Serviced Loan Combination,
to the Certificateholders and the related Companion Loan Holder) to be performed at the Calculation Rate); and (iii) without
regard to any potential conflict of interest arising from (A) any relationship, including as lender on any other debt, that
the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof, may have with any of the related Mortgagors,
or any Affiliate thereof, or any other party to this Agreement; (B) the ownership of any Certificate (or any Companion Loan
or other indebtedness secured by the related Mortgaged Property or any certificate backed by a Companion Loan) by the Master Servicer
or the Special Servicer, as the case may be, or any Affiliate thereof; (C) the obligation of the Master Servicer to make
Advances; (D) the right of the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof, to
receive compensation or reimbursement of costs hereunder generally or with respect to any particular transaction; and (E) the
ownership, servicing or management for others of any other mortgage loan or real property not subject to this Agreement by the
Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof; provided that the foregoing standards
shall apply with respect to an Outside Serviced Trust Loan and any related REO Property only to the extent that the Master Servicer
or the Special Servicer has any express duties or rights to grant consent with respect thereto pursuant to this Agreement.


 


“Servicing Transfer
Event”: With respect to any Serviced Mortgage Loan or any Serviced Loan Combination, the occurrence of any of the events
described in clauses (a) through (g) of the definition of “Specially Serviced Loan.”


 


“Significant
Obligor”: Any “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) (i) with respect
to the Trust, or (ii) with respect to a Serviced Companion Loan and an Other Securitization Trust, as to which the applicable Other
Depositor has notified the Master Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k)
of Regulation AB) as to such Other Securitization Trust. There is no Significant Obligor with respect to the Trust.


 


“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year) and each Significant Obligor, the date that is fifteen (15) days after the Relevant Distribution Date occurring
on or immediately following the date by which the related Mortgagor is required to deliver quarterly financial statements to the
lender under the related Loan Agreement in connection with such calendar quarter (which date is set forth in Section 10.11(a)
for any Significant Obligor with respect to the Trust).


 






    	-101-



    	 



    

 


“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year and each Significant Obligor, the date that is
the 90th day after the end of such calendar year.


 


“Similar Law”:
As defined in Section 5.03(m) of this Agreement.


 


“Special Notice”:
Any (a) notice transmitted to Certificateholders pursuant to Section 5.07(a) of this Agreement, (b) notice of any request by
at least 25% of the Voting Rights of the Certificates to terminate and replace the Special Servicer pursuant to Section 6.08(a) of this
Agreement and (c) notice of any request by at least 15% of the Voting Rights of the Non-Reduced Certificates to terminate
and replace the Operating Advisor pursuant to Section 7.06(b) of this Agreement.


 


“Special Servicer”:
LNR Partners, LLC, a Florida limited liability company, or its successor in interest, or any successor Special Servicer appointed
as provided herein (including with respect to any Excluded Special Servicer Mortgage Loan, if any, the related Excluded Mortgage
Loan Special Servicer appointed pursuant to Section 6.08(j) of this Agreement, as applicable and as the context may require).


 


“Special Servicer
Decision”: With respect to any Mortgage Loan, any of the following:


 


(a)        approving
leases, lease modifications or amendments or any requests for subordination, non-disturbance and attornment agreements or other
similar agreements for (i) all ground leases, including any determination whether to cure any borrower defaults relating to any
ground lease, and (ii) all other leases in excess of the lesser of (y) 30,000 square feet and (z) 30% of the net rentable area
at the related Mortgaged Property so long as it is considered a “major lease” or otherwise reviewable by the lender
under the related Loan Documents;


 


(b)        approving
any waiver regarding the receipt of financial statements (other than an immaterial timing waiver including late financial statements);


 


(c)        approving
annual budgets for the related Mortgaged Property that provide for (i) operating expenses equal to more than 110% of the amount
that was budgeted therefor in the prior year or (ii) payments to affiliates of the related borrower (excluding affiliated managers
paid at fee rates agreed to at the origination of the related Mortgage Loan or Loan Combination);


 


(d)        approving
easements that materially affect the use or value of a Mortgaged Property or the borrower’s ability to make payments with
respect to the related Mortgage Loan;


 


(e)        agreeing
to any modification, waiver, consent or amendment of the related Mortgage Loan or Loan Combination in connection with a defeasance
if such proposed modification, waiver, consent or amendment is with respect to a (i) a waiver of a Mortgage Loan event of default,
(ii) a modification of the type of defeasance collateral required under the related Loan Documents such that defeasance collateral
other than


 






    	-102-



    	 



    

 


direct, non-callable obligations of the United States would be permitted or (iii) a modification that would permit a
Principal Prepayment instead of defeasance if the related Loan Documents do not otherwise permit such Principal Prepayment; provided
that the foregoing is not otherwise a Major Decision;


 


(f)         in
circumstances where no lender discretion is required other than confirming that the conditions in the related Loan Documents have
been satisfied (including determining whether any applicable terms or tests are satisfied), any request to incur additional debt
in accordance with the terms of the related Loan Documents;


 


(g)        any
requests for the funding or disbursement of amounts from any escrow accounts, reserve funds or letters of credit held as “performance”,
“earn-out” or “holdback” escrows or reserves, including the funding or disbursement of any such amounts
with respect to any of the Specified Serviced Mortgage Loans, other than routine and/or customary escrow and reserve fundings or
disbursements for which the satisfaction of performance-related criteria is not required pursuant to the terms of the related Mortgage
Loan Documents (for the avoidance of doubt, any request for the funding or disbursement of ordinary course impounds, repair and
replacement reserves, lender approved budget and operating expenses, and tenant improvements pursuant to an approved lease, each
in accordance with the related Loan Documents or any other funding or disbursement as mutually agreed upon by the Master Servicer
and the Special Servicer, shall not constitute a Special Servicer Decision);


 


(h)        in
circumstances where no lender discretion is required other than confirming satisfaction of the applicable terms of the related
Loan Documents (including determining whether any applicable terms or tests are satisfied), processing requests for any release
of collateral or any acceptance of substitute or additional collateral for a Mortgage Loan; provided that, in any case, Special
Servicer Decisions will not include (i) grants of easements or rights of way that do not materially affect the use or value of
the Mortgaged Property or the borrower’s ability to make any payments with respect to the Mortgage Loan; (ii) the release,
substitution or addition of collateral securing any Serviced Mortgage Loan or Serviced Loan Combination in connection with a defeasance
of such collateral; or (iii) requests that are related to any condemnation action that is pending, or threatened in writing, and
would affect a non-material portion of the related Mortgaged Property; provided that such release or substitution or addition of
collateral is not a Major Decision; and


 


(i)         any
modification, consent to a modification or waiver of any material term of any intercreditor or similar agreement related to a Serviced
Mortgage Loan or Serviced Loan Combination, or any action to enforce rights with respect thereto.


 


“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 Servicing
Compensation”: With respect to any Serviced Mortgage Loan, Serviced Loan Combination or REO Property (other than an REO
Property related to an Outside


 






    	-103-



    	 



    

 


Serviced
Trust Loan), any of the Special Servicing Fee, the Workout Fee, and the Liquidation Fee which shall be due to the Special Servicer.


 


“Special Servicing
Fee”: With respect to each Specially Serviced Loan and REO Property (other than an REO Property related to an Outside
Serviced Trust Loan) and any Distribution Date, an amount accrued during the related Interest Accrual Period at the applicable
Special Servicing Fee Rate on the Stated Principal Balance of the related Specially Serviced 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 interest payment due or deemed due on the related Specially
Serviced Loan or REO Mortgage Loan is computed and shall be prorated for partial periods. For the avoidance of doubt, the Special
Servicing Fee shall be deemed payable from the Lower-Tier REMIC.


 


“Special Servicing
Fee Rate”: With respect to any Specially Serviced Loan or REO Property (other than an REO Property related to an Outside
Serviced Trust Loan), a rate equal to (a) 0.25% per annum or (b) if the rate in clause (a) would result
in a Special Servicing Fee that would be less than $3,500 in any given month, then the Special Servicing Fee Rate for such month
for such Specially Serviced Loan or REO Property shall be such higher per annum rate as would result in a Special Servicing Fee
equal to $3,500 for such month with respect to such Specially Serviced Loan or REO Property.


 


“Specially Serviced
Loan”: Any Serviced Loan (including a related REO Mortgage Loan or REO Companion Loan) as to which any of the following
events has occurred:


 


(a)        the
related Mortgagor has failed to make when due any Monthly Payment or a Balloon Payment, which failure continues unremedied (without
regard to any grace period):


 


(i)        except
in the case of a Balloon Loan delinquent in respect of its Balloon Payment, for 60 days beyond the date on which the subject
payment was due, or


 


(ii)       in
the case of a delinquent Balloon Payment, (A) 60 days beyond the date on which such Balloon Payment was due (except as
described in clause B below) or (B) in the case of a Serviced Loan delinquent with respect to the Balloon Payment
as to which the related Mortgagor delivered to the Master Servicer (who shall promptly deliver a copy thereof to the Special Servicer)
or the Special Servicer (who shall promptly deliver a copy thereof to the Master Servicer) a written and fully executed or otherwise
binding commitment (subject only to customary closing conditions) for refinancing from an acceptable lender reasonably satisfactory
in form and substance to the Special Servicer prior to the date 60 days after the Balloon Payment was due, for 120 days
beyond the date on which the Balloon Payment was due (or such shorter period beyond the date on which that Balloon Payment was
due during which the refinancing is scheduled to occur); or


 






    	-104-



    	 



    

 


(b)        there
shall have occurred a default (other than as set forth in clause (a) above and other than an Acceptable Insurance Default)
that (i) in the judgment of the Master Servicer or the Special Servicer (and, in the case of the Special Servicer, with the
consent of the related Directing Holder unless (if the Controlling Class Representative is the related Directing Holder) a Control
Termination Event has occurred and is continuing) materially impairs the value of the related Mortgaged Property as security for
the Serviced Loan or otherwise materially adversely affects the interests of Certificateholders in the Serviced Mortgage Loan (or,
in the case of a Serviced Loan Combination, the interests of the Certificateholders and the related Serviced Companion Loan Holder(s)
in such Serviced Loan Combination), and (ii) continues unremedied for the applicable grace period under the terms of the Serviced
Loan (or, if no grace period is specified and the default is capable of being cured, for 30 days); provided that any
default that results in acceleration of the Serviced Loan without the application of any grace period under the related Loan Documents
shall be deemed not to have a grace period; and provided, further, that any default requiring a Property Advance
will be deemed to materially and adversely affect the interests of the Certificateholders in the subject Serviced Mortgage Loan
(or, in the case of a Serviced Loan Combination, the interests of the Certificateholders or the related Serviced Companion Loan
Holder(s) in such Serviced Loan Combination); or


 


(c)        the
Master Servicer or the Special Servicer has determined (and, in the case of the Special Servicer, with the consent of the related
Directing Holder, unless (if the Controlling Class Representative is the related Directing Holder) a Control Termination Event
has occurred and is continuing) that (i) a default (other than an Acceptable Insurance Default) under the Serviced Loan is
reasonably foreseeable, (ii) such default will materially impair the value of the related Mortgaged Property as security for
such Serviced Loan or otherwise materially adversely affects the interests of Certificateholders in the Serviced Mortgage Loan
(or, in the case of a Serviced Loan Combination, the interests of the Certificateholders or the related Serviced Companion Loan
Holder(s) in such Serviced Loan Combination), and (iii) the default is likely to continue unremedied for the applicable grace
period under the terms of such Serviced Loan or, if no grace period is specified and the default is capable of being cured, for
30 days; provided that any default that results in acceleration of the Serviced Loan without the application of any
grace period under the related Loan Documents shall be deemed not to have a grace period; or


 


(d)        a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in any involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law or 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 related Mortgagor and such decree or order shall have remained
in force and not dismissed for a period of 60 days (or a shorter period if the Master Servicer or the Special Servicer (and,
in the case of the Special Servicer, with the consent of the related Directing Holder, unless a Control Termination Event has occurred
and is continuing) determines in accordance with the Servicing Standard that the


 






    	-105-



    	 



    

 


circumstances warrant that the related Serviced
Loan (or REO Mortgage Loan or REO Companion Loan) be transferred to special servicing); or


 


(e)        the
related Mortgagor consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment or debt,
marshaling of assets and liability or similar proceedings of or relating to such Mortgagor or of or relating to all or substantially
all of its property; or


 


(f)         the
related Mortgagor 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; or


 


(g)        the
Master Servicer or the Special Servicer shall have received notice of the commencement of foreclosure or similar proceedings with
respect to the related Mortgaged Property;


 


provided, however, that a
Serviced Loan will cease to be a Specially Serviced Loan, when a Liquidation Event has occurred with respect to such Serviced Loan
or any related REO Property or, so long as at such time no circumstance identified in clauses (a) through (g) above exists
that would cause the Serviced Loan to continue to be characterized as a Specially Serviced Loan, when:


 


(w)       with
respect to the circumstances described in clause (a) of this definition, the related Mortgagor has made three consecutive
full and timely Monthly Payments under the terms of such Serviced Loan (as such terms may be changed or modified in connection
with a bankruptcy or similar proceeding involving the related Mortgagor or by reason of a modification, extension, waiver or amendment
granted or agreed to by the Master Servicer or the Special Servicer pursuant to Section 3.24 of this Agreement);


 


(x)        with
respect to the circumstances described in clauses (c), (d), (e) and (f) of this definition, such circumstances cease to exist
in the good faith, reasonable judgment of the Special Servicer, but, with respect to any bankruptcy or insolvency proceedings described
in clauses (d), (e) and (f), no later than the entry of an order or decree dismissing such proceeding;


 


(y)        with
respect to the circumstances described in clause (b) of this definition, such default is cured as determined by the Special
Servicer in its reasonable, good faith judgment; and


 


(z)        with
respect to the circumstances described in clause (g) of this definition, such proceedings are terminated.


 


The Special Servicer
may conclusively rely on the Master Servicer’s determination and the Master Servicer may conclusively rely on the Special
Servicer’s determination as to whether a Servicing Transfer Event has occurred giving rise to a Serviced Loan’s becoming
a Specially Serviced Loan. If any Serviced Mortgage Loan that is part of a Serviced Loan Combination becomes a Specially Serviced
Loan, then the related Serviced


 






    	-106-



    	 



    

 


Companion
Loan shall also become a Specially Serviced Loan. If the Serviced Companion Loan that is included in a Serviced Loan Combination
becomes a Specially Serviced Loan, then the related Serviced Mortgage Loan that is part of such Serviced Loan Combination shall
also become a Specially Serviced Loan.


 


“Specially Serviced
Mortgage Loan”: A Mortgage Loan that is, or is part of, a Specially Serviced Loan.


 


“Specified Serviced
Mortgage Loans”: The Mortgage Loans identified on Exhibit GG to this Agreement.


 


“Split Mortgage
Loan”: Any Mortgage Loan that is part of a Loan Combination. The only Split Mortgage Loans that are assets of the Trust
as of the Closing Date are Decoration & Design Building Mortgage Loan, the Kaiser Center Mortgage Loan, the Eden Roc Mortgage
Loan, the Hilton Nashville Mortgage Loan, the Ascentia MHC Portfolio Mortgage Loan, the US StorageMart Portfolio Mortgage Loan
and the Alderwood Mall Mortgage Loan.


 


“Sponsor”:
Each of CGMRC, WFBNA and PCC, and their respective successors in interest.


 


“Startup Day”:
The day designated as such pursuant to Section 2.12(c) of this Agreement.


 


“Stated Principal
Balance”: With respect to any Mortgage Loan (other than an REO Mortgage Loan), as of any date of determination, an amount
equal to (a) the Cut-Off Date Principal Balance of such Mortgage Loan (or, in the case of a Qualified Substitute Mortgage
Loan, the unpaid principal balance of such Mortgage Loan as of the date of substitution after application of all scheduled payments
of principal and interest due during or prior to the month of substitution, whether or not received), minus (b) the sum of
(i) any and all amounts (without duplication) attributable to such Mortgage Loan that are part of the Scheduled Principal
Distribution Amount and any and all Unscheduled Payments for each and every Distribution Date coinciding with or preceding such
date of determination and (ii) any adjustment to the principal balance of such Mortgage Loan as a result of a reduction of
principal by a bankruptcy court or as a result of a modification reducing the principal balance of such Mortgage Loan as of the
Determination Date for the most recent Distribution Date coinciding with or preceding such date of determination; and with respect
to any Serviced Companion Loan (other than an REO Companion Loan), as of any date of determination, an amount equal to (a) the
principal balance of such Serviced Companion Loan as of the Cut-Off Date, minus (b) the sum of (i) the principal portion
of each Monthly Payment due on such Serviced Companion Loan after the Cut-Off Date, if received by the related Serviced Companion
Loan Holder on or prior to the most recent Distribution Date coinciding with or preceding such date of determination, (ii) all
Unscheduled Payments with respect to such Serviced Companion Loan for a Distribution Date coinciding with or preceding such date
of determination and (iii) any adjustment to the principal balance of such Serviced Companion Loan as a result of a reduction
of principal by a bankruptcy court or as a result of a modification reducing the principal amount due on such Serviced Companion
Loan as of the Determination Date for the most recent Distribution Date coinciding with or preceding such date of determination.
The Stated Principal Balance of a Mortgage Loan with respect to


 






    	-107-



    	 



    

 


which
title to the related Mortgaged Property has been acquired on behalf of the Trust Fund and, if such Mortgage Loan is part of a
Loan Combination, the related Companion Loan Holder, is equal to the Stated Principal Balance thereof outstanding on the date
on which such title is acquired less any Unscheduled Payments and the principal portion of any P&I Advances with respect to
such REO Mortgage Loan for a Distribution Date coinciding with or preceding such date of determination but after the date on which
such title is acquired. The Stated Principal Balance of a Serviced Companion Loan with respect to which title to the related Mortgaged
Property has been acquired on behalf of the Trust Fund and the related Serviced Companion Loan Holder is equal to the Stated Principal
Balance thereof outstanding on the date on which such title is acquired less any Unscheduled Payments with respect to such Serviced
Companion Loan for a Distribution Date coinciding with or preceding such date of determination but after the date on which such
title is acquired. Notwithstanding the foregoing, the Stated Principal Balance of a Specially Serviced Loan with respect to which
the Special Servicer has made a Final Recovery Determination (or, in the case of an Outside Serviced Trust Loan, with respect
to which the Outside Special Servicer has made an equivalent determination) is zero. The Stated Principal Balance of a Serviced
Loan Combination (including an REO Loan Combination), as of any date of determination, shall equal the sum of the then Stated
Principal Balances of the related Mortgage Loan (including an REO Mortgage Loan) and the related Serviced Companion Loan (including
an REO Companion Loan). For purposes of this definition, if remittances are made to a Serviced Companion Loan Holder on any day
of the month other than the Distribution Date in such month, such remittances shall be deemed made on the Distribution Date in
such month.


 


“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall or general servicing (as “servicing”
is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete
functions of the Servicing Criteria with respect to Mortgage Loans under the direction or authority of the Master Servicer, the
Special Servicer, the Certificate Administrator, the Trustee, an Additional Servicer, or a Sub-Servicer.


 


“Subject Holder”:
As defined in the definition of “Controlling Class Representative” in this Agreement.


 


“Subordinate
Companion Loan”: A Companion Loan that is subordinate in right of payment to the related Split Mortgage Loan. The only
Subordinate Companion Loans related to the Trust as of the Closing Date are the US StorageMart Portfolio Subordinate Companion
Loans and the Alderwood Mall Subordinate Companion Loans.


 


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


 


“Substitution
Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(a) of this Agreement, an amount equal to the excess,
if any, of the Purchase Price of the Mortgage Loan being replaced calculated as of the date of substitution over the Stated Principal
Balance of the related Qualified Substitute Mortgage Loan after application of all scheduled payments of principal and interest
due during or prior to the month of substitution. In the event that one or more Qualified Substitute Mortgage Loans are substituted
(at the same time by the same Mortgage Loan Seller) for one or more deleted Mortgage Loans, the Substitution


 






    	-108-



    	 



    

 


Shortfall
Amount shall be determined as provided in the preceding sentence on the basis of the aggregate Purchase Prices of the Mortgage
Loan or Mortgage Loans being replaced and the aggregate Stated Principal Balances of the related Qualified Substitute Mortgage
Loans.


 


“Sub-Servicer”:
Any Person that services Mortgage Loans on behalf of the Master Servicer, the Special Servicer or an Additional Servicer and is
responsible for the performance (whether directly or through Sub-Servicers or Subcontractors) of all or a material portion of the
servicing functions required to be performed by the Master Servicer, the Special Servicer, a Servicing Function Participant or
an Additional Servicer under this Agreement, with respect to some or all of the Mortgage Loans, that are identified in the Servicing
Criteria. As of the Closing Date, the Sub-Servicer(s) set forth on Exhibit S to this Agreement will be the Sub-Servicer
for the related Mortgage Loan(s) set forth on Exhibit S to this Agreement.


 


“Sub-Servicing
Agreement”: The written contract between the Master Servicer, an Additional Servicer or the Special Servicer, as the
case may be, and any Sub-Servicer relating to servicing and administration of Mortgage Loans as provided in Section 3.01(c) of this Agreement.


 


“Successful
Bidder”: As defined in Section 7.01(b) of this Agreement.


 


“Supplemental
Servicer Schedule”: With respect to the Mortgage Loans to be serviced by the Master Servicer, a list attached hereto
as Exhibit P, which list sets forth the following information with respect to each Mortgage Loan:


 


(i)        the
Mortgagor’s name;


 


(ii)       property
type;


 


(iii)      the
original balance;


 


(iv)      the
origination date;


 


(v)       the
original and remaining amortization term;


 


(vi)      whether
such Mortgage Loan has a guarantor;


 


(vii)     whether
such Mortgage Loan is secured by a letter of credit;


 


(viii)    the
original balance of any reserve or escrowed funds and the monthly amount of any reserve or escrowed funds;


 


(ix)       the
grace period with respect to both default interest and late payment charges;


 


(x)        whether
such Mortgage Loan is insured by RVI, lease enhancement policy or environmental policies;


 






    	-109-



    	 



    

 


(xi)      whether
an operation and maintenance plan exists and, if so, what repairs are required;


 


(xii)     whether
a cash management agreement or lock-box agreement is in place;


 


(xiii)     the
number of units, pads, rooms or square feet of the Mortgaged Property;


 


(xiv)     the
amount of the Monthly Payment due on the first Due Date following the Closing Date;


 


(xv)     the
interest accrual basis;


 


(xvi)    Administrative
Cost Rate;


 


(xvii)   whether
the Mortgage Loan is secured by a Ground Lease;


 


(xviii)  whether
the related Mortgage Loan is a Defeasance Loan; and


 


(xix)     whether
such Mortgage Loan is part of any Serviced Loan Combination, in which case the information required by clauses (xiv) and (xv) above
shall also be set forth for the Companion Loan in such Serviced Loan Combination.


 


Such list may be in the
form of more than one list, collectively setting forth all of the information required.


 


“Tax Returns”:
The federal income tax return on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or
any successor forms, to be filed on behalf of each Trust REMIC under the REMIC Provisions, and the federal income tax return to
be filed by the Certificate Administrator on behalf of the Grantor Trust due to its classification as a grantor trust under subpart E,
part I of subchapter J of the Code, together with any and all other information, reports or returns that may be required
to be furnished to the Certificateholders or filed with the IRS or any other governmental taxing authority under any applicable
provisions of federal, state or local tax laws.


 


“Temporary Regulation S
Global Certificate”: As defined in Section 5.02(c)(i) of this Agreement.


 


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


 


“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01.


 






    	-110-



    	 



    

 





“Third Party
Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II
environmental report, seismic report or property condition report, if any.


 


“TIA”:
As defined in Section 11.14 of this Agreement.


 


“TIA Applicability
Determination”: As defined in Section 11.14 of this Agreement.


 


“Tranche Percentage
Interest”: The percentage ownership interest in a Class PEZ Regular Interest evidenced by an Exchangeable Certificate,
which is equal to the ratio, expressed as a percentage, of (a) the Certificate Principal Amount of that Certificate (or, in the
case of a Class PEZ Certificate, an amount equal to the related Percentage Interest evidenced by that Certificate, multiplied by
the Certificate Principal Amount of the Class PEZ Component with the same letter designation as such Class PEZ Regular Interest)
to (b) the Certificate Principal Amount of such Class PEZ Regular Interest.


 


“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.


 


“Transferee
Affidavit”: As defined in Section 5.03(n)(ii) of this Agreement.


 


“Transferor
Letter”: As defined in Section 5.03(n)(ii) of this Agreement.


 


“Treasury Regulations”:
Applicable final or temporary regulation of the U.S. Department of the Treasury.


 


“Trust”:
The trust created by this Agreement.


 


“Trust Fund”:
The corpus of the trust created hereby and to be administered hereunder, consisting of: (i) such Mortgage Loans as from time
to time are subject to this Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled
payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute
Mortgage Loan, the Due Date in the month of substitution); (iii) any REO Property (but in the case of each Loan Combination,
only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any
REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received
in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies
with respect to the Mortgage Loans required to be maintained pursuant to this Agreement and any proceeds thereof; (vi) the
Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s
rights under any indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the Trustee’s
and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage
Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, any Excess Interest
Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including
any reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the
Mortgaged Properties; (x) the Depositor’s


 






    	-111-



    	 



    

 


rights
under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of this Agreement; and (xi) the
Lower-Tier Regular Interests.


 


“Trust Reimbursement
Amount”: As defined in Section 3.06A(a) of this Agreement.


 


“Trust Reimbursement
Amount No.1”: As defined in Section 3.06(a) of this Agreement.


 


“Trust Reimbursement
Amount No.2”: As defined in Section 3.06A(a) of this Agreement.


 


“Trust REMIC”:
Each of the Lower-Tier REMIC and the Upper-Tier REMIC.


 


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


 


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


 


“Trustee/Certificate
Administrator Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount accrued during the related
Interest Accrual Period at the Trustee/Certificate Administrator Fee Rate on the Stated Principal Balance of such Mortgage 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 interest payment due or deemed
due on the related Mortgage Loan is computed and shall be prorated for partial periods. For the avoidance of doubt, the Trustee/Certificate
Administrator Fee shall be payable from the Lower-Tier REMIC.


 


“Trustee/Certificate
Administrator Fee Rate”: With respect to each Mortgage Loan, a rate equal to 0.0027% per annum.


 


“Underwriter
Exemption”: Prohibited Transaction Exemption 91-23 and Prohibited Transaction Exemption 96-22, both as most recently
amended by Prohibited Transaction Exemption 2013-08 and as further amended by the Department of Labor from time to time.


 


“Underwriters”:
Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc. and Drexel Hamilton, LLC.


 


“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to subsections (ii) (B) and (C) of Section 3.06(a) of this Agreement but that has not been recovered from the
Mortgagor or otherwise from collections on or the proceeds of the Mortgage Loan or REO Property in respect of which the Advance
was made.


 






    	-112-



    	 



    

 


“Unscheduled
Payments”: With respect to any Distribution Date and the Mortgage Loans and Serviced Companion Loans (including the REO
Mortgage Loans and REO Companion Loans), the aggregate of (a) all principal prepayments received on the Mortgage Loans and
Serviced Companion Loans during the applicable Prepayment Period (or, in the case of an Outside Serviced Trust Loan, all principal
prepayments received during the period that renders them includable in the Available Funds for such Distribution Date) and (b) the
principal portions of all Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds (in each case, net of Special Servicing
Fees, Liquidation Fees, accrued interest on Advances and other Additional Trust Fund Expenses incurred in connection with the related
Mortgage Loan) and, if applicable, Net REO Proceeds received with respect to the Mortgage Loans and Serviced Companion Loans and
any REO Properties (or, in the case of an Outside Serviced Trust Loan, any interest in REO Property acquired with respect to the
related Outside Serviced Loan Combination) during the applicable Prepayment Period (or, in the case of an Outside Serviced Trust
Loan or any interest in REO Property acquired with respect thereto, all such proceeds received during the period that renders them
includable in the Available Funds for such Distribution Date), but in each case only to the extent that such principal portion
represents a recovery of principal for which no advance was previously made in respect of a preceding Distribution Date.


 


“Upper-Tier
Distribution Account”: The trust account or accounts created and maintained as a separate trust account (or separate
sub-account within the same account as the Lower-Tier Distribution Account) or accounts by the Certificate Administrator pursuant
to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator)
shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Deutsche Bank Trust Company Americas, as Trustee,
for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates,
Series 2015-P1, Upper-Tier Distribution Account” and which must be an Eligible Account.


 


“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests and amounts held
from time to time in the Upper-Tier Distribution Account.


 


“Upper-Tier
Residual Interest”: The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2),
in the Upper-Tier REMIC and evidenced by the Class R Certificates.


 


“US StorageMart
Portfolio Co-Lender Agreement”: With respect to the US StorageMart Portfolio Loan Combination, the related co-lender
agreement, dated as of May 6, 2015, by and between the holder of the US StorageMart Portfolio Mortgage Loan and the US StorageMart
Portfolio Companion Loan Holders, relating to the relative rights of the holder of the US StorageMart Portfolio Mortgage Loan and
the US StorageMart Portfolio Companion Loan Holders, as the same may be amended from time to time in accordance with the terms
thereof.


 


“US StorageMart
Portfolio Companion Loans”: The US StorageMart Portfolio Pari Passu Companion Loans and the US StorageMart Portfolio
Subordinate Companion Loans.


 






    	-113-



    	 



    

 


“US StorageMart
Portfolio Companion Loan Holder”: The holder of a US StorageMart Portfolio Companion Loan.


 


“US StorageMart
Portfolio Loan Combination”: The US StorageMart Portfolio Mortgage Loan, together with the US StorageMart Portfolio Companion
Loans, each of which is secured by the US StorageMart Portfolio Mortgage. References herein to the US StorageMart Portfolio Loan
Combination shall be construed to refer to the aggregate indebtedness secured under the US StorageMart Portfolio Mortgage.


 


“US StorageMart
Portfolio Mortgage”: The Mortgage securing the US StorageMart Portfolio Mortgage Loan and the US StorageMart Portfolio
Companion Loans.


 


“US StorageMart
Portfolio Mortgage Loan”: With respect to the US StorageMart Portfolio Loan Combination, the Mortgage Loan included in
the Trust, which is (i) secured by the US StorageMart Portfolio Mortgaged Property, (ii) evidenced by promissory note A-1E and
(iii) pari passu in right of payment with the US StorageMart Portfolio Pari Passu Companion Loans to the extent set forth in the
related Loan Documents and as provided in the US StorageMart Portfolio Co-Lender Agreement.


 


“US StorageMart
Portfolio Mortgaged Property”: The Mortgaged Property identified on the Mortgage Loan Schedule as US StorageMart Portfolio.


 


“US StorageMart
Portfolio Pari Passu Companion Loans”: With respect to the US StorageMart Portfolio Loan Combination, the related promissory
notes made by the related Mortgagor and secured by the US StorageMart Portfolio Mortgage and designated as promissory notes A-1A,
A-1B, A-1C, A-1D and A-1F, which are not included in the Trust and are pari passu in right of payment with the US StorageMart Portfolio
Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the US StorageMart Portfolio Co-Lender Agreement.


 


“US StorageMart
Portfolio Subordinate Companion Loans”: With respect to the US StorageMart Portfolio Loan Combination, the related promissory
notes made by the related Mortgagor and secured by the US StorageMart Portfolio Mortgage and designated as promissory notes A-2A
and A-2B, which are not included in the Trust and are subordinate in right of payment to the US StorageMart Portfolio Mortgage
Loan and the US StorageMart Portfolio Pari Passu Companion Loans to the extent set forth in the related Loan Documents and as provided
in the US StorageMart Portfolio Co-Lender Agreement.


 


“U.S. Tax Person”:
A citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable Treasury regulations) or
other entity created or organized in or under the laws of the United States, any State thereof or the District of Columbia, an
estate whose income is subject to United States federal income tax regardless of its source, or a trust if a court within the United
States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Tax Persons have
the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury regulations,
certain trusts in existence as of August 20, 1996 that have elected to be treated as U.S. Tax Persons).


 






    	-114-



    	 



    

 


“Voting Rights”:
The portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of Certificates. At all
times during the term of this Agreement, the percentage of the Voting Rights assigned to each Class shall be (a) 0%, in the
case of the Class R Certificates, (b) 1% in the aggregate to the respective Classes of the Class X Certificates, allocated
between such Classes based on their respective interest entitlements on the most recent prior Distribution Date and (c) in
the case of any of any Class of Certificates (other than the Class X and Class R Certificates), a percentage equal to
the product of (i) 99% multiplied by (ii) a fraction, the numerator of which is equal to the Certificate Principal Amount
of such Class and the denominator of which is equal to the aggregate Certificate Principal Amounts of all Classes of the Certificates
(other than the Class X and Class R Certificates) (or, if with respect to a vote of Non-Reduced Certificates, the Non-Reduced
Certificates); provided that for purposes of such allocations, the Class A-S Certificates and the Class PEZ Component A-S
of the Class PEZ Certificates shall be considered as if they together constitute a single “Class”, the Class B Certificates
and the Class PEZ Component B of the Class PEZ Certificates shall be considered as if they together constitute a single “Class”,
and the Class C Certificates and the Class PEZ Component C of the Class PEZ Certificates shall be considered as if they together
constitute a single “Class”. Voting Rights shall be allocated to the Class PEZ Certificates only with respect to each
Class PEZ Component that is part of a “Class” of Certificates determined as described in the proviso to the preceding
sentence. The Voting Rights of any Class of Certificates shall be allocated among Holders of Certificates of such Class in proportion
to their respective Percentage Interests. The aggregate Voting Rights of Holders of more than one Class of Certificates shall be
equal to the sum of the products of each such Holder’s Voting Rights and the percentage of Voting Rights allocated to the
related Class of Certificates.


 


“WAC Rate”:
With respect to any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates in effect
for the Mortgage Loans (including the REO Mortgage Loans) as of their respective Due Dates in the month preceding the month in
which such Distribution Date occurs, weighted on the basis of their respective Stated Principal Balances immediately following
the Distribution Date (or, if applicable, the Closing Date) in such preceding month.


 


“WFBNA”:
Wells Fargo Bank, National Association, a national banking association.


 


“WFBNA Loan
Purchase Agreement”: The mortgage loan purchase agreement, dated as of August 1, 2015, by and between WFBNA and the Depositor.


 


“WFBNA Mortgage
Loans”: The Mortgage Loans transferred by WFBNA to the Depositor and/or the Trust pursuant to the WFBNA Loan Purchase
Agreement and this Agreement.


 


“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(22) or successor
provisions.


 


“WHFIT Regulations”:
Treasury Regulations section 1.671-5, as amended.


 






    	-115-



    	 



    

 


“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(23) or successor
provisions.


 


“Withheld Amounts”:
As defined in Section 3.23 of this Agreement.


 


“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan or Serviced Loan Combination, the amount of any Advance made
with respect to such Mortgage Loan or Serviced Loan Combination on or before the date such Mortgage Loan or Serviced Loan Combination
becomes (or, but for the making of three monthly payments under its modified terms, would then constitute) a Corrected Loan,
together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such Advance is not
reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage Loan or Serviced Loan Combination
becomes a Corrected Loan and (ii) the amount of such Advance becomes a future obligation of the Mortgagor to pay under the
terms of modified Loan Documents. That any amount constitutes all or a portion of any Workout-Delayed Reimbursement Amount shall
not in any manner limit the right of any Person hereunder to determine in the future that such amount instead constitutes a Nonrecoverable
Advance.


 


“Workout Fee”:
The fee paid to the Special Servicer with respect to each Corrected Loan equal to the applicable Workout Fee Rate applied to each
collection of interest (excluding Default Interest and Excess Interest) and principal (other than any amount for which a Liquidation
Fee is paid) received on such Corrected Loan for so long as it remains a Corrected Loan; provided that no Workout Fee shall
be payable by the Trust with respect to such Corrected Loan if and to the extent that the Corrected Loan became a Specially Serviced
Loan under clause (c) of the definition of Specially Serviced Loan (and no other clause thereof) and no mortgage loan
event of default actually occurs, unless the Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) is modified by
the Special Servicer in accordance with the terms hereof; provided, further, that if a Serviced Mortgage Loan (or
Serviced Loan Combination, if applicable) becomes a Specially Serviced Loan under this Agreement only because of an event described
in clause (a) of the definition of Specially Serviced Loan and the related collection of principal and interest is received
within 90 days following the related maturity date in connection with the full and final payoff or refinancing of the related
Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the Special Servicer will not be entitled to collect a Workout
Fee, but may collect and retain appropriate fees from the related Mortgagor in connection with such workout; provided, further,
that the Workout Fee with respect to any Specially Serviced Loan that becomes a Corrected Loan under this Agreement shall be reduced
by any Excess Modification Fees paid by or on behalf of the related Mortgagor with respect to such Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable) as described in the definition of Excess Modification Fees in this Agreement, but only to the
extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.


 


“Workout Fee
Rate”: A rate equal to the lesser of (a) 1.0% and (b) such lower rate as would result in a Workout Fee of $1,000,000
when applied to each expected payment of principal and interest (other than Default Interest and Excess Interest) on the subject
Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) from the date such Mortgage Loan (or Serviced Loan Combination,
if applicable) becomes a Corrected Loan, through and including the then-related maturity date; provided that, if the rate
in clause (a) above would result


 






    	-116-



    	 



    

 


in
a Workout Fee that would be less than $25,000 when applied to each expected payment of principal and interest (other than Default
Interest and Excess Interest) on the subject Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) from the date
such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) becomes a Corrected Loan through and including the then-related
maturity date, then the Workout Fee Rate shall be a rate equal to such higher rate as would result in a Workout Fee equal to $25,000
when applied to each expected payment of principal and interest (other than Default Interest and Excess Interest) on such Serviced
Mortgage Loan (or Serviced Loan Combination, if applicable) from the date such Serviced Mortgage Loan (or Serviced Loan Combination,
if applicable) becomes a Corrected Loan through and including the then-related maturity date.


 


“Yield Maintenance
Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge or prepayment premium,
if any, payable under the related Note in connection with certain prepayments.


 


Section 1.02     Certain
Calculations. Unless otherwise specified herein, the following provisions shall apply:


 


(a)        All
calculations of interest with respect to the Mortgage Loans shall be made in accordance with the terms of the related Note and
Mortgage.


 


(b)        For
purposes of distribution of Yield Maintenance Charges pursuant to Section 4.01(c) of this Agreement on any Distribution Date,
the Class of Principal Balance Certificates and/or Class PEZ Regular Interest as to which any prepayment shall be deemed to be
distributed shall be determined on the assumption that the portion of the Principal Distribution Amount paid to the Principal Balance
Certificates and/or Class PEZ Regular Interests on such Distribution Date in respect of principal shall consist first of scheduled
payments included in the definition of Principal Distribution Amount and second of prepayments included in such definition.


 


(c)        Any
Mortgage Loan payment is deemed to be received by the Trust Fund on the date such payment is actually received by the Master Servicer,
the Special Servicer or the Certificate Administrator; provided, however, that for purposes of calculating distributions
on the Certificates, Principal Prepayments with respect to any Mortgage Loan are deemed to be received on the date they are applied
in accordance with Section 3.01(b) of this Agreement to reduce the outstanding principal balance of such Mortgage Loan on which interest
accrues.


 


(d)        All
amounts collected by or on behalf of the Trust in respect of any Mortgage Loan in the form of payments from the related Mortgagor,
Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds shall be allocated to amounts due and owing under the related
Loan Documents (including for principal and accrued and unpaid interest) in accordance with the express provisions of the related
Loan Documents and any related Co-Lender Agreement (and, in the case of an Outside Serviced Trust Loan, the provisions of the applicable
Outside Servicing Agreement); provided, however, in the absence of such express provisions or if and to the extent
that such terms authorize the mortgagee to use its discretion and in any event for purposes of calculating distributions hereunder
after an event of default under the related Mortgage Loan (to the extent not cured or waived), in each case only to the extent


 






    	-117-



    	 



    

 


such
amount is an obligation of the related Mortgagor in the related Loan Documents, all such amounts collected shall be deemed to
be allocated for purposes of collecting amounts due under the Mortgage Loan in the following order of priority:


 


(i)         as
a recovery of any unreimbursed Advances with respect to such Mortgage Loan and unpaid interest on all Advances and, if applicable,
unreimbursed and unpaid Additional Trust Fund Expenses with respect to such Mortgage Loan;


 


(ii)        as
a recovery of any Nonrecoverable Advances related to such Mortgage Loan and any interest thereon, to the extent previously reimbursed
from principal collections with respect to the other Mortgage Loans;


 


(iii)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on such Mortgage
Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on
such Mortgage Loan at the related Mortgage Rate to, but not including, the date of receipt by or on behalf of the Trust (or, in
the case of a full Monthly Payment from the related Mortgagor, through the related Due Date), over (B) the cumulative amount
of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under
Section 4.06(a) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated
as a recovery of accrued and unpaid interest pursuant to clause (v) below on earlier dates);


 


(iv)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of such Mortgage Loan then due
and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if the Mortgage Loan has
been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);


 


(v)        as
a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if any)
in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement
in connection with related Appraisal Reduction Amounts (to the extent that collections have not been allocated as recovery of accrued
and unpaid interest pursuant to this clause (v) on earlier dates);


 


(vi)       as
a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments
and insurance premiums and similar items relating to such Mortgage Loan;


 


(vii)      as
a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;


 


(viii)     as
a recovery of any Yield Maintenance Charge then due and owing under such Mortgage Loan;


 


(ix)       as
a recovery of any Default Interest and late payment charges then due and owing under such Mortgage Loan;


 






    	-118-



    	 



    

 


(x)        as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under such Mortgage Loan;


 


(xi)       as
a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal and, if applicable,
unpaid Excess Interest (if both Consent Fees and Operating Advisor Consulting Fees are due and owing, first, allocated to
Consent Fees and then, allocated to Operating Advisor Consulting Fees);


 


(xii)      as
a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance; and


 


(xiii)     in
the case of an ARD Mortgage Loan after the related Anticipated Repayment Date, as a recovery of Excess Interest;


 


provided that,
to the extent required under the REMIC Provisions, payments or proceeds received with respect to any partial release of a Mortgaged
Property (including following a condemnation) if, immediately following such release, the loan-to-value ratio of the related Mortgage
Loan or the related Serviced Loan Combination exceeds 125% (based solely on the value of the real property and excluding personal
property and going concern value, if any), must be allocated to reduce the principal balance of the Mortgage Loan or the related
Serviced Loan Combination in the manner permitted by such REMIC Provisions.


 


(e)        Collections
by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs of
operating, managing, leasing, maintaining and disposing of such REO Property and, except as otherwise expressly set forth in any
related Co-Lender Agreement and, in the case of an Outside Serviced Trust Loan, except as otherwise expressly set forth in the
applicable Outside Servicing Agreement) shall be deemed allocated for purposes of collecting amounts due under the deemed REO Mortgage
Loan, in each case only to the extent such amount is or was an obligation of the related Mortgagor in the related Loan Documents,
in the following order of priority:


 


(i)         as
a recovery of any unreimbursed Advances with respect to the related REO Mortgage Loan and interest on all Advances and, if applicable,
unreimbursed and unpaid Additional Trust Fund Expenses with respect to the related REO Mortgage Loan;


 


(ii)        as
a recovery of any Nonrecoverable Advances on the related REO Mortgage Loan and any interest thereon, to the extent previously reimbursed
from principal collections with respect to the other Mortgage Loans;


 


(iii)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the related
REO Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid
interest on the related REO Mortgage Loan at the related Mortgage Rate to, but not including, the Due Date in the Collection Period
in which such collections were received, over (B) the cumulative amount of the reductions (if any) in the amount of related
P&I Advances for the related REO Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection
with Appraisal Reduction Amounts (to


 






    	-119-



    	 



    

 


the extent that collections have not been allocated as a recovery of accrued and unpaid interest
on earlier dates pursuant to clause (v) below or clause (v) of Section 1.02(d) above);


 


(iv)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of the related REO Mortgage Loan
to the extent of its entire unpaid principal balance;


 


(v)        as
a recovery of accrued and unpaid interest on the related REO Mortgage Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for the related REO Mortgage Loan that have theretofore occurred under Section 4.06(a)
of this Agreement in connection with related Appraisal Reduction Amounts (to the extent that collections have not theretofore been
allocated as a recovery of accrued and unpaid interest on earlier dates pursuant to this clause (v) or clause (v) of Section
1.02(d) above);


 


(vi)       as
a recovery of any Yield Maintenance Charge then due and owing under the related REO Mortgage Loan;


 


(vii)      as
a recovery of any Default Interest and late payment charges then due and owing under the related REO Mortgage Loan;


 


(viii)     as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the related REO Mortgage
Loan;


 


(ix)       if
the related Mortgage Loan was an ARD Loan, as a recovery of any Excess Interest then due and owing under the related REO Mortgage
Loan; and


 


(x)        as
a recovery of any other amounts then due and owing under the related REO Mortgage Loan (if both Consent Fees and Operating Advisor
Consulting Fees are due and owing, first, allocated to Consent Fees and, then, allocated to Operating Advisor Consulting
Fees).


 


(f)         The
applications of amounts received in respect of any Mortgage Loan pursuant to paragraph (d) of this Section 1.02 shall be determined by
the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of any Mortgage
Loan or any REO Property pursuant to paragraph (e) of this Section 1.02 shall be determined by the Special Servicer in accordance
with the Servicing Standard.


 


(g)        All
net present value calculations and determinations made hereunder with respect to the Mortgage Loans, the Serviced Companion Loans
or a Mortgaged Property or REO Property (including for purposes of the definition of “Servicing Standard”, and including,
if and when applicable, with respect to an Outside Serviced Trust Loan or the related Mortgaged Property or any related REO Property)
shall be made using the Calculation Rate.


 


(h)        The
parties hereto acknowledge that any payments, collections and recoveries received by the parties to the applicable Outside Servicing
Agreement related to an Outside Serviced Trust Loan are required to be allocated by such parties as interest, principal or


 






    	-120-



    	 



    

 


other
amounts in accordance with the terms and conditions of the applicable Outside Servicing Agreement, the related Co-Lender Agreement
and the related Outside Serviced Trust Loan.


 


Section 1.03 Certain
Constructions. (a) For purposes of this Agreement, references to the most or next most subordinate Class of Certificates
or Class PEZ Regular Interests outstanding at any time shall mean the most or next most subordinate Class of Certificates or
Class PEZ Regular Interest then outstanding as among the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class A-AB, Class X-A, Class X-B, Class X-D, Class A-S, Class B, Class C, Class D,
Class E, Class F and Class G Certificates and the Class A-S, Class B and Class C Regular Interests; provided, however,
that for purposes of determining the most subordinate Class of Certificates, in the event that the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB Certificates are the only Classes of Principal
Balance Certificates outstanding, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
Class A-AB and Class X-A Certificates together will be treated as the most subordinate Class of Certificates. For
purposes of this Agreement, each Class of Certificates (other than the Class R Certificates and, for purposes of
receiving Yield Maintenance Charges, the Class X-A Certificates) and Class PEZ Regular Interest shall be deemed to be
outstanding only to the extent its respective Certificate Principal Amount or Notional Amount has not been reduced to zero.
For purposes of this Agreement, the Class R Certificates shall be deemed to be outstanding so long as the Trust REMICs
have not been terminated pursuant to Section 9.01 of this Agreement.


 


(b)        For
purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:


 


(i)         the
terms defined in this Agreement include the plural as well as the singular, and the use of any gender herein shall be deemed to
include the other gender;


 


(ii)        references
herein to “Articles”, “Sections”, “Subsections”, “Paragraphs” and other subdivisions
without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement;


 


(iii)       a
reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section
in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions;


 


(iv)       the
words “herein”, “hereof”, “hereunder”, “hereto”, “hereby” and other
words of similar import refer to this Agreement as a whole and not to any particular provision; and


 


(v)        the
terms “include” or “including” shall mean without limitation by reason of enumeration.


 






    	-121-



    	 



    

 


Article
II



CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES


 


Section 2.01     Conveyance
of Mortgage Loans.


 


(a)        The
Depositor, concurrently with the execution and delivery hereof, does hereby establish a trust to be designated as Citigroup Commercial
Mortgage Trust 2015-P1, appoint the Trustee to serve as trustee of such trust and assign, sell, transfer, set over and otherwise
convey to the Trustee (as holder of the Lower-Tier Regular Interests) in trust without recourse for the benefit of the Certificateholders
all the right, title and interest of the Depositor, including any security interest therein for the benefit of the Depositor, in,
to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) Sections 2, 3, 4, 5 (other than
Section 5(e) and 5(f)), 6 (other than Section 6(i) and Section 6(j)), (and to the extent related to the foregoing) 7,
11, 12, 13, 14, 16, 17, 18 and 23 of each Loan Purchase Agreement, (iii) each Co-Lender Agreement, if any, and (iv) all
Escrow Accounts, Lock-Box Accounts and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders.
Such assignment includes all interest and principal received or receivable on or with respect to the Mortgage Loans (other than
payments of principal and interest and other amounts due and payable on the Mortgage Loans on or before the Cut-Off Date and excluding
any Retained Defeasance Rights and Obligations with respect to the Mortgage Loans). Such assignment of any Outside Serviced Trust
Loan is further subject to the terms and conditions of the applicable Outside Servicing Agreement and the related Co-Lender Agreement.
The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and, notwithstanding Section 11.08
of this Agreement, is intended by the parties to constitute a sale.


 


(b)        In
connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, the Depositor shall direct each Mortgage
Loan Seller (pursuant to the related Loan Purchase Agreement) to deliver to and deposit with (or to cause to be delivered to and
deposited with) the Custodian (on behalf of the Trustee), on or before the Closing Date, the Mortgage File for each Mortgage Loan,
with copies (other than with respect to an Outside Serviced Trust Loan) to be delivered, within five (5) Business Days after the
Closing Date, to the Master Servicer; provided, however, that copies of any document in the Mortgage File that also
constitutes a Designated Servicing Document shall be delivered to the Master Servicer (other than with respect to an Outside Serviced
Trust Loan) on or before the Closing Date. None of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer
or the Special Servicer shall be liable for any failure by any Mortgage Loan Seller or the Depositor to comply with the document
delivery requirements of the related Loan Purchase Agreement and this Section 2.01(b). Notwithstanding anything herein to the contrary,
with respect to letters of credit (exclusive of those relating to an Outside Serviced Trust Loan), the applicable Mortgage Loan
Seller shall deliver to the Master Servicer, and the Master Servicer shall hold, the original (or copy, if such original has been
submitted by the applicable Mortgage Loan Seller to the issuing bank to effect an assignment or amendment of such letter of credit
(changing the beneficiary thereof to the Trustee (in care of the Master Servicer) for the benefit of Certificateholders and, if
applicable, the related Serviced Companion Loan Holder, to the extent required in order for the Master Servicer to draw on such
letter of credit on behalf of the Trustee for the benefit of


 






    	-122-



    	 



    

 


Certificateholders
and, if applicable, the related Serviced Companion Loan Holder in accordance with the applicable terms thereof and/or of the related
Loan Documents)) and the applicable Mortgage Loan Seller shall be deemed to have satisfied any delivery requirements of the related
Loan Purchase Agreement and this Section 2.01(b) by delivering with respect to any letter(s) of credit a copy thereof to the Custodian
together with an Officer’s Certificate of the applicable Mortgage Loan Seller certifying that such document has been delivered
to the Master Servicer or an Officer’s Certificate from the Master Servicer certifying that it holds the letter(s) of credit
pursuant to this Section 2.01(b). If a letter of credit referred to in the previous sentence is not in a form that would allow the Master
Servicer to draw on such letter of credit on behalf of the Trustee for the benefit of Certificateholders and, if applicable, the
related Serviced Companion Loan Holder in accordance with the applicable terms thereof and/or of the related Loan Documents, the
applicable Mortgage Loan Seller shall deliver the appropriate assignment or amendment documents (or copies of such assignment
or amendment documents if the related Mortgage Loan Seller has submitted the originals to the related issuer of such letter of
credit for processing) to the Master Servicer within 90 days of the Closing Date. The applicable Mortgage Loan Seller shall
pay any costs of assignment or amendment of such letter(s) of credit required in order for the Master Servicer to draw on such
letter(s) of credit on behalf of the Trustee for the benefit of Certificateholders and, if applicable, the related Serviced Companion
Loan Holder, and shall cooperate with the reasonable requests of the Master Servicer or the Special Servicer, as applicable, in
connection with effectuating a draw under any such letter of credit prior to the date such letter of credit is assigned or amended
in order that it may be drawn by the Master Servicer on behalf of the Trustee for the benefit of Certificateholders and, if applicable,
the related Serviced Companion Loan Holder.


 


With respect to any Mortgage
Loan secured by a Mortgaged Property that is subject to a franchise agreement with a related comfort letter in favor of the related
Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any related comfort letter
to the Trustee for the benefit of the Certificateholders or have a new comfort letter (or any such new document or acknowledgement
as may be contemplated under the existing comfort letter) issued in the name of the Trustee for the benefit of the Certificateholders,
the related Mortgage Loan Seller or its designee shall, within 45 days of the Closing Date (or any shorter period if required by
the applicable comfort letter), provide any such required notice or make any such required request to the related franchisor for
the transfer or assignment of such comfort letter or issuance of a new comfort letter (or any such new document or acknowledgement
as may be contemplated under the existing comfort letter), with a copy of such notice or request to the Custodian (who shall include
such document in the related Mortgage File) and the Master Servicer, and the Master Servicer shall use reasonable efforts in accordance
with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement
as may be contemplated under the existing comfort letter), and the Master Servicer shall, as soon as reasonably practicable following
receipt thereof, deliver the original of such replacement comfort letter, new document or acknowledgement, as applicable, to the
Custodian for inclusion in the Mortgage File.


 


After the Depositor’s
transfer of the Mortgage Loans to the Trustee pursuant to this Section 2.01(b), the Depositor shall not take any action inconsistent with
the Trust’s ownership of the Mortgage Loans.


 






    	-123-



    	 



    

 


(c)        The
Depositor hereby represents and warrants that each Mortgage Loan Seller has covenanted in the applicable Loan Purchase Agreement
that it shall record and file, or cause a third party on its behalf to record and file, at the related Mortgage Loan Seller’s
expense (provided, that the related Mortgage Loan Seller shall not be required to pay for any such expenses with respect to a particular
Mortgage Loan that are required to be and are paid by the related Mortgagor), in the appropriate public recording office for real
property records or UCC financing statements, as appropriate, each related assignment of Mortgage and assignment of Assignment
of Leases referred to in clause (4) of the definition of “Mortgage File” and each related UCC-3 assignment referred
to in clause (15) of the definition of “Mortgage File”, in each case in favor of the Trustee, as soon as reasonably
possible and in any event within 45 days after the later of (i) the Closing Date (or in the case of a Qualified Substitute Mortgage
Loan substituted as contemplated by Section 2.03 of this Agreement, the related date of substitution) and (ii) the date
on which all recording information necessary to complete the subject documents is received by the Mortgage Loan Seller. This subsection (c) shall
not apply to any Outside Serviced Trust Loan because the documents referred to herein have been assigned to the related Outside
Trustee.


 


The Depositor hereby
represents and warrants that the applicable Mortgage Loan Seller has covenanted in the related Loan Purchase Agreement as to each
Mortgage Loan (exclusive of any Outside Serviced Trust Loan), that if it cannot deliver or cause to be delivered the documents
and/or instruments referred to in clauses (2), (3) and (6) (if recorded) and (15) of the definition of “Mortgage File”
solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered
for recordation or filing, as applicable, a copy of the original certified by the applicable Mortgage Loan Seller or the title
agent to be a true and complete copy of the original thereof submitted for recording, shall be forwarded to the Custodian. Each
assignment referred to in the prior paragraph that is recorded and the file copy of each UCC-3 assignment referred to in the previous
paragraph shall reflect that it should be returned by the public recording or filing office to the Custodian or its agent following
recording (or, alternatively, to the applicable Mortgage Loan Seller or its designee, in which case the applicable Mortgage Loan
Seller shall deliver or cause the delivery of the recorded/filed original to the Custodian promptly following receipt); provided
that, in those instances where the public recording office retains the original assignment of Mortgage or assignment of Assignment
of Leases, the applicable Mortgage Loan Seller or its designee shall obtain and provide to the Custodian a certified copy of the
recorded original. On a monthly basis, at the expense of the applicable Mortgage Loan Seller, the Custodian shall forward to the
Master Servicer a copy of each of the aforementioned assignments received during such month following the Custodian’s receipt
thereof.


 


If the Custodian has
received written notice that any of the aforementioned assignments is lost or returned unrecorded or unfiled, as the case may be,
because of a defect therein, then the Custodian shall direct the applicable Mortgage Loan Seller (pursuant to the Loan Purchase
Agreement) promptly to prepare or cause the preparation of a substitute therefor or cure such defect or cause such defect to be
cured, as the case may be, and to record or file, or with respect to any assignments that a third party on the Mortgage Loan Seller’s
behalf has agreed to record or file as described above, to deliver to such third party the substitute or corrected document.


 






    	-124-



    	 



    

 


(d)        In
connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, except with respect to any Outside Serviced
Trust Loan, the Depositor shall direct the applicable Mortgage Loan Seller (pursuant to the related Loan Purchase Agreement) to
deliver to and deposit with (or cause to be delivered to and deposited with) the Master Servicer within five (5) Business
Days after the Closing Date: (i) a copy of the Mortgage File; (ii) all documents and records not otherwise required to be contained
in the Mortgage File that (A) relate to the origination and/or servicing and administration of the Mortgage Loans and any
related Serviced Companion Loan(s), (B) are reasonably necessary for the ongoing administration and/or servicing of the Mortgage
Loans (including any asset summaries related to the Mortgage Loans that were delivered to the Rating Agencies in connection with
the rating of the Certificates) or any related Serviced Companion Loans or for evidencing or enforcing any of the rights of the
holder of the Mortgage Loans or any related Serviced Companion Loans or holders of interests therein, and (C) are in possession
or under control of the applicable Mortgage Loan Seller; and (iii) all unapplied Escrow Payments and reserve funds in the possession
or under control of the applicable Mortgage Loan Seller that relate to such Mortgage Loans and any related Serviced Companion Loans,
together with a statement indicating which Escrow Payments and reserve funds are allocable to each Mortgage Loan or any related
Serviced Companion Loan; provided that copies of any document in the Mortgage File and any other document, record or item
referred to above in this sentence that constitutes a Designated Servicing Document shall be delivered to the Master Servicer on
or before the Closing Date; and provided, further, that the applicable Mortgage Loan Seller shall not be required
to deliver any draft documents, privileged or other related Mortgage Loan Seller communications, credit underwriting, due diligence
analyses or data, or internal worksheets, memoranda, communications or evaluations. The Master Servicer shall hold all such documents,
records and funds on behalf of the Trustee in trust for the benefit of the Certificateholders (and, insofar as they also relate
to a Serviced Companion Loan, on behalf of and for the benefit of the applicable Serviced Companion Loan Holder). Notwithstanding
anything to the contrary, the foregoing provisions of this Section 2.02(d) shall not apply to the Outside Serviced Trust
Loans. In addition, each Mortgage Loan Seller is required, pursuant to the related Loan Purchase Agreement, to provide to the Master
Servicer the initial data with respect to its Mortgage Loans for (i) the CREFC® Financial File and the CREFC® Loan Periodic
Update File that are required to be prepared by the Master Servicer pursuant to this Agreement and (ii) the Supplemental Servicer
Schedule.


 


(e)        In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall deliver, and hereby
represents and warrants that it has delivered, to the Custodian and the Master Servicer, on or before the Closing Date, a fully
executed original counterpart of each Loan Purchase Agreement, as in full force and effect, without amendment or modification,
on the Closing Date.


 


(f)        With
respect to a Serviced Loan Combination, the Custodian shall also hold the related Mortgage File for the use and benefit of the
related Serviced Companion Loan Holder(s).


 


(g)        The
parties to this Agreement acknowledge and agree, with respect to the Outside Serviced Trust Loans, that the Trust assumes the obligations
and rights of the holder of each Outside Serviced Trust Loan under the respective Co-Lender Agreement and/or Outside Servicing
Agreement.


 






    	-125-



    	 



    

 


(h)        It
is not intended that this Agreement create a partnership or a joint-stock association.


 


Section 2.02     Acceptance
by the Trustee, the Custodian and the Certificate Administrator.


 


(a)        The
Trustee, by its execution and delivery of this Agreement, hereby accepts receipt, through the Custodian on its behalf, of (i) the
Mortgage Loans and all documents delivered to it that constitute portions of the related Mortgage Files and (ii) all other
assets delivered to it and included in the Trust Fund, in good faith and without notice of any adverse claim. The Custodian, by
its execution and delivery of this Agreement, hereby declares that it holds and will hold the documents referred to in clauses
(i) and (ii) of the first sentence of this Section 2.02 and any other documents subsequently received by it that constitute
portions of the Mortgage Files, together with any other assets subsequently delivered to it that are to be included in the Trust
Fund, in trust for the exclusive use and benefit of all present and future Certificateholders and, if applicable, the Serviced
Companion Loan Holders pursuant to Section 2.01(f) of this Agreement. With respect to each Serviced Loan Combination, the Custodian shall
also hold the portion of such Mortgage File that relates to the Serviced Companion Loan in such Loan Combination in trust for the
use and benefit of the related Serviced Companion Loan Holder. In connection with the foregoing, the Custodian hereby certifies
to each of the other parties hereto, the applicable Mortgage Loan Seller, each Underwriter and each Initial Purchaser that, as
to each Mortgage Loan, (i) all documents specified in clause (1) of the definition of “Mortgage File” are in its
possession, and (ii) the original Note (or, if accompanied by a lost note affidavit, the copy of such Note) received
by it with respect to such Mortgage Loan has been reviewed by it and (A) appears regular on its face (handwritten additions,
changes or corrections shall not constitute irregularities if initialed by the Mortgagor), (B) appears to have been executed
(where appropriate) and (C) purports to relate to such Mortgage Loan.


 


(b)        On
or about the 60th day following the Closing Date (and, if any exceptions are noted, again on or about the 90th
day following the Closing Date and monthly thereafter until the earliest of (i) the second anniversary of the Closing
Date, (ii) the day on which all exceptions have been removed and (iii) the day on which the applicable Mortgage Loan
Seller has repurchased or substituted for the last affected Mortgage Loan), the Custodian shall review the documents delivered
to it with respect to each Mortgage Loan, and the Custodian shall, subject to Sections 2.01(c), 2.02(c) and
2.02(d) of this Agreement and the terms of the respective Loan Purchase Agreements, certify in writing (substantially in
the form of Exhibit N to this Agreement) to each of the other parties hereto, the applicable Mortgage Loan Seller,
each Underwriter and each Initial Purchaser (and upon request, in the case of a Serviced Loan Combination, to the related Serviced
Companion Loan Holder) that, as to each Mortgage Loan then subject to this Agreement (except as specifically identified in any
exception report annexed to such certification, which exception report shall also be available in electronic format (including
Excel-compatible format) upon request): (i) all documents specified in clauses (1), (2), (3), (4) (other than with respect
to an Outside Serviced Trust Loan), (5), (7), (15) and (20) (for any Mortgage Loan that is part of a Loan Combination) of the
definition of “Mortgage File” are in its possession or the related Mortgage Loan Seller has otherwise satisfied the
delivery requirements in accordance with the related Loan Purchase Agreement; (ii) the recordation/filing


 






    	-126-



    	 



    

 


contemplated
by Section 2.01(c) of this Agreement has been completed (based solely on receipt by the Custodian of the particular recorded/filed
documents); (iii) all documents received by the Custodian with respect to such Mortgage Loan 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 Mortgagor), (B) appear to have been executed (where appropriate) and (C) purport to relate to such
Mortgage Loan; and (iv) based on the examinations referred to in Section 2.02(a) of this Agreement and this Section 2.02(b) and only as
to the foregoing documents (together with any Loan Agreement that has been delivered by the related Mortgage Loan Seller), the
information set forth in the Mortgage Loan Schedule with respect to the items specified in clauses (iv) and (v)(B) of the definition
of “Mortgage Loan Schedule” accurately reflects the information set forth in the Mortgage File. With respect to the
items listed in clauses (2), (3), (4) and (6) of the definition of “Mortgage File” if the original of such document
is not in the Custodian’s possession because it has not been returned from the applicable recording office, then the Custodian’s
certification prepared pursuant to this Section 2.02(b) should indicate the absence of such original. In addition, as it relates to the
Outside Serviced Trust Loans, with respect to the items listed in clauses (2), (3), (4) and (6) of the definition of “Mortgage
File” because the original of such document will not be in the Custodian’s possession since it will have been delivered
to the Outside Trustee in accordance with the applicable Outside Servicing Agreement, the Custodian’s certification prepared
pursuant to this Section 2.02(b) should indicate the absence of such original. If the Custodian’s obligation to deliver the certifications
contemplated in this subsection terminates because two years have elapsed since the Closing Date, the Custodian shall deliver
a comparable certification to any party hereto, the Serviced Companion Loan Holder and any Underwriter and any Initial Purchaser
on request.


 


(c)        It
is acknowledged that none of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Custodian
is under any duty or obligation to inspect, review or examine any of the documents, instruments, certificates or other papers relating
to the Loans delivered to it to determine that the same are valid, legal, effective, genuine, binding, enforceable, sufficient
or appropriate for the represented purpose or that they are other than what they purport to be on their face. Furthermore, none
of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Custodian shall have any responsibility
for determining whether the text of any assignment or endorsement is in proper or recordable form, whether the requisite recording
of any document is in accordance with the requirements of any applicable jurisdiction, or whether a blanket assignment is permitted
in any applicable jurisdiction.


 


(d)        It
is understood that the scope of the Custodian’s review of the Mortgage Files is limited solely to confirming that the documents
specified in clauses (1), (2), (3), (4) (other than with respect to an Outside Serviced Trust Loan), (5), (7), (15) and (20) (for
any Mortgage Loan that is part of a Loan Combination) of the definition of “Mortgage File” have been received, appear
regular on their face and such additional information as will be necessary for delivering the certifications required by Sections 2.02(a)
and 2.02(b) of this Agreement.


 


(e)        If,
after the Closing Date, the Depositor comes into possession of any documents or records that constitute part of the Mortgage File
or Servicing File for any


 






    	-127-



    	 



    

 


Mortgage
Loan, the Depositor shall promptly deliver such document to the Custodian with a copy to the Master Servicer (if it constitutes
part of the Servicing File).


 


(f)         The
Custodian shall retain possession and custody of each Mortgage File in accordance with and subject to the terms and conditions
set forth herein.


 


(g)        The
Custodian shall hold that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such
term is defined in Section 9-102 of the Uniform Commercial Code as in effect in Minnesota on the date hereof) in Minnesota and,
except as otherwise specifically provided in this Agreement, shall not remove such instruments from Minnesota unless it receives
an Opinion of Counsel (obtained and delivered at the expense of the Person requesting the removal of such instruments from Minnesota)
that if the transfer of the Mortgage Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess
a first priority perfected security interest in such instruments.


 


Section 2.03     Mortgage
Loan Sellers’ Repurchase, Substitution or Cures of Mortgage Loans for Document Defects in Mortgage Files and Breaches of
Representations and Warranties.


 


(a)        If
(i) any party hereto (A) discovers or receives notice alleging that any document constituting a part of a Mortgage File
has not been properly executed, is missing, contains information that does not conform in any material respect with the corresponding
information set forth in the Mortgage Loan Schedule, or does not appear to be regular on its face (each, a “Document Defect”)
or (B) discovers or receives notice alleging a breach of any representation or warranty of the applicable Mortgage Loan Seller
made pursuant to Section 6(c) of the related Loan Purchase Agreement with respect to any Mortgage Loan (a “Breach”)
or (ii) the Special Servicer or the Depositor receives a Repurchase Communication of a request or demand for repurchase or
replacement of any Mortgage Loan alleging a Document Defect or Breach (any such request or demand, a “Repurchase Request”),
then such Person shall give prompt written notice thereof to the applicable Mortgage Loan Seller, the Controlling Class Representative
(prior to the occurrence and continuance of a Consultation Termination Event), the other parties hereto, any related Serviced Companion
Loan Holder (if applicable) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13
of this Agreement, the Rule 17g-5 Information Provider (to the extent notice has not previously been delivered to such Persons
pursuant to this sentence). If any such Document Defect or Breach materially and adversely affects, or any such Document Defect
is deemed in accordance with Section 2.03(b) of this Agreement to materially and adversely affect, the value of the related Mortgage Loan
(or any related REO Property) or the interests of the Certificateholders therein or causes any Mortgage Loan to fail to be a Qualified
Mortgage, then such Document Defect shall constitute a “Material Document Defect” or such Breach shall constitute
a “Material Breach”, as the case may be. The Special Servicer shall determine, with respect to any affected
Mortgage Loan or REO Mortgage Loan, whether a Document Defect is a Material Document Defect or a Breach is a Material Breach. If
such Document 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 applicable Mortgage Loan Seller, the other parties hereto and the Controlling Class
Representative (prior to the occurrence and continuance of a Consultation Termination Event). Promptly upon becoming aware of any
Material Document Defect or


 






    	-128-



    	 



    

 


Material
Breach, the Special Servicer shall require the applicable Mortgage Loan Seller not later than 90 days from the earlier of
the applicable Mortgage Loan Seller’s discovery or receipt of notice of, and receipt of a demand to take action with respect
to, such Material Document Defect or Material Breach, as the case may be (or, in the case of a Material Document Defect or Material
Breach relating to a Mortgage Loan not being a Qualified Mortgage, not later than 90 days from any party discovering such
Material Document Defect or Material Breach, provided that, if it is not the discovering party, the applicable Mortgage Loan Seller
receives notice thereof in a timely manner), to cure the same in all material respects (which cure shall include payment of losses
and any Additional Trust Fund Expenses associated therewith) or, if such Material Document Defect or Material Breach, as
the case may be, cannot be cured within such 90 day period, either to (before the end of such 90-day period) (i) repurchase
the affected Mortgage Loan or any related REO Property (or the Trust’s interest therein with respect to any Outside Serviced
Trust Loan) at the applicable Purchase Price by wire transfer of immediately available funds to the Collection Account or (ii) substitute
a Qualified Substitute Mortgage Loan for such affected Mortgage Loan (provided that in no event shall any such substitution
occur on or after the second anniversary of the Closing Date) and pay the Master Servicer for deposit into the Collection Account,
any Substitution Shortfall Amount in connection therewith, all in conformity with the applicable Loan Purchase Agreement and this
Agreement; provided, however, that if (i) such Material Document Defect or Material Breach is capable of being
cured but not within such 90 day period, (ii) such Material Document Defect or Material Breach is not related to any
Mortgage Loan’s not being a Qualified Mortgage and (iii) the applicable Mortgage Loan Seller has commenced and is diligently
proceeding with the cure of such Material Document Defect or Material Breach within such 90 day period, then such Mortgage
Loan Seller shall have an additional 90 days to complete such cure or, in the event of a failure to so cure, to complete
such repurchase or substitution (it being understood and agreed that, in connection with such Mortgage Loan Seller’s receiving
such additional 90 day period, such Mortgage Loan Seller shall deliver an Officer’s Certificate to the Trustee, the
Special Servicer and the Certificate Administrator setting forth the reasons such Material Document Defect or Material Breach
is not capable of being cured within the initial 90 day period and what actions such Mortgage Loan Seller is pursuing in
connection with the cure thereof and stating that such Mortgage Loan Seller anticipates that such Material Document Defect or
Material Breach will be cured within such additional 90 day period); and provided, further, that, if any such
Material Document Defect is still not cured after the initial 90 day period and any such additional 90 day period solely
due to the failure of such Mortgage Loan Seller to have received the recorded document, then such Mortgage Loan Seller shall be
entitled to continue to defer its cure, repurchase and/or substitution obligations in respect of such Document Defect so long
as such Mortgage Loan Seller certifies to the Trustee, the Special Servicer and the Certificate Administrator every 30 days
thereafter that the Document Defect is still in effect solely because of its failure to have received the recorded document and
that such Mortgage Loan Seller is diligently pursuing the cure of such defect (specifying the actions being taken), except that
no such deferral of cure, repurchase or substitution may continue beyond the date that is 18 months following the Closing Date.
If the affected Mortgage Loan is to be repurchased, the Master Servicer shall designate the Collection Account as the account
to which funds in the amount of the Purchase Price are to be wired. If the affected Mortgage Loan is to be substituted for, the
Master Servicer shall designate the Collection Account as the account to which funds in the amount of the Substitution Shortfall
Amount are to be wired. Any such repurchase or substitution of a Mortgage Loan shall be on a


 






    	-129-



    	 



    

 


whole loan, servicing released basis.
Monthly Payments due with respect to each Qualified Substitute Mortgage Loan (if any) after the related Due Date in the month
of substitution, and Monthly Payments due with respect to each Mortgage Loan being repurchased or replaced after the related Cut-Off
Date and received by the Master Servicer or the Special Servicer on behalf of the Trust on or prior to the related date of repurchase
or substitution, shall be part of the Trust Fund. Monthly Payments due with respect to each Qualified Substitute Mortgage Loan
(if any) on or prior to the related Due Date in the month of substitution, and Monthly Payments due with respect to each Mortgage
Loan being repurchased or replaced and received by the Master Servicer or the Special Servicer on behalf of the Trust after the
related date of repurchase or substitution, shall not be part of the Trust Fund and are to be remitted by the Master Servicer
to the Mortgage Loan Seller effecting the related repurchase or substitution promptly following receipt. From and after the date
of substitution, each Qualified Substitute Mortgage Loan, if any, that has been substituted shall be deemed to constitute a “Mortgage
Loan” hereunder for all purposes. No mortgage loan may be substituted for a Defective Mortgage Loan as contemplated by this
Section 2.03(a) if the Mortgage Loan to be replaced was itself a Qualified Substitute Mortgage Loan that had replaced a
prior Mortgage Loan, in which case, absent a cure (including by the making of a Loss of Value Payment pursuant to the following
paragraph) of the relevant Material Breach or Material Document Defect, the affected Mortgage Loan will be required to be repurchased.


 


Notwithstanding the foregoing
provisions of this Section 2.03(a), in lieu of the related Mortgage Loan Seller performing its obligations with respect
to any Material Breach or Material Document Defect as set forth in the preceding paragraph, to the extent that such Mortgage Loan
Seller and the Special Servicer on behalf of the Trust, and with the consent of the Controlling Class Representative prior to the
occurrence of a Control Termination Event, are able to agree upon a cash payment payable by such Mortgage Loan Seller to the Trust
that would be deemed sufficient to compensate the Trust for a Material Breach or Material Document Defect (a “Loss of Value
Payment”), such Mortgage Loan Seller may elect, in its sole discretion, to pay such Loss of Value Payment to the Trust;
provided that a Material Document Defect or a Material Breach as a result of a Mortgage Loan not constituting a “qualified
mortgage”, within the meaning of Section 860G(a)(3) of the Code, may not be cured by a Loss of Value Payment. Upon its making
such payment, the related Mortgage Loan Seller shall be deemed to have cured such Material Breach or Material Document Defect in
all respects. Provided that such Loss of Value Payment is made, this paragraph describes the sole remedy available to the Certificateholders,
or the Certificate Administrator or the Trustee on behalf of the Certificateholders, regarding any such Material Breach or Material
Document Defect, and the related Mortgage Loan Seller shall not be obligated to repurchase or replace the affected Mortgage Loan
or otherwise cure such Material Breach or Material Document Defect.


 


If (x) a Mortgage Loan
is to be repurchased or replaced as described above (a “Defective Mortgage Loan”), (y) such Defective Mortgage Loan
is part of a Cross-Collateralized Group and (z) the applicable Document Defect or Breach does not constitute a Material Document
Defect or Material Breach, as the case may be, as to the other Mortgage Loan(s) that are a part of such Cross-Collateralized Group
(the “Other Crossed Loans”) (without regard to this paragraph), then the applicable Document Defect or Breach (as the
case may be) shall be deemed to constitute a Material Document Defect or Material Breach (as the case may be) as to each such Other
Crossed Loan for purposes of the above provisions, and the related Mortgage


 






    	-130-



    	 



    

 


Loan
Seller shall be obligated to repurchase or replace each such Other Crossed Loan in accordance with the provisions above unless,
in the case of such Breach or Document Defect:


 


(A)        the
related Mortgage Loan Seller (at its expense) delivers or causes to be delivered to the Trustee, the Master Servicer and the Special
Servicer an Opinion of Counsel to the effect that such Mortgage Loan Seller’s repurchase or replacement of only those Mortgage
Loans as to which a Material Document Defect or Material Breach has actually occurred without regard to the provisions of this
paragraph (the “Affected Loan(s)”) and the operation of the remaining provisions of this Section 2.03(a)
(i) will not cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor
trust under subpart E, part I of subchapter J of the Code for federal income tax purposes at any time that any Certificate is outstanding
and (ii) will not result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including but not limited to the
tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC
set forth in Section 860G(d) of the Code); and


 


(B)        each
of the following conditions would be satisfied if the related Mortgage Loan Seller were to repurchase or replace only the Affected
Loans and not the Other Crossed Loans:


 


(1)        the
debt service coverage ratio for such Other Crossed Loan(s) (excluding the Affected Loan(s)) for the four calendar quarters immediately
preceding the repurchase or replacement is not less than the least of (A) 0.10x below the debt service coverage ratio for the Cross-Collateralized
Group (including the Affected Loan(s)) set forth in Annex A to the Prospectus Supplement, (B) the debt service coverage
ratio for the Cross-Collateralized Group (including the Affected Loan(s)) for the four preceding calendar quarters preceding the
repurchase or replacement and (C) 1.25x;


 


(2)        the
loan-to-value ratio for the Other Crossed Loans (excluding the Affected Loan(s)) is not greater than the greatest of (A) the loan-to-value
ratio, expressed as a whole number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the Affected
Loan(s)) set forth in Annex A to the Prospectus Supplement plus 10%, (B) the loan-to-value ratio, expressed as a
whole number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the Affected Loan(s)) at the
time of repurchase or replacement and (C) 75%; and


 


(3)        either
(x) the exercise of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group will not impair
the ability to exercise remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group or
(y) the Loan Documents evidencing and securing the relevant Mortgage Loans


 






    	-131-



    	 



    

 


have been modified in a manner that complies with the
related Loan Purchase Agreement and this Agreement and that removes any threat of impairment of the ability to exercise remedies
against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group as a result of the exercise of remedies
against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group.


 


The determination of
the Master Servicer or the Special Servicer, as applicable, as to whether the conditions set forth above have been satisfied shall
be conclusive and binding in the absence of manifest error on the Certificateholders, other parties to this Agreement and the related
Mortgage Loan Seller. The Master Servicer or the Special Servicer, as applicable, will be entitled to cause to be delivered, or
direct the related Mortgage Loan Seller to cause to be delivered, to the Master Servicer or the Special Servicer, as applicable,
an Appraisal of any or all of the related Mortgaged Properties for purposes of determining whether the condition set forth in clause
(B)(2) above has been satisfied, in each case at the expense of the related Mortgage Loan Seller if the scope and cost of the
Appraisal is approved by the related Mortgage Loan Seller and, prior to the occurrence and continuance of a Control Termination
Event, the Controlling Class Representative (such approval not to be unreasonably withheld in each case).


 


With respect to any Defective
Mortgage Loan that forms a part of a Cross-Collateralized Group and as to which the conditions described in the second preceding
paragraph are satisfied, such that the Trust Fund will continue to hold the Other Crossed Loans, the related Mortgage Loan Seller
and the Trustee, as successor to the Depositor, are bound by an agreement (set forth in the related Loan Purchase Agreement) to
forbear from enforcing any remedies against the other’s Primary Collateral but each is permitted to exercise remedies against
the Primary Collateral securing its respective Mortgage Loans, including with respect to the Trustee, the Primary Collateral securing
the Affected Loan(s) still held by the Trustee. If the exercise of remedies by one such party would impair the ability of the other
such party to exercise its remedies with respect to the Primary Collateral securing the Affected Loan or the Other Crossed Loans,
as the case may be, held by the other such party, then both parties have agreed to forbear from exercising such remedies unless
and until the Loan Documents evidencing and securing the relevant Mortgage Loans can be modified in a manner that complies with
the related Loan Purchase Agreement to remove the threat of impairment as a result of the exercise of remedies. Any reserve or
other cash collateral or letters of credit securing any of the Mortgage Loans that form a Cross-Collateralized Group shall be allocated
between such Mortgage Loans in accordance with the related Loan Documents, or otherwise on a pro rata basis based upon their
outstanding Stated Principal Balances. All other terms of the related Mortgage Loans shall remain in full force and effect, without
any modification thereof. The provisions of this paragraph shall be binding on all future holders of each Mortgage Loan that forms
part of a Cross-Collateralized Group.


 


To the extent necessary
and appropriate, the Master Servicer or Special Servicer, as applicable, shall execute (pursuant to a limited power of attorney
provided by the Trustee that enables the Master Servicer or Special Servicer, as applicable, to execute) the modification of the
Loan Documents that complies with the applicable Loan Purchase Agreement to remove the threat of impairment of the ability of the
Mortgage Loan Seller or the Trust Fund to exercise its remedies with respect to the Primary Collateral securing the Mortgage Loan(s)
held by such


 






    	-132-



    	 



    

 


party
resulting from the exercise of remedies by the other such party; provided that the Trustee shall not be liable for any
misuse of any such power of attorney by the Master Servicer or Special Servicer, as applicable, or any of its agents or subcontractors.
The Master Servicer shall advance all costs and expenses incurred by the Trustee, the Special Servicer and the Master Servicer
with respect to any Cross-Collateralized Group pursuant to this paragraph and the first, second and third preceding paragraphs,
and such advances and interest thereon shall (i) constitute and be reimbursable as Servicing Advances and (ii) be included in
the calculation of Purchase Price for the Affected Loan(s) to be repurchased or replaced. Neither the Master Servicer nor the
Special Servicer shall be liable to any Certificateholder or any other party hereto if a modification of the Loan Documents described
above cannot be effected for any reason beyond the control of the Master Servicer or the Special Servicer or should not be effected
as determined by the Master Servicer or Special Servicer, as applicable, in accordance with the Servicing Standard.


 


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 applicable Mortgage Loan Seller, the other parties
hereto, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), any
Serviced Companion Loan Holder (if applicable) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant
to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider (to the extent notice has not previously been delivered
to such Persons pursuant to this sentence). If the Special Servicer receives a Repurchase Communication that any Mortgage Loan
that was subject of a Repurchase Request has been repurchased or replaced (a “Repurchase”), or that such Repurchase
Request has been rejected (a “Repurchase Request Rejection”), then the Special Servicer shall (in accordance
with the following paragraph) give written notice of such Repurchase or Repurchase Request Rejection to the Depositor, the applicable
Mortgage Loan Seller (unless it is the entity that has repurchased or replaced the subject Mortgage Loan or rejected such Repurchase
Request), and the Certificate Administrator (unless it is the party that notified the Special Servicer thereof).


 


Each notice of a Repurchase
Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection required to be given by a party pursuant to
this Section 2.03(a) (each, a “Rule 15Ga-1 Notice”) shall be given no later than ten (10) Business Days after
receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request
Rejection, as applicable, and shall include (i) the identity of the related Mortgage Loan and the Person making the Repurchase
Request, (ii) the date that the Repurchase Communication regarding the Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection 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 Rule 15Ga-1 Notices provided by the Special Servicer with
respect to a Repurchase Request, a statement as to whether the Special Servicer currently plans to pursue such Repurchase Request.


 


If the Trustee, the Certificate
Administrator, the Master Servicer, the Operating Advisor or the Custodian receives a Repurchase Communication of a Repurchase
Request, a


 






    	-133-



    	 



    

 


Repurchase
Request Withdrawal, a Repurchase or a Repurchase Request Rejection, then such party shall promptly forward such Repurchase Communication
of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection to the Special Servicer
(with respect to any Mortgage Loan or REO Mortgage Loan) and, prior to the occurrence and continuance of a Consultation Termination
Event, the Controlling Class Representative, and include the following statement in the related correspondence: “This is
a Repurchase Communication regarding [a “Repurchase Request”] [a “Repurchase Request Withdrawal”] [a “Repurchase”]
[a “Repurchase Request Rejection”] under Section 2.03(a) of the Pooling and Servicing Agreement relating to the
Citigroup Commercial Mortgage Trust 2015-P1 Commercial Mortgage Pass Through Certificates, Series 2015-P1, requiring action
by you as the recipient of such [Repurchase Request] [Repurchase Request Withdrawal] [Repurchase] [Repurchase Request Rejection]
thereunder”. Upon receipt of any Repurchase Communication of a Repurchase Request, Repurchase Request Withdrawal, Repurchase
or Repurchase Request Rejection by the Special Servicer pursuant to the foregoing provisions of this paragraph, the Special Servicer
shall be deemed to be the recipient of such Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection, and the Special Servicer shall comply with the notice procedures set forth in the
preceding paragraphs of this Section 2.03(a) with respect to such Repurchase Communication of such Repurchase Request, Repurchase Request
Withdrawal, Repurchase or Repurchase Request Rejection.


 


No Person that is required
to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(a) (a “Rule 15Ga-1 Notice Provider”) shall be required
to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product doctrines.
Each Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section 2.03(a) is so provided
only to assist the related Mortgage Loan Seller, the Depositor and their respective Affiliates to comply with Rule 15Ga-1,
Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii)(A) no action taken by, or inaction
of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(a) by a Rule 15Ga-1 Notice Provider
in a Rule 15Ga-1 Notice shall be deemed to constitute a waiver or defense to the exercise of any legal right the Rule 15Ga-1 Notice
Provider may have with respect to the related Loan Purchase Agreement, including with respect to any Repurchase Request that is
the subject of a Rule 15Ga-1 Notice.


 


On or before the Closing
Date, the Depositor shall deliver to the Master Servicer a copy of each Loan Purchase Agreement, which the Master Servicer shall
provide to each Sub-Servicer.


 


(b)        Subject
to the applicable Mortgage Loan Seller’s right to cure as contemplated in this Section 2.03, and further subject to Section 2.01(b)
and Section 2.01(c) of this Agreement, failure of such Mortgage Loan Seller to deliver the documents referred to in clauses (1),
(2), (7), (8), (18) and (19) in the definition of “Mortgage File” in accordance with this Agreement and the applicable
Loan Purchase Agreement for any Mortgage Loan shall be deemed a Material Document Defect; provided, however, that
no Document Defect (except a deemed Material Document Defect described above) shall be considered to be a Material Document Defect
unless the document with respect to which the Document Defect exists is required in connection with an imminent enforcement of
the lender’s rights or remedies under


 






    	-134-



    	 



    

 


the
related Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the Mortgage Loan, establishing
the validity or priority of any lien on any collateral securing the Mortgage Loan or for any immediate significant servicing obligation.


 


(c)        In
connection with any repurchase of, or substitution of a Qualified Substitute Mortgage Loan for, a Mortgage Loan pursuant to this
Section 2.03, the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer shall each tender
to the applicable repurchasing entity, upon delivery to each of them of a receipt executed by the applicable repurchasing entity
evidencing such repurchase or substitution, all portions of the Mortgage File and other documents (including, without limitation,
the Servicing File), and all Escrow Payments and reserve funds, pertaining to such Mortgage Loan possessed by it, and each document
that constitutes a part of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate to the applicable
Mortgage Loan Seller or its designee in the same manner, but only if the respective documents have been previously assigned or
endorsed to the Trustee, and pursuant to appropriate forms of assignment, substantially similar to the manner and forms pursuant
to which such documents were previously assigned to the Trustee or as otherwise reasonably requested to effect the retransfer and
reconveyance of the Mortgage Loan and the security thereof to the Mortgage Loan Seller or its designee; provided that such
tender by the Trustee and the Custodian shall be conditioned upon its receipt from the Master Servicer of a Request for Release
and an Officer’s Certificate to the effect that the requirements for repurchase or substitution have been satisfied. The
Master Servicer shall, and is hereby authorized and empowered by the Trustee to, prepare, execute and deliver in its own name,
on behalf of the Certificateholders and the Trustee or any of them, the endorsements and assignments contemplated by this Section 2.03(c),
and such other instruments as may be necessary or appropriate to transfer title to an REO Property (including with respect to an
Outside Serviced Trust Loan) in connection with the repurchase of, or substitution for, an REO Mortgage Loan and the Trustee shall
execute and deliver any powers of attorney necessary to permit the Master Servicer to do so; provided, however, that
the Trustee shall not be held liable for any misuse of any such power of attorney by the Master Servicer or any of its agents or
subcontractors. The parties to this Agreement acknowledge that the related Loan Purchase Agreement provides that in the event a
Qualified Substitute Mortgage Loan is substituted for a Defective Mortgage Loan by the related Mortgage Loan Seller as contemplated
by this Section 2.03, the related Mortgage Loan Seller will be required to deliver to the Custodian the related Mortgage
File and to the Master Servicer all Escrow Payments and reserve funds pertaining to such Qualified Substitute Mortgage Loan possessed
by it and a certification to the effect that such Qualified Substitute Mortgage Loan satisfies all of the requirements of the definition
of “Qualified Substitute Mortgage Loan” in this Agreement.


 


The parties to this Agreement
acknowledge that the related Loan Purchase Agreement provides that if any Mortgage Loan is to be repurchased or replaced as contemplated
by this Section 2.03, the related Mortgage Loan Seller will be required to amend the Mortgage Loan Schedule (as such term
is defined in the related Loan Purchase Agreement) to reflect the removal of any deleted Mortgage Loan and, if applicable, the
substitution of the related Qualified Substitute Mortgage Loan(s) and deliver or cause the delivery of such amended Mortgage Loan
Schedule (as such term is defined in the related Loan Purchase Agreement) to the parties to this Agreement. Upon any substitution
of a Qualified Substitute Mortgage Loan for a deleted


 






    	-135-



    	 



    

 


Mortgage
Loan, such Qualified Substitute Mortgage Loan shall become part of the Trust Fund and be subject to the terms of this Agreement
in all respects.


 


The related Loan Purchase
Agreement provides the sole remedies available to the Certificateholders, or the Certificate Administrator or the Trustee on behalf
of the Certificateholders, respecting any Document Defect or Breach with respect to any Mortgage Loan.


 


(d)        The
parties to this Agreement acknowledge, with respect to each Outside Serviced Trust Loan, that the related Loan Purchase Agreement
provides that if a “material document defect” (as such term or any analogous term is defined in the related Outside
Servicing Agreement) exists under the related Outside Servicing Agreement with respect to the related Outside Serviced Companion
Loan included in the related Outside Securitization Trust, and such Outside Serviced Companion Loan is repurchased by or on behalf
of the related Mortgage Loan Seller (or other responsible repurchasing entity) from such Outside Securitization Trust as a result
of such “material document defect” (as such term or any analogous term is defined in such Outside Servicing Agreement),
then the related Mortgage Loan Seller will be required to repurchase such Outside Serviced Trust Loan; provided, however, that
such repurchase obligation does not apply to any “material document defect” (as such term or any analogous term is
defined in the related Outside Servicing Agreement) related to the promissory note for such Outside Serviced Companion Loan.


 


Section 2.04     Representations
and Warranties of the Depositor.


 


(a)        The
Depositor hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders and the
Serviced Companion Loan Holders, and to the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian and the
Certificate Administrator, as of the Closing Date, that:


 


(i)         The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, and is
duly qualified as a foreign corporation in good standing in all jurisdictions in which the ownership or lease of its property or
the conduct of its business requires such qualification (except where the failure to qualify would not have a materially adverse
effect on the consummation of any transactions contemplated by this Agreement); the Depositor has taken all necessary corporate
action to authorize the execution, delivery and performance of this Agreement by it, and has the power and authority to execute,
deliver and perform this Agreement and all the transactions contemplated hereby, including, but not limited to, the power and authority
to sell, assign and transfer the Mortgage Loans in accordance with this Agreement; the Depositor has duly authorized the execution,
delivery and performance of this Agreement, and has duly executed and delivered this Agreement;


 


(ii)        Assuming
the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and all of the obligations
of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against the Depositor in
accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar


 






    	-136-



    	 



    

 


laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law) and, as to any rights of indemnification hereunder,
by considerations of public policy;


 


(iii)       Neither
the execution and delivery by the Depositor of this Agreement nor the compliance by the Depositor with the provisions hereof, nor
the consummation by the Depositor of the transactions contemplated by this Agreement, will (A) conflict with or result in
a breach of, or constitute a default under, the organizational documents of the Depositor or, after giving effect to the consents
or taking of the actions contemplated by clause (B) of this paragraph (iii), any of the provisions of any law, governmental
rule, regulation, judgment, decree or order binding on the Depositor or its properties, or any of the provisions of any indenture
or agreement or other instrument to which the Depositor is a party or by which it is bound or result in the creation or imposition
of any lien, charge or encumbrance upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument
or (B) require any consent of, notice to, or filing with any person, entity or governmental body, which has not been obtained
or made by the Depositor, except where, in any of the instances contemplated by clause (A) above or this clause (B),
the failure to do so will not have a material and adverse effect on the consummation of any transactions contemplated by this Agreement;


 


(iv)       There
is no litigation, charge, investigation, action, suit or proceeding pending or, to the Depositor’s knowledge, threatened
against the Depositor in any court or by or before any other governmental agency or instrumentality the outcome of which could
be reasonably expected to materially and adversely affect the validity of the Mortgage Loans or the ability of the Depositor to
carry out the transactions contemplated by this Agreement;


 


(v)        The
Depositor is not transferring the Mortgage Loans to the Trustee with any intent to hinder, delay or defraud its present or future
creditors;


 


(vi)       No
proceedings looking toward merger, liquidation, dissolution or bankruptcy of the Depositor are pending or contemplated;


 


(vii)      Immediately
prior to the transfer of the Mortgage Loans to the Trustee for the benefit of the Certificateholders pursuant to this Agreement,
the Depositor had such right, title and interest in and to each Mortgage Loan as was transferred to it by the related Mortgage
Loan Seller pursuant to the related Loan Purchase Agreement;


 


(viii)     The
Depositor has not transferred any of its right, title and interest in and to the Mortgage Loans (as such was transferred to it
by the Mortgage Loan Sellers pursuant to the Loan Purchase Agreements) to any Person other than the Trustee; and


 


(ix)        The
Depositor is transferring all of its right, title and interest in and to the Mortgage Loans (as such was transferred to it by the
Mortgage Loan Sellers pursuant to the Loan Purchase Agreements) to the Trustee for the benefit of the Certificateholders


 






    	-137-



    	 



    

 


free
and clear of any and all liens, pledges, charges, security interests and other encumbrances created by or through the Depositor.


 


(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of
the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage
Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto,
each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative.


 


Section 2.05     Representations,
Warranties and Covenants of the Master Servicer.


 


(a)        The
Master Servicer hereby represents and warrants to, and covenants with, the Trustee, for its own benefit and the benefit of the
Certificateholders and the Serviced Companion Loan Holders, and to and with the Depositor, the Special Servicer, the Operating
Advisor, the Custodian and the Certificate Administrator, as of the Closing Date, that:


 


(i)         The
Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America, and the Master Servicer is in compliance with the laws of each jurisdiction in which a Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;


 


(ii)        The
execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement
by the Master Servicer, do not violate the Master Servicer’s organizational documents or constitute a default (or an event
that, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement
or other material instrument to which it is a party or that is applicable to it or any of its assets, in each case, which does
or is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this
Agreement or the financial condition of the Master Servicer;


 


(iii)       The
Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it as 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 each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms


 






    	-138-



    	 



    

 


hereof, subject
to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium and other
laws affecting the enforcement of creditors’ (including bank creditors’) rights generally and (B) general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;


 


(v)        The
Master Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement do not constitute a violation of, any law, any order or decree of any court or arbiter, or any order,
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Master Servicer’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Master Servicer to perform
its obligations under this Agreement or the financial condition of the Master Servicer;


 


(vi)       No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer that would
prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable judgment,
is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this Agreement
or the financial condition of the Master Servicer;


 


(vii)      Each
officer or employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage Loans
and the Serviced Companion Loans is covered by errors and omissions insurance in the amounts and with the coverage required by
Section 3.08(c) of this Agreement or the Master Servicer self-insures for such errors and omissions coverage in compliance with the requirements
of Section 3.08(c) of this Agreement; and


 


(viii)     No
consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental agency
or body is required for the consummation by the Master Servicer of the transactions contemplated by this Agreement, except for
those consents, approvals, authorizations and orders that previously have been obtained and those filings and registrations that
previously have been completed.


 


(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of the
Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage
Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto,
each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative.


 






    	-139-



    	 



    

 


Section 2.06     Representations,
Warranties and Covenants of the Special Servicer.


 


(a)        The
Special Servicer hereby represents and warrants to, and covenants with, the Trustee, for its own benefit and the benefit of the
Certificateholders and the Serviced Companion Loan Holders, and to and with the Depositor, the Master Servicer, the Operating Advisor,
the Custodian and the Certificate Administrator, as of the Closing Date, that:


 


(i)         The
Special Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of Florida, and the Special Servicer is in compliance with the laws of each jurisdiction in which a Mortgaged Property is located
to the extent necessary to perform its obligations under this Agreement;


 


(ii)        The
execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement
by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents or by-laws or (B) constitute
a default (or an event that, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other material instrument to which it is a party or that is applicable to it or any of its assets,
in each case, which does or is likely to materially and adversely affect either the ability of the Special Servicer to perform
its obligations under this Agreement or the financial condition of the Special Servicer;


 


(iii)       The
Special Servicer has the full power and authority to enter into and consummate all transactions to be performed by it as 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 each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject
to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium and other
laws affecting the enforcement of creditors’ (including bank creditors’) rights generally, (B) general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law and (C) public policy
considerations regarding the enforceability of provisions providing or purporting to provide indemnification or contribution with
respect to violations of securities laws;


 


(v)        The
Special Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement do not constitute a violation of, any law, any order or decree of any court or arbiter, or any order,
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Special Servicer’s
good faith and reasonable judgment, is likely to affect materially and adversely either the ability of the Special Servicer to


 






    	-140-



    	 



    

 


perform its obligations under this Agreement or the financial condition of the Special Servicer;


 


(vi)       No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer that would
prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable judgment,
is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under this Agreement
or the financial condition of the Special Servicer;


 


(vii)      Each
officer or employee of the Special Servicer that has or, following a transfer of servicing responsibilities to the Special Servicer
pursuant to Section 3.22 of this Agreement, would have, responsibilities concerning the servicing and administration of Mortgage Loans
and Serviced Companion Loans is covered by errors and omissions insurance in the amounts and with the coverage required by Section 3.08(c)
of this Agreement or the Special Servicer self-insures for such errors and omissions coverage in compliance with the requirements
of Section 3.08(c) of this Agreement; and


 


(viii)     No
consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental agency
or body is required for the consummation by the Special Servicer of the transactions contemplated by this Agreement, except for
those consents, approvals, authorizations and orders that previously have been obtained and those filings and registrations that
previously have been completed and except for consents, approvals, authorizations, orders, filings or registrations which are not
required in order for the Special Servicer to enter into this Agreement but may be required (and if so required, will be obtained)
in connection with the Special Servicer’s subsequent performance of this Agreement.


 


(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of
the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage
Loan, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder,
the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling
Class Representative.


 


Section 2.07     Representations
and Warranties of the Trustee.


 


(a)        The
Trustee hereby represents and warrants for the benefit of the Certificateholders, and the Serviced Companion Loan Holders, and
to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian and the Certificate Administrator,
as of the Closing Date, that:


 






    	-141-



    	 



    

 


(i)         The
Trustee is a New York banking corporation, duly organized, validly existing and in good standing under the laws of the State of
New York; 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 by-laws or shareholders’ resolutions 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;


 


(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 8.08 of this Agreement, 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 (A) bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating to or affecting
the rights of creditors generally, (B) general principles of equity (regardless of whether such enforcement is considered
in a proceeding in equity or at law) and (C) public policy considerations regarding the enforceability of provisions providing
or purporting to provide indemnification or contribution with respect to violations of securities laws;


 


(v)        the
Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court 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 its properties or might have consequences 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 Trustee of this Agreement or if required, such approval
has been obtained prior to the Closing Date; and


 






    	-142-



    	 



    

 


(vii)      no
litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement.


 


(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of
the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage
Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto,
each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative.


 


Section 2.08     Representations
and Warranties of the Certificate Administrator.


 


(a)        The
Certificate Administrator hereby represents and warrants to the Trustee, for its own benefit and for the benefit of the Certificateholders
and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor
and the Custodian, as of the Closing Date, that:


 


(i)         The
Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America; the Certificate Administrator 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 Certificate Administrator and its performance and compliance with the terms of
this Agreement will not violate the Certificate Administrator’s articles of association or by-laws or shareholders’
resolutions 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 Certificate Administrator is a party
or which may be applicable to the Certificate Administrator or any of its assets;


 


(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 (A) bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating
to or


 






    	-143-



    	 



    

 


affecting the rights of creditors generally (B) general principles of equity (regardless of whether such enforcement
is considered in a proceeding in equity or at law) and (C) public policy considerations regarding the enforceability of provisions
providing or purporting to provide indemnification or contribution with respect to violations of securities laws;


 


(v)        the
Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court 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 its properties or might have consequences 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; and


 


(vii)      no
litigation is pending or, to the best of the Certificate Administrator’s knowledge, 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.


 


(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of
the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Certificate Administrator
in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other
parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance
of a Consultation Termination Event, the Controlling Class Representative.


 


Section 2.09     Representations,
Warranties and Covenants of the Operating Advisor.


 


(a)        The
Operating Advisor hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders
and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer, the Custodian and the
Certificate Administrator, as of the Closing Date, that:


 






    	-144-



    	 



    

 


(i)         The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of New York; and the Operating Advisor is in compliance with the laws of each jurisdiction in which a Mortgaged Property is located
to the extent necessary to perform its obligations under this Agreement;


 


(ii)        The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating Advisor, do not violate the Operating Advisor’s organizational documents or constitute a default (or an
event that, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other instrument to which it is a party or that is applicable to it or any of its assets, in each case, which does
or is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations under this Agreement;


 


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


 


(iv)       This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Operating Advisor, enforceable against the Operating Advisor in accordance with the terms hereof, subject
to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium and other
laws affecting the enforcement of creditors’ rights generally, (B) general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law, and (C) public policy considerations regarding the enforceability
of provisions providing or purporting to provide indemnification or contribution with respect to violations of securities laws;


 


(v)        The
Operating Advisor is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement do not constitute a violation of, any law, any order or decree of any court or arbiter, or any order,
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Operating Advisor’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Operating Advisor to perform
its obligations under this Agreement;


 


(vi)       No
litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor that
would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations under this
Agreement; and


 


(vii)      No
consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental agency
or body is required for the consummation by the Operating Advisor of the transactions contemplated by this


 






    	-145-



    	 



    

 


Agreement, except for
any consent, approval, authorization or order which has not been obtained or cannot be obtained prior to the Closing Date, and
which, if not obtained would not have a materially adverse effect on the ability of the Operating Advisor to perform its obligations
hereunder.


 


(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of the
Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage
Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto,
each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative.


 


Section 2.10     Representations
and Warranties of the Custodian.


 


(a)        The
Custodian hereby represents and warrants to the Trustee, for its own benefit and for the benefit of the Certificateholders and
the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator
and the Operating Advisor, as of the Closing Date, that:


 


(i)         The
Custodian is a national banking association, duly organized, validly existing and in good standing under the laws of the United
States of America; the Custodian 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 Custodian and its performance and compliance with the terms of this Agreement will
not violate the Custodian’s articles of association or by-laws or shareholders’ resolutions 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 Custodian is a party or which may be applicable to the Custodian or any of
its assets;


 


(iii)       the
Custodian 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 Custodian, enforceable against it in accordance with the terms of this Agreement, except as such enforcement may be limited
by (A) bankruptcy, insolvency, conservatorship,


 






    	-146-



    	 



    

 


reorganization, receivership, moratorium or other laws relating to or affecting
the rights of creditors generally, (B) general principles of equity (regardless of whether such enforcement is considered
in a proceeding in equity or at law) and (C) public policy considerations regarding the enforceability of provisions providing
or purporting to provide indemnification or contribution with respect to violations of securities laws;


 


(v)        the
Custodian is not in violation of, and the execution and delivery of this Agreement by the Custodian 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 Custodian or its properties or might have consequences 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 Custodian of this Agreement or if required, such
approval has been obtained prior to the Closing Date; and


 


(vii)      no
litigation is pending or, to the best of the Custodian’s knowledge, threatened against the Custodian which would prohibit
its entering into or materially and adversely affect its ability to perform its obligations under this Agreement.


 


(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement.
Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Custodian
(or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of any of the representations
and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders or
any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Custodian in any Mortgage Loan or Serviced
Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying
Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination
Event, the Controlling Class Representative.


 


Section 2.11     Execution
and Delivery of Certificates; Issuance of Lower-Tier Regular Interests. 


 


(a)        The
Trustee (i) acknowledges the assignment to it of the Mortgage Loans and the delivery of the related Mortgage Files to the Custodian
(to the extent the documents constituting the Mortgage Files are actually delivered to the Custodian), subject to the provisions
of Sections 2.01 and 2.02 of this Agreement, (ii) concurrently with such delivery described in clause (i),
declares that it holds the Mortgage Loans (exclusive of Excess Interest) for the benefit of the Holders of the Class R Certificates
(in respect of the Lower-Tier Residual Interest) and the holder(s) of the Lower-Tier Regular Interests, and (iii) concurrently
with such delivery described in clause (i), declares that it holds the Excess Interest for the benefit of the Holders of


 






    	-147-



    	 



    

 


the Excess
Interest Certificates. Concurrently with such delivery described in clause (i) of the prior sentence, (i) the Lower-Tier
Regular Interests and the Lower-Tier Residual Interest shall be issued, and the Trustee and Certificate Administrator acknowledge
the issuance thereof, in exchange for the assets of the Lower-Tier REMIC, (ii) the Depositor hereby conveys all right, title
and interest in and to the Lower-Tier Regular Interests and other property constituting the Upper-Tier REMIC to the Trustee, receipt
of which is hereby acknowledged, and (iii) the Trustee acknowledges and hereby declares that it holds the same on behalf of the
Holders of the Class R Certificates (in respect of the Upper-Tier Residual Interest), the Holders of the Regular Certificates and
the holder(s) of the Class PEZ Regular Interests, in exchange for the conveyance described in the immediately preceding clause
(ii), (A) the Class PEZ Regular Interests and the Upper-Tier Residual Interest shall be issued, and (B) the Certificate Administrator
shall execute and cause to be authenticated and delivered to and upon the order of the Depositor, (1) the Regular Certificates,
and (2) the Class R Certificates, representing the Lower-Tier Residual Interest and the Upper-Tier Residual Interest,
registered in the names set forth in such order and duly authenticated by the Certificate Administrator. The Certificate Administrator
shall execute and cause to be authenticated and delivered to and upon the order of the Depositor, the Excess Interest Certificates
in exchange for the Excess Interest.


 


(b)        The
Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without
recourse all the right, title and interest of the Depositor in and to the Class PEZ Regular Interests to the Trustee for the benefit
of the holders of (i) the Class A-S Certificates (to the extent of the Class A-S Percentage Interest of the Class A-S Regular Interest),
(ii) the Class B Certificates (to the extent of the Class B Percentage Interest of the Class B Regular Interest), (iii) the
Class C Certificates (to the extent of the Class C Percentage Interest of the Class C Regular Interest) and (iv) the Class PEZ
Certificates (to the extent of the applicable Class PEZ Percentage Interest of each of the Class PEZ Regular Interests). The Trustee
(i) acknowledges the assignment to it of the Class PEZ Regular Interests and (ii) declares that it holds and will hold the
Class PEZ Regular Interests in trust for the exclusive use and benefit of all present and future Holders of the Exchangeable Certificates.
The Certificate Administrator shall execute and cause the Authenticating Agent to authenticate and deliver to or upon the order
of the Depositor, in exchange for the Class PEZ Regular Interests, the Exchangeable Certificates in authorized Denominations.


 


Section 2.12     Miscellaneous
REMIC and Grantor Trust Provisions.


 


(a)        The
Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-5, Class LA-AB, Class LA-S, Class LB,
Class LC, Class LD, Class LE, Class LF and Class LG Interests are hereby designated as “regular interests”
in the Lower-Tier REMIC within the meaning of Code Section 860G(a)(1), and the Lower-Tier Residual Interest (evidenced by
the Class R Certificates) is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC
within the meaning of Code Section 860G(a)(2).


 


(b)        The
Regular Certificates and the Class PEZ Regular Interests are hereby designated as “regular interests” in the Upper-Tier
REMIC within the meaning of Code Section 860G(a)(1), and the Upper-Tier Residual Interest (evidenced by the Class R Certificates)
is hereby designated as the sole class of “residual interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(2).


 






    	-148-



    	 



    

 


(c)        The
Closing Date is hereby designated as the “Startup Day” of the Lower-Tier REMIC and the Upper-Tier REMIC. The
“latest possible maturity date” for purposes of Code Section 860G(a)(1) of the Lower-Tier Regular Interests, the
Regular Certificates and the Class PEZ Regular Interests is the Rated Final Distribution Date.


 


(d)        None
of the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator
shall enter into any arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically
contemplated herein.


 


(e)        Each
Class of the Grantor Trust Certificates shall represent undivided beneficial interests in its corresponding portion of the Trust
Fund consisting of, respectively, the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the Class
C Specific Grantor Trust Assets, the Class PEZ Specific Grantor Trust Assets, and the Excess Interest Grantor Trust Assets, each
of which portions will be treated as part of a “grantor trust” within the meaning of subpart E, part I of subchapter
J of the Code.


 


Article
III



ADMINISTRATION AND SERVICING

OF THE MORTGAGE LOANS


 


Section 3.01     Master
Servicer to Act as Master Servicer; Administration of the Mortgage Loans; Sub-Servicing Agreements; Outside Serviced Trust Loans.


 


(a)        The
Master Servicer (with respect to the Performing Serviced Loans) and the Special Servicer (with respect to the Specially Serviced
Loans), each as an independent contractor, shall service and administer the Mortgage Loans (other than the Outside Serviced Trust
Loans, which will be serviced, together with the related Outside Serviced Companion Loans, pursuant to the applicable Outside Servicing
Agreement) and the Serviced Companion Loans on behalf of the Trust Fund and the Trustee (for the benefit of the Certificateholders
or, with respect to each Serviced Loan Combination, for the benefit of the Certificateholders and the related Serviced Companion
Loan Holders as a collective whole as if such Certificateholders and Serviced Companion Loan Holders constituted a single lender
(and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion
Loan), subject to the terms and conditions of the related Co-Lender Agreement) as determined in the good faith and reasonable judgment
of the Master Servicer or the Special Servicer, as the case may be, in accordance with: (i) any and all applicable laws; (ii) the
express terms of this Agreement, the respective Serviced Mortgage Loans or Serviced Loan Combinations and, in the case of the Serviced
Loan Combinations, the related Co-Lender Agreement; and (iii) to the extent consistent with the foregoing, the Servicing Standard.
To the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement and any related
Co-Lender Agreement or mezzanine loan intercreditor agreement, the Master Servicer and Special Servicer shall seek to maximize
the timely and complete recovery of principal and interest on the Mortgage Loans (other than the Outside Serviced Trust Loans)
and the Serviced Companion Loans. Subject only to the Servicing Standard, the Master Servicer and Special Servicer shall have full
power and authority, acting alone or, in the case of the Master


 






    	-149-



    	 



    

 


Servicer
only, through Sub-Servicers (subject to paragraph (c) of this Section 3.01 and to Section 3.02 of this Agreement), to do or cause
to be done any and all things in connection with such servicing and administration which it may deem consistent with the Servicing
Standard and, in its judgment exercised in accordance with the Servicing Standard, in the best interests of the Certificateholders
and, in the case of a Serviced Loan Combination, the related Serviced Companion Loan Holder(s) (as a collective whole as if such
Certificateholders and, in the case of a Serviced Loan Combination, the related Serviced Companion Loan Holder(s) constituted
a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related
Subordinate Companion Loan), subject to the terms and conditions of the related Co-Lender Agreement), including, without limitation,
with respect to each Mortgage Loan and Serviced Companion Loan, (A) other than with respect to the Outside Serviced Trust Loans,
to prepare, execute and deliver, on behalf of the Certificateholders, the Serviced Companion Loan Holders and the Trustee or any
of them: (i) any and all financing statements, continuation statements and other documents or instruments necessary to maintain
the lien on each Mortgaged Property and related collateral; (ii) subject to Sections 3.07, 3.09, 3.10 and
3.24 of this Agreement, any modifications, waivers, consents or amendments to or with respect to any documents contained in
the related Mortgage File or defeasance of the Mortgage Loan or Serviced Companion Loan; and (iii) any and all instruments
of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect
to the Mortgage Loan (and related Serviced Companion Loan) or the related Mortgaged Property; and (B) including with respect
to the Outside Serviced Trust Loans, to direct, manage, prosecute and/or defend any action, suit or proceeding of any kind filed
in the name of the Master Servicer or Special Servicer in their respective capacity on behalf of the Trustee or the Trust. Notwithstanding
the foregoing, neither the Master Servicer nor the Special Servicer shall modify, amend, waive or otherwise consent to any change
of the terms of any Mortgage Loan, or Serviced Companion Loan except under the circumstances described in Sections 3.07,
3.09, 3.10 and 3.24 of this Agreement or in Section 3.03 of this Agreement. The Master Servicer and Special Servicer shall
service and administer the Mortgage Loans (other than the Outside Serviced Trust Loans), the Serviced Companion Loans and each
related REO Property in accordance with applicable law and the terms thereof and hereof and the terms of any applicable Co-Lender
Agreements and intercreditor agreements and shall provide to the Mortgagors any reports required to be provided to them thereby.


 


Subject to Section 3.11 of
this Agreement, the Trustee shall, upon the receipt of a written request of a Servicing Officer, execute and deliver to the Master
Servicer or Special Servicer any powers of attorney substantially in the form of Exhibit AA-1 to this Agreement or
such other form as mutually agreed to by the Trustee and the Master Servicer (in the case of the Master Servicer) or Exhibit
AA-2 to this Agreement or such other form as mutually agreed to by the Trustee and the Special Servicer (in the case of the
Special Servicer), as applicable, and other documents reasonably acceptable to the Trustee prepared by the Master Servicer and
Special Servicer and necessary or appropriate (as certified in such written request) to enable the Master Servicer and Special
Servicer to carry out their servicing and administrative duties hereunder. Notwithstanding anything contained herein to the contrary,
none of the Master Servicer, the Special Servicer or any Sub-Servicer shall, without the Trustee’s written consent: (i) initiate
any action, suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s or Special
Servicer’s, as applicable, representative capacity, unless prohibited by any requirement of the applicable jurisdiction in
which any such action, suit or proceeding is brought


 






    	-150-



    	 



    

 


and
if so prohibited, in the manner required by such jurisdiction (provided that the Master Servicer or the Special Servicer, as applicable,
shall then provide five (5) Business Days’ written notice to the Trustee of the initiation of such action, suit or proceeding
(or such shorter time period as is reasonably required in the judgment of the Master Servicer or the Special Servicer, as applicable,
made in accordance with the Servicing Standard) prior to filing such action, suit or proceeding), and shall not be required to
obtain the Trustee’s consent or indicate the Master Servicer’s or the Special Servicer’s, as applicable, representative
capacity; or (ii) take any action with the intent to cause, and that actually causes, the Trustee to be registered to do
business in any state. Each of the Master Servicer, the Special Servicer and any Sub-Servicer shall indemnify the Trustee for
any and all costs, liabilities and expenses incurred by the Trustee in connection with the negligent or willful misuse of such
powers of attorney by the Master Servicer or the Special Servicer or its agents or subcontractors, as applicable.


 


(b)        Unless
otherwise provided in the related Loan Documents, the Master Servicer shall apply any partial principal prepayment received on
a Serviced Loan on a date other than a Due Date, to the principal balance of such Mortgage Loan as of the Due Date immediately
following the date of receipt of such partial principal prepayment. Unless otherwise provided in the related Loan Documents, the
Master Servicer shall apply any amounts received on “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (which
shall not be redeemed by the Master Servicer prior to the maturity thereof) in respect of such a Serviced Loan being defeased
pursuant to its terms to the principal balance of and interest on such Serviced Loan as of the Due Date immediately following the
receipt of such amounts. If with respect to any Serviced Loan the related Loan Documents permit the lender, at its option, prior
to an event of default under the related Serviced Loan, to apply amounts held in any reserve account as a prepayment or to hold
such amounts in a reserve account, the Master Servicer shall hold such amounts in the applicable reserve account and may not apply
such amounts as a prepayment until the occurrence of an event of default under the related Serviced Loan; provided that
any such amounts may be used, if permitted under the related Loan Documents, to defease the related Serviced Loan or, upon an event
of default under the related Serviced Loan, to prepay the Serviced Loan.


 


(c)        The
Master Servicer may enter into Sub-Servicing Agreements with third parties (including a party that has previously been engaged
as a Subcontractor) with respect to any of its obligations hereunder, provided that (i) any such agreement shall be
consistent with the provisions of this Agreement, (ii) any such agreement shall be consistent with the Servicing Standard,
(iii) other than with respect to any Mortgage Loan Seller Sub-Servicer, the Depositor has consented to the related Sub-Servicer,
(iv) any such agreement shall provide that, following receipt of the applicable Loan Purchase Agreement from the Depositor,
the Master Servicer shall provide a copy of the applicable Loan Purchase Agreement to the related Sub-Servicer, and that such Sub-Servicer
shall notify the Master Servicer in writing within five (5) Business Days after such Sub-Servicer discovers or receives notice
alleging a Document Defect or a Breach or receives a Repurchase Communication of a Repurchase Request, a Repurchase Request Withdrawal,
a Repurchase or a Repurchase Request Rejection; (v) the Master Servicer shall notify the applicable Mortgage Loan Seller of
any such agreement (other than any Sub-Servicing Agreement in place on the Closing Date with a Mortgage Loan Seller Sub-Servicer);
(vi) any assignment of such Sub-Servicing Agreement by the related Sub-Servicer (other than an


 






    	-151-



    	 



    

 


assignment
to the Master Servicer) shall be subject to the prior written consent of the Depositor (which consent shall not be unreasonably
withheld, conditioned or delayed); and (vii) any amendment or modification of such Sub-Servicing Agreement shall be subject to
the prior written consent of the Depositor (which consent shall not be unreasonably withheld, conditioned or delayed) if the Master
Servicer determines that, as a result of such amendment or modification, the Sub-Servicer would become a “servicer”
within the meaning of Item 1101 of Regulation AB that (1) meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB or (2) meets the criteria in Item 1108(a)(2)(iii) of Regulation AB and services 20% or more of the pool assets. Any such Sub-Servicing
Agreement may permit the Sub-Servicer to delegate its duties to agents or subcontractors so long as the related agreements or
arrangements with such agents or subcontractors are consistent with the provisions of this Section 3.01(c). The Master Servicer shall
pay the servicing fees of any Sub-Servicer and shall provide a copy of each Sub-Servicing Agreement (and any assignment thereof)
to the Trustee. Any Sub-Servicing Agreement entered into by the Master Servicer shall provide that it may be assumed by the Trustee,
if the Trustee has assumed the duties of the Master Servicer or by any successor Master Servicer without cost or obligation to
the assuming party or the Trust Fund, upon the assumption by such party of the obligations of the Master Servicer pursuant to
Section 7.02. The Special Servicer may not enter into Sub-Servicing Agreements; provided that, if and to the extent LNR Partners,
LLC is terminated as Special Servicer by the Controlling Class Representative without cause (i.e., not as a result of a Servicer
Termination Event) and LNR Partners, LLC otherwise satisfies all of the eligibility requirements applicable to special servicers
contained in this Agreement, LNR Partners, LLC may, subject to the consent of the Controlling Class Representative (for so long
as no Control Termination Event has occurred and is continuing), be appointed as a sub-special servicer of a successor Special
Servicer appointed by the Controlling Class Representative. In the event that LNR Partners, LLC is appointed as a sub-special
servicer of a successor Special Servicer pursuant to the proviso of the immediately preceding sentence, such successor Special
Servicer shall be subject to all the provisions of Section 3.01(c) and Section 3.02 of this Agreement; provided
that all references to “Master Servicer” and “Sub-Servicer” under Section 3.01(c) and Section
3.02 shall be deemed to be references to the Special Servicer and LNR Partners, LLC (in its capacity as sub-special servicer),
respectively; and provided, further, that the Depositor’s consent under clause (iii) of the proviso in the
first sentence of Section 3.01(c) shall not be required with respect to the appointment of LNR Partners, LLC as a sub-special
servicer of such successor Special Servicer.


 


Any Sub-Servicing Agreement,
and any other transactions or services relating to the Mortgage Loans and/or Serviced Loan Combinations involving a Sub-Servicer,
shall be deemed to be between the Master Servicer and such Sub-Servicer alone, and the Trustee, the Certificate Administrator,
the Custodian, the Operating Advisor, the Trust Fund 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, except as set forth in Section 3.01(d) of this
Agreement and no provision herein may be construed so as to require the Trust Fund to indemnify any such Sub-Servicer.


 


(d)        If
the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer in accordance with Section 7.02, the Trustee
or such successor, as applicable, to the extent necessary to permit the Trustee or such successor, as applicable, to carry out
the provisions of Section 7.02, shall, without act or deed on the part of the Trustee or such


 






    	-152-



    	 



    

 


successor,
as applicable, succeed to all of the rights and obligations of the Master Servicer under any Sub-Servicing Agreement entered into
by the Master Servicer pursuant to Section 3.01(c) of this Agreement. In such event, the Trustee or the successor Master Servicer, as
applicable, shall be deemed to have assumed all of the Master Servicer’s interest therein (but not any liabilities or obligations
in respect of acts or omissions of the Master Servicer prior to such deemed assumption) and to have replaced the Master Servicer
as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been assigned to the Trustee
or such successor Master Servicer, as applicable, except that the Master Servicer shall not thereby be relieved of any liability
or obligations under such Sub-Servicing Agreement that accrued prior to the succession of the Trustee or the successor Master
Servicer, as applicable.


 


In the event that the
Trustee or any successor Master Servicer, assumes the servicing obligations of the Master Servicer, upon request of the Trustee,
or such successor Master Servicer, as applicable, the Master Servicer shall at its own expense deliver or cause to be delivered
to the Trustee or such successor Master Servicer all documents and records relating to any Sub-Servicing Agreement and the Mortgage
Loans then being serviced thereunder and an accounting of amounts collected and held by it, if any, and will otherwise use its
reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement to the Trustee or the successor
Master Servicer, as applicable.


 


(e)        The
parties hereto acknowledge that each Serviced Loan Combination is subject to the terms and conditions of the related Co-Lender
Agreement and recognize the respective rights and obligations of the Trust, as holder of the related Mortgage Loan, and of the
related Serviced Companion Loan Holder under the related Co-Lender Agreement, including: (i) with respect to the allocation
of collections on or in respect of such Serviced Loan Combination, and the making of remittances, to the Trust, as holder of the
related Mortgage Loan, and to the related Serviced Companion Loan Holder; (ii) with respect to the allocation of expenses
and losses relating to such Serviced Loan Combination to the Trust, as holder of the related Mortgage Loan, and to the related
Serviced Companion Loan Holder; (iii) any consultation, consent and Special Servicer appointment rights of the related Serviced
Companion Loan Holder or its Companion Loan Holder Representative; (iv) any right of a related Companion Loan Holder to cure certain
defaults under the related Serviced Loan Combination; and (v) any right of a related Companion Loan Holder to purchase the related
Split Mortgage Loan from the Trust Fund (together with any other related Serviced Pari Passu Companion Loans, if applicable). With
respect to any Serviced Loan Combination, the Master Servicer (if such Serviced Loan Combination is a Performing Serviced Loan)
or the Special Servicer (if such Serviced Loan Combination has become a Specially Serviced Loan or the related Mortgaged Property
has been converted to an REO Property) shall prepare and provide to the related Serviced Companion Loan Holder (or its Companion
Loan Holder Representative), or the master servicer or special servicer for the related Other Securitization Trust on its behalf,
all notices, reports, statements and communications to be delivered by the holder of the related Mortgage Loan under the related
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 related Mortgage Loan pursuant to the related Co-Lender Agreement.
Furthermore, to the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any
Co-Lender Agreement for a Serviced Loan Combination are deemed incorporated herein by reference, and the parties hereto shall comply
with those


 






    	-153-



    	 



    

 


provisions
as if set forth herein in full. In the event of any conflict between this Agreement and a Co-Lender Agreement with respect to
a Serviced Pari Passu Loan Combination, the terms of such Co-Lender Agreement shall control with respect to such Serviced Pari
Passu Loan Combination.


 


(f)         Notwithstanding
anything to the contrary herein, (a) at no time shall the Master Servicer or the Trustee be required to make any P&I Advance
on any Companion Loan and (b) if the Mortgage Loan (or the related REO Property) that is part of a Serviced Loan Combination is
no longer part of the Trust Fund, neither the Master Servicer nor the Trustee, as the case may be, shall have any obligation to
make any Property Advance on such Serviced Loan Combination. If pursuant to the foregoing sentence, the Master Servicer does not
intend to make a Property Advance with respect to a Serviced Loan Combination that the Master Servicer would have made if the related
Mortgage Loan or REO Property were still part of the Trust Fund, the Master Servicer shall promptly notify the holder of the related
Serviced Companion Loan of its intention to no longer make such Property Advances and shall additionally promptly notify such holder
of any required Property Advance it would have otherwise made upon becoming aware of the need for such Property Advance. Additionally,
at the time the Mortgage Loan relating to a Serviced Loan Combination is removed from the Trust Fund, the Master Servicer shall
deliver to the related Serviced Companion Loan Holder (or the master servicer of any securitization of the related Serviced Companion
Loan) (i) a copy of the most recent inspection report and the inspection report for the prior calendar year, (ii) copies of all
financial statements collected from the related borrower for the most recent calendar year and the prior calendar year, (iii) a
copy of the most recent Appraisal and any other Appraisal done in the prior year and (iv) a copy of all tax and insurance bills
for the current calendar year and the prior calendar year.


 


(g)        Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to each Outside Serviced Trust Loan and each Outside Serviced Companion Loan related to the Outside Serviced Trust Loans are limited
by and subject to the terms of the related Co-Lender Agreement and this Agreement and the rights of the related Outside Servicer
and the related Outside Special Servicer with respect thereto under the applicable Outside Servicing Agreement. The parties further
recognize the respective rights and obligations of the related Outside Trustee and/or the Outside Serviced Companion Loan Holders
(or the representatives thereof) under each respective Co-Lender Agreement including with respect to the allocation of collections
on or in respect of an Outside Serviced Loan Combination in accordance with the related Co-Lender Agreement. The Master Servicer
shall cooperate with the Certificate Administrator, on behalf of the Trust, in connection with the enforcement of the rights by
the Trustee (as holder of the Outside Serviced Trust Loans) under each related Co-Lender Agreement and each applicable Outside
Servicing Agreement. The Master Servicer or Special Servicer, as applicable, (under the power of attorney granted by the Trustee)
shall take such actions as it shall deem reasonably necessary to facilitate the servicing of each Outside Serviced Companion Loan
by the related Outside Servicer and the related Outside Special Servicer, including, but not limited to, delivering appropriate
requests for release to the Custodian (if any) in order to deliver any portion of the related Mortgage Files to the related
Outside Servicer or related Outside Special Servicer under the applicable Outside Servicing Agreement.


 






    	-154-



    	 



    

 


To the extent that the
Trust, as holder of an Outside Serviced Trust Loan for the benefit of the Certificateholders, is entitled to (i) consent to or
approve any modification, waiver or amendment of such Outside Serviced Trust Loan or (ii) exercise any consultation rights with
respect to “Major Decisions” or “Material Actions” (as such term or any analogous term is defined in the
applicable Outside Servicing Agreement) in connection with such Outside Serviced Trust Loan or any related REO Property or any
consultation rights with respect to the implementation of “Asset Status Reports” (as such term or any analogous term
is defined in the applicable Outside Servicing Agreement), then the following parties (to the extent notified by the appropriate
party to the applicable Outside Servicing Agreement of any matter requiring the exercise of consent, approval or consultation rights)
shall actually exercise such consent, approval or consultation rights, and the respective parties to this Agreement shall take
such actions as are reasonably necessary to allow the following parties to exercise such consent, approval or consultation rights:
(a) the Master Servicer (if such Outside Serviced Trust Loan is not part of a “specially serviced loan” (as such term
or any analogous term is defined in the applicable Outside Servicing Agreement) and only to the extent that the action would not
be considered a Major Decision or a Special Servicer Decision) or the Special Servicer (if such Outside Serviced Trust Loan is
part of a “specially serviced loan” (as such term or any analogous term is defined in the applicable Outside Servicing
Agreement) or if the action would be considered a Major Decision or a Special Servicer Decision) shall exercise such consent or
approval rights, with, in the case of a matter that would be a Major Decision, the consent of the Controlling Class Representative
unless a Control Termination Event exists, in each case in accordance with Section 3.01(i); and (b) the Controlling Class
Representative (unless a Consultation Termination Event exists) shall exercise any such consultation rights entitled to be exercised
by the holder of such Outside Serviced Mortgage Loan.


 


In addition to such consent,
approval or consultation rights, the Controlling Class Representative (if no Control Termination Event has occurred and is continuing)
and the Special Servicer (if a Control Termination Event has occurred and is continuing), on behalf of the Trust, as holder of
each Outside Serviced Trust Loan for the benefit of the Certificateholders, will have the right (exercisable in its sole discretion),
to the extent provided in the related Co-Lender Agreement and/or the applicable Outside Servicing Agreement, to attend (in-person
or telephonically) annual meetings with the related Outside Servicer or Outside Special Servicer, as applicable, upon reasonable
notice and at times reasonably acceptable to the related Outside Servicer or Outside Special Servicer, as applicable, for the purpose
of discussing servicing issues related to such Outside Serviced Loan Combination. For the avoidance of doubt, the foregoing provisions
of this Section 3.01(g) shall not impose any affirmative duties on the Operating Advisor with respect to the Outside Serviced
Loan Combinations.


 


None of the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian or the Trustee shall have any obligation
or authority to supervise any Outside Servicer, any Outside Special Servicer, any Outside Trustee or any other party to the applicable
Outside Servicing Agreement or to make Property Advances with respect to any of the Outside Serviced Trust Loans or a Companion
Loan related to an Outside Serviced Trust Loan. The obligation of the Master Servicer and the Special Servicer to provide information
to the Trustee or any other Person with respect to the Outside Serviced Trust Loans and any Outside Serviced Companion Loan related
to an Outside Serviced Trust Loan is


 






    	-155-



    	 



    

 


dependent
on their receipt of the corresponding information from the related Outside Servicer or the related Outside Special Servicer, as
applicable.


 


(h)        The
parties hereto acknowledge that each Outside Serviced Loan Combination is subject to the terms and conditions of the respective
Co-Lender Agreement and further acknowledge that, pursuant to the respective Co-Lender Agreement, (i) the related Outside
Serviced Trust Loan and the related Outside Serviced Companion Loans are to be serviced and administered by the related Outside
Servicer and Outside Special Servicer in accordance with the applicable Outside Servicing Agreement, and (ii) in the event
that the applicable Outside Serviced Companion Loan is no longer part of the trust fund created by the applicable Outside Servicing
Agreement and the related Outside Serviced Trust Loan remains an asset of the Trust Fund, then, as set forth in the related Co-Lender
Agreement, the related Outside Serviced Loan Combination shall be serviced in accordance with the applicable provisions of the
applicable Outside Servicing Agreement as if such agreement was still in full force and effect with respect to the related Outside
Serviced Loan Combination, until such time as a new servicing agreement has been agreed to by the parties to the related Co-Lender
Agreement in accordance with the provisions of such agreement and confirmation has been obtained from the Rating Agencies that
such new servicing agreement would not result in a downgrade, qualification or withdrawal of the then current ratings of any Class
of Certificates then outstanding and any other requirements applicable to the related Outside Serviced Trust Loan.


 


(i)         The
parties hereto acknowledge that each Outside Serviced Trust Loan is subject to the terms and conditions of the related Co-Lender
Agreement. With respect to each Outside Serviced Loan Combination, the parties hereto recognize the respective rights and obligations
of the related Outside Serviced Loan Combination Noteholders under the related Co-Lender Agreement, including with respect to the
allocation of collections and losses on or in respect of the related Outside Serviced Trust Loan and the related Outside Serviced
Companion Loan(s) and the making of payments to the related Outside Serviced Loan Combination Noteholders in accordance with the
related Co-Lender Agreement and the applicable Outside Servicing Agreement. The parties hereto further acknowledge that, pursuant
to the related Co-Lender Agreement, each Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s) are to
be serviced and administered by the related Outside Servicer and Outside Special Servicer in accordance with the applicable Outside
Servicing Agreement, and that payments allocated to each Outside Serviced Trust Loan and the related Outside Serviced Companion
Loans pursuant to the applicable Outside Servicing Agreement and the related Co-Lender Agreement are to be made by related Outside
Servicer. Although each Outside Serviced Trust Loan is not serviced and administered hereunder, the Master Servicer and the Special
Servicer hereunder for each such Outside Serviced Trust Loan shall have certain duties as set forth herein and shall constitute
the “Master Servicer” and “Special Servicer” hereunder with respect to each such Outside Serviced Trust
Loan.


 


           If
there are at any time amounts due from the Trust, as holder of an Outside Serviced Trust Loan, to any party under the related Co-Lender
Agreement or the applicable Outside Servicing Agreement, the Master Servicer shall pay such amounts out of the Collection Account.
If a party to the applicable Outside Servicing Agreement related to an Outside Serviced Trust Loan requests the Master Servicer,
Special Servicer, Trustee, Certificate


 






    	-156-



    	 



    

 


Administrator or Custodian to consent to a modification, waiver or amendment of, or other
loan-level action related to, such Outside Serviced Trust Loan (except a modification, waiver or amendment of the applicable Outside
Servicing Agreement or the related Co-Lender Agreement which shall not be subject to the operation of this sentence but shall instead
be subject to the operation of the second succeeding sentence), the party hereto that receives such request shall promptly deliver
a copy of such request to the Master Servicer and the Special Servicer, and the Master Servicer (if such Outside Serviced Trust
Loan is not part of a “specially serviced loan” (as such term or any analogous term is defined in the applicable Outside
Servicing Agreement) and only to the extent that the action would not be considered a Major Decision or a Special Servicer Decision)
or the Special Servicer (if such Outside Serviced Trust Loan is part of a “specially serviced loan” (as such term or
any analogous term is defined in the applicable Outside Servicing Agreement) or if the action would be considered a Major Decision
or a Special Servicer Decision) shall exercise such right of consent, with , in the case of a matter that would be a Major Decision,
the consent of the Controlling Class Representative unless a Control Termination Event exists; provided, however,
that, if such Outside Serviced Trust Loan were serviced hereunder and such action would not be permitted without Rating Agency
Confirmation, then the Master Servicer or the Special Servicer (as applicable) shall not exercise such right of consent without
first having obtained such Rating Agency Confirmation (payable at the expense of the party making such request for consent or approval
if such requesting party is a Certificateholder or a party to this Agreement, and otherwise from the Collection Account). Any consultation
rights entitled to be exercised by the holders of such Outside Serviced Mortgage Loan shall be exercised by the Controlling Class
Representative (unless a Consultation Termination Event exists). If a Responsible Officer of the Trustee, Certificate Administrator
or Custodian receives actual notice of a termination event under the applicable Outside Servicing Agreement, then the Trustee,
Certificate Administrator or Custodian, as applicable, shall notify the Master Servicer (in writing), and the Master Servicer shall
act in accordance with the instructions of (prior to the occurrence of a Control Termination Event) the Controlling Class Representative
in accordance with the applicable Outside Servicing Agreement with respect to such termination event (provided that the Master
Servicer shall only be required to comply with such instructions if such instructions are in accordance with the applicable Outside
Servicing Agreement and not inconsistent with this Agreement); provided that, if such instructions are not provided within
a reasonable time period (not to exceed ten (10) Business Days or such lesser response time as is afforded under the applicable
Outside Servicing Agreement) or if a Control Termination Event exists or if the Master Servicer is not permitted by the applicable
Outside Servicing Agreement to follow such instructions, then the Master Servicer shall take such action or inaction (to the extent
permitted by the applicable Outside Servicing Agreement), as directed in writing by the Holders of the Certificates evidencing
at least 25% of the aggregate of all Voting Rights (such direction to be sought and communicated to the Master Servicer by the
Certificate Administrator) within a reasonable period of time that does not exceed such response time as is afforded under the
applicable Outside Servicing Agreement. If the Trustee receives a request (and, if the Master Servicer, Special Servicer or the
Certificate Administrator receives such request, such party shall promptly forward such request to the Trustee) from any party
to the applicable Outside Servicing Agreement for consent to or approval of a modification, waiver or amendment of the applicable
Outside Servicing Agreement and/or the related Co-Lender Agreement, or the adoption of any servicing agreement that is the successor
to and/or in replacement of the applicable Outside Servicing Agreement in effect as of the Closing Date or a


 






    	-157-



    	 



    

 


change in servicer
under the applicable Outside Servicing Agreement, then the Trustee is hereby directed to, and the Trustee shall, grant such consent
or approval if (a) the Trustee shall have received a prior Rating Agency Confirmation from each Rating Agency (payable at the expense
of the party making such request for consent or approval to the Trustee, if a Certificateholder or a party to this Agreement, and
otherwise from the Collection Account) with respect to such consent or approval, and (b) unless a Control Termination Event has
occurred and is continuing, the Trustee shall have obtained the consent of the Controlling Class Representative. During the continuation
of any termination event with respect to the related Outside Servicer or Outside Special Servicer under the applicable Outside
Servicing Agreement, each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall have
the right (but not the obligation) to take all actions to enforce its rights and remedies and to protect the interests, and enforce
the rights and remedies, of the Trust (including the institution and prosecution of all judicial, administrative and other proceedings
and the filings of proofs of claim and debt in connection therewith); provided that, at the direction of the Holders of
Certificates evidencing at least 25% of the aggregate of all Voting Rights, the Trustee shall make a request to the related Outside
Trustee for the termination of the related Outside Servicer or Outside Special Servicer, as applicable, pursuant to the terms of
the applicable Outside Servicing Agreement or if applicable pursuant to the terms of the applicable Outside Servicing Agreement
with respect to a termination event involving the related Outside Servicer, the appointment of a new sub-servicer with respect
to the related Outside Serviced Loan Combination. The reasonable costs and expenses incurred by the Master Servicer, Special Servicer,
the Certificate Administrator, or the Trustee in connection with such enforcement shall be paid by the Master Servicer out of the
Collection Account. The Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer (each, a “Notifying
Party”) shall each promptly forward all material notices or other communications delivered to it in connection with the
applicable Outside Servicing Agreement to each other Notifying Party (unless a Notifying Party has actual knowledge that such other
Notifying Party (i) was copied on such original notice or communication or (ii) actually received such notice or communication),
the Operating Advisor (if a Control Termination Event exists), the Controlling Class Representative (if a Consultation Termination
Event does not exist) and the Depositor and, if such notice or communication is in the nature of a notice or communication that
would be required to be delivered to the Rule 17g-5 Information Provider (for posting to the Rule 17g-5 Information Provider’s
Website in accordance with Section 11.13) if the related Outside Serviced Trust Loan were a Mortgage Loan that is serviced and administered
under this Agreement, to the Rule 17g-5 Information Provider (who shall promptly post such notice to the Rule 17g-5 Information
Provider’s Website in accordance with Section 11.13). Any obligation of the Master Servicer or Special Servicer, as applicable,
to provide information and collections to the Trustee, the Certificate Administrator, the Controlling Class Representative and
the Certificateholders with respect to any Outside Serviced Trust Loan shall be dependent on its receipt of the corresponding information
and collections from the related Outside Servicer or the related Outside Special Servicer. Each of the Trustee, the Certificate
Administrator, the Master Servicer and the Special Servicer shall reasonably cooperate with the Master Servicer, the Special Servicer
or the Controlling Class Representative, in each case as and when applicable, to facilitate the exercise by such party of any consent,
approval or consultation rights set forth in this Section 3.01; provided, however, the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer shall have no right or


 






    	-158-



    	 



    

 


obligation to exercise any consent or consultation rights or
obtain a Rating Agency Confirmation on behalf of the Controlling Class Representative.


 


(j)         With
respect to each Outside Serviced Trust Loan, the parties to this Agreement agree as follows:


 


(i)         pursuant
to the applicable Outside Servicing Agreement, the related Outside Servicer is obligated to make “Servicing Advances”
or “Property Advances” and incur “Additional Trust Fund Expenses” (as each such term or any analogous term
is defined in the applicable Outside Servicing Agreement) with respect to such Outside Serviced Trust Loan; the Trust shall be
responsible for its pro rata share (such pro rata share and the pro rata share of the holder(s) of the related
Outside Serviced Companion Loan(s) to be determined based on the respective principal balances of such Outside Serviced Trust Loan
and the related Outside Serviced Companion Loan(s)) of any “Nonrecoverable Servicing Advance” or “Nonrecoverable
Property Advances” (and advance interest thereon) and any “Additional Trust Fund Expenses” (as each such term
or any analogous term is defined in the applicable Outside Servicing Agreement), but only to the extent that they relate to servicing
and administration of such Outside Serviced Trust Loan, including without limitation, any unpaid “Special Servicing Fees,”
“Liquidation Fees” and “Workout Fees” (as each such term or any analogous term is defined in the applicable
Outside Servicing Agreement) relating to such Outside Serviced Trust Loan; and in the event that the funds received with respect
to the related Outside Serviced Loan Combination are insufficient to cover “Servicing Advances,” “Property Advances”
or “Additional Trust Fund Expenses” (as each such term or any analogous term is defined in the applicable Outside Servicing
Agreement) relating to the servicing and administration of the related Outside Serviced Loan Combination, (i) the Master Servicer
shall, promptly following notice from the related Outside Servicer, reimburse the related Outside Servicer, the related Outside
Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable (such reimbursement,
to the extent owed to the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside
Trustee, may be paid by the Master Servicer to the related Outside Servicer, who shall pay such amounts to the related Outside
Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable), out of general
funds in the Collection Account for the Trust’s pro rata share (such pro rata share and the pro rata
share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective principal balances
of such Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s)) of any such “Nonrecoverable Servicing
Advance,” “Nonrecoverable Property Advances” and/or “Additional Trust Fund Expenses” (as each such
term or any analogous term is defined in the applicable Outside Servicing Agreement), and (ii) if the applicable Outside Servicing
Agreement permits the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator
or the related Outside Trustee to reimburse itself from the related Outside Securitization Trust’s general account, then
the parties to this Agreement hereby acknowledge and agree that the related Outside Servicer, the related Outside Special Servicer,
the related Outside Certificate Administrator or the related Outside Trustee, as applicable, may do so and the Master Servicer
shall be required to, promptly following


 






    	-159-



    	 



    

 


notice from the related Outside Servicer, reimburse the related Outside Securitization
Trust out of general funds in the Collection Account for the Trust’s pro rata share (such pro rata share and
the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective
principal balances of such Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s)) of any such “Nonrecoverable
Servicing Advance,” “Nonrecoverable Property Advances” and/or “Additional Trust Fund Expenses” (as
each such term or any analogous term is defined in the applicable Outside Servicing Agreement) relating to the servicing and administration
of such Outside Serviced Loan Combination;


 


(ii)        With
respect to each Outside Serviced Trust Loan, each of (i) (as and to the same extent the related Outside Securitization Trust is
required to indemnify each of the following parties in respect of other mortgage loans in the related Outside Securitization Trust
pursuant to the terms of the applicable Outside Servicing Agreement) the related Outside Servicer, the related Outside Special
Servicer, the related Outside Certificate Administrator, the related Outside Trustee, the related Outside Operating Advisor and
the related Outside Depositor (and any director, officer, employee or agent of any of the foregoing, to the extent such parties
are identified as “Indemnified Parties” in the applicable Outside Servicing Agreement in respect of other mortgages
included in related Outside Securitization Trust) and (ii) the related Outside Securitization Trust (such parties in clause (i)
and the related Outside Securitization Trust, collectively, the “Pari Passu Indemnified Parties”) shall be indemnified
against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities,
fees and expenses incurred in connection with the servicing and administration of such Outside Serviced Trust Loan and the related
Mortgaged Property (or, with respect to the related Outside Operating Advisor, incurred in connection with the provision of services
for such Outside Serviced Trust Loan) under the applicable Outside Servicing Agreement (collectively, the “Pari Passu
Indemnified Items”) to the extent of the Trust’s pro rata share (such pro rata share and the pro
rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective principal
balances of such Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s)) of such Pari Passu Indemnified
Items, and to the extent amounts on deposit in the “Serviced Loan Combination Collection Account”, “Serviced
Pari Passu Companion Loan Custodial Account” or “Whole Loan Custodial Account” (as each such term or any analogous
term is defined in the applicable Outside Servicing Agreement), as applicable, maintained pursuant to the applicable Outside Servicing
Agreement that are allocated to the Outside Serviced Trust Loan are insufficient for reimbursement of such amounts, such Indemnified
Party shall be entitled to be reimbursed by the Trust (including out of general collections in the Collection Account) for the
Trust’s pro rata share of the insufficiency;


 


(iii)       To
the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Co-Lender Agreement
for an Outside Serviced Loan Combination are deemed incorporated herein by reference, and the parties hereto shall comply with
those provisions as if set forth herein in full. In the event of any inconsistency between the provisions of this Agreement and
any Outside Serviced Co-Lender Agreement, such Outside Serviced Co-Lender Agreement shall prevail, provided


 






    	-160-



    	 



    

 


that in no event shall
the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action in accordance with
the terms of any Outside Serviced Co-Lender Agreement, that would cause the Master Servicer or the Special Servicer, as the case
may be, to violate the Servicing Standard or REMIC Provisions; and


 


(iv)       each
Outside Servicer, each Outside Special Servicer and each Outside Securitization Trust shall be third party beneficiaries of this
Section 3.01(j).


 


(k)        To
the extent required under any Loan Documents, the Master Servicer shall, on behalf of the related lender, maintain a Note register
for the related Mortgage Loan in accordance with such Loan Documents.


 


(l)         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 (for the purposes of this clause (l), “Applicable
Laws”), the Master Servicer may be required to obtain, verify and record certain information relating to individuals
and entities which maintain a business relationship with the Master Servicer. Accordingly, each of the parties hereto agrees to
provide to the Master Servicer, upon its reasonable request, from time to time such identifying information and documentation as
may be readily available to such party in order to enable the Master Servicer to comply with Applicable Laws; provided that the
Master Servicer shall be responsible for all reasonable actual out-of-pocket expenses incurred by such party in connection therewith.


 


Section 3.02     Liability of the Master Servicer. Notwithstanding any Sub-Servicing Agreement, any
of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer and any Person acting
as Sub-Servicer (or its agents or subcontractors) or any reference to actions taken through any Person acting as Sub-Servicer
or otherwise, the Master Servicer shall remain obligated and primarily liable for the servicing and administering of the
Mortgage Loans (other than the Outside Serviced Trust Loans) and the Serviced Companion Loan in accordance with the
provisions of this Agreement without diminution of such obligation or liability by virtue of such Sub-Servicing Agreements or
arrangements or by virtue of indemnification from any Person acting as Sub-Servicer (or its agents or subcontractors) to the
same extent and under the same terms and conditions as if the Master Servicer alone were servicing and administering the
Mortgage Loans (other than the Outside Serviced Trust Loans) and the Serviced Companion Loan. The Master Servicer shall be
entitled to enter into an agreement with any Sub-Servicer providing for indemnification of the Master Servicer by such
Sub-Servicer, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification, but no such
agreement for indemnification shall be deemed to limit or modify this Agreement.


 


Section 3.03     Collection
of Certain Mortgage Loan Payments. 


 


(a)        The
Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans),
as applicable, shall use commercially reasonable efforts in accordance with the Servicing Standard to collect all payments called
for under the terms and provisions of the Serviced Loans it is obligated to service hereunder (including Special Servicing Fees
(in the case of the Special Servicer only),


 






    	-161-



    	 



    

 


Workout
Fees, Liquidation Fees (in the case of the Special Servicer only) and any other fees payable to the Master Servicer or the Special
Servicer if and to the extent the related Loan Documents require the related Mortgagor to pay such fees), and shall follow the
Servicing Standard with respect to such collection procedures; provided that, with respect to any ARD Mortgage Loan, so
long as the related Mortgagor is in compliance with each provision of the related Loan Documents, the Master Servicer and the
Special Servicer shall not take any enforcement action with respect to the failure of the related Mortgagor to make any payment
of Excess Interest, other than requests for collection, until the Maturity Date of any ARD Mortgage Loan or until the outstanding
principal balance of such ARD Mortgage Loan (exclusive of any portion representing accrued Excess Interest) has been paid in full);
provided, further, that, with respect to any ARD Mortgage Loan, the Master Servicer or Special Servicer, as the
case may be, may take action to enforce the Trust Fund’s right to apply excess cash flow to principal in accordance with
the terms of the Loan Documents. For clarification, no obligation of the Master Servicer or the Special Servicer to use commercially
reasonable efforts to collect fees from the related Mortgagor will change the obligation of the Master Servicer to pay such fees
from general collections or other proceeds in accordance with Section 3.06(a) and Section 3.06A(a) of this Agreement, whether
or not such Special Servicing Fees, Workout Fees or Liquidation Fees are collected from or paid by the related Mortgagor. The
Master Servicer, with respect to the Performing Serviced Loans, and the Special Servicer, with respect to the Specially Serviced
Loans, shall use its reasonable efforts to collect income statements, rent rolls and other reporting information from Mortgagors
(as required under the related Loan Documents). Consistent with the foregoing, the Master Servicer (with respect to Performing
Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans), as applicable, may in its discretion waive any
Penalty Charges in connection with any delinquent Monthly Payment with respect to any Mortgage Loan (other than an Outside Serviced
Trust Loan) or Serviced Companion Loan. In addition, the Master Servicer shall be entitled to take such actions with respect to
the collection of payments on the Mortgage Loans (other than the Outside Serviced Trust Loans) and the Serviced Companion Loan
as are permitted or required under Section 3.21 of this Agreement.


 


(b)        If
there is any ARD Mortgage Loan included in the Trust Fund, and if the Master Servicer receives Excess Interest directly from the
related Mortgagor or through the Special Servicer, which Excess Interest was collected during the Prepayment Period for any Distribution
Date, or receives notice from the related Mortgagor that the Master Servicer will be receiving Excess Interest during the Prepayment
Period for any Distribution Date, then the Master Servicer shall notify the Certificate Administrator no later than two Business
Days prior to such Distribution Date by means of a clearly labeled item in the CREFC® Loan Periodic Update File.
None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall be responsible for any failure
of the related Mortgagor to pay any such Excess Interest. The preceding statements shall not, however, be construed to limit the
provisions of Section 3.03(a) of this Agreement.


 


(c)        With
respect to each Outside Serviced Trust Loan, the Certificate Administrator shall deliver to the related Outside Trustee, the related
Outside Certificate Administrator, the related Outside Special Servicer, the related Outside Servicer and the related Outside Operating
Advisor (A) promptly following the Closing Date, written notice in the form of Exhibit FF attached hereto stating
that, as of the Closing Date, the Trustee is the holder of such Outside Serviced Trust Loan and directing each such recipient to
remit to the Master


 






    	-162-



    	 



    

 


Servicer
all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer all reports,
statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to,
the holder of such Outside Serviced Trust Loan under the related Co-Lender Agreement and the applicable Outside Servicing Agreement
(which notice shall also provide contact information for the Trustee, the Certificate Administrator, the Master Servicer, the
Special Servicer and each party designated to exercise the rights of the “Non-Controlling Note Holder” under the related
Co-Lender Agreement), accompanied by a copy of an executed version of this Agreement, and (B) notice of any subsequent change
in the identity of the Master Servicer or any party designated to exercise the rights of the “Non-Controlling Note Holder”
under the related Co-Lender Agreement (together with the relevant contact information). The Master Servicer shall, within one
(1) Business Day of receipt of properly identified funds, deposit into the Collection Account all amounts received with respect
to each Outside Serviced Trust Loan, the Mortgaged Property related to each Outside Serviced Trust Loan or any related REO Property;
provided, however, that to the extent any such amounts are received after 2:00 p.m. Eastern time on any given Business
Day, the Master Servicer shall use commercially reasonable efforts to deposit such amounts into the Collection Account within
one (1) Business Day of receipt of such amounts but, in any event, the Master Servicer shall deposit such amounts into the Collection
Account within two (2) Business Days of receipt of such amounts.


 


(d)        With
respect to each Outside Serviced Trust Loan, if the Master Servicer does not receive from the related Outside Servicer any Monthly
Payment or other amounts known by the Master Servicer to be owing on such Outside Serviced Trust Loan in accordance with the terms
of the applicable Outside Servicing Agreement and/or the related Co-Lender Agreement, then the Master Servicer shall provide notice
of such failure to the related Outside Servicer and the related Outside Trustee.


 


Section 3.04     Collection
of Taxes, Assessments and Similar Items; Escrow Accounts.


 


(a)        With
respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to
each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may
become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to
time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the
payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged
Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed
under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in
accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Trust Loan) has failed
to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item
before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property
Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable
Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard


 






    	-163-



    	 



    

 


elect
(but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be
required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with
respect to a Mortgage Loan (other than an Outside Serviced Trust Loan) notwithstanding that the Master Servicer or the Special
Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment
(x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any
event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related
Mortgage Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property,
if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing
Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s)
(as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and,
in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion
Loan)). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall
make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and
assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to
the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.


 


(b)        The
Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination
constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one
or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited
within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable
Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and
any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged
Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage
Loan requires or permits it to be held in an account that is not an Eligible Account) and (subject to any changes in the identities
of the Master Servicer and/or the Trustee) shall be entitled, “Wells Fargo Bank, National Association, as Master Servicer,
on behalf of Deutsche Bank Trust Company Americas, as Trustee for the benefit of the registered Holders of Citigroup Commercial
Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, the Serviced Companion Loan Holders,
and Various Mortgagors.” Withdrawals from an Escrow Account may be made by the Master Servicer only:


 


(i)         to
effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of
the related Mortgage Loan or Serviced Loan Combination, as applicable;


 


(ii)        to
transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer,
the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the


 



    	-164-



    	 



    

 


Advance Rate) relating
to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Serviced Loan Combination, as applicable,
which represent late collections of Escrow Payments thereunder;


 


(iii)       for
application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced
Loan Combination, as applicable, and the Servicing Standard;


 


(iv)       to
clear and terminate such Escrow Account upon the termination of this Agreement;


 


(v)        to
pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in the Escrow
Account if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan or Serviced
Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the
related Mortgagors pursuant to the related Loan Documents; and


 


(vi)       to
remove any funds deposited in an Escrow Account that were not required to be deposited therein.


 


(c)        In
the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves
to prepay the related Mortgage Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the
Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such
discretion.


 


(d)        To
the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the terms of
a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed
pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in accordance with the Servicing Standard (which
determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require
a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required
to be made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer
shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the
related Mortgage Loan or Serviced Loan Combination as of the date required under the related Mortgage Loan or Serviced Loan Combination
and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance
of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such
actions or remediations are required to be or to have been taken or completed.


 


Section 3.05     Collection
Account; Distribution Accounts; and Excess Liquidation Proceeds Reserve Account; and Excess Interest Distribution Account.


 


(a)        The
Master Servicer shall establish and maintain the Collection Account in the Master Servicer’s name on behalf of the Trustee,
for the benefit of the Certificateholders


 






    	-165-



    	 



    

 


and
the Trustee as the Holder of the Lower-Tier Regular Interests. The Collection Account shall be established and maintained as an
Eligible Account. Amounts attributable to the Mortgage Loans (other than the Excess Interest) will be assets of the Lower-Tier
REMIC. As and when required under this Agreement, the Master Servicer shall transfer to the Collection Account any amounts to
be transferred thereto from a Loan Combination Custodial Account as contemplated by Section 3.06A(a)(i) of this Agreement,
and the Master Servicer shall deposit in the Collection Account any amounts required to be deposited therein pursuant to Section 3.07(b)
of this Agreement in connection with net losses realized on Permitted Investments with respect to funds held in the Collection
Account. In addition, the Master Servicer shall deposit or cause to be deposited in the Collection Account, within one (1) Business
Day following receipt of properly identified funds, (x) all Net Liquidation Proceeds received on or with respect to a Mortgage
Loan related to a Serviced Loan Combination in connection with any of the events described in clauses (iii) and (iv)
of the definition of “Liquidation Event” in this Agreement, and (y) without duplication, the following payments
and collections received or made by it on or with respect to the Mortgage Loans (other than any Mortgage Loan related to a Serviced
Loan Combination):


 


(i)         all
payments on account of principal on such Mortgage Loans, including the principal component of Unscheduled Payments;


 


(ii)        all
payments on account of interest on such Mortgage Loans (including Excess Interest);


 


(iii)       all
Yield Maintenance Charges on such Mortgage Loans;


 


(iv)       all
amounts with respect to any related REO Property transferred to the Collection Account, or to the Master Servicer for deposit in
the Collection Account, from an REO Account pursuant to Section 3.16(b) of this Agreement;


 


(v)        all
Net Insurance Proceeds, Net Condemnation and Net Liquidation Proceeds with respect to such Mortgage Loans;


 


(vi)       any
amounts received from Mortgagors under such Mortgage Loans that represent (A) recoveries of Property Protection Expenses,
(B) any recovery of Unliquidated Advances with respect to such Mortgage Loans, or (C) any other reimbursements in accordance
with the related Loan Documents, in each case to the extent not permitted to be retained by the Master Servicer as provided herein;
and


 


(vii)      any
other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Master Servicer or
Special Servicer, including pursuant to Section 2.03 and Section 3.03(c) of this Agreement;


 


provided, however,
that to the extent any amounts referred to in clauses (x) or (y) above of this Section 3.05(a) are received
after 2:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to deposit
such amounts into the Collection Account within one (1) Business Day of receipt thereof but, in any event, the Master Servicer
shall deposit such amounts into the Collection Account within two (2) Business Days of receipt thereof).


 






    	-166-



    	 



    

 


The foregoing requirements
for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, to the extent provided herein, Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees and
defeasance fees need not be deposited in the Collection Account by the Master Servicer or the Special Servicer, as applicable,
and, to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable, shall be entitled to
retain any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees and/or defeasance fees received with
respect to such Mortgage Loans in accordance with Section 3.12 of this Agreement; provided that if the Master Servicer or
the Special Servicer, as applicable, receives any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees
and/or defeasance fees in excess of the percentage of such fees to which it is entitled pursuant to Section 3.12(a) (in
the case of the Master Servicer) or Section 3.12(c) (in the case of the Special Servicer), then it shall remit to the other
party (i.e. the Special Servicer (if Master Servicer has received the excess percentage of such fees) or the Master Servicer (if
Special Servicer has received the excess percentage of such fees), as applicable) the percentage of such fees to which such other
party is entitled pursuant to Section 3.12(a) or Section 3.12(c), as applicable. The Master Servicer and the Special
Servicer shall not deposit any Modification Fees received by the Master Servicer or the Special Servicer, as applicable, with respect
to any Mortgage Loan into the Collection Account and shall instead apply such fees in accordance with Section 3.14 of this
Agreement. In the event that the Master Servicer deposits in the Collection Account any amount not required to be deposited therein,
it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The
Master Servicer shall give written notice to the Certificate Administrator and the Special Servicer of the location and account
number of the Collection Account and shall notify the Certificate Administrator and the Special Servicer in writing of any subsequent
change thereof.


 


Upon receipt of any of
the amounts described in clauses (i) through (vii) of the last sentence of the second preceding paragraph with respect to
a Mortgage Loan (other than a Mortgage Loan related to a Serviced Loan Combination), the Special Servicer shall promptly, but in
no event later than one (1) Business Day after receipt, remit such amounts to the Master Servicer for deposit into the Collection
Account in accordance with the second preceding paragraph, unless the Special Servicer determines, consistent with the Servicing
Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. With
respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse such check to
the order of the Master Servicer, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular
item cannot be so endorsed and delivered because of a restrictive endorsement or other appropriate reason. Any such amounts received
by the Special Servicer with respect to an REO Property that relates to any Mortgage Loan (other than a Mortgage Loan related to
a Serviced Loan Combination) shall initially be deposited by the Special Servicer into the related REO Account (or, at the option
of the Special Servicer, remitted by the applicable property manager directly to the Master Servicer) and thereafter remitted to
the Master Servicer for deposit into the Collection Account, all in accordance with Section 3.16 of this Agreement.


 


(b)        The
Certificate Administrator shall establish and maintain the Lower-Tier Distribution Account and the Upper-Tier Distribution Account
in the name of the Certificate Administrator on behalf of the Trustee, for the benefit of the Certificateholders. Each of the


 






    	-167-



    	 



    

 


Distribution
Accounts shall be non-interest bearing and shall be established and maintained as Eligible Accounts or as sub-accounts of a single
Eligible Account. With respect to each Distribution Date, on or before such Distribution Date, the Certificate Administrator shall
be deemed to make or shall make the withdrawals from the Lower-Tier Distribution Account, as set forth in Section 4.01 of this Agreement,
shall be deemed to make the deposits into the Lower-Tier Distribution Account and the Upper-Tier Distribution Account, as set
forth in Section 4.01 hereof, and shall cause the amount of Available Funds (including P&I Advances) and Yield Maintenance Charges
to be distributed in respect of the Certificates, pursuant to Section 4.01 hereof on such date.


 


(c)        The
Certificate Administrator shall establish (upon receipt of written notice that an event that generates Excess Liquidation Proceeds
has occurred) and maintain the Excess Liquidation Proceeds Reserve Account in the name of the Certificate Administrator on behalf
of the Trustee for the benefit of the Certificateholders. The Excess Liquidation Proceeds Reserve Account shall be non-interest
bearing and shall be maintained separate and apart from trust funds for mortgage pass-through certificates of other series administered
by the Certificate Administrator and other accounts of the Certificate Administrator.


 


Upon the disposition
of any REO Property in accordance with Section 3.17 of this Agreement, the Special Servicer shall calculate the Excess Liquidation
Proceeds, if any, realized in connection with such sale and remit to the Certificate Administrator such amount for deposit in the
Excess Liquidation Proceeds Reserve Account. Amounts held in the Excess Liquidation Proceeds Reserve Account on each Distribution
Date that exceed amounts reasonably anticipated to be required to offset possible future Realized Losses, as determined by the
Special Servicer, and all amounts held in the Excess Liquidation Proceeds Reserve Account on the final Distribution Date, in each
case after application in accordance with Section 4.01(d)(i) of this Agreement, shall be distributed to the Holders of the Class R Certificates
in respect of the Lower-Tier Residual Interest.


 


(d)        The
Certificate Administrator shall establish and maintain the Exchangeable Distribution Account in the name of the Certificate Administrator
on behalf of the Trustee, for the benefit of the Holders of the Exchangeable Certificates. The Exchangeable Distribution Account
shall be non-interest bearing and shall be established and maintained as an Eligible Account or as a sub-account of an Eligible
Account. The Certificate Administrator shall make or be deemed to have made deposits in and withdrawals from the Exchangeable Distribution
Account in accordance with Article IV of this Agreement.


 


(e)        Prior
to the Master Servicer Remittance Date immediately following the end of the first Prepayment Period during which Excess Interest
is received on any ARD Mortgage Loan, and upon notification from the Master Servicer pursuant to Section 3.03(b) of this
Agreement, the Certificate Administrator shall establish and maintain the Excess Interest Distribution Account in the name of the
Certificate Administrator on behalf of the Trustee, for the benefit of the Holders of the Excess Interest Certificates (if applicable).
The Excess Interest Distribution Account shall be non-interest bearing and shall be established and maintained as an Eligible Account
(or as a subaccount of an Eligible Account). With respect to each Distribution Date, the Master Servicer shall withdraw from the
Collection Account and remit to the Certificate Administrator on the applicable Master Servicer Remittance Date for deposit in
the


 






    	-168-



    	 



    

 


Excess
Interest Distribution Account an amount equal to the Excess Interest received during the applicable Prepayment Period. Notwithstanding
the foregoing, there are no ARD Mortgage Loans included in the Trust Fund and, accordingly, no Excess Interest is payable to the
Trust, and any obligation to establish an Excess Interest Distribution Account shall be disregarded.


 


If there are any ARD
Mortgage Loans in the Trust Fund, then following the distribution of Excess Interest to the Holders of the Excess Interest Certificates
on the first Distribution Date after which there are no longer any ARD Mortgage Loans outstanding, the Certificate Administrator
may terminate the Excess Interest Distribution Account.


 


(f)         Notwithstanding
anything to the contrary herein, each Distribution Account, the Exchangeable Distribution Account, the Excess Interest Distribution
Account, the Excess Liquidation Proceeds Reserve Account and the Interest Reserve Account may all be sub-accounts of a single Eligible
Account; provided that each of them shall be treated as a separate account for purposes of deposits and withdrawals under this
Agreement.


 


Section 3.05A.     Loan
Combination Custodial Account.


 


(a)        The
Master Servicer shall establish and maintain, with respect to each Serviced Loan Combination (if any), one or more separate accounts,
which may be sub-accounts of a single account (with respect to each Serviced Loan Combination, the “Loan Combination Custodial
Account”) in which the amounts described in clauses (i) through (viii) below shall be deposited and
held in the name of the Master Servicer on behalf of the Trustee for the benefit of the Certificateholders and the related Serviced
Companion Loan Holder, as their interests may appear; provided that a Loan Combination Custodial Account may be a sub-account
of the Collection Account or another Loan Combination Custodial Account (but shall be deemed to be a separate account for purposes
of applying the terms of this Agreement). Each of the Loan Combination Custodial Accounts shall be an Eligible Account or a subaccount
of an Eligible Account. The Master Servicer shall deposit or cause to be deposited in each Loan Combination Custodial Account,
within one Business Day following receipt of properly identified funds (or, in the case of payments by the Master Servicer, when
otherwise required to be so deposited under this Agreement), the following payments and collections received or made by it on or
with respect to the related Serviced Loan Combination:


 


(i)         all
payments on account of principal on the related Serviced Loan Combination, including the principal component of Unscheduled Payments;


 


(ii)        all
payments on account of interest on the related Serviced Loan Combination;


 


(iii)       all
Yield Maintenance Charges on the related Serviced Loan Combination;


 


(iv)       any
amounts required to be deposited pursuant to Section 3.07(b) of this Agreement in connection with net losses realized on Permitted Investments
with respect to funds held in such Loan Combination Custodial Account;


 


(v)        all
amounts with respect to any REO Property acquired in respect of the related Serviced Loan Combination transferred to such Loan
Combination Custodial


 






    	-169-



    	 



    

 


Account, or the Master Servicer for deposit in such Loan Combination Custodial Account, from the related
REO Account pursuant to Section 3.16(b) of this Agreement;


 


(vi)       all
Net Condemnation Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds with respect to the related Serviced Loan Combination
(other than any Net Liquidation Proceeds received on or in respect of the related Mortgage Loan in connection with any of the events
described in clauses (iii) and (iv) of the definition of “Liquidation Event” in this Agreement);


 


(vii)      any
amounts received from the Mortgagor under the related Serviced Loan Combination that represent (A) recoveries of Property Protection
Expenses, or (B) any other reimbursements in accordance with the related Loan Documents, in each case to the extent not permitted
to be retained by the Master Servicer as provided herein; and


 


(viii)     any
other amounts required by the provisions of this Agreement to be deposited into such Loan Combination Custodial Account by the
Master Servicer or Special Servicer, including any recovery of any Unliquidated Advances;


 


provided, however,
that to the extent any such amounts are received after 2:00 p.m. Eastern time on any given Business Day, the Master Servicer shall
use commercially reasonable efforts to deposit such amounts into the Collection Account within one (1) Business Day of receipt
thereof but, in any event, the Master Servicer shall deposit such amounts into the Collection Account within two (2) Business Days
of receipt thereof)


 


(b)        The
foregoing requirements for deposits in each Loan Combination Custodial Account shall be exclusive, it being understood and agreed
that, without limiting the generality of the foregoing, to the extent provided herein, Ancillary Fees, Consent Fees, Assumption
Fees, assumption application fees and defeasance fees need not be deposited in such Loan Combination Custodial Account by the Master
Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special
Servicer, as applicable, shall be entitled to retain any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application
fees and/or defeasance fees received with respect to the Serviced Loan Combinations in accordance with Section 3.12 of this
Agreement; provided that if the Master Servicer or the Special Servicer, as applicable, receives any such Ancillary Fees, Consent
Fees, Assumption Fees, assumption application fees and/or defeasance fees in excess of the percentage of such fees to which it
is entitled pursuant to Section 3.12(a) (in the case of the Master Servicer) or Section 3.12(c) (in the case of the
Special Servicer), then it shall remit to the other party (i.e. the Special Servicer (if Master Servicer has received the excess
percentage of such fees) or the Master Servicer (if Special Servicer has received the excess percentage of such fees), as applicable)
the percentage of such fees to which such other party is entitled pursuant to Section 3.12(a) or Section 3.12(c),
as applicable. The Master Servicer and the Special Servicer shall not deposit any Modification Fees received by the Master Servicer
or the Special Servicer, as applicable, with respect to any Serviced Loan Combination into the related Loan Combination Custodial
Account and shall instead apply such fees (except to the extent not permitted under the related Co-Lender Agreement) in accordance
with Section 3.14 of this Agreement. In the event that the Master Servicer deposits in a Loan Combination Custodial Account any amount
not required to be deposited therein, it may at any time withdraw such


 






    	-170-



    	 



    

 


amount
from such Loan Combination Custodial Account, any provision herein to the contrary notwithstanding. The Master Servicer shall
give written notice to the Certificate Administrator, the related Serviced Companion Loan Holders and the Special Servicer of
the location and account number of each Loan Combination Custodial Account and shall notify the Certificate Administrator, the
related Serviced Companion Loan Holder and the Special Servicer in writing of any subsequent change thereof. Each Loan Combination
Custodial Account shall be maintained as a segregated account (or sub-account of such segregated account), separate and apart
from trust funds created for mortgage backed securities of other series and the other accounts of the Master Servicer.


 


(c)        Upon
receipt of any of the amounts described in clauses (i) through (viii) of Section 3.05A(a) with respect
to a Serviced Loan Combination, the Special Servicer shall promptly, but in no event later than one Business Day after receipt,
remit such amounts to the Master Servicer for deposit into the Loan Combination Custodial Account in accordance with Section
3.05A(a), unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item should not
be deposited because of a restrictive endorsement or other appropriate reason. With respect to any such amounts paid by check to
the order of the Special Servicer, the Special Servicer shall endorse such check to the order of the Master Servicer, unless the
Special Servicer determines, consistent with the Servicing Standard, that a particular item cannot be so endorsed and delivered
because of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer with respect
to an REO Property that relates to a Serviced Loan Combination shall initially be deposited by the Special Servicer into the related
REO Account (or, at the option of the Special Servicer, remitted by the applicable property manager directly to the Master Servicer)
and thereafter remitted to the Master Servicer for deposit into the related Loan Combination Custodial Account, all in accordance
with Section 3.17 of this Agreement.


 


Section 3.06     Permitted
Withdrawals From the Collection Account.


 


(a)        The
Master Servicer may make withdrawals from the Collection Account only as described below (the order set forth below not constituting
an order of priority for such withdrawals), subject to the application of Penalty Charges and Modification Fees in accordance with
the related Co-Lender Agreement and Section 3.14 of this Agreement:


 


(i)         to
remit to the Certificate Administrator for deposit in the Lower-Tier Distribution Account, the Interest Reserve Account, the Excess
Interest Distribution Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited in such
accounts pursuant to Sections 3.05(c), 3.05(e), 3.23, 4.01(a)(i) and Section 4.06(a) of this Agreement, respectively;


 


(ii)        to
pay or reimburse the Master Servicer, the Special Servicer or the Trustee, (A) for Advances made thereby with respect to Mortgage
Loans that are not part of a Serviced Loan Combination (other than Workout-Delayed Reimbursement Amounts) and any related Advance
Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such
Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant to
this clause (ii)(A) being limited to late collections (including cure payments


 






    	-171-



    	 



    

 


by related Serviced Companion Loan Holders)
of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds, Net REO Proceeds,
Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting
which such Advance was made, if applicable (provided that (x) prior to the time any Advance is reimbursed, Advance
Interest Amounts may be reimbursed solely from Penalty Charges and Modification Fees collected on the related Mortgage Loan, and
(y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on
such reimbursed Advance shall be payable first from Penalty Charges and Modification Fees collected on the related Mortgage Loan,
and, to the extent such Penalty Charges and Modification Fees are insufficient, then from general collections on deposit in the
Collection Account), (B) for Advances made thereby with respect to Mortgage Loans that are part of a Serviced Loan Combination
and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or
reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any
such person pursuant to this clause (ii)(B) being limited to Net Liquidation Proceeds on or in respect of the particular Mortgage
Loan or REO Property respecting which such Advance was made, which Net Liquidation Proceeds were received in connection with any
of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation Event”, (C) to
the extent not reimbursed pursuant to Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or
portion thereof) that have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the
related Mortgage Loan, Serviced Loan Combination or REO Property after a Final Recovery Determination to the extent not recovered
from the related Loan Combination Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion
of general collections on the Mortgage Loans and REO Properties, and second, to the extent the principal portion of general
collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement
thereof pursuant to Section 3.27 of this Agreement, out of other collections on the Mortgage Loans and REO Properties, and
(D) for Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion
of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to clause (C)
above, and second, upon a determination by the Master Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement
Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed (provided that with
respect to each Mortgage Loan or REO Property that relates to a Serviced Loan Combination, such Workout-Delayed Reimbursement Amounts
and Advance Interest Amounts thereon shall first be reimbursed pursuant to Section 3.06A(a)(ii) of this Agreement and, if
not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (ii)(D));


 


(iii)       to
pay on or before each Master Servicer Remittance Date to the Master Servicer (who shall pay the holder of the Excess Servicing
Fee Rights the portion of the Servicing Fee that represents Excess Servicing Fees in accordance with Section 3.12 of this
Agreement) and to the Special Servicer, as applicable, as compensation, the aggregate unpaid Servicing Fee with respect to Mortgage
Loans (to the extent not


 






    	-172-



    	 



    

 


otherwise required to be applied against Prepayment Interest Shortfalls) in respect of the immediately
preceding Interest Accrual Period, and Special Servicing Compensation (if any) in respect of the immediately preceding Interest
Accrual Period or Collection Period, as applicable, to be paid, in the case of the Servicing Fee, from interest received on the
related Mortgage Loan, and to pay from time to time to the Master Servicer in accordance with Section 3.07(b) of this Agreement any interest
or investment income earned on funds deposited in the Collection Account and, in the case of the Special Servicing Fee, from general
collections; provided, however, that in the case of any Mortgage Loan or REO Mortgage Loan related to a Serviced
Loan Combination, (A) Servicing Fees may be paid out of the Collection Account pursuant to this clause (iii) only from the
interest portion of Net Liquidation Proceeds on or in respect of such Mortgage Loan or REO Property, which Net Liquidation Proceeds
were received in connection with any of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation
Event” and (B) Special Servicing Compensation shall first be paid out of the related Loan Combination Custodial Account
pursuant to Section 3.06A(a)(iii) of this Agreement and may be paid out of the Collection Account pursuant to this clause (iii)
only if and to the extent that such Special Servicing Compensation has not been paid out of the related Loan Combination Custodial
Account pursuant to Section 3.06A(a)(iii) of this Agreement;


 


(iv)       in
accordance with Section 2.03 of this Agreement, to reimburse the Trustee or the Special Servicer, out of general collections on the
Mortgage Loans and related REO Properties (including with respect to the Outside Serviced Trust Loans) for any unreimbursed expense
reasonably incurred by the Trustee or the Special Servicer in connection with the enforcement of a Mortgage Loan Seller’s
obligations under Section 6(e) of the related Loan Purchase Agreement, together with interest thereon at the Advance Rate,
but only to the extent that such expenses are not otherwise reimbursable;


 


(v)        to
pay out of general collections on the Mortgage Loans and related REO Properties, for costs and expenses incurred by the Trust Fund
with respect to the Mortgage Loans and related REO Properties pursuant to Sections 3.04(a) and 3.10(e) of this Agreement
and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 of this Agreement (provided that
with respect to each Serviced Loan Combination, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(iv)
of this Agreement to the extent related to such Serviced Loan Combination and if not reimbursed pursuant thereto, shall be paid
from the Collection Account as provided in this clause (v));


 


(vi)       to
the extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay the Master Servicer, the Trustee,
the Certificate Administrator, the Custodian, the Special Servicer, the Operating Advisor, CREFC® or the Depositor,
as applicable, for unpaid Additional Trust Fund Expenses (other than Advance Interest Amounts), unpaid Trustee/Certificate Administrator
Fees, unpaid Custodian Fees, unpaid Servicing Fees (but only if the related Mortgage Loan has been liquidated or a Final Recovery
Determination has been made with respect thereto), unpaid Special Servicing Compensation, unpaid Operating Advisor Fees, unpaid
Operating Advisor Consulting Fees (but only to the extent such Operating Advisor


 






    	-173-



    	 



    

 


Consulting Fee is actually received from the related
Mortgagor), unpaid CREFC® Intellectual Property Royalty License Fees and other unpaid items incurred by or owing
to such Person pursuant to the second sentence of Section 3.07(c), Section 3.08(a), Section 3.08(b), Section 3.10,
Section 3.12(c), Section 3.16(a), Section 3.29(k), Section 6.03, Section 7.04,
Section 8.05(a), Section 8.05(b), Section 8.05(d) or Section 11.07 of this Agreement, or any other provision
of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only
to the extent expressly reimbursable under such Section, it being acknowledged that this clause (vi) shall not be deemed to modify
the substance of any such Section, including the provisions of such Section that set forth the extent to which one of the
foregoing Persons is or is not entitled to payment or reimbursement (provided that with respect to each Mortgage Loan that
is part of a Serviced Loan Combination, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(v) of this
Agreement to the extent related to such Serviced Loan Combination and, if not reimbursed pursuant thereto, shall be paid from the
Collection Account as provided in this clause (vi), and provided, further, that Special Servicing Compensation
with respect to any Serviced Companion Loan (or a successor REO Companion Loan) shall not be payable from the Collection Account
pursuant to this clause (vi));


 


(vii)      to
transfer to the Certificate Administrator for deposit in one or more separate, non-interest bearing accounts any amount reasonably
determined by the Certificate Administrator to be necessary to pay any applicable federal, state or local taxes imposed on either
Trust REMIC under the circumstances and to the extent described in Section 4.05 of this Agreement;


 


(viii)     to
make such payments and reimbursements out of Penalty Charges and Modification Fees on deposit in the Collection Account as are
contemplated by Section 3.14 of this Agreement;


 


(ix)       to
withdraw any amount deposited into the Collection Account that was not required to be deposited therein; or


 


(x)        to
clear and terminate the Collection Account pursuant to Section 9.01 of this Agreement.


 


If and to the extent
that the Master Servicer has reimbursed or made payment to itself or any other Person pursuant to any clause of the prior paragraph
above for any cost, expense, indemnity, fee or Property Advance or Advance Interest Amount thereon with respect to a Loan Combination
that represents the related Serviced Companion Loan’s allocable share of such cost, expense, indemnity, fee, or Property
Advance or Advance Interest Amount thereon (taking into account the subordinate nature of any related Subordinate Companion Loan),
the Master Servicer (with respect to Performing Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans)
shall use efforts consistent with the Servicing Standard to collect such amounts out of collections on such Serviced Companion
Loan (or, if and to the extent permitted under the related Co-Lender Agreement, from the related Serviced Companion Loan Holder)
and deposit all such amounts (collectively, with respect to such Serviced


 






    	-174-



    	 



    

 


Companion
Loan, the “Trust Reimbursement Amount No.1”) collected from or on behalf of the related Serviced Companion
Loan Holder into the Collection Account.


 


The Master Servicer shall
also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments or reimbursement
of amounts required to be paid to the parties to, and/or the securitization trust created under, the applicable Outside Servicing
Agreement by the holder of each Outside Serviced Trust Loan pursuant to each Outside Serviced Co-Lender Agreement. In the absence
of manifest error, the Master Servicer may conclusively rely on the request for payments contemplated by the preceding sentence.


 


The Master Servicer shall
keep and maintain separate accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal
from the Collection Account pursuant to subclauses (i)-(ix) of the second preceding paragraph.


 


The Master Servicer shall
pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor,
the Trustee and the Certificate Administrator, as applicable, from the applicable Collection Account, amounts permitted to be paid
thereto from such account promptly upon receipt of a written statement of an officer of the Special Servicer, an officer of the
Operating Advisor or a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, describing the
item and amount to which the Special Servicer (or such third party contractor), the Operating Advisor, the Trustee or the Certificate
Administrator, as the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Trustee
or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement
is not required). The Master Servicer may rely conclusively on any such written statement and shall have no duty to recalculate
the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and maintain a separate accounting
for the purpose of justifying any request for withdrawal from each Collection Account, on a loan-by-loan basis.


 


With respect to each
Outside Serviced Trust Loan, the Master Servicer shall pay to, subject to Section 3.01(j)(i), the related Outside Servicer, the related Outside
Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable, from the Collection
Account on the Master Servicer Remittance Date amounts permitted to be paid to the related Outside Servicer, the related Outside
Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable, therefrom based
upon an Officer’s Certificate received from the related Outside Servicer, the related Outside Special Servicer, the related
Outside Certificate Administrator or the related Outside Trustee, as applicable, on the first Business Day following the immediately
preceding Determination Date, describing the item and amount to which the related Outside Servicer, the related Outside Special
Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable, is entitled. The Master
Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein.


 


The Trustee, the Certificate
Administrator, the Custodian, the Operating Advisor, the Depositor, CREFC®, the Special Servicer and the Master
Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from
time


 






    	-175-



    	 



    

 


to
time for the reimbursement or payment of the Servicing Fees (including investment income), Trustee/Certificate Administrator Fees,
Custodian Fees, Special Servicing Compensation, Advances, Advance Interest Amounts, Operating Advisor Fees, Operating Advisor
Consulting Fees (but only to the extent such Operating Advisor Consulting Fees are actually received from the related Mortgagor(s)),
CREFC® Intellectual Property Royalty License Fees and (for each of such Persons other than CREFC®)
their respective expenses hereunder (including without limitation Additional Trust Fund Expenses) to the extent such fees, indemnity
amounts and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement
(and to have such amounts paid directly to third party contractors for any invoices submitted to the Trustee, the Master Servicer
or the Special Servicer, as applicable).


 


(b)        The
Certificate Administrator shall, upon receipt, deposit in each of the Lower-Tier Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account any and all amounts received by the Certificate
Administrator in accordance with Section 3.06(a)(i) of this Agreement and required to be deposited therein. If, as of 3:00 p.m., New
York City time, on any Master Servicer Remittance Date or on such other date as any amount referred to in the preceding sentence is
required to be delivered hereunder, the Master Servicer shall not have delivered to the Certificate Administrator for deposit in
the Lower-Tier Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and the Excess Liquidation
Proceeds Reserve Account the amounts required to be deposited therein pursuant to the provisions of this Agreement (including,
without limitation, Section 3.06(a)(i) of this Agreement), then the Certificate Administrator shall, to the extent that a Responsible Officer
of the Certificate Administrator has such knowledge, provide notice of such failure to the Master Servicer by facsimile transmission
sent to telecopy number (704) 715 0036 (or such alternative number provided by the Master Servicer to the Certificate Administrator
in writing) and by telephone at telephone number (800) 326 1334 (or such alternative number provided by the Master Servicer to
the Certificate Administrator in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day;
provided, however, that the Master Servicer will pay the Certificate Administrator interest on such late payment
at the Prime Rate until such late payment is received by the Certificate Administrator.


 


Section 3.06A.     Permitted
Withdrawals From the Loan Combination Custodial Account.


 


(a)        The
Master Servicer may make withdrawals from the Loan Combination Custodial Account for each Serviced Loan Combination only as described
below (the order set forth below not constituting an order of priority for such withdrawals), subject to the application of Penalty
Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement:


 


(i)        (A)
after the Determination Date, and on or prior to the Business Day immediately preceding the Master Servicer Remittance Date, in
each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any REO
Property related to such Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution
Date in any calendar month and were not available for any earlier transfer to the Collection Account


 






    	-176-



    	 



    

 


in such calendar month), to
transfer to the Collection Account all amounts on deposit in the Loan Combination Custodial Account payable to the Trust pursuant
to the related Co-Lender Agreement with respect to the related Mortgage Loan (or any successor REO Mortgage Loan), including any
applicable Trust Reimbursement Amount, and (B) on the Business Day immediately following the Determination Date in each calendar
month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property related
to such Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution Date in
any calendar month), to remit to the related Serviced Companion Loan Holder all amounts on deposit in the Loan Combination Custodial
Account payable to such Serviced Companion Loan Holder pursuant to the related Co-Lender Agreement with respect to the related
Serviced Companion Loan (or any successor REO Companion Loan), exclusive of any applicable Trust Reimbursement Amount;


 


(ii)        to
pay or reimburse the Master Servicer. the Special Servicer or the Trustee, for Advances made thereby with respect to such Serviced
Loan Combination and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment
or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse
any such Person pursuant to this clause (ii) being limited to late collections (including cure payments by related Serviced Companion
Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds,
Net REO Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Serviced Loan Combination
or any related REO Property; provided, however, that if such Advance has become a Workout-Delayed Reimbursement Amount (but not
a Nonrecoverable Advance), then neither such Workout-Delayed Reimbursement Amount nor any related Advance Interest Amounts shall
be reimbursed or paid, as the case may be, out of payments or other collections of interest (other than Penalty Charges) or Yield
Maintenance Charges on or in respect of the related Mortgage Loan (or any successor REO Mortgage Loan) or the related Serviced
Companion Loan (or any successor REO Companion Loan); and provided, further, that if such Advance is a P&I Advance with respect
to the related Mortgage Loan (or a successor REO Mortgage Loan), then neither such Advance nor any related Advance Interest Amounts
shall be reimbursed or paid, as the case may be, out of, or otherwise result in a reduction of, amounts otherwise payable to the
related Serviced Companion Loan Holder with respect to the related Serviced Companion Loan (or any successor REO Companion Loan),
except that in the case of a Serviced AB Loan Combination, reimbursements or payments, as the case may be, of Advances or any related
Advance Interest Amounts shall be made taking into account the subordinate nature of the related Subordinate Companion Loan to
the extent set forth in, and in accordance with, the related Co-Lender Agreement;


 


(iii)       to
pay on or before each Master Servicer Remittance Date (A) to the Master Servicer as compensation, the aggregate unpaid Servicing
Fee with respect to such Serviced Loan Combination (to the extent not otherwise required to be applied against Prepayment Interest
Shortfalls) in respect of the immediately preceding Interest Accrual Period, to be paid from interest received on the related Mortgage
Loan or Serviced Companion Loan, as applicable, and to pay from time to time to the Master Servicer in


 






    	-177-



    	 



    

 


accordance with Section 3.07(b)
any interest or investment income earned on funds deposited in such Loan Combination Custodial Account and (B) to the Special Servicer
as compensation, any Special Servicing Compensation payable with respect to such Serviced Loan Combination; provided, however,
that no Servicing Fees or Special Servicing Compensation earned with respect to the related Mortgage Loan (or a successor REO Mortgage
Loan) shall be payable out of, or otherwise result in a reduction of, amounts otherwise payable to the related Serviced Companion
Loan Holder with respect to the related Serviced Companion Loan (or any successor REO Companion Loan) (provided that, in the case
of a Serviced AB Loan Combination, such payments shall be made taking into account the subordinate nature of the related Subordinate
Companion Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement), and no Servicing Fees or Special
Servicing Compensation earned with respect to the related Serviced Companion Loan (or any successor REO Companion Loan) shall be
payable out of, or otherwise result in a reduction of, amounts otherwise payable to the Trust with respect to the related Mortgage
Loan (or a successor REO Mortgage Loan) (it being acknowledged and agreed that this proviso is in no way intended to limit the
rights of the Master Servicer or Special Servicer under the related Co-Lender Agreement to seek payment of any unpaid Servicing
Fees or Special Servicing Compensation, as applicable, with respect to any Serviced Companion Loan from the related Serviced Companion
Loan Holder);


 


(iv)       to
pay for costs and expenses incurred by the Trust Fund solely with respect to such Serviced Loan Combination and related REO Property
pursuant to Section 3.10(e) and to pay Liquidation Expenses out of Liquidation Proceeds pursuant to Section 3.11;


 


(v)        to
the extent not reimbursed or paid pursuant to any other clause of this Section 3.06A, to reimburse or pay the Master Servicer,
the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Special Servicer or the Depositor, as applicable,
for unpaid Additional Trust Fund Expenses, Servicing Fees and other unpaid items incurred by or owing to such Person pursuant
to the second sentence of Section 3.07(c), Section 3.08(a), Section 3.08(b), Section 3.10, the second sentence of Section 3.12(a), the third sentence of Section 3.12(c), Section 3.16(a), Section 6.03, Section 7.04, the
last sentence of Section 8.05(a), Section 8.05(b), Section 8.05(d) or Section 11.07, or any other provision of this Agreement pursuant to
which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the extent expressly reimbursable
under such Section and to the extent related to such Serviced Loan Combination and not related to amounts which are solely expenses
of the Trust Fund (such as expenses related to administration of the Trust Fund or REMIC taxes, penalties or interest or preservation
of the REMIC status of each Trust REMIC), it being acknowledged that this clause (v) shall not be deemed to modify the substance
of any such Section, including the provisions of such Section that set forth the extent to which one of the foregoing Persons
is or is not entitled to payment or reimbursement; provided, however, that no payment or reimbursement to the Operating Advisor,
the Trustee or the Certificate Administrator or payment or reimbursement of costs and expenses associated with obtaining a Rating
Agency Confirmation, shall be made out of, or otherwise result in a reduction of, amounts otherwise payable to the related Serviced
Companion Loan


 






    	-178-



    	 



    

 


Holder with respect to the related Serviced Companion Loan (or successor REO Companion
Loan) (provided that, in the case of a Serviced AB Loan Combination, such payments or reimbursements shall be made taking into
account the subordinate nature of the related Subordinate Companion Loan to the extent set forth in, and in accordance with, the
related Co-Lender Agreement), and no payment or reimbursement of costs and expenses associated with obtaining a Companion Loan
Rating Agency Confirmation shall be made out of, or otherwise result in a reduction of, amounts otherwise payable to the Trust
with respect to the related Mortgage Loan (or any successor REO Mortgage Loan);


 


(vi)       to
make such payments and reimbursements out of Penalty Charges and Modification Fees on deposit in such Loan Combination Custodial
Account as are contemplated by the related Co-Lender Agreement and Section 3.14 of this Agreement;


 


(vii)      to
withdraw any amount deposited into such Loan Combination Custodial Account that was not required to be deposited therein;


 


(viii)     if
the related Serviced Companion Loan (or any successor REO Companion Loan with respect thereto) is part of an Other Securitization
Trust, to the extent required by the related Co-Lender Agreement, to reimburse the applicable party to the related Other Pooling
and Servicing Agreement for any advances of delinquent monthly debt service payments made thereby with respect to such Serviced
Companion Loan (or REO Companion Loan), together with interest thereon, provided that such reimbursement, together with interest,
shall be made solely out of payments and other collections on such Serviced Companion Loan (or REO Companion Loan); or


 


(ix)        to
clear and terminate such Loan Combination Custodial Account pursuant to Section 9.01 of this Agreement.


 


The Master Servicer shall
keep and maintain separate accounting, on a Mortgage Loan-by-Mortgage Loan and Companion Loan-by-Companion Loan basis, for the
purpose of justifying any withdrawal from each Loan Combination Custodial Account pursuant to subclauses (i) - (ix) above.
If and to the extent that the Master Servicer has reimbursed or made payment to itself or any other Person pursuant to any clause
of the prior paragraph above for any cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon with respect
to a Serviced Loan Combination out of monies allocable to the related Mortgage Loan (or any successor REO Mortgage Loan) to an
extent that the Trust has borne some or all of the related Serviced Companion Loan’s allocable share of such cost, expense,
indemnity, or Property Advance or Advance Interest Amount thereon (taking into account the subordinate nature of any related Subordinate
Companion Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement), the Master Servicer shall
use efforts consistent with the Servicing Standard to collect such amounts disproportionately borne by the Trust out of collections
on such Serviced Companion Loan (or, if and to the extent permitted under the related Co-Lender Agreement, from the related Serviced
Companion Loan Holder) and deposit all such amounts (collectively, with respect to such Serviced Companion Loan, the “Trust
Reimbursement Amount No.2” and, together with Trust Reimbursement Amount No.1, the “Trust Reimbursement Amount”)
collected from or on behalf of the related Serviced Companion Loan Holder into the Collection Account.


 






    	-179-



    	 



    

 


The Master Servicer shall
pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor,
the Trustee, the Certificate Administrator and an advancing party under any Other Pooling and Servicing Agreement, as applicable,
from the applicable Loan Combination Custodial Account, amounts permitted to be paid thereto from such account promptly upon receipt
of a written statement of an officer of the Special Servicer, an officer of the Operating Advisor, a Responsible Officer of the
Trustee or the Certificate Administrator or an officer of such advancing party under such Other Pooling and Servicing Agreement,
as the case may be, describing the item and amount to which the Special Servicer (or such third party contractor), the Operating
Advisor, the Trustee, the Certificate Administrator or such advancing party under such Other Pooling and Servicing Agreement, as
the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Trustee or the Certificate
Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement is not required).
The Master Servicer may rely conclusively on any such written statement and shall have no duty to re-calculate the amounts stated
therein. The parties seeking payment pursuant to this Section shall each keep and maintain separate accounting for the purpose
of justifying any request for withdrawal from each Loan Combination Custodial Account, on a loan-by-loan basis.


 


The Trustee, the Depositor,
the Operating Advisor, the Certificate Administrator, the Special Servicer and the Master Servicer shall in all cases have a right
prior to the Certificateholders to any funds on deposit in a Loan Combination Custodial Account from time to time for the reimbursement
or payment of the Servicing Fees (including investment income), or Special Servicing Compensation, Advances, Advance Interest Amounts
and their respective indemnity amounts or expenses hereunder to the extent such fees, indemnity amounts and expenses are to be
reimbursed or paid from amounts on deposit in such Loan Combination Custodial Account pursuant to this Agreement and the related
Co-Lender Agreement (and to have such amounts paid directly to third party contractors for any invoices approved by the Trustee,
the Depositor, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable); provided, however,
for the avoidance of doubt, none of the Trustee/Certificate Administrator Fees, the Custodian Fees or the Operating Advisor Fee
shall be paid from funds on deposit in a Loan Combination Custodial Account.


 


After the Determination
Date, and on or prior to the Business Day immediately preceding the Master Servicer Remittance Date, in each calendar month (and
also on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property related to the
applicable Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution Date
in any calendar month and were not available for any earlier transfer to the Collection Account in such calendar month), the Master
Servicer shall remit for deposit in the Collection Account all amounts on deposit in a Loan Combination Custodial Account payable
to the Trust pursuant to the related Co-Lender Agreement with respect to the related Mortgage Loan (or any successor REO Mortgage
Loan), including any applicable Trust Reimbursement Amount; and on the Business Day immediately following the Determination Date
in each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any
REO Property related to the applicable Serviced Loan Combination, if such funds are received after the Determination Date and before
the Distribution Date in any calendar month), the Master Servicer shall remit to the related Serviced Companion Loan Holder all
amounts on deposit in a Loan


 






    	-180-



    	 



    

 


Combination
Custodial Account payable to such Serviced Companion Loan Holder pursuant to the related Co-Lender Agreement with respect to the
related Serviced Companion Loan (or any successor REO Companion Loan), exclusive of any applicable Trust Reimbursement Amount,
in each case, prior to the required remittance from the Collection Account to the Certificate Administrator for deposit into the
Lower-Tier Distribution Account on such Master Servicer Remittance Date.


 


Section 3.07     Investment
of Funds in the Collection Account, the REO Account, the Mortgagor Accounts, and Other Accounts.


 


(a)        The
Master Servicer, or with respect to any REO Account, the Special Servicer, may direct any depository institution maintaining the
Collection Account, any Loan Combination Custodial Account, any Mortgagor Account (subject to the second succeeding sentence),
or any REO Account (each of the Collection Account, any Loan Combination Custodial Account, any REO Account and any Mortgagor Account,
for purposes of this Section 3.07, an “Investment Account”), to invest the funds in such Investment Account in one
or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on demand, no later
than the Business Day preceding the date on which such funds are required to be withdrawn from such Investment Account pursuant
to this Agreement. Any direction by the Master Servicer or the Special Servicer 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. In the case of any Reserve Account, Escrow Account or Lock-Box Account (the “Mortgagor
Accounts”), the Master Servicer shall act upon the written request of the related Mortgagor or Manager to the extent
the Master Servicer is required to do so under the terms of the respective Mortgage Loan (or Serviced Loan Combination) or related
documents, provided that in the absence of appropriate written instructions from the related Mortgagor or Manager meeting
the requirements of this Section 3.07, the Master Servicer shall have no obligation to, but will be entitled to, direct the investment
of funds in such accounts in Permitted Investments. All such Permitted Investments shall be held to maturity, unless payable on
demand. Any investment of funds in an Investment Account shall be made in the name of the Certificate Administrator (on behalf
of the Trustee for the benefit of the Certificateholders) or in the name of a nominee of the Certificate Administrator. The Certificate
Administrator shall have sole control (except with respect to investment direction which shall be in the control of the Master
Servicer (or the Special Servicer, with respect to any REO Accounts) as an independent contractor to the Trust Fund) over
each such investment and any certificate or other instrument evidencing any such investment shall be delivered directly to the
Certificate Administrator or its agent (which shall initially be the Master Servicer), together with any document of transfer,
if any, necessary to transfer title to such investment to the Certificate Administrator or its nominee. The Certificate Administrator
shall have no responsibility or liability with respect to the investment directions of the Master Servicer or the Special Servicer,
any Mortgagor or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Master Servicer
shall have no responsibility or liability with respect to the investment direction of the Special Servicer, any Mortgagor or Manager
or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no responsibility
or liability with respect to the investment direction of the Master Servicer, any Mortgagor or any property manager or any losses
resulting therefrom, whether from Permitted Investments or otherwise. In


 






    	-181-



    	 



    

 


the
event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master
Servicer (or the Special Servicer in the case of REO Accounts), shall: (x) consistent with any notice required to be given
thereunder, demand that payment thereon be made on the last day such Permitted Investment may otherwise mature hereunder in an
amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required to be withdrawn on
such date; and (y) demand payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the
Special Servicer in the case of REO Accounts) that such Permitted Investment would not constitute a Permitted Investment
in respect of funds thereafter on deposit in the related Investment Account. Amounts on deposit in each Distribution Account,
the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Excess Liquidation Proceeds Reserve Account
and the Interest Reserve Account (each, a “Certificate Administrator Account”) shall remain uninvested.


 


(b)        All
income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer,
except with respect to the investment of funds deposited in (i) any Mortgagor Account to the extent required under the Mortgage
Loan (or Serviced Loan Combination) or applicable law to be for the benefit of the related Mortgagor or (ii) any REO Account,
which shall be for the benefit of the Special Servicer, and if held in the Collection Account, a Loan Combination Custodial Account
or an REO Account, shall be subject to withdrawal by the Master Servicer or the Special Servicer, as applicable, in accordance
with Section 3.06, Section 3.06A or Section 3.16(b) of this Agreement, as applicable. The Master Servicer (or with respect to
any REO Account, the Special Servicer) shall deposit from its own funds into any applicable Investment Account, the amount of any
loss incurred in respect of any such Permitted Investment immediately upon realization of such loss (except with respect to losses
incurred as a result of the related Mortgagor or Manager exercising its power under the related Loan Documents to direct such investment
in such Mortgagor Account); provided, however, that the Master Servicer or Special Servicer, as applicable, may reduce
the amount of such payment to the extent it forgoes any investment income in such Investment Account otherwise payable to it. The
Master Servicer shall also deposit from its own funds in any Mortgagor Account the amount of any loss incurred in respect of Permitted
Investments, except to the extent that amounts are invested for the benefit of the Mortgagor under the terms of the Mortgage Loan
(or Serviced Loan Combination) or applicable law. Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer
(in their respective capacities as Master Servicer and Special Servicer, respectively) shall be required to deposit any loss
on an investment of funds in an Investment Account if such loss is incurred solely as a result of the insolvency of the federal
or state chartered depository institution or trust company that holds such Investment Account, so long as such depository institution
or trust company is not the Person or an Affiliate of the Person maintaining such account hereunder and satisfied the qualifications
set forth in the definition of Eligible Account both (1) at the time such investment was made and (2) as of the date
that is 30 days prior to the insolvency.


 


(c)        Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, the Trustee may, and upon the request
of Holders of Certificates representing greater than 50% of the Percentage Interests of any Class 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 Trustee


 






    	-182-



    	 



    

 


takes
any such action, the Trust Fund shall pay or reimburse the Trustee for all reasonable out-of-pocket expenses, disbursements and
advances incurred or made by the Trustee in connection therewith. In the event that the Trustee does not take any such action,
the Master Servicer may, but is not obligated to, take such action at its own cost and expense.


 


Section 3.08     Maintenance
of Insurance Policies and Errors and Omissions and Fidelity Coverage.


 


(a)        The
Master Servicer on behalf of the Trustee, as mortgagee of record, shall use efforts consistent with the Servicing Standard to cause
the related Mortgagor to maintain, to the extent required by each Mortgage Loan (other than an Outside Serviced Trust Loan) and
each Serviced Companion Loan (except to the extent that the failure to maintain such insurance coverage is an Acceptable Insurance
Default), and if the Mortgagor does not so maintain, shall itself maintain (subject to the provisions of this Agreement concerning
Nonrecoverable Advances and to the extent the Trustee as mortgagee of record has an insurable interest and to the extent available
at commercially reasonable rates), (i) fire and hazard insurance (and windstorm insurance, if applicable) with extended coverage
on the related Mortgaged Property in an amount which is at least equal to the lesser of (a) one hundred percent (100%) of
the then “full replacement cost” of the improvements and equipment (excluding foundations, footings and excavation
costs), without deduction for physical depreciation, and (b) the outstanding principal balance of the related Mortgage Loan
and the related Serviced Companion Loan or such greater amount as is necessary to prevent any reduction in such policy by reason
of the application of co-insurance provisions and to prevent the Trustee thereunder from being deemed to be a co-insurer and provided
such policy shall include a “replacement cost” rider, (ii) insurance providing coverage against 18 months
(or such longer period or with such extended period endorsement as provided in the related Mortgage or other Loan Document) of
rent interruptions and (iii) such other insurance as is required in the related Mortgage Loan and the related Serviced Companion
Loan. Subject to Section 3.16 of this Agreement, the Special Servicer in accordance with the Servicing Standard and to the extent available
at commercially reasonable rates (as determined by the Special Servicer in accordance with the Servicing Standard), shall cause
to be maintained for each REO Property (other than an REO Property related to an Outside Serviced Trust Loan) no less insurance
coverage than was previously required of the Mortgagor under the related Loan Documents (except to the extent that the failure
to maintain such insurance coverage is an Acceptable Insurance Default); provided that to the extent the Loan Documents
require the related Mortgagor to maintain insurance with an insurer rated better than as indicated in the definition of “Qualified
Insurer”, the Master Servicer may, without a Rating Agency Confirmation or the approval of the Special Servicer, to the extent
consistent with the Servicing Standard, permit the related Mortgagor to maintain insurance with an insurer that does not meet the
requirements of the Loan Documents so long as the related Mortgagor maintains insurance with an insurer rated at least as indicated
in the definition of “Qualified Insurer”. All insurance for an REO Property shall be from a Qualified Insurer, if available
from a Qualified Insurer, and if not available from a Qualified Insurer, from an insurance provider that is rated the next highest
available rating who is offering such insurance at commercially reasonable rates. Any amounts collected by the Master Servicer
or the Special Servicer under any such policies (other than amounts required to be applied to the restoration or repair of the
related Mortgaged Property or amounts to be released to the Mortgagor in accordance with the terms of the related Loan Documents) shall
be deposited into


 






    	-183-



    	 



    

 


the Collection Account pursuant to Section 3.05 of this Agreement or the Loan Combination Custodial Account
pursuant to Section 3.05A of this Agreement, as applicable, subject to withdrawal pursuant to Section 3.05,
Section 3.05A, Section 3.06 or Section 3.06A of this Agreement. Any cost incurred by the Master
Servicer or the Special Servicer in maintaining any such insurance shall not, for the purpose of calculating distributions to Certificateholders,
be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so
permit. It is understood and agreed that no other additional insurance other than flood insurance or earthquake insurance subject
to the conditions set forth below is to be required of any Mortgagor or to be maintained by the Master Servicer other than pursuant
to the terms of the related Loan Documents and pursuant to such applicable laws and regulations as shall at any time be in force
and as shall require such additional insurance. If the related Mortgaged Property (other than an REO Property and other than with
respect to an Outside Serviced Trust Loan) is located in a federally designated special flood hazard area, the Master Servicer
will use efforts consistent with the Servicing Standard to cause the related Mortgagor to maintain, to the extent required by each
Serviced Loan, and if the related Mortgagor does not so maintain, shall itself obtain (subject to the provisions of this Agreement
concerning Nonrecoverable Advances) and maintain flood insurance in respect thereof. Such flood insurance shall be in an amount
equal to the lesser of (i) the unpaid principal balance of the related Mortgage Loan and the related Serviced Companion Loan
and (ii) the maximum amount of such insurance required by the terms of the related Mortgage Loan or Serviced Loan Combination and
as is available for the related property under the national flood insurance program (assuming that the area in which such property
is located is participating in such program). If a Mortgaged Property (other than an REO Property) is related to a Serviced Loan
pursuant to which earthquake insurance is required to be maintained pursuant to the terms of the Mortgage Loan or Serviced Loan
Combination, the Master Servicer shall use efforts consistent with the Servicing Standard to cause the related Mortgagor to maintain,
and if the related Mortgagor does not so maintain will itself obtain (subject to the provisions of this Agreement concerning Nonrecoverable
Advances and for so long as such insurance continues to be available at commercially reasonable rates) and maintain earthquake
insurance in respect thereof, in the amount required by the Mortgage Loan or Serviced Loan Combination or, if not specified, in-place
at origination. If an REO Property (other than an REO Property related to the Outside Serviced Trust Loan) (i) is located
in a federally designated special flood hazard area or (ii) is related to a Serviced Loan with respect to which earthquake
insurance would be appropriate in accordance with the Servicing Standard and such insurance is available at commercially reasonable
rates, the Special Servicer will obtain (subject to the provisions of this Agreement concerning Nonrecoverable Advances) and maintain
flood insurance and/or earthquake insurance in respect thereof providing the same coverage as described in this Section 3.08(a). Out-of-pocket
expenses incurred by the Master Servicer or Special Servicer in maintaining insurance policies pursuant to this Section 3.08 shall
be advanced by the Master Servicer as a Property Advance and shall be reimbursable to the Master Servicer with interest at the
Advance Rate. The Master Servicer (or the Special Servicer, with respect to REO Properties) agrees to prepare and present, on behalf
of itself, the Trustee and the Certificateholders and the Serviced Companion Loan Holders, claims under each related insurance
policy maintained by it pursuant to this Section 3.08(a) in a timely fashion in accordance with the terms of such policy and to take such
reasonable steps as are necessary to receive payment or to permit recovery thereunder. All insurance policies required to be maintained
by the Master Servicer or Special Servicer


 






    	-184-



    	 



    

 


hereunder shall name the Trustee or the Master Servicer or the Special Servicer, on
behalf of the Trustee as the mortgagee, as loss payee, and shall be issued by Qualified Insurers, if available from a Qualified
Insurer, and if not available from a Qualified Insurer, from an insurance provider that is rated the next highest available rating
who is offering such insurance at commercially reasonable rates. Notwithstanding the foregoing: (A) the Master Servicer shall
not be required to maintain any earthquake or environmental insurance policy on any Mortgaged Property and the Special Servicer
shall not be required to maintain any earthquake or environmental insurance policy on any REO Property, in each case unless such
insurance is required to be maintained under the related Loan Documents and is available at commercially reasonable rates; provided,
however, that neither the Master Servicer nor the Special Servicer shall have any obligation to maintain such earthquake
or environmental insurance policy required under the related Loan Documents if the originator of the Serviced Mortgage Loan or
Serviced Loan Combination waived compliance with such insurance requirements (and if the applicable Master Servicer does not cause
the Mortgagor to maintain or does not itself maintain such earthquake or environmental insurance policy on any Mortgaged Property,
the applicable Special Servicer shall have the right, but not the duty, to obtain, at the Trust’s expense, earthquake or
environmental insurance on any Mortgaged Property securing a Specially Serviced Loan or an REO Property so long as such insurance
is available at commercially reasonable rates); (B) with respect to the Master Servicer’s obligation to cause the related
Mortgagor to maintain such insurance, the Master Servicer shall have no obligation beyond using its efforts consistent with the
Servicing Standard to cause any Mortgagor to maintain the insurance required to be maintained or that the lender is entitled to
reasonably require, subject to applicable law, under the related Loan Documents; and (C) in making determinations as to the
availability of insurance at commercially reasonable rates or otherwise, the Master Servicer or the Special Servicer, as applicable,
shall, to the extent consistent with the Servicing Standard, be entitled to rely, at its own expense, on insurance consultants
in making such determination and any such determinations by the Master Servicer or the Special Servicer, as applicable, need not
be made more frequently than annually but in any event shall be made at the approximate date on which the Master Servicer or the
Special Servicer, as applicable, receives notice of the renewal, replacement or cancellation of coverage.


 


Notwithstanding the foregoing,
the Master Servicer or Special Servicer, as applicable, will not be required to maintain, and shall not cause a Mortgagor to be
in default with respect to the failure of the related Mortgagor 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 in accordance with the Servicing
Standard that the failure to maintain such insurance is an Acceptable Insurance Default; provided that, during the period
that the Special Servicer is evaluating such insurance hereunder, the Master Servicer shall not be liable for any loss related
to its failure to require the Mortgagor to maintain terrorism insurance and shall not be in default of its obligations hereunder
as a result of such failure. The Special Servicer shall promptly notify the Master Servicer of each determination under this paragraph.


 


(b)        
(i)  If the Master Servicer or the Special Servicer obtains and maintains a blanket insurance policy insuring against
fire and hazard losses on all of the Mortgaged Properties (other than REO Properties and other than Mortgaged Properties that secure
the Outside Serviced Trust Loans) as to which the related Mortgagor has not maintained insurance required by the related Mortgage
Loan or, if applicable, related Serviced Loan Combination


 






    	-185-



    	 



    

 


(other than any Mortgagor that is required under the related Loan Documents to maintain insurance with an insurer rated better than as
indicated in the definition of “Qualified Insurer” that maintains insurance with an insurer rated at least as indicated
in the definition of “Qualified Insurer”) or the Special Servicer obtains and maintains a blanket insurance policy
insuring against fire and hazard losses on all of the REO Properties (other than REO Properties acquired in respect of the Outside
Serviced Trust Loan), as required under this Agreement, as the case may be, then the Master Servicer or the Special Servicer,
as the case may be, shall conclusively be deemed to have satisfied its respective obligations concerning the maintenance of insurance
coverage set forth in Section 3.08(a) of this Agreement. Any such blanket insurance policy shall be maintained with a Qualified Insurer.
A blanket insurance policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer, as applicable,
shall, in the event that (i) there shall not have been maintained on the related Mortgaged Property a policy otherwise complying
with the provisions of Section 3.08(a) of this Agreement, and (ii) there shall have been one or more losses which would have been
covered by such a policy had it been maintained, immediately deposit into the Collection Account or, if applicable, related Loan
Combination Custodial Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible
clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan
or Serviced Loan Combination or, in the absence of any such deductible limitation, the deductible limitation which is consistent
with the Servicing Standard. In connection with its activities as Master Servicer or the Special Servicer hereunder, as applicable,
the Master Servicer and the Special Servicer, respectively, agree to prepare and present, on behalf of itself, the Trustee and
Certificateholder and any related Serviced Companion Loan Holder, claims under any such blanket policy which it maintains in a
timely fashion in accordance with the terms of such policy and to take such reasonable steps as are necessary to receive payment
or permit recovery thereunder.


 


(ii)        If
the Master Servicer causes any Mortgaged Property (other than any REO Property and other than any Mortgaged Property that secures
an Outside Serviced Trust Loan) or the Special Servicer causes any REO Property (other than an REO Property acquired in respect
of an Outside Serviced Trust Loan) to be covered by a master force placed insurance policy and such policy shall be issued by a
Qualified Insurer and provide no less coverage in scope and amount for such Mortgaged Property or REO Property than the insurance
required to be maintained pursuant to Section 3.08(a) of this Agreement, then the Master Servicer or Special Servicer, as the case may
be, shall conclusively be deemed to have satisfied its respective obligations to maintain insurance pursuant to Section 3.08(a) of this
Agreement. Such policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer, as applicable,
shall, in the event that (i) there shall not have been maintained on the related Mortgaged Property or REO Property a policy
otherwise complying with the provisions of Section 3.08(a), and (ii) there shall have been one or more losses which would have been
covered by such a policy had it been maintained, immediately deposit into the Collection Account or, if applicable, related Loan
Combination Custodial Account from its own funds the amount not otherwise payable under such policy because of such deductible
to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan and/or related
Serviced Companion Loan(s) related thereto, or, in the absence of any such deductible limitation, the deductible limitation which
is consistent with the Servicing Standard.


 






    	-186-



    	 



    

 


(iii)       In
either case, if the Master Servicer or Special Servicer, as applicable, causes any Mortgaged Property or REO Property to be covered
by such “force-placed” insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property
or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property
or REO Property is covered thereby) shall be paid as a Property Advance. Any legal fees or other out-of-pocket costs incurred in
accordance with the Servicing Standard in connection with any claim under an insurance policy described above (whether by the Master
Servicer or Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Property Advance.


 


(c)        The
Master Servicer and the Special Servicer shall each maintain a fidelity bond in such form as is consistent with the Servicing Standard
and in such amounts that are consistent with the Servicing Standard. The Master Servicer and the Special Servicer each shall be
deemed to have complied with this provision if one of its respective Affiliates has such fidelity bond coverage and, by the terms
of such fidelity bond, the coverage afforded thereunder extends to the Master Servicer or the Special Servicer, as applicable.
In addition, the Master Servicer and the Special Servicer shall each keep in force during the term of this Agreement a policy or
policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its
obligations to service the Mortgage Loans and any Serviced Companion Loans hereunder in such form as is consistent with the Servicing
Standard and in such amounts as are consistent with the Servicing Standard. Notwithstanding the foregoing, so long as the long-term
unsecured debt rating or deposit account rating of the Master Servicer (or its corporate parent) or the Special Servicer (or its
corporate parent) is not in any event less than “A3” as rated by Moody’s and “A-” as rated by Fitch,
respectively, the Master Servicer or the Special Servicer may self-insure for the fidelity bond and errors and omissions coverage
otherwise required above. The Master Servicer shall cause each and every Sub-Servicer it has engaged to maintain or cause to be
maintained by an agent or contractor servicing any Mortgage Loan or Serviced Loan Combination on behalf of such Sub-Servicer, a
fidelity bond and an errors and omissions insurance policy which satisfy the requirements for the fidelity bond and the errors
and omissions policy to be maintained by the Master Servicer to comply with the foregoing. All fidelity bonds and policies of errors
and omissions insurance obtained under this Section 3.08(c) shall be issued by a Qualified Insurer.


 


Section 3.09     Enforcement
of Due-On-Sale and Due-On-Encumbrance Clauses; Assumption Agreements; Defeasance Provisions.


 


(a)        Upon
receipt of any request of a waiver or consent in respect of a due-on-sale or due-on-encumbrance provision, except in the case of
an Outside Serviced Trust Loan, (i) if the Master Servicer receives such request with respect to Performing Serviced Loans (other
than PCC Mortgage Loans and WFBNA Mortgage Loans and any related Serviced Loan Combinations), the Master Servicer shall promptly
deliver a copy of such request to the Special Servicer, (ii) the Special Servicer shall (A) with respect to Specially Serviced
Loans, promptly analyze and process such request, including the preparation of written materials in connection with such analysis,
or (B) with respect to Performing Serviced Loans (other than PCC Mortgage Loans and WFBNA Mortgage Loans and any related Serviced
Loan Combinations), promptly process and analyze such request, including the preparation of written materials in connection with
such analysis (or, if mutually agreed to by the Master Servicer and the Special Servicer, the


 






    	-187-



    	 



    

 


Master
Servicer shall promptly process and analyze such request, including the preparation of written materials, and provide its recommendation
(subject to the Special Servicer’s determination and consent)), and (iii) the Master Servicer shall, with respect to PCC
Mortgage Loans and WFBNA Mortgage Loans (and any related Serviced Loan Combinations) that are Performing Serviced Loans, promptly
process and analyze such request, including the preparation of written materials in connection with such analysis, and provide
its recommendation (subject to the Special Servicer’s determination and consent). If following its receipt of a request
of a waiver or consent in respect of a due-on-sale or due-on-encumbrance provision and the processing, analysis and/or recommendation,
as applicable, set forth in the first sentence of this Section 3.09, the Special Servicer has determined, consistent with
the Servicing Standard, that the waiver or consent in respect of such due-on-sale or due-on-encumbrance provision would be in
accordance with the Servicing Standard, then the Master Servicer (if it is processing such request pursuant to the first sentence
of this Section 3.09(a)) or the Special Servicer (if it is processing such request pursuant to the first sentence of this
Section 3.09(a)), as applicable, shall close the related transaction, subject to the consent of the Special Servicer (if
the Master Servicer is processing such request) and the consultation and/or consent rights (if any) of the related Directing Holder
or the consultation rights of any related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative)
as provided in this Section 3.09(a) and as otherwise provided in the related Co-Lender Agreement and this Agreement, and
subject to Sections 3.09(b), 3.21, 3.24, 3.25 and Section 3.29; provided, however, that neither
the Master Servicer nor the Special Servicer shall enter into any such agreement to the extent that any terms thereof would result
in (i) the imposition of a tax on a Trust REMIC under the REMIC Provisions or cause either Trust REMIC to fail to qualify as a
REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under subpart E, part I of subchapter J of the Code for
federal income tax purposes at any time that any Certificate is outstanding or (ii) create any lien on a Mortgaged Property that
is senior to, or on parity with, the lien of the related Mortgage. With respect to (i) Performing Serviced Loans (other than PCC
Mortgage Loans and WFBNA Mortgage Loans and any related Serviced Loan Combinations), the Special Servicer or, if mutually agreed
to by the Special Servicer and the Master Servicer, the Master Servicer (subject to the Special Servicer’s consent) or (ii)
with respect to PCC Mortgage Loans and WFBNA Mortgage Loans (and any related Serviced Loan Combinations) that are Performing Serviced
Loans, the Master Servicer (subject to the Special Servicer’s consent), or (iii) with respect to Specially Serviced Loans,
the Special Servicer, each in a manner consistent with the Servicing Standard and each on behalf of the Trustee as the mortgagee
of record, shall, to the extent permitted by applicable law, enforce the restrictions contained in the related Loan Documents
on transfers or further encumbrances of the related Mortgaged Property and on transfers or further encumbrances of interests in
the related Mortgagor, unless following its receipt of a request of a waiver or consent in respect of a due-on-sale or due-on-encumbrance
provision the Master Servicer (to the extent that it is processing such request pursuant to the first sentence of this Section
3.09(a) and with the written consent of the Special Servicer, which consent shall be deemed given if not denied within 15
Business Days (or such other time as required by the related Co-Lender Agreement, but in no event less than 5 Business Days after
the time period set forth in such Co-Lender Agreement for review by any related Companion Loan Holder) after the Special Servicer’s
receipt (unless earlier objected to) of the written recommendation and analysis of the Master Servicer for such action and any
additional information reasonably available to the Master Servicer that the Special Servicer may reasonably


 






    	-188-



    	 



    

 


request for the analysis
of such request, which recommendation and information may be delivered in an electronic format reasonably acceptable to the Master
Servicer and the Special Servicer) or the Special Servicer, as applicable, has determined, consistent with the Servicing Standard,
that the waiver of such restrictions or granting of consent would be in accordance with the Servicing Standard. Promptly after
the Master Servicer (with the written consent of the Special Servicer to the extent required in the preceding sentence) or the
Special Servicer, as applicable, has made any determination to grant a waiver in respect of a due-on-sale or due-on-encumbrance
provision, the Master Servicer or the Special Servicer, as applicable, shall deliver to the Trustee, the Certificate Administrator,
each other party to this Agreement and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section
11.13 of this Agreement, the Rule 17g-5 Information Provider an Officer’s Certificate setting forth the basis for such
determination; provided that, notwithstanding anything herein to the contrary, no such Officer’s Certificate shall be required
to be delivered if the Master Servicer or Special Servicer, as applicable, is granting consent to an assumption pursuant to this
Section 3.09(a) in accordance with the terms of the related Loan Documents and there is no material waiver of any conditions
or any other provisions of the related Loan Documents with respect thereto. With respect to all Serviced Mortgage Loans and each
Serviced Loan Combination, the Special Servicer shall, prior to consenting to a proposed action of the Master Servicer pursuant
to this Section 3.09 that constitutes a Major Decision, and prior to itself taking such an action, obtain the written consent
of the related Outside Controlling Note Holder (to the extent set forth in the related Co-Lender Agreement if a Serviced Outside
Controlled Loan Combination is involved) or the Controlling Class Representative (if any other Serviced Loan(s) are involved and
a Control Termination Event does not exist), as applicable, which consent shall be deemed given ten (10) Business Days after receipt
(unless earlier objected to) by such related Directing Holder of the written recommendation of the Master Servicer or the Special
Servicer, as applicable, for such action and any additional information the related Directing Holder may reasonably request for
the analysis of such request, which recommendation and information may be delivered in an electronic format reasonably acceptable
to the related Directing Holder and the Master Servicer or the Special Servicer, as applicable. In addition, neither the Master
Servicer nor the Special Servicer, as applicable, may waive the rights of the lender or grant its consent under any “due-on-encumbrance”
provision unless (1) the Master Servicer or the Special Servicer, as applicable (in each case, if it is the party processing the
related request pursuant to this Section 3.09(a)), shall have received a prior written Rating Agency Confirmation with
respect to such action or (2) the related Serviced Mortgage Loan (including a Serviced Mortgage Loan related to a Serviced
Loan Combination) (A) represents less than 2% of the principal balance of all of the Mortgage Loans in the Trust Fund, (B) has
a principal balance that is equal to or less than $20,000,000, (C) has a Loan-to-Value Ratio equal to or less than 85% (including
any existing and proposed debt), (D) has a Debt Service Coverage Ratio equal to or greater than 1.20x (in each case, determined
based upon the aggregate of the Stated Principal Balance of the Serviced Mortgage Loan or related Serviced Loan Combination, as
applicable, and the principal amount of the proposed additional lien) and (E) is not one of the 10 largest Mortgage Loans (considering
any Cross-Collateralized Group as a single Mortgage Loan) in the Mortgage Pool based on principal balance (although no such Rating
Agency Confirmation will be required if such Serviced Mortgage Loan has a principal balance less than $10,000,000). Further, neither
the Master Servicer nor the Special Servicer, as applicable, may waive the rights of the lender or grant its consent under any
“due-on-sale” provision unless the Master Servicer or the Special


 






    	-189-



    	 



    

 


Servicer, as applicable (in each case, if it is
the party processing the related request pursuant to this Section 3.09(a)), shall have received a prior written Rating
Agency Confirmation with respect to such action unless the related Serviced Mortgage Loan (including a Serviced Mortgage Loan
related to a Serviced Loan Combination) (A) represents less than 5% of the principal balance of all of the Mortgage Loans in the
Trust Fund, (B) has a principal balance that is equal to or less than $35,000,000 and (C) is not one of the 10 largest Mortgage
Loans (considering any Cross-Collateralized Group as a single Mortgage Loan) in the Mortgage Pool based on principal balance (although
no such Rating Agency Confirmation will be required if such Serviced Mortgage Loan has a principal balance less than $10,000,000).
For the purposes of this Agreement, due-on-sale provisions shall include, without limitation, sale or transfers of Mortgaged Properties,
in full or in part, or the sale, transfer, pledge or hypothecation of direct or indirect interests in any Mortgagor or its owner,
to the extent prohibited under the related Loan Documents, and due-on-encumbrance provisions shall include, without limitation,
any mezzanine/subordinate financing of any Mortgagor or any Mortgaged Property or any sale or transfer of preferred equity in
any Mortgagor or its owners, to the extent prohibited under the related Loan Documents.


 


The Master Servicer or
the Special Servicer, as applicable (in each case, if it is the party processing the related request pursuant to this Section
3.09(a)), shall notify in writing the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer,
as applicable, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event),
the Operating Advisor (after the occurrence and during the continuance of a Control Termination Event), the Rule 17g-5 Information
Provider (for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement)
and, with respect to a Serviced Loan Combination, the related Serviced Companion Loan Holder, of any assumption or substitution
agreement executed pursuant to this Section 3.09(a) and shall forward thereto a copy of such agreement, and shall also deliver
an original to the Custodian of the recorded agreement relating to such assumption or substitution within 15 Business Days following
the execution and receipt thereof by the Master Servicer or the Special Servicer, as applicable.


 


In connection with any
request for a Rating Agency Confirmation from a Rating Agency pursuant to this Section 3.09(a), the Master Servicer or the Special Servicer,
as applicable, shall deliver a Review Package to the Rule 17g-5 Information Provider for posting to the Rule 17g-5 Information
Provider’s Website in accordance with Section 11.13 of this Agreement.


 


Further, subject to the
terms of the related Loan Documents and applicable law, the Master Servicer or the Special Servicer, as applicable (in each case,
if it is the party processing the related request pursuant to this Section 3.09(a)), shall use reasonable efforts to ensure
that all costs in connection with any assumption or encumbrance, including any arising from seeking a Rating Agency Confirmation,
are paid by the related Mortgagor. To the extent not collected from the related Mortgagor after the use of such efforts, any rating
agency charges in connection with the foregoing shall be paid by the Master Servicer as a Property Advance (or as an Additional
Trust Fund Expense if such Property Advance would be a Nonrecoverable Advance).


 






    	-190-



    	 



    

 


To the extent not prohibited
by the applicable Loan Documents and applicable law, the Master Servicer or Special Servicer, as applicable, may charge the related
Mortgagor a fee in connection with any enforcement or waiver contemplated in this subsection (a); provided that any
such fee shall be applied as if it were a Modification Fee and/or Assumption Fee, as applicable, pursuant to the terms of this
Agreement.


 


(b)        Nothing
in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice of any assumption
of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien or other encumbrance
with respect to such Mortgaged Property.


 


(c)        In
connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, neither the Master Servicer nor the
Special Servicer shall agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a)
of this Agreement shall contain any terms that are different from, any term of any Mortgage Loan or Serviced Companion Loan
or the related Note, other than pursuant to Section 3.24 of this Agreement.


 


(d)        With
respect to any Mortgage Loan (other than the Outside Serviced Trust Loans) or Serviced Loan Combination which permits release of
Mortgaged Properties through defeasance, and to the extent consistent with the terms of the related Loan Documents:


 


(i)         In
the event such Mortgage Loan or Serviced Loan Combination requires that the Master Servicer on behalf of the Trustee purchase the
required “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940,
or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii), the Master Servicer, an accommodation
Mortgagor pursuant to clause (v) below or the Mortgagor shall, at the Mortgagor’s expense (to the extent consistent
with the related Loan Documents), purchase or cause the purchase of such obligations in accordance with the terms of such Mortgage
Loan or Serviced Loan Combination and deliver to the Master Servicer, in the case of the Mortgagor, or in the case of the Master
Servicer, hold the same on behalf of the Trust Fund and, if applicable, the related Serviced Companion Loan Holder; provided
that, subject to the related Loan Documents, the Master Servicer shall not accept the amounts paid by the related Mortgagor to
effect defeasance until acceptable “government securities” within the meaning of Section 2(a)(16) of the Investment
Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) have been
identified, in each case which are acceptable as defeasance collateral under the then most recently published current guidelines
of the Rating Agencies. Notwithstanding the foregoing, with respect to certain Mortgage Loans originated or acquired by WFBNA that
are subject to defeasance and with respect to all PCC Mortgage Loans that are subject to defeasance (other than the Mortgage Loan
secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Davis Ford Crossing), WFBNA or PCC, as the case may
be, has transferred to a third party or has retained the right to establish or designate the successor borrower and/or to purchase
or cause to be purchased the related defeasance collateral (“Retained Defeasance Rights and Obligations”). In
the event the Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan


 






    	-191-



    	 



    

 


that provides for Retained
Defeasance Rights and Obligations in the related Loan Documents, the Master Servicer shall provide, within five (5) business days
of receipt of such notice, written notice of such defeasance request to WFBNA or WFBNA’s assignee in the case of the Mortgage
Loans for which WFBNA is the related Mortgage Loan Seller or to PCC or PCC’s assignee in the case of the Mortgage Loans for
which PCC is the related Mortgage Loan Seller. Until such time as WFBNA provides written notice to the contrary, the notice of
a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations as to which WFBNA is the related Mortgage Loan
Seller shall be delivered to Wells Fargo Bank, National Association, Commercial Mortgage Servicing, MAC D1086-120, 550 South Tryon
Street, 12th Floor, Charlotte, North Carolina 28202, Attention: Defeasance Group Deal Manager, fax number: 704-715-0035, e-mail:
defeasance@wellsfargo.com. Until such time as PCC provides written notice to the contrary, the notice of a defeasance of a Mortgage
Loan with Retained Defeasance Rights and Obligations as to which PCC is the related Mortgage Loan Seller shall be delivered to
Macquarie US Trading LLC d/b/a Principal Commercial Capital, 125 West 55th Street, New York, New York 10019, to the attention of
Joshua Karlin.


 


(ii)        The
Master Servicer shall require, to the extent the related Loan Documents grant the mortgagee discretion to so require, delivery
of an Opinion of Counsel (which shall be an expense of the related Mortgagor to the extent consistent with the related Loan Documents)
to the effect that the Trustee on behalf of the Certificateholders has a first priority security interest in the defeasance deposit
and the “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940,
or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii), and the assignment thereof is valid
and enforceable; such opinion, together with any other certificates or documents to be required in connection with such defeasance
shall be in form and substance acceptable to the Master Servicer.


 


(iii)       The
Master Servicer shall obtain, to the extent the related Loan Documents grant the mortgagee discretion to so obtain, a certificate
(which shall be an expense of the related Mortgagor to the extent consistent with the related Loan Documents) from an Independent
certified public accountant certifying that the “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii),
comply with the requirements of the related Loan Agreement or Mortgage.


 


(iv)       To
the extent consistent with the related Loan Documents, prior to permitting release of any Mortgaged Properties through defeasance,
the Master Servicer shall (at the Mortgagor’s expense) obtain a Rating Agency Confirmation; provided that the Master Servicer
shall not be required to obtain such Rating Agency Confirmation from any Rating Agency to the extent that the Master Servicer has
delivered a defeasance certificate to such Rating Agency substantially in the form of Exhibit DD to this Agreement
for any Mortgage Loan that, at the time of such defeasance, is (x) not one of the ten largest Mortgage Loans by Stated Principal
Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or less than $35,000,000 and (z) a Mortgage Loan that
represents less than 5% of the Stated Principal Balance of all Mortgage Loans.


 






    	-192-



    	 



    

 


(v)        If
the Mortgage Loan or Serviced Loan Combination permits the related Mortgagor or the lender or its designee to cause an accommodation
Mortgagor to assume such defeased obligations, the Master Servicer shall, or shall cause the Mortgagor to, establish at the Mortgagor’s
cost and expense (and shall use efforts consistent with the Servicing Standard to cause the related Mortgagor to consent to such
assumption) a special purpose bankruptcy-remote entity to assume such obligations, as to which the Trustee and the Certificate
Administrator has received a Rating Agency Confirmation (if such confirmation is required pursuant to the then most recently published
guidelines of the Rating Agencies).


 


(vi)       To
the extent consistent with the related Loan Documents, the Master Servicer shall require the related Mortgagor to pay all costs
and expenses incurred in connection with the defeasance of the related Mortgage Loan or Serviced Loan Combination. In the event
that the Mortgagor is not required to pay any such costs and expenses under the terms of the Loan Documents, such costs and expenses
shall be Additional Trust Fund Expenses.


 


(vii)      In
no event shall the Master Servicer have liability to any party hereto or beneficiary hereof for obtaining a Rating Agency Confirmation
(or conditioning approval of defeasance on the delivery of a Rating Agency Confirmation) or for imposing conditions to approval
of a defeasance on the satisfaction of conditions that are consistent with the Servicing Standard but are not required under Rating
Agency guidelines (provided that this shall not protect the Master Servicer from any liability that may be imposed as a
result of the violation of applicable law or the Loan Documents).


 


(viii)     The
Master Servicer may accept as defeasance collateral any “government security,” within the meaning of Treasury Regulation’s
Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided, that the Master
Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not endanger the status of either
Trust REMIC as a REMIC or result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including but not limited
to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions
to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure property”
as set forth in Section 860G(c) of the Code).


 


(e)        Notwithstanding
any other provision of this Section 3.09, without any other approval or consent, the Master Servicer (for Performing Serviced Loans)
or the Special Servicer (for Specially Serviced Loans) may grant and process a Mortgagor’s request for consent to subject
the related Mortgaged Property to an immaterial easement, right of way or similar agreement for utilities, access, parking, public
improvements or another purpose and may consent to subordination of the related Mortgage Loan or Serviced Loan Combination to such
easement, right of way or similar agreement; provided that in each case, the Master Servicer or Special Servicer, as applicable,
(i) shall have determined in accordance with the Servicing Standard that such easement, right of way or similar agreement
will not materially and adversely affect the operation or value of such Mortgaged Property or the Trust Fund’s interest in
the Mortgaged Property and (ii) shall have determined that such easement, right of way or similar


 






    	-193-



    	 



    

 


agreement will not cause
either Trust REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding. The Master Servicer or the
Special Servicer may rely on an Opinion of Counsel in making any such determination under clause (ii) above.


 


Section 3.10     Appraisal
Reductions; Realization Upon Defaulted Loans.


 


(a)        Promptly
upon the occurrence of an Appraisal Reduction Event with respect to a Serviced Loan, the Special Servicer shall use reasonable
efforts to obtain an updated Appraisal, the costs of which shall be advanced by, and reimbursable to, the Master Servicer as a
Property Advance (or shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account if such
Property Advance would be a Nonrecoverable Advance); provided, however, that the Special Servicer shall not be required
to obtain an updated Appraisal of any Mortgaged Property with respect to which there exists an Appraisal which is less than nine
months old unless the Special Servicer determines in accordance with the Servicing Standard that such previously obtained Appraisal
is materially inaccurate. With respect to any Serviced Loan for which an Appraisal Reduction Event has occurred and still exists,
the Special Servicer shall obtain annual letter updates to any updated Appraisal. Any Appraisal prepared in order to determine
the Appraisal Reduction Amount with respect to a Serviced Loan Combination shall be delivered by the Special Servicer, upon request,
to each related Serviced Companion Loan Holder.


 


The Certificate Principal
Amount of each Class of applicable Certificates shall be notionally reduced (solely for purposes of determining the identity of
the Non-Reduced Certificates and the Controlling Class, as well as the occurrence of a Control Termination Event) as of any date
of determination to the extent of the Appraisal Reduction Amount(s) allocated to such Class on the preceding Distribution Date.
The aggregate Appraisal Reduction Amount for any Distribution Date shall be applied to notionally reduce the Certificate Principal
Amounts of the following Classes of Certificates and Class PEZ Regular Interests in the following order of priority: first,
to the Class G Certificates; second, to the Class F Certificates; third, to the Class E Certificates;
fourth, to the Class D Certificates; fifth, to the Class C Regular Interest (and correspondingly, the Class
C Certificates and the Class PEZ Component C, pro rata based on their respective percentage interests therein); sixth,
to the Class B Regular Interest (and correspondingly, the Class B Certificates and the Class PEZ Component B, pro rata based
on their respective percentage interests therein); seventh, to the Class A-S Regular Interest (and correspondingly, the
Class A-S Certificates and the Class PEZ Component A-S, pro rata based on their respective percentage interests therein);
and finally, pro rata to the (i) Class A-1 Certificates, (ii) Class A-2 Certificates, (iii) Class A-3
Certificates, (iv) Class A-4 Certificates, (v) Class A-5 Certificates and (vi) Class A-AB
Certificates, based on their respective Certificate Principal Amounts (provided in each case that no Certificate Principal Amount
in respect of any such Class may be notionally reduced below zero). With respect to any Appraisal Reduction Amount calculated for
the purposes of determining the Non-Reduced Certificates or the Controlling Class, as well as the occurrence of a Control Termination
Event, the appraised value of the related Mortgaged Property shall be determined on an “as-is” basis.


 


The Special Servicer
shall promptly notify the Certificate Administrator and Master Servicer of the determination of any such Appraisal Reduction Amount,
and the


 






    	-194-



    	 



    

 


Certificate
Administrator shall promptly post notice of the determination of any such Appraisal Reduction Amount on the Certificate Administrator’s
website.


 


Any Appraisal Reduction
Amounts with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced Subordinate Companion
Loan (up to the outstanding principal balance thereof), and then, to the related Serviced Mortgage Loan and any related Serviced
Pari Passu Companion Loan(s), on a pro rata and pari passu basis in accordance with the respective outstanding principal balances
of such related Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan.


 


The Holders of Certificates
representing the majority of the Certificate Principal Amount of any Class of Control Eligible Certificates whose Certificate Principal
Amount is notionally reduced to less than 25% of the initial Certificate Principal Amount of that Class as a result of an allocation
of an Appraisal Reduction Amount in respect of such Class (such Class, an “Appraised-Out 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 Serviced Loan for which 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 the
Servicing Standard. 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 determination of an 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 occurrence
of a Consultation Termination Event. After the Appraised-Out Class is no longer entitled to exercise the rights of the Controlling
Class, the rights of the Controlling Class shall be exercised by the Class of Control Eligible Certificates immediately senior
to such Appraised-Out Class, if any, unless a recalculation results in the reinstatement of the Appraised-Out Class as the Controlling
Class.


 


In addition to the foregoing,
the Holders of Certificates representing the majority of the Certificate Principal Amount 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 Serviced Loan for which
an Appraisal Reduction Event has occurred if an event has occurred at or with regard to the related Mortgaged Property or Mortgaged
Properties that would have a material effect on its appraised value, and the Special Servicer shall use its reasonable best efforts
to ensure that


 






    	-195-



    	 



    

 


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 the Servicing Standard
that no events at or with regard to the related Mortgaged Property or Mortgaged Properties have occurred that would have a material
effect on such appraised value of the related Mortgaged Property or Mortgaged 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 Master Servicer reasonably required to calculate or recalculate the Appraisal Reduction Amount,
the Special Servicer shall determine, in accordance with the Servicing Standard, 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 the Servicing Standard or this
Agreement without regard to any appraisal requests made by any Holder of an Appraised-Out Class.


 


(b)        In
connection with any foreclosure, enforcement of the Loan Documents or other acquisition, the Master Servicer in accordance with
Section 3.20 of this Agreement shall pay the out-of-pocket costs and expenses in any such proceedings as a Property Advance unless
the Master Servicer determines, in its good faith judgment exercised in accordance with the Servicing Standard, that such Advance
would constitute a Nonrecoverable Advance (in which case such costs shall be an expense of the Trust Fund and paid by the Master
Servicer out of the Collection Account). The Master Servicer shall be entitled to reimbursement of Advances (with interest at the
Advance Rate) made pursuant to the preceding sentence to the extent permitted by Section 3.06(a)(ii) of this Agreement.


 


Subject to Section 3.21 of
this Agreement, if the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state
where the Mortgaged Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the
related Mortgagor or any other liable party if the laws of the state do not permit such a deficiency judgment after a non-judicial
foreclosure or if the Special Servicer determines, in accordance with the Servicing Standard, that the likely recovery if a deficiency
judgment is obtained will not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment
and such determination is evidenced by an Officer’s Certificate delivered to the Trustee, the Certificate Administrator,
any related Outside Controlling Note Holder and (prior to the occurrence and continuance of a Consultation Termination Event) the
Controlling Class Representative.


 






    	-196-



    	 



    




 


In
the event that title to any Mortgaged Property (other than any Mortgaged Property related to an Outside Serviced Trust Loan) is
acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee, to
a co-trustee or to its nominee (which shall not include the Master Servicer but may be a single member limited liability company
owned by the Trust and managed by the Special Servicer) or a separate trustee or co-trustee on behalf of the Trustee as holder
of the Lower-Tier Regular Interests and on behalf of the holders of the Certificates and, if applicable, and the related Serviced
Companion Loan Holders. Notwithstanding any such acquisition of title and cancellation of the related Serviced Mortgage Loan,
the related Serviced Mortgage Loan shall (except for purposes of Section 9.01) be considered to be an REO Mortgage Loan
held in the Trust Fund until such time as the related REO Property shall be sold by the Trust Fund and shall be reduced only by
collections net of expenses.


 


(c)        Notwithstanding
any provision to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property
pursuant to this Section 3.10 unless either:


 


(i)        such personal property is
(in the good faith judgment of the Special Servicer) incident to real property (within the meaning of Code Section 856(e)(1))
so acquired by the Special Servicer for the benefit of the Trust Fund; or


 


(ii)       the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund)
to the effect that the holding of such personal property by the Trust Fund will not cause the imposition of a tax on a Trust REMIC
under the REMIC Provisions or cause either Trust REMIC to fail to qualify as a REMIC for federal income tax purposes or cause
the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes at any time that any Certificate is outstanding.


 


(d)        Notwithstanding
any provision to the contrary in this Agreement, neither the Special Servicer nor the Master Servicer shall, on behalf of the
Trust Fund or, if applicable, the related Serviced Companion Loan Holder, obtain title to any direct or indirect partnership or
membership interest or other equity interest in any Mortgagor pledged pursuant to any pledge agreement, unless the Master Servicer
or the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust
Fund) to the effect that the holding of such partnership or membership interest or other equity interest by the Trust Fund will
not cause the imposition of a tax on a Trust REMIC under the REMIC Provisions or cause either Trust REMIC to fail to qualify as
a REMIC for federal income tax purposes or cause the Grantor Trust to fail to qualify as a grantor trust for federal income tax
purposes at any time that any Certificate is outstanding.


 


(e)        Notwithstanding any
provision to the contrary contained in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund or, if applicable,
the related Serviced Companion Loan Holders, obtain title to a Mortgaged Property as a result of foreclosure or by deed in lieu
of foreclosure or otherwise, obtain title to any direct or indirect partnership or membership interest in any Mortgagor pledged
pursuant to a pledge agreement and thereby be the beneficial owner of a Mortgaged Property, and shall not otherwise acquire


 






    	-197-



    	 



    

 


possession
of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action, the Custodian, the Trustee,
the Certificate Administrator or the Trust Fund or the Certificateholders or, if applicable, the related Serviced Companion Loan
Holders, would be considered to hold title to, or be a mortgagee-in-possession of, or to be an “owner” or “operator”
of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended from time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with
the Servicing Standard, based on an updated environmental assessment report prepared by an Independent Person who regularly conducts
environmental audits, that:


 


(i)        such
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the best economic interest of the Trust Fund and any related Serviced Companion Loan Holder (as a collective
whole) to take such actions as are necessary to bring such Mortgaged Property in compliance therewith; and


 


(ii)       there
are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Trust Fund and
any related Serviced Companion Loan Holder(s) (as a collective whole as if the Trust Fund and, if applicable, any related Serviced
Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account
the subordinate nature of any related Subordinate Companion Loan)) to take such actions with respect to the affected Mortgaged
Property as could be required by such law or regulation.


 


In
the event that the environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates
that such Mortgaged Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present
but does not definitively establish such fact, the Special Servicer shall cause such further environmental tests to be conducted
by an Independent Person who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests
of Certificateholders and any related Serviced Companion Loan Holder. Any such tests shall be deemed part of the environmental
assessment obtained by the Special Servicer for purposes of this Section 3.10.


 


In
the event that the Special Servicer seeks to obtain title to a Mortgaged Property on behalf of the Trust Fund and any related
Serviced Companion Loan Holder, the Special Servicer may, in its discretion, establish a single member limited liability company
with the Trust Fund and any related Serviced Companion Loan Holder as the sole owner to hold title to such Mortgaged Property.


 


(f)        The
environmental assessment contemplated by Section 3.10(e) of this Agreement shall be prepared within three months of the
determination that such assessment is required by any Independent Person who regularly conducts environmental audits for purchasers


 





    	-198-



    	 



    

 


of commercial property where the Mortgaged Property is located, as determined by the Special Servicer in a manner consistent with
the Servicing Standard and, if applicable, any secured creditor impaired property policy issued on or prior to the Closing Date
with respect to any Mortgage Loan (including that the environmental assessment identify any potential pollution conditions (as
defined in the environmental insurance policy) with respect to the related Mortgaged Property). The Master Servicer shall advance
the cost of preparation of such environmental assessments unless the Master Servicer determines, in its good faith judgment, that
such Advance would be a Nonrecoverable Advance (in which case such costs shall be an expense of the Trust Fund and paid by the
Master Servicer out of the Collection Account). The Master Servicer shall be entitled to reimbursement of Advances (with interest
at the Advance Rate) made pursuant to the preceding sentence in the manner set forth in Section 3.06 of this Agreement.
Copies of any environmental assessment prepared pursuant to Section 3.10(e) of this Agreement shall be provided to the
Certificateholder of any Regular Certificates and any related Serviced Companion Loan Holder upon written request to the Special
Servicer.


 


(g)        If
the Special Servicer determines pursuant to Section 3.10(e)(i) of this Agreement that a Mortgaged Property is not in compliance
with applicable environmental laws, but that it is in the best economic interest of the Trust Fund and any related Serviced Companion
Loan Holder, as a collective whole as if the Trust Fund and any related Serviced Companion Holder constituted a single lender
(and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion
Loan), to take such actions as are necessary to bring such Mortgaged Property in compliance therewith, or if the Special Servicer
determines pursuant to Section 3.10(e)(ii) of this Agreement that the circumstances referred to therein relating to Hazardous
Materials are present, but that it is in the best economic interest of the Trust Fund and any related Serviced Companion Loan
Holder, as a collective whole as if the Trust Fund and any related Serviced Companion Holder constituted a single lender (and,
in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion
Loan), to take such action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged
Property as is required by law or regulation, then the Special Servicer shall take such action as it deems to be in the best economic
interest of the Trust Fund and any related Serviced Companion Loan Holder, as a collective whole as if the Trust Fund and any
related Serviced Companion Holder constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into
account the subordinate nature of any related Subordinate Companion Loan). The Master Servicer shall pay the cost of any such
compliance, containment, clean-up or remediation from the Collection Account.


 


(h)        The
Special Servicer shall notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting to the
IRS and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required to be reported
with respect to any Mortgage Loan or Serviced Companion Loan which is abandoned or foreclosed and the Master Servicer shall report
to the IRS and the related Mortgagor, in the manner required by applicable law, such information and the Master Servicer shall
report, via IRS Form 1099C, all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer
by the Special Servicer. Upon request, the Master Servicer shall deliver a copy of any such report to the Trustee, the Certificate
Administrator and, if affected, to any related Serviced Companion Loan Holder.


 






    	-199-



    	 



    

 


Section
3.11     Custodian to Cooperate; Release of Mortgage Files. Upon the payment in full of any
Mortgage Loan or Serviced Loan Combination or the receipt by the Master Servicer or the Special Servicer of a notification
that payment in full has been escrowed in a manner customary for such purposes, the Master Servicer or the Special Servicer
shall immediately notify the Trustee, the Certificate Administrator and the Custodian and, if affected, the related Serviced
Companion Loan Holder by delivery of a certification (which certification shall include a statement to the effect that all
amounts received or to be received in connection with such payment which are required to be deposited in the Collection
Account pursuant to Section 3.05 of this Agreement have been or will be so deposited) of a Servicing Officer and shall
request delivery to it of the Mortgage File. No expenses incurred in connection with any instrument of satisfaction or deed
of reconveyance shall be chargeable to the Trust Fund.


 


From
time to time upon request of the Master Servicer or Special Servicer and delivery to the Custodian of a Request for Release, the
Custodian shall promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the Master
Servicer or Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation or
conversion of the Mortgage Loan or Serviced Loan Combination into an REO Property, receipt by the Trustee and the Certificate
Administrator of a certificate of a Servicing Officer stating that such Mortgage Loan or Serviced Loan Combination was liquidated
and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the
Collection Account have been so deposited, or that such Mortgage Loan or Serviced Loan Combination has become an REO Property,
the Custodian shall deliver a copy of the Request for Release to the Master Servicer or Special Servicer, as applicable.


 


Within
three (3) Business Days, after receipt of written certification of a Servicing Officer, the Trustee shall execute and deliver
to the Special Servicer any court pleadings, requests for trustee’s sale or other documents prepared by the Special Servicer,
its agents or attorneys and reasonably acceptable to the Trustee, necessary to the foreclosure or trustee’s sale in respect
of a Mortgaged Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Loan or Serviced
Loan Combination, or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Loan Documents
or otherwise available at law or in equity. Each such certification shall include a request that such pleadings or documents be
executed by the Trustee and a statement as to the reason such documents or pleadings are required, and that the execution and
delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage or other security agreement,
except for the termination of such a lien upon completion of the foreclosure or trustee’s sale.


 


If
from time to time, pursuant to the terms of the Co-Lender Agreement and the applicable Outside Servicing Agreement related to
an Outside Serviced Trust Loan, and as appropriate for enforcing the terms of, or otherwise properly servicing, such Outside Serviced
Trust Loan, the related Outside Servicer, the related Outside Special Servicer or other similar party requests delivery to it
of the original Note for such Outside Serviced Trust Loan, then such party shall deliver a Request for Release in the form of
Exhibit C attached hereto to the Custodian and the Custodian shall release or cause the release of such original Note to
the requesting party or its designee. In connection with the release of the original Note for an Outside Serviced Trust Loan in
accordance with the preceding sentence, the Custodian shall


 






    	-200-



    	 



    

 


obtain such documentation as is appropriate to evidence the holding
by the related Outside Servicer, the related Outside Special Servicer or such other similar party, as the case may be, of such
original Note as custodian on behalf of and for the benefit of the Trustee.


 


Section
3.12     Servicing Fees, Trustee/Certificate Administrator Fees, Custodian Fees and Special Servicing
Compensation.


 


(a)        As
compensation for its activities hereunder, the Master Servicer shall be entitled, with respect to each Mortgage Loan and REO Mortgage
Loan (including the Outside Serviced Trust Loan but excluding the Outside Serviced Companion Loans) and each Serviced Companion
Loans and REO Companion Loan that is included as part of a Serviced Loan Combination and each Interest Accrual Period, to the
Servicing Fee, which shall be payable from amounts on deposit in the Collection Account and/or, in the case of a Serviced Loan
Combination or portion thereof, the related Loan Combination Custodial Account as set forth in Section 3.06(a)(iii) and
Section 3.06(a)(vii) and/or Section 3.06A of this Agreement, as applicable. In addition, the Master Servicer shall
be entitled to receive, as additional servicing compensation, (i) 100% of any Excess Modification Fees with respect to a modification,
waiver, extension or amendment of a Performing Serviced Loan agreed to by the Master Servicer pursuant to Section 3.24
of this Agreement that did not require the approval of the Special Servicer, (ii) 50% of any Excess Modification Fees with respect
to a modification, waiver, extension or amendment of a Performing Serviced Loan consented to by the Special Servicer pursuant
to Section 3.24 of this Agreement (regardless of whether the Master Servicer or the Special Servicer processes the related
servicing matter), (iii) 100% of any defeasance fee received in connection with a defeasance of a Serviced Loan as contemplated
under Section 3.09 of this Agreement, (iv) 100% of any Assumption Fees with respect to a Performing Serviced Loan consented
to by the Master Servicer that did not require the approval of the Special Servicer, (v) 50% of any Assumption Fees with respect
to a Performing Serviced Loan consented to by the Special Servicer (regardless of whether the Master Servicer or the Special Servicer
processes the related servicing matter), (vi) the aggregate Prepayment Interest Excess (exclusive of any portion thereof attributable
to an Outside Serviced Trust Loan), but only to the extent such amount is not required to be included in any Compensating Interest
Payment, in each case to the extent received and not required to be deposited or retained in the Collection Account pursuant to
Section 3.05 of this Agreement, (vii) 100% of Ancillary Fees (other than fees for insufficient or returned checks) actually
received from Mortgagors on Performing Serviced Loans in the case of servicing actions processed by the Master Servicer, (viii)
100% of assumption application fees actually received from Mortgagors on Performing Serviced Loans in the case of assumptions
processed by the Master Servicer, (ix) 100% of Consent Fees with respect to a Performing Serviced Loan that did not require the
approval of the Special Servicer, (x) 50% of any Consent Fees with respect to a Performing Serviced Loan consented to by the Special
Servicer (regardless of whether the Master Servicer or the Special Servicer processes the related servicing matter), (xi) 100%
of Excess Penalty Charges paid by the Mortgagors with respect to any Mortgage Loan (other than an Outside Serviced Trust Loan)
other than Excess Penalty Charges accrued during the period such Mortgage Loan is a Specially Serviced Loan, (xii) 100% of fees
for insufficient or returned checks actually received from Mortgagors on all Serviced Loans, and (xiii) in the case of any ARD
Mortgage Loan, 100% of any extension fee actually paid by the related Mortgagor in connection with the Mortgagor’s option
to exercise the related Anticipated Repayment Date option pursuant to the related Loan Documents unless the Special


 






    	-201-



    	 



    

 


Servicer’s
consent is required, then 50% of any such extension fee (regardless of whether the Master Servicer or the Special Servicer processes
the related servicing matter); provided, however, that the Master Servicer shall not be entitled to apply or retain
any amounts described in clauses (i) through (v) above as additional compensation with respect to a specific Mortgage Loan or
Serviced Loan Combination, as applicable, with respect to which a default or event of default thereunder has occurred and is continuing
unless and until such default or event of default has been cured (or has been waived in accordance with the terms of this Agreement)
and all delinquent amounts required to have been paid by the Mortgagor, Advance Interest Amounts and Additional Trust Fund Expenses
(other than Special Servicing Fees, Workout Fees and Liquidation Fees) both (x) due with respect to such Mortgage Loan or Serviced
Loan Combination, as applicable, and (y) in the case of expense items, that arose within the last 12 months, have been paid. The
Master Servicer shall also be entitled pursuant to, and to the extent provided for in Sections 3.06(a)(iii), Section
3.06(A) and Section 3.07(b), to withdraw from the Collection Account and the Loan Combination Custodial Accounts and
to receive from any Mortgagor Accounts (to the extent not payable to the related Mortgagor under a Mortgage Loan or Serviced Loan
Combination or applicable law) any interest or other income earned on deposits therein. Interest or other income earned on funds
in the Collection Account, Loan Combination Custodial Account and Mortgagor Accounts (to the extent consistent with the related
Loan Documents), shall be paid to the Master Servicer as additional servicing compensation and interest or other income earned
on funds in any REO Account shall be payable to the Special Servicer.


 


Wells
Fargo Bank, 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), in
either case, to any Qualified Institutional Buyer or Institutional Accredited Investor (other than a Plan); provided that
no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer, sale, pledge or other assignment is
exempt from the registration and/or qualification requirements of the 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 CC-1 to this Agreement, and
(iii) the prospective transferee shall have delivered to Wells Fargo Bank, National Association and the Depositor a certificate
substantially in the form attached as Exhibit CC-2 to this Agreement. None of the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor 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. Wells
Fargo Bank, 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 Wells Fargo Bank, 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 Underwriters, the Initial Purchasers, the Certificate Administrator, the Trustee, the Custodian,
the Master Servicer, the Operating Advisor, the Certificate Registrar and the Special Servicer against any liability that may
result if such transfer is not exempt from registration and/or qualification under the


 






    	-202-



    	 



    

 


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 any information received in connection with its acquisition and holding of such Excess Servicing Fee Right 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. From time to
time following any transfer, sale, pledge or assignment of an Excess Servicing Fee Right, the Person then acting as the Master
Servicer shall pay, out of each amount paid to such Master Servicer as Servicing Fees with respect to each related Mortgage Loan
or REO Mortgage Loan, as the case may be, 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 the Master Servicer, in each case in accordance with payment
instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right shall not
have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate
Administrator, the Certificate Registrar, the Operating Advisor, the Depositor, the Special Servicer, the Trustee or the Custodian
shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or transfer of the Excess
Servicing Fee Right.


 


Except
as otherwise provided herein, the Master Servicer shall pay all expenses incurred by it in connection with its servicing activities
hereunder, including all fees of any Sub-Servicers retained by it.


 


The
Master Servicer will not be entitled to retain any portion of Excess Interest paid on any Mortgage Loan. Notwithstanding anything
herein to the contrary, in the case of a Serviced Loan Combination, in no event shall Servicing Fees with respect to the related
Mortgage Loan (including an REO Mortgage Loan) be payable out of payments and other collections with respect to the related Serviced
Pari Passu Companion Loan(s), and in no event shall Servicing Fees with respect to the related Serviced Pari Passu Companion Loan(s)
(including an REO Companion Loan) be payable out of payments and other collections with respect to the related Mortgage Loan or
the Mortgage Pool. In addition, with respect to any Serviced Subordinate Companion Loan, unless otherwise provided in the related
Co-Lender Agreement, in no event shall Servicing Fees with respect to such Serviced Subordinate Companion Loan (including an REO
Companion Loan) be payable out of payments and other collections with respect to any related Serviced Pari Passu Companion Loan(s),
the related Mortgage Loan or the Mortgage Pool. This paragraph is in no way intended to limit the rights, if any, of the Master
Servicer under the related Co-Lender Agreement to seek payment of unpaid Servicing Fees with respect to any Serviced Companion
Loan from the related Serviced Companion Loan Holder.


 


(b)        As
compensation for its activities hereunder, on each Distribution Date the Trustee shall be entitled with respect to each Mortgage
Loan to its portion of the Trustee/Certificate Administrator Fee, and the Certificate Administrator shall be entitled with respect
to each Mortgage Loan to its portion of the Trustee/Certificate Administrator Fee. The Certificate Administrator shall pay the
Trustee the Trustee’s portion of the Trustee/Certificate Administrator Fee. Except as otherwise provided herein, the Trustee/Certificate
Administrator


 






    	-203-



    	 



    

 


Fee includes all routine expenses of the Trustee, the Certificate Registrar, the Paying Agent, the Certificate Administrator
and the Authenticating Agent. Each of the Trustee’s and Certificate Administrator’s rights to the Trustee/Certificate
Administrator Fee may not be transferred in whole or in part except in connection with the transfer of all of the Trustee’s
or Certificate Administrator’s, as applicable, responsibilities and obligations under this Agreement. As compensation for
its activities hereunder, on each Distribution Date the Custodian shall be entitled with respect to each Mortgage Loan to the
Custodian Fee. The Certificate Administrator shall remit to the Custodian the Custodian Fee with respect to each Distribution
Date. Except as otherwise provided herein, the Custodian Fee includes all routine expenses of the Custodian. The Custodian’s
rights to the Custodian Fee may not be transferred in whole or in part except in connection with the transfer of all of the Custodian’s
responsibilities and obligations under this Agreement.


 


(c)        As
compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan
(including each Serviced Companion Loan that is included as part of each Serviced Loan Combination) in respect of each Interest
Accrual Period to the Special Servicing Fee, which shall be payable from amounts on deposit in the Collection Account and/or,
in the case of a Serviced Loan Combination or portion thereof, the related Loan Combination Custodial Account as set forth in
Section 3.06(a) and Section 3.06A. The Special Servicer’s rights to the Special Servicing Fee may not be transferred
in whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations
under this Agreement. In addition, the Special Servicer shall be entitled to receive, as additional servicing compensation, (i)
50% of any Excess Modification Fees with respect to a modification, waiver, extension or amendment of a Performing Serviced Loan
consented to by the Special Servicer pursuant to Section 3.24 of this Agreement (regardless of whether the Master Servicer
or the Special Servicer processes the related servicing matter), (ii) 100% of any Excess Modification Fees with respect to a modification,
waiver, extension or amendment of a Specially Serviced Loan consented to by the Special Servicer pursuant to Section 3.24
of this Agreement, (iii) 100% of any Assumption Fees with respect to a Specially Serviced Loan, (iv) 50% of any Assumption Fees
with respect to a Performing Serviced Loan consented to by the Special Servicer (regardless of whether the Master Servicer or
the Special Servicer processes the related servicing matter), (v) 100% of Ancillary Fees (other than fees for insufficient or
returned checks) actually received from Mortgagors with respect to (a) Specially Serviced Loans, and (b) Performing Serviced Loans
in the case of servicing actions processed by the Special Servicer, (vi) 100% of assumption application fees actually received
from Mortgagors on (a) Specially Serviced Loans and (b) Performing Serviced Loans in the case of assumptions processed by the
Special Servicer, (vii) 100% of Consent Fees with respect to a Specially Serviced Loan, (viii) 50% of any Consent Fees with respect
to a Performing Serviced Loan consented to by the Special Servicer (regardless of whether the Master Servicer or the Special Servicer
processes the related servicing matter), (ix) 100% of Excess Penalty Charges paid by the Mortgagors with respect to any Mortgage
Loan (other than an Outside Serviced Trust Loan) accrued during the period such Mortgage Loan is a Specially Serviced Loan, (x)
any interest or other income earned on deposits in the REO Accounts, and (xi) in the case of any ARD Mortgage Loan, 50% of any
extension fee actually paid by the related Mortgagor in connection with the Mortgagor’s option to exercise the related Anticipated
Repayment Date option pursuant to the related Loan Documents (regardless of whether the Master Servicer or the Special Servicer
processes the related servicing matter), unless the Special Servicer’s consent is not required, then


 






    	-204-



    	 



    

 


0% of any such extension
fee. The Special Servicer shall not be entitled to any Special Servicing Fees with respect to the Outside Serviced Trust Loans.


 


Except
as otherwise provided herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities
hereunder.


 


The
Special Servicer shall also be entitled to additional servicing compensation in the form of a Workout Fee with respect to each
Corrected Loan at the Workout Fee Rate on such Mortgage Loan or Serviced Loan Combination for so long as it remains a Corrected
Loan. The Special Servicer shall not be entitled to any Workout Fee with respect to any Outside Serviced Trust Loan. The Workout
Fee with respect to any Corrected Loan will cease to be payable if such loan again becomes a Specially Serviced Loan; provided
that a new Workout Fee will become payable if and when such Specially Serviced Loan again becomes a Corrected Loan. If the
Special Servicer is terminated (other than for cause) or resigns: (1) it shall retain the right to receive any and all Workout
Fees payable in respect of Mortgage Loans or Serviced Loan Combinations that became Corrected Loans prior to the time of that
termination or resignation except the Workout Fees will no longer be payable if any such Mortgage Loan or Serviced Loan Combination
subsequently becomes a Specially Serviced Loan; and (2) it will receive any Workout Fees payable in respect of any Mortgage Loan
or Serviced Loan Combination that was, at the time of that termination or resignation, a Specially Serviced Loan for which the
resigning or terminated Special Servicer had cured the event of default through a modification, restructuring or workout negotiated
by the Special Servicer and evidenced by a signed writing, but which had not as of the time the Special Servicer resigned or was
terminated become a Corrected Loan solely because the Mortgagor had not had sufficient time to make three consecutive timely Monthly
Payments and which subsequently becomes a Corrected Loan as a result of the Mortgagor making such three consecutive timely Monthly
Payments. In either case, the successor special servicer will not be entitled to any portion of such Workout Fees. The Special
Servicer shall also be entitled to additional servicing compensation in the form of a Liquidation Fee (other than with respect
to the Outside Serviced Trust Loans) payable out of the Liquidation Proceeds prior to the deposit of the Net Liquidation Proceeds
in the Collection Account or the Loan Combination Custodial Account, as applicable. However, no Liquidation Fee will be payable
with respect to an Outside Serviced Trust Loan or in connection with, or out of, Liquidation Proceeds as set forth in the final
two provisos of the definition of “Liquidation Fee” herein. Notwithstanding anything herein to the contrary, the Special
Servicer shall not be entitled to receive both a Liquidation Fee and a Workout Fee with respect to any specific collections or
proceeds on any Mortgage Loan or Serviced Loan Combination. For purposes of the foregoing provisions of this Section 3.12(c),
a termination and removal of the Special Servicer under Section 6.08 of this Agreement shall be deemed to constitute a
termination without cause.


 


If
at any time a Mortgage Loan or Serviced Loan Combination becomes a Specially Serviced Loan, the Special Servicer shall use its
reasonable efforts to collect the amount of any Special Servicing Fee, Liquidation Fee and/or Workout Fee from the related Mortgagor
pursuant to the related Loan Documents, including exercising all remedies available under such Loan Documents that would be in
accordance with the Servicing Standard, 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


 






    	-205-



    	 



    

 


opposed to the Realized
Loss that would be incurred as a result of not collecting such amounts from the related Mortgagor.


 


The
Special Servicer shall not be entitled to any Liquidation Fee with respect to any Outside Serviced Trust Loan or any Outside Serviced
Companion Loan. In addition, the Special Servicer will not be entitled to retain any portion of Excess Interest paid on any Mortgage
Loan.


 


Notwithstanding
anything herein to the contrary, in the case of a Serviced Loan Combination, in no event shall Special Servicing Compensation
with respect to the related Mortgage Loan (including an REO Mortgage Loan) be payable out of payments and other collections with
respect to the related Serviced Pari Passu Companion Loan(s), and in no event shall Special Servicing Compensation with respect
to the related Serviced Pari Passu Companion Loan(s) (including an REO Companion Loan) be payable out of payments and other collections
with respect to the related Mortgage Loan or the Mortgage Pool. In addition, with respect to any Serviced Subordinate Companion
Loan, unless otherwise provided in the related Co-Lender Agreement, in no event shall Special Servicing Compensation with respect
to such Companion Loan (including an REO Companion Loan) be payable out of payments and other collections with respect to any
related Serviced Pari Passu Companion Loan(s), the related Mortgage Loan or the Mortgage Pool. This paragraph is in no way intended
to limit the rights of the Special Servicer under the related Co-Lender Agreement to seek payment of unpaid Special Servicing
Compensation with respect to any Serviced Companion Loan from the related Serviced Companion Loan Holder.


 


(d)        The
Master Servicer, Special Servicer, the Certificate Administrator, the Custodian and Trustee shall be entitled to reimbursement
from the Trust Fund for the costs and expenses incurred by them in the performance of their duties under this Agreement which
are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii).
Such expenses shall include, by way of example and not by way of limitation, environmental assessments, Appraisals in connection
with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly identified as reimbursable
in Section 3.06(a)(vi) of this Agreement.


 


(e)        No
provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian or the Trustee to expend or risk their own funds or otherwise incur any financial liability in the performance of
any of their duties hereunder or thereunder, or in the exercise of any of their rights or powers, if, in the good faith business
judgment of the Master Servicer, Special Servicer, the Certificate Administrator, the Custodian or the Trustee, as the case may
be, repayment of such funds would not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Condemnation Proceeds,
Net Liquidation Proceeds and other collections on or in respect of the Mortgage Loans or Serviced Loan Combination (to the extent
recovery is permitted from a Serviced Loan Combination hereunder) or from adequate indemnity from other assets comprising the
Trust Fund against such risk or liability.


 


If
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee receives a request
or inquiry from a Mortgagor, any


 






    	-206-



    	 



    

 


Certificateholder or any other Person the response to which would, in the Master Servicer’s,
the Special Servicer’s or the Operating Advisor’s commercially reasonable judgment or the Certificate Administrator’s
or the Trustee’s good faith business judgment require the assistance of Independent legal counsel or other consultant to
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee the cost of which
would not be an expense of the Trust Fund hereunder, then the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator or the Trustee, as the case may be, shall not be required to take any action in response to such request
or inquiry unless the Mortgagor or such Certificateholder or such other Person, as applicable, makes arrangements for the payment
of the Master Servicer’s, the Special Servicer’s, the Operating Advisor’s, the Certificate Administrator’s
or the Trustee’s expenses associated with such counsel (including, without limitation, posting an advance payment for such
expenses) satisfactory to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the
Trustee as the case may be, in its sole discretion. Unless such arrangements have been made, the Master Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator or the Trustee as the case may be, shall have no liability to any
Person for the failure to respond to such request or inquiry.


 


(f)        With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Certificate Administrator,
without charge and within two Business Days following the related Determination 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.


 


(g)        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 or rebates) from any Person (including, without limitation,
the Trust, any Mortgagor, any Manager, any guarantor or indemnitor in respect of a Serviced Mortgage Loan or Serviced Companion
Loan and any purchaser of any Serviced Mortgage Loan, Serviced Companion Loan or REO Property) in connection with the disposition,
workout or foreclosure of any Serviced Loan, the management or disposition of any REO Property, or the performance of any other
special servicing duties under this Agreement, other than as expressly provided in this Section 3.12; provided that
such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees or the fees received by any Person acting as an
Outside Servicer or Outside Special Servicer as expressly provided for under the applicable Outside Servicing Agreement with respect
to an Outside Serviced Trust Loan, or as master servicer or special servicer as expressly provided for under the applicable Other
Pooling and Servicing Agreement governing the securitization of a Serviced Companion Loan.


 


Section
3.13     Compensating Interest Payments. The Master Servicer shall deliver to the Certificate
Administrator for deposit in the Lower-Tier Distribution Account on each Master Servicer Remittance Date, without any right
of reimbursement therefor, an amount equal to the lesser of (i) the aggregate of all Prepayment Interest Shortfalls incurred
in connection with voluntary Principal Prepayments received in respect of the Serviced Mortgage Loans and Serviced Pari
Passu Companion Loans (other than the Specially Serviced Loans and Defaulted Loans), other than Principal Prepayments
received in connection with the receipt of Insurance Proceeds or Condemnation Proceeds, during the most recently ended
Prepayment


 






    	-207-



    	 



    

 


Period, and (ii) the sum of (A) the aggregate Servicing Fees up to a maximum rate of 0.0025% per annum for
the related Distribution Date with respect to each Serviced Mortgage Loan (and related REO Mortgage Loan) and Serviced Pari
Passu Companion Loan (and related REO Companion Loan) for which such Servicing Fees are being paid in such Prepayment
Period and (B) all Prepayment Interest Excesses received during the related Prepayment Period (and net investment earnings
thereon); provided that the Master Servicer shall pay (without regard to clause (ii) above) the aggregate of all
Prepayment Interest Shortfalls otherwise described in clause (i) above incurred in connection with Principal Prepayments
received in respect of the Serviced Mortgage Loans during the most recently ended Prepayment Period to the extent such
Prepayment Interest Shortfalls were the result of the Master Servicer’s failure to enforce the related Loan Documents.
No Compensating Interest Payments shall be made by the Master Servicer for any Outside Serviced Trust Loan, Outside Serviced
Companion Loan or Subordinate Companion Loan. Any Compensating Interest Payments made with respect to a Serviced Pari Passu
Companion Loan will be paid to the related Companion Loan Holder.


 


Section
3.14     Application of Penalty Charges and Modification Fees.


 


(a)        On
or prior to the second Business Day before each Master Servicer Remittance Date, the Master Servicer shall apply all Penalty Charges
and Modification Fees (to the extent permitted under any related Co-Lender Agreement (in the case of a Serviced Loan Combination)
and not applied pursuant to Section 3.06A(a)(ii) or Section 3.06(a)(ii), as applicable, of this Agreement) received
by it with respect to any Mortgage Loan or Serviced Loan Combination, including an Outside Serviced Trust Loan (to the extent
allocable to such Outside Serviced Trust Loan pursuant to the related Co-Lender Agreement and remitted to the Master Servicer
by the related Outside Servicer) during the related Prepayment Period, as follows:


 


(i)        first,
to the extent of all Penalty Charges and Modification Fees (in such order), to pay or reimburse the Master Servicer, the Special
Servicer and/or the Trustee, as applicable, for all outstanding Advances (including unreimbursed Advances that have been determined
to be Nonrecoverable Advances) and the related Advance Interest Amounts and other outstanding Additional Trust Fund Expenses (exclusive
of Special Servicing Fees, Workout Fees and Liquidation Fees) other than Borrower Delayed Reimbursements, in each case, with respect
to such Mortgage Loan or Serviced Loan Combination;


 


(ii)       second,
to the extent of all remaining Penalty Charges and Modification Fees (in such order), as a reimbursement to the Trust of all Advances
(and related Advance Interest Amounts) with respect to such Mortgage Loan or Serviced Loan Combination previously determined to
be Nonrecoverable Advances and previously reimbursed to the Master Servicer and/or the Trustee, as applicable, from amounts on
deposit in the Collection Account (and such amounts will be retained or deposited in the Collection Account as recoveries of such
Nonrecoverable Advances and related Advance Interest Amounts) other than Borrower Delayed Reimbursements;


 


(iii)      third,
to the extent of all remaining Penalty Charges and Modification Fees (in such order), as a reimbursement to the Trust of all other
Additional Trust Fund


 






    	-208-



    	 



    

 


Expenses (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such Mortgage
Loan or Serviced Loan Combination previously paid from the Collection Account or related Loan Combination Custodial Account (and
such amounts will be retained or deposited in the Collection Account or related Loan Combination Custodial Account as recoveries
of such Additional Trust Fund Expenses) other than Borrower Delayed Reimbursements; and


 


(iv)       fourth,
to the extent of any remaining Penalty Charges and any remaining Modification Fees, to the Master Servicer or the Special Servicer,
as applicable, as servicing compensation, pro rata, based on their entitlement set forth in Section 3.12 of this
Agreement prior to the applications set forth in clauses (i) through (iii) above;


 


provided
that, notwithstanding the foregoing, in the case of a Loan Combination, Penalty Charges shall be allocated for the purposes
and in the order set forth in the related Co-Lender Agreement.


 


(b)        In
connection with the operation of the provisions of this Section 3.14, not later than the 25th day of the month in which
each Distribution Date occurs (beginning with the 25th day of the month following the first Collection Period in which an Additional
Trust Fund Expense, Advance or Advance Interest Amount is incurred), the Master Servicer shall deliver to the Special Servicer
a report in the form reasonably agreed to by both the Master Servicer and the Special Servicer setting forth information regarding
(1) the amount of Penalty Charges, Modification Fees and Assumption Fees collected by the Master Servicer and the Special Servicer,
as applicable, and (2) the related loan expenses and other amounts paid to the Trust from such Penalty Charges, Modification Fees
and Assumption Fees, in each case for the related Collection Period or other reporting period as agreed to by the Master Servicer
and the Special Servicer. The Master Servicer shall respond promptly to any inquiries of the Special Servicer with respect to
the contents of any such report and shall provide any supporting information with respect thereto that is reasonably requested
by the Special Servicer.


 


Section
3.15     Access to Certain Documentation. The Master Servicer and Special Servicer shall
provide to the Trustee, the Certificate Administrator, the Controlling Class Representative (but only prior to the occurrence
and continuance of any Consultation Termination Event), the Operating Advisor, the Underwriters, the Initial Purchasers, the
Depositor and any Certificateholders and Serviced Companion Loan Holders that are, in the case of any Certificateholder or
Serviced Companion Loan Holder, federally insured financial institutions, the Federal Reserve Board, the FDIC and the OCC 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 or Serviced Companion Loan Holder is subject, access to the documentation
regarding the Mortgage Loans required by applicable regulations of the Federal Reserve Board, FDIC, OCC 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 Master Servicer or Special Servicer (which access shall be limited, in the case of the
Serviced Companion Loan Holders or any regulatory authority seeking such access in respect of the Serviced Companion Loan
Holders, to records relating to the Serviced Companion Loans). Nothing in this Section 3.15 shall detract from the
obligation of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure of


 






    	-209-



    	 



    

 


information
with respect to the Mortgagors, and the failure of the Master Servicer and Special Servicer to provide access as provided in
this Section 3.15 as a result of such obligation shall not constitute a breach of this Section 3.15.


 


In
connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, a Serviced
Companion Loan Holder or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion Loan
Holder, the Master Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced Companion
Loan Holder of a sum sufficient to cover the reasonable costs and expenses of providing such information or access, including
copy charges and reasonable fees for employee time and for space; provided that no charge may be made if such information
or access was required to be given or made available without charge under applicable law. In connection with providing Certificateholders
or beneficial owners of Certificates access to the information described in the preceding paragraph, the Master Servicer and the
Special Servicer shall require (prior to affording such access) a written confirmation executed by the requesting Person substantially
in such form as may be reasonably acceptable to the Master Servicer or the Special Servicer, as the case may be, generally to
the effect that such Person is a Holder of Certificates or a beneficial holder of book entry Certificates and will keep such information
confidential.


 


Upon
the reasonable request of (1) any Certifying Certificateholder or Serviced Companion Loan Holder, the Master Servicer may provide
(or forward electronically) (at the expense of such Certificateholder or Serviced Companion Loan Holder) copies of any operating
statements, rent rolls and financial statements obtained by the Master Servicer or the Special Servicer (provided that
in no event shall an Excluded Controlling Class Holder be entitled to Excluded Information with respect to an Excluded Controlling
Class Mortgage Loan with respect to which it is a Borrower Party) or (2) any Controlling Class Certificateholder identified to
the Master Servicer in an Investor Certification, the Master Servicer shall provide (or forward electronically) (at the expense
of such Controlling Class Certificateholder) any Excluded Information (not accessible through the Certificate Administrator’s
Website) relating to any Excluded Controlling Class Mortgage Loan with respect to which such Controlling Class Certificateholder
is not an Excluded Controlling Class Holder; provided that, in connection therewith, the Master Servicer may require a
written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master
Servicer generally to the effect that such Person is a Holder of Certificates or Serviced Companion Loan Securities (or any registered
holder or beneficial owner of Serviced Companion Loan Securities) or a beneficial holder of Book-Entry Certificates or a regulator
or a governmental body and will keep such information confidential.


 


In
addition, in connection with providing access to information pursuant to this Section 3.15, each of the Master Servicer
and the Special Servicer may (i) affix a reasonable disclaimer to any information provided by it for which it is not the original
source (without suggesting liability on the part of any other party hereto); (ii) affix to any information provided by it a reasonable
statement regarding securities law restrictions on such information and/or condition access to information on the execution of
a reasonable confidentiality agreement; (iii) withhold access to confidential information or any intellectual property; and (iv)
withhold access to items of information contained in the Servicing File for any Mortgage Loan or Serviced


 






    	-210-



    	 



    

 


Companion Loan if the
disclosure of such items would constitute a waiver of the attorney-client privilege.


 


Each
of the Master Servicer and the Special Servicer, as appropriate, shall, without charge, make a knowledgeable Servicing Officer
available via telephone to verbally answer questions from any related Serviced Companion Loan Holder, the Operating Advisor (after
the occurrence and during the continuance of a Control Termination Event) and the Controlling Class Representative (prior to the
occurrence and continuance of a Consultation Termination Event), on a monthly basis, during regular business hours at such time
and for such duration as the Master Servicer, the Special Servicer, any related Serviced Companion Loan Holder, the Operating
Advisor (after the occurrence and during the continuance of a Control Termination Event) and the Controlling Class Representative
(prior to the occurrence and continuance of a Consultation Termination Event) shall reasonably agree, regarding the performance
and servicing of the applicable Serviced Mortgage Loans and/or related REO Properties for which the Master Servicer or the Special
Servicer, as applicable, is responsible. In any event, the Operating Advisor and the related Directing Holder agree to identify
for the Master Servicer and the Special Servicer in advance (but at least two (2) Business Days prior to the related monthly conference)
the applicable Mortgage Loans (or Serviced Loan Combination) and/or REO Properties it intends to discuss. As a condition to such
disclosure, the related Directing Holder shall execute a confidentiality agreement substantially in the form of Exhibit M-4
to this Agreement and an Investor Certification.


 


The
Master Servicer may (but shall not be required to), in accordance with such rules and procedures as it may adopt in its sole discretion,
make available through the Master Servicer’s website or otherwise, any additional information relating to the Mortgage Loans,
the Serviced Companion Loans, the related Mortgaged Properties and/or the related Mortgagors that is not Privileged Information,
for review by the Depositor, the Trustee, the Master Servicer, the Special Servicer and the Operating Advisor.


 


After
the occurrence and during the continuation of a Control Termination Event, the Special Servicer shall deliver to the Operating
Advisor such reports and other information produced or otherwise available to any Outside Controlling Note Holder, the Controlling
Class Representative or Certificateholders generally, as requested by the Operating Advisor in support of the performance of the
Operating Advisor’s obligations under this Agreement in electronic format.


 


The
Operating Advisor hereby agrees that it shall use the information provided to it by the Special Servicer solely for purposes of
performing its duties as Operating Advisor under this Agreement and shall not disclose such information to any other Person or
entity unless (i) with respect to Privileged Information, pursuant to Section 3.29(j) of this Agreement, or (ii) with respect
to any information other than Privileged Information, to the extent necessary to support its conclusions in its Operating Advisor
Annual Report required under Section 3.29 of this Agreement or to discharge its other duties under this Agreement.


 






    	-211-



    	 



    

 


Section
3.16     Title and Management of REO Properties.


 


(a)        In
the event that title to any Mortgaged Property (other than a Mortgaged Property with respect to an Outside Serviced Trust Loan)
is acquired for the benefit of Certificateholders (or, with respect to a Serviced Loan Combination, for the benefit of the Certificateholders
and the related Serviced Companion Loan Holder(s)) (as a collective whole as if such Certificateholders and, if applicable, such
Serviced Companion Loan Holder(s) constituted a single lender) (either by the Trust Fund or by a single member limited liability
company established for that purpose) in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy,
the deed or certificate of sale shall be taken in the name of a nominee of the Trustee (which shall not include the Master Servicer),
or a separate trustee or co-trustee, on behalf of the Trust Fund and any related Serviced Companion Loan Holders. The Special
Servicer, on behalf of the Trust Fund, shall sell any REO Property prior to the close of the third calendar year following the
year in which the Lower-Tier REMIC acquires ownership of such REO Property, within the meaning of Treasury Regulations Section
1.856-6(b)(1), for purposes of Code Section 860G(a)(8), unless (i) the IRS grants (or does not deny) an extension of time (an
“REO Extension”) to sell such REO Property or (ii) the Special Servicer obtains an Opinion of Counsel for the
Special Servicer, the Certificate Administrator and the Trustee, addressed to the Special Servicer, the Certificate Administrator
and the Trustee, to the effect that the holding by the Lower-Tier REMIC of such REO Property subsequent to the close of the third
calendar year following the year in which such acquisition occurred will not result in the imposition of taxes on “prohibited
transactions” (as defined in Code Section 860F) of either Trust REMIC, or cause either Trust REMIC to fail to qualify as
a REMIC under the Code for federal income tax purposes at any time that any Lower-Tier Regular Interests or Regular Certificates
are outstanding. If the Special Servicer is granted (or is not denied) the REO Extension contemplated by clause (i) of the immediately
preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately preceding sentence, the Special
Servicer shall sell such REO Property within such longer period as is permitted by such REO Extension or such Opinion of Counsel,
as the case may be. Any expense incurred by the Special Servicer in connection with its receiving the REO Extension contemplated
by clause (i) of the second preceding sentence or its obtaining the Opinion of Counsel contemplated by clause (ii) of the second
preceding sentence shall be an expense of the Trust Fund payable out of the Collection Account pursuant to Section 3.06(a)
of this Agreement. The Special Servicer, on behalf of the Trust Fund and any related Serviced Companion Loan Holder, in accordance
with the Servicing Standard, shall dispose of any REO Property held by the Trust Fund (i) prior to the last day of such period
(taking into account extensions) by which such REO Property is required to be disposed of pursuant to the provisions of the immediately
preceding sentence in a manner provided under Section 3.17 of this Agreement and (ii) on the same terms and conditions
as if it were the owner of such REO Property. The Special Servicer shall manage, conserve, protect and operate each REO Property
for the Certificateholders and, if applicable, the related Serviced Companion Loan Holder, solely for the purpose of its prompt
disposition and sale in a manner which does not cause such REO Property to fail to qualify as “foreclosure property”
within the meaning of Code Section 860G(a)(8) or result in the receipt by the Trust Fund of any “income from non-permitted
assets” within the meaning of Code Section 860F(a)(2)(B) or (i) endanger the status of either Trust REMIC as a REMIC or
(ii) result in the imposition of a tax upon either Trust REMIC or the Trust Fund.


 






    	-212-



    	 



    

 


(b)        The
Special Servicer shall have full power and authority, subject only to the specific requirements and prohibitions of this Agreement,
to do any and all things in connection with any REO Property (other than an REO Property related to an Outside Serviced Trust
Loan) as are consistent with the Servicing Standard and the terms of this Agreement, all on such terms and for such period as
the Special Servicer deems to be in the best interests of Certificateholders and, if applicable, the related Serviced Companion
Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, the related Serviced Companion Loan Holder(s)
constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of
any related Subordinate Companion Loan)), and, in connection therewith, the Special Servicer shall only agree to the payment of
management fees that are consistent with general market standards or to terms that are more favorable. Consistent with the foregoing,
the Special Servicer shall cause or permit to be earned with respect to such REO Property any “net income from foreclosure
property,” within the meaning of Code Section 860G(c), which is subject to tax under the REMIC Provisions only if it has
determined, and has so advised the Certificate Administrator in writing, that the earning of such income on a net after-tax basis
could reasonably be expected to result in a greater recovery on behalf of Certificateholders and, if applicable, the related Serviced
Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, the related Serviced Companion
Loan Holder(s), constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate
nature of any related Subordinate Companion Loan)) than an alternative method of operation or rental of such REO Property that
would not be subject to such a tax. The Special Servicer shall segregate and hold all revenues received by it with respect to
any REO Property separate and apart from its own funds and general assets and shall establish and maintain with respect to any
REO Property a segregated custodial account (each, an “REO Account”), each of which shall be an Eligible Account
and (subject to any changes in the identities of the Special Servicer and/or the Trustee) shall be entitled “LNR Partners,
LLC, as Special Servicer, on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders
of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, [IN THE CASE OF
AN REO PROPERTY RELATED TO A SERVICED LOAN COMBINATION: and the related Serviced Companion Loan Holder, as their interests may
appear], REO Account.” The Special Servicer shall be entitled to withdraw for its account any interest or investment income
earned on funds deposited in an REO Account to the extent provided in Section 3.07(b) of this Agreement. The Special Servicer
shall deposit or cause to be deposited in the REO Account within one (1) Business Day after receipt all revenues and proceeds
received by it with respect to any REO Property, and shall withdraw therefrom funds necessary for the proper operation, management
and maintenance of such REO Property and for other Property Protection Expenses with respect to such REO Property, including:


 


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


 


(ii)       all
real estate taxes and assessments in respect of any REO Property that may result in the imposition of a lien thereon;


 


(iii)      all
costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any REO Property including,
if applicable, the payments of any ground rents in respect of such REO Property; and


 






    	-213-



    	 



    

 


(iv)       any
taxes imposed on either Trust REMIC in respect of net income from foreclosure property in accordance with Section 4.05
of this Agreement.


 


To
the extent that such REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iv) above and the Special
Servicer has provided written notice of such shortfall to the Master Servicer at least five (5) Business Days (or, in an emergency
situation or on an urgent basis, two (2) Business Days, provided that the written notice sets forth the nature of the emergency
or the basis of the urgency) prior to the date that such amounts are due, the Master Servicer shall advance the amount of such
shortfall unless the Master Servicer determines, in its good faith business judgment, that such Advance would be a Nonrecoverable
Advance (in which case such costs shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection
Account). If the Master Servicer does not make any such Advance in violation of the immediately preceding sentence, the Trustee
shall make such Advance unless the Trustee determines that such Advance would be a Nonrecoverable Advance. The Trustee shall be
entitled to rely, conclusively, on any determination by the Master Servicer that an Advance, if made, would be a Nonrecoverable
Advance. The Trustee, in determining whether or not a proposed Advance would be a Nonrecoverable Advance, shall use its good faith
business judgment. The Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement of such Advances (with
interest at the Advance Rate) made pursuant to the preceding sentence, to the extent set forth in Section 3.06 and/or,
if applicable, Section 3.06A of this Agreement. The Special Servicer shall withdraw from each REO Account and remit to
the Master Servicer for deposit into the Collection Account, or, for a Serviced Loan Combination, the related Loan Combination
Custodial Account, on a monthly basis prior to the related Master Servicer Remittance Date the Net REO Proceeds, Net Liquidation
Proceeds, Net Condemnation Proceeds and Net Insurance Proceeds received or collected from each REO Property during the related
Prepayment Period, except that in determining the amount of any such Net REO Proceeds, the Special Servicer may retain in each
REO Account reasonable reserves for repairs, replacements and necessary capital improvements and other related expenses. Notwithstanding
the foregoing, the Special Servicer shall not:


 


(i)        permit
the Trust Fund to enter into, renew or extend any New Lease, if the New Lease by its terms will give rise to any income that does
not constitute Rents from Real Property;


 


(ii)       permit
any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;


 


(iii)      authorize
or permit any construction on any REO Property, other than the repair or maintenance thereof or the completion of a building or
other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was
completed before default on the related Mortgage Loan or Serviced Loan Combination became imminent, all within the meaning of
Code Section 856(e)(4)(B); or


 


(iv)       Directly
Operate or allow any Person to Directly Operate any REO Property on any date more than 90 days after its date of acquisition by
the Trust Fund, unless such Person is an Independent Contractor;


 






    	-214-



    	 



    

 


unless,
in any such case, the Special Servicer has requested and received an Opinion of Counsel addressed to the Special Servicer, any
related Serviced Companion Loan Holder, the Certificate Administrator and the Trustee (which opinion shall be an expense of the
Trust Fund and, if any related Serviced Companion Loan is part of a REMIC, the related Serviced Companion Loan Holder) to the
effect that such action will not cause such REO Property to fail to qualify as “foreclosure property” within the meaning
of Code Section 860G(a)(8) (determined without regard to the exception applicable for purposes of Code Section 860D(a)) at any
time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified in such Opinion
of Counsel.


 


The
Special Servicer shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense
of the Trust Fund and payable out of REO Proceeds, for the operation and management of any REO Property, within 90 days of the
Trust Fund’s acquisition thereof (unless the Special Servicer shall have provided the Trustee and the Certificate Administrator
with an Opinion of Counsel that the operation and management of any REO Property other than through an Independent Contractor
shall not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Code Section
860G(a)(8)) (which opinion shall be an expense of the Trust Fund), provided that:


 


(i)        the
terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be
inconsistent herewith;


 


(ii)       any
such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred
in connection with the operation and management of such REO Property, including those listed above, and remit all related revenues
(net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than thirty days following
the receipt thereof by such Independent Contractor;


 


(iii)      none
of the provisions of this Section 3.16(b) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund or the Trustee
on behalf of the Certificateholders and, if applicable, any related Serviced Companion Loan Holder with respect to the operation
and management of any such REO Property; and


 


(iv)       the
Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations
in connection with the operation and management of such REO Property.


 


The
Special Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related
to its duties and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing
in this Agreement shall be deemed to limit or modify such indemnification.


 


(c)        When
and as necessary, the Special Servicer shall send to the Trustee and the Certificate Administrator and the related Serviced Companion
Loan Holder (or the master


 






    	-215-



    	 



    

 


servicer or special servicer for the related Other Securitization Trust on its behalf) a statement
prepared by the Special Servicer setting forth the amount of net income or net loss, as determined for federal income tax purposes,
resulting from the operation and management of a trade or business on, the furnishing or rendering of a non-customary service
to the tenants of, or the receipt of any other amount not constituting Rents from Real Property in respect of, any REO Property
in accordance with Section 3.16(a) and Section 3.16(b) of this Agreement.


 


(d)        Notwithstanding
anything to the contrary, this Section 3.16 shall not apply to any REO Property related to an Outside Serviced Trust Loan.


 


Section
3.17     Sale of Defaulted Loans and REO Properties; Sale of Outside Serviced Trust Loans.


 


(a)        The
parties hereto may sell or purchase, or permit the sale or purchase of, a Mortgage Loan (excluding an Outside Serviced Trust Loan)
only (i) on the terms and subject to the conditions set forth in this Section 3.17, (ii) as otherwise expressly provided
in or contemplated by Sections 2.03 and 9.01 of this Agreement, or (iii) (A) in the case of a Mortgage Loan related
to a Serviced Loan Combination in accordance with and subject to the provisions of the related Co-Lender Agreement and Section
3.28 of this Agreement and (B) in the case of a Mortgage Loan with a related mezzanine loan or subordinate mortgage loan,
in accordance with and subject to the provisions of the related intercreditor agreement.


 


(b)        Promptly
upon a Serviced Loan becoming a Defaulted Loan and if the Special Servicer determines in accordance with the Servicing Standard
that it would be in the best interests of the Certificateholders and, in the case of a Serviced Pari Passu Loan Combination, any
related Serviced Pari Passu Companion Loan Holder (as a collective whole as if such Certificateholders and, in the case of a Serviced
Pari Passu Loan Combination, any related Serviced Pari Passu Companion Loan Holder, constituted a single lender) to attempt to
sell such Defaulted Loan, the Special Servicer shall use reasonable efforts to solicit offers for such Defaulted Loan on behalf
of the Certificateholders and, if applicable, any related Serviced Pari Passu Companion Loan Holder in such manner as will be
reasonably likely to realize a fair price. Subject to the other subsections of this Section 3.17, the Special Servicer
shall accept the first (and, if multiple offers are contemporaneously received, the highest) cash offer received from any Person
that constitutes a fair price for such Defaulted Loan. The Special Servicer shall notify the Controlling Class Representative
(prior to the occurrence and continuance of a Consultation Termination Event), any related Outside Controlling Note Holder and
the Operating Advisor (after the occurrence and during the continuance of a Control Termination Event) of any inquiries or offers
received regarding the sale of any Defaulted Loan. Any Serviced Pari Passu Companion Loan that is part of a Defaulted Serviced
Loan Combination is to be sold together with the related Mortgage Loan, subject to this Section 3.17 and any additional
requirements set forth in the related Co-Lender Agreement.


 


(c)        The
Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, any related Serviced Companion Loan
Holder (in the case of a Serviced Loan Combination), the Controlling Class Representative (prior to the occurrence and continuance
of a Consultation Termination Event), any related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination
is involved) and the Operating Advisor


 






    	-216-



    	 



    

 


(after the occurrence and during the continuance of a Control Termination Event) not less
than five (5) Business Days’ prior written notice of its intention to sell any Defaulted Loan. No Interested Person shall
be obligated to submit an offer to purchase any Defaulted Loan, and notwithstanding anything to the contrary contained herein,
neither the Trustee, in its individual capacity, nor any of its Affiliates may offer to purchase, or purchase any Defaulted Loan
pursuant hereto.


 


(d)        Whether
any cash offer constitutes a fair price for any Defaulted Loan for purposes of Section 3.17(b) of this Agreement shall
be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee,
if the highest offeror is an Interested Person (provided that the Trustee may not be an offeror); provided, however,
that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at
least two other offers are received from independent third parties; and provided, further, notwithstanding the immediately
preceding proviso, the Purchase Price for any Defaulted Loan (and any equivalent amount for any related Serviced Companion Loan)
shall be deemed a fair price in all cases, including with respect to any offer from an Interested Person. In all cases under this
Agreement, in determining whether any offer received from an Interested Person represents a fair price for any Defaulted Loan,
the Trustee shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with
this Agreement within the preceding 9-month period or, in the absence of any such Appraisal, on a new Appraisal. The appraiser
conducting any such new Appraisal shall be an Appraiser selected by (i) the Special Servicer if no Interested Person is offering
with respect to a Defaulted Loan and (ii) the Trustee if an Interested Person is so offering. The cost of any such Appraisal shall
be covered by, and shall be reimbursable to, the Master Servicer as a Property Advance. In determining whether any such offer
from a Person other than an Interested Person constitutes a fair price for any such Defaulted Loan, the Special Servicer shall
take into account (in addition to the results of any Appraisal, updated Appraisal or narrative Appraisal that it may have obtained
pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes
a fair price for any such Defaulted Loan, any Appraiser shall be instructed to take into account, as applicable, among other factors,
the period and amount of any delinquency on such Defaulted Loan, the occupancy level and physical condition of the related Mortgaged
Property and the state of the local economy. Notwithstanding anything contained in this Section 3.17(d) to the contrary,
if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price for the subject
Defaulted Loan, the Trustee may (at its option and at the expense of the Interested Person) designate an independent third party
expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing mortgage loans
similar to such Defaulted Loan that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes
a fair price for such Defaulted 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 Section 3.17(d) will be covered
by, and will be reimbursable by the Interested Person; provided that the Trustee will not engage a third party expert whose
fees exceed a commercially reasonable amount as determined by the Trustee.


 


(e)        Subject
to Section 3.17(a) through Section 3.17(d), Section 3.17(f), Section 3.17(g) and Section 3.17(m),
the Special Servicer shall act on behalf of the Trust Fund


 






    	-217-



    	 



    

 


and any affected Serviced Companion Loan Holder in negotiating and
taking any other action necessary or appropriate in connection with the sale of any Defaulted Loan, and the collection of all
amounts payable in connection therewith. In connection therewith, the Special Servicer may charge prospective offerors, and may
retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining
to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, if applicable, the
Loan Combination Custodial Account. Any sale of any Defaulted Loan shall be final and without recourse to the Trustee, the Certificate
Administrator or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties typically
given in such transactions, any appropriations applied thereto and any customary closing matters), and if such sale is consummated
in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Certificate
Administrator, the Operating Advisor or the Trustee shall have any liability to any Certificateholder with respect to the purchase
price therefor accepted by the Special Servicer or the Trustee.


 


(f)        Subject
to (x) the rights of a holder of a mezzanine loan, under the respective intercreditor agreement, and (y) the rights of a Subordinate
Companion Loan Holder, under the respective Co-Lender Agreement, to purchase a Mortgage Loan or Serviced Loan Combination (or
senior portion thereof), unless and until a Defaulted Loan is sold pursuant to this Section, the Special Servicer shall continue
to service and administer such Defaulted Loan in accordance with the Servicing Standard and this Agreement and shall pursue such
other resolutions or recovery strategies including workout, foreclosure or sale of such Defaulted Loan, as is consistent with
this Agreement and the Servicing Standard.


 


(g)        Any
sale of a Defaulted Loan pursuant to this Section 3.17 shall be for cash only. The purchase price for any Defaulted Loan
purchased under this Section 3.17 or any Outside Serviced Trust Loan sold in accordance with the related Co-Lender Agreement
or Outside Servicing Agreement, shall be deposited into the Collection Account or the related Loan Combination Custodial Account,
as applicable, and the Custodian, upon receipt of an Officer’s Certificate from the Master Servicer to the effect that such
deposit has been made, shall release or cause to be released to the purchaser of the Defaulted Loan the related Mortgage File,
and the Trustee, the Master Servicer or the Special Servicer, as applicable, shall execute and deliver such instruments of transfer
or assignment, in each case without recourse, as shall be necessary to vest in such purchaser ownership of such Defaulted Loan.
In connection with any such purchase, the Special Servicer and the Master Servicer shall deliver the related Servicing File (to
the extent either has possession of such file) to such purchaser.


 


(h)        The
parties hereto may sell or purchase, or permit the sale or purchase of, an REO Property (other than an REO Property related to
an Outside Serviced Trust Loan) only on the terms and subject to the conditions set forth in this Section 3.17.


 


(i)        The
Special Servicer shall use reasonable efforts to solicit offers for each REO Property (other than an REO Property related to an
Outside Serviced Trust Loan) on behalf of the Certificateholders and the related Serviced Companion Loan Holder in such manner
as will be reasonably likely to realize a fair price within the time period specified by Section 3.16 of this Agreement.
Subject to Section 3.17(m) of this Agreement, the Special Servicer shall accept the first (and, if multiple offers are
contemporaneously received, highest) cash offer received


 






    	-218-



    	 



    

 


from any Person that constitutes a fair price for such REO Property.
If the Special Servicer determines, in its good faith and reasonable judgment, that it will be unable to realize a fair price
for any REO Property (other than an REO Property related to an Outside Serviced Trust Loan) within the time constraints imposed
by Section 3.16 of this Agreement, then the Special Servicer shall dispose of such REO Property upon such terms and conditions
as the Special Servicer shall deem necessary and desirable to maximize the recovery thereon under the circumstances and, in connection
therewith, shall accept the highest outstanding cash offer, regardless from whom received. The Liquidation Proceeds (net of related
Liquidation Expenses) for any REO Property sold hereunder shall be deposited in the Collection Account or, if applicable, the
related Loan Combination Custodial Account. The Special Servicer shall notify the Controlling Class Representative (prior to the
occurrence and continuance of a Consultation Termination Event), any related Outside Controlling Note Holder, the Operating Advisor
(after the occurrence and during the continuance of a Control Termination Event) and, in the case of a Serviced Loan Combination,
any related Serviced Companion Loan Holder of any inquiries or offers received regarding the sale of any REO Property hereunder.


 


(j)        The
Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, any related Serviced Companion Loan
Holder, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), any
related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) and the Operating Advisor
(after the occurrence and during the continuance of a Control Termination Event) not less than three (3) Business Days’
prior written notice of its intention to sell any REO Property (other than an REO Property related to an Outside Serviced Trust
Loan) hereunder. No Interested Person shall be obligated to submit an offer to purchase any REO Property, and notwithstanding
anything to the contrary contained herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may offer
to purchase, or purchase, any REO Property pursuant hereto.


 


(k)        Whether
any cash offer constitutes a fair price for any REO Property (other than an REO Property related to an Outside Serviced Trust
Loan) for purposes of Section 3.17(i) of this Agreement shall be determined by the Special Servicer, if the highest offeror
is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person (provided
that the Trustee may not be an offeror); provided, however, that no offer from an Interested Person shall constitute
a fair price unless (i) it is the highest offer received and (ii) at least two other offers are received from independent third
parties; and provided, further, notwithstanding the immediately preceding proviso, the Purchase Price for any such
REO Property shall be deemed a fair price in all cases, including with respect to any offer from an Interested Person. In determining
whether any offer received from an Interested Person represents a fair price for any such REO Property, the Trustee shall be supplied
with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with this Agreement within the preceding
9-month period or, in the absence of any such Appraisal, on a new Appraisal. The appraiser conducting any such new Appraisal shall
be an Appraiser selected by the Special Servicer if no Interested Person is offering with respect to such REO Property and selected
by the Trustee if an Interested Person is so offering. The cost of any such Appraisal shall be covered by, and shall be reimbursable
to, the Master Servicer as a Property Advance. In determining whether any such offer from a Person other than an Interested Person
constitutes a fair price for any such REO Property, the Special Servicer shall take into account (in addition to


 






    	-219-



    	 



    

 


the results of
any Appraisal, updated Appraisal or narrative Appraisal that it may have obtained pursuant to this Agreement within the prior
9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such REO Property,
any Appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount of any delinquency
on the related Mortgage Loan or Serviced Loan Combination, the occupancy level and physical condition of such REO Property, the
state of the local economy and the obligation to dispose of such REO Property within the time period specified in Section 3.16
of this Agreement.


 


(l)        Subject
to Section 3.17(a) through Section 3.17(k) and Section 3.17(m) of this Agreement, the Special Servicer shall
act on behalf of the Trust Fund and any affected Serviced Companion Loan Holder in negotiating and taking any other action necessary
or appropriate in connection with the sale of any Defaulted Loan or REO Property (other than an REO Property related to an Outside
Serviced Trust Loan), and the collection of all amounts payable in connection therewith. In connection therewith, the Special
Servicer may charge prospective offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the
preparation and delivery of information pertaining to such sales or exchanging offers without obligation to deposit such amounts
into the Collection Account or, if applicable, the related Loan Combination Custodial Account. Any sale of any Defaulted Loan
or REO Property (other than an REO Property related to an Outside Serviced Trust Loan) shall be final and without recourse to
the Trustee, the Certificate Administrator or the Trust Fund or any related Serviced Companion Loan Holder (except such recourse
to the Trust Fund and the related Serviced Companion Loan Holder imposed by those representations and warranties typically given
in such transactions, any appropriations applied thereto and any customary closing matters), and if such sale is consummated in
accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Certificate
Administrator, the Operating Advisor or the Trustee shall have any liability to any Certificateholder with respect to the purchase
price therefor accepted by the Special Servicer or the Trustee.


 


(m)        Notwithstanding
any of the foregoing paragraphs of this Section 3.17, the Special Servicer shall not be obligated to accept the highest
cash offer for a Defaulted Loan if the Special Servicer determines (in consultation with the Controlling Class Representative
(unless a Consultation Termination Event exists or a Serviced Outside Controlled Loan Combination is involved) and any related
Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved)), in accordance with the Servicing
Standard, that rejection of such offer would be in the best interests of the Certificateholders and, in the case of a Serviced
Pari Passu Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s) (as a collective whole as if such Certificateholders
and, if applicable, any related Serviced Pari Passu Companion Loan Holder(s) constituted a single lender), and the Special Servicer
may accept a lower cash offer (from any Person other than itself or an Affiliate) if it determines, in its reasonable and good
faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders and, in the case of a Serviced
Pari Passu Loan Combination, any related Serviced Pari Passu Companion Loan Holder(s) (as a collective whole as if such Certificateholders
and, if applicable, the related Serviced Pari Passu Companion Loan Holder(s) constituted a single lender) (for example, if the
prospective buyer making the lower offer is more likely to perform its obligations or the terms offered by the prospective buyer
making the lower offer are more favorable).


 






    	-220-



    	 



    

 


Notwithstanding
any of the foregoing paragraphs of this Section 3.17, the Special Servicer shall not be obligated to accept the highest
cash offer for an REO Property (other than an REO Property related to an Outside Serviced Trust Loan) if the Special Servicer
determines (in consultation with the related Directing Holder (unless, if the Controlling Class Representative is the related
Directing Holder, a Consultation Termination Event exists)), in accordance with the Servicing Standard, that rejection of such
offer would be in the best interests of the Certificateholders and, in the case of an REO Property that corresponds to a Serviced
Loan Combination, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable,
any Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking
into account the subordinate nature of the related Subordinate Companion Loan)), and the Special Servicer may accept a lower cash
offer (from any Person other than itself or an Affiliate) if it determines, in its reasonable and good faith judgment, that acceptance
of such offer would be in the best interests of the Certificateholders and, in the case of an REO Property that corresponds to
a Serviced Loan Combination, any related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders
and, if applicable, any related Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced
AB Loan Combination, taking into account the subordinate nature of the related Serviced Subordinate Companion Loan)) (for example,
if the prospective buyer making the lower offer is more likely to perform its obligations or the terms offered by the prospective
buyer making the lower offer are more favorable).


 


(n)        In
no event shall the Trust Fund or the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer on the
Trust’s behalf purchase, or pay or advance costs to purchase, any Outside Serviced Trust Loan, or any Companion Loan or
any Mortgage Loan.


 


(o)        Notwithstanding
anything herein to the contrary, any party identified in the related Co-Lender Agreement or Outside Servicing Agreement (which,
if the identified party is the holder of an Outside Serviced Trust Loan, shall mean the Controlling Class Representative for so
long as no Control Termination Event has occurred and is continuing), in its individual capacity and not on behalf of the Trust,
shall be entitled to purchase an Outside Serviced Trust Loan in accordance with the terms and conditions set forth in the related
Co-Lender Agreement and Outside Servicing Agreement. In no event shall the Trust Fund or the Trustee, the Master Servicer or the
Special Servicer on its behalf purchase, or pay or advance costs to purchase, any Outside Serviced Trust Loan or the related Companion
Loan(s) or any other Mortgage Loan.


 


(p)        Notwithstanding
anything to the contrary herein, any purchase or sale of a Specially Serviced Loan pursuant to this Section 3.17 will remain
subject to the cure, purchase and other rights of, in each case if applicable, any related Subordinate Companion Loan Holder as
set forth in the related Co-Lender Agreement and any holder of a related mezzanine loan as set forth in the related intercreditor
agreement. The Special Servicer shall determine the price to be paid in accordance with the terms of the related Co-Lender Agreement
or the related mezzanine loan intercreditor agreement in connection with any such purchase rights in favor of any related Subordinate
Companion Loan Holder or mezzanine loan holder and shall provide such notices to the related Subordinate Companion Loan Holder
or the holder of a related mezzanine loan as are required by the related Co-Lender Agreement or the related mezzanine loan intercreditor
agreement in connection with each such holders’ purchase rights.


 






    	-221-



    	 



    

 


(q)        With
respect to any Serviced Pari Passu Loan Combination (other than any such Loan Combination that is a Serviced Outside Controlled
Loan Combination), the parties hereto acknowledge that the related Co-Lender Agreement provides that if such Serviced Pari Passu
Loan Combination becomes a Defaulted Serviced Loan Combination, and if the Special Servicer determines to sell the related Serviced
Mortgage Loan in accordance with this Section 3.17, then the Special Servicer will be required to sell each related Serviced
Pari Passu Companion Loan together with such Serviced Mortgage Loan as a single whole loan in accordance with this Agreement and
subject to any rights of the related Directing Holder and/or the holder of any related Serviced Pari Passu Companion Loan hereunder
or under the related Co-Lender Agreement. Notwithstanding anything to the contrary herein, the Special Servicer shall not sell
any such Serviced Pari Passu Loan Combination if it becomes a Defaulted Serviced Loan Combination without the written consent
of each related Serviced Pari Passu Companion Loan Holder (provided that such consent is not required if the consenting party
is the related Mortgagor or an Affiliate of the related Mortgagor) unless the Special Servicer has delivered to such related Serviced
Pari Passu Companion Loan Holder: (a) at least 15 Business Days’ prior written notice of any decision to attempt to sell
such Defaulted Serviced Loan Combination; (b) at least 10 days prior to the proposed sale date, a copy of each bid package (together
with (1) in the case of any Serviced Pari Passu Loan Combination other than the Hilton Nashville Loan Combination, any material
amendments to such bid packages and (2) in the case of the Hilton Nashville Loan Combination, any amendments to such bid packages)
received by the Special Servicer in connection with any such proposed sale; (c) at least 10 days prior to the proposed sale date,
a copy of the most recent appraisal for the subject Serviced Pari Passu Loan Combination, and (1) in the case of any Serviced
Pari Passu Loan Combination other than the Hilton Nashville Loan Combination, any documents in the Servicing File reasonably requested
by such related Serviced Pari Passu Companion Loan Holder that are material to the price of the subject Serviced Pari Passu Loan
Combination and (2) in the case of the Hilton Nashville Loan Combination, any documents in the Servicing File reasonably requested
by such related Serviced Pari Passu Companion Loan Holder; 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 Master Servicer or the Special Servicer
in connection with the proposed sale; provided, that a related Serviced Pari Passu Companion Loan Holder may waive as to itself
any of the delivery or timing requirements set forth in this sentence. The Controlling Class Representative and each related Serviced
Pari Passu Companion Loan Holder will be permitted to submit an offer to purchase, and any such party is permitted to be the purchaser
at any sale of, the subject Defaulted Serviced Loan Combination unless such Person is the related Mortgagor or an agent or Affiliate
of the related Mortgagor.


 


(r)        With
respect to any Serviced Pari Passu Loan Combination that is a Serviced Outside Controlled Loan Combination, the parties hereto
acknowledge that the related Co-Lender Agreement provides that if such Serviced Pari Passu Loan Combination becomes a Defaulted
Serviced Loan Combination, and if the Special Servicer determines to sell the related Serviced Mortgage Loan in accordance with
this Section 3.17, then the Special Servicer will be required to sell the related Serviced Pari Passu Companion Loan together
with such Serviced Mortgage Loan as a single whole loan in accordance with this Agreement and subject to any rights of the related
Directing Holder, the Controlling Class Representative and/or the holder of any related non-controlling Serviced Pari Passu Companion
Loan hereunder or under the related


 






    	-222-



    	 



    

 


Co-Lender Agreement. Notwithstanding anything to the contrary herein, the Special Servicer
shall not sell any such Serviced Pari Passu Loan Combination if it becomes a Defaulted Serviced Loan Combination without the written
consent of the Controlling Class Representative (unless a Consultation Termination Event exists), the related Outside Controlling
Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan (provided that such consent is not
required if the consenting party is the related Mortgagor or an Affiliate of the related Mortgagor) unless the Special Servicer
has delivered to the Controlling Class Representative, the related Outside Controlling Note Holder and the holder of each related
non-controlling Serviced Pari Passu Companion Loan: (a) at least 15 Business Days’ prior written notice of any decision
to attempt to sell such Serviced Pari Passu Loan Combination; (b) at least 10 days prior to the proposed sale date, a copy of
each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection with
any such proposed sale; (c) at least 10 days prior to the proposed sale date, a copy of the most recent appraisal for the subject
Serviced Pari Passu Loan Combination, and any documents in the Servicing File reasonably requested by the Controlling Class Representative,
the related Outside Controlling Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan
that are material to the price of the subject Serviced Pari Passu Loan Combination; and (d) until the sale is completed, and a
reasonable period of time (but no less time than is afforded to other offerors and the Controlling Class Representative) 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 Master Servicer or the Special Servicer in connection with the proposed sale; provided, that the
Controlling Class Representative, the related Outside Controlling Note Holder and the holder of each related non-controlling Serviced
Pari Passu Companion Loan may each waive as to itself any of the delivery or timing requirements set forth in this sentence. The
Controlling Class Representative, the related Outside Controlling Note Holder and the holder of each related non-controlling Serviced
Pari Passu Companion Loan shall be permitted to submit an offer to purchase, and any such party is permitted to be the purchaser
at any sale of, the subject Serviced Pari Passu Loan Combination unless such Person is the related Mortgagor or an agent or Affiliate
of the related Mortgagor.


 


With
respect to each Serviced AB Loan Combination, if such Serviced AB Loan Combination becomes a Defaulted Serviced Loan Combination,
and if the Special Servicer determines to sell the related Serviced Mortgage Loan in accordance with this Section 3.17,
then the Special Servicer shall be permitted to sell the related Serviced Subordinate Companion Loan together with such Serviced
Mortgage Loan and any related Serviced Pari Passu Companion Loan as one whole loan in accordance with this Agreement and the related
Co-Lender Agreement, provided that the Special Servicer has received prior written consent from the holder of such Serviced Subordinate
Companion Loan.


 


(s)        With
respect to any Outside Serviced Trust Loan upon becoming a “Defaulted Mortgage Loan” (as such term or any analogous
term is defined pursuant to the terms of the applicable Outside Servicing Agreement), and with respect to any REO Property related
to an Outside Serviced Trust Loan, the liquidation of such Outside Serviced Trust Loan or such REO Property shall be administered
by the related Outside Special Servicer in accordance with the applicable Outside Servicing Agreement and the related Co-Lender
Agreement. Any such sale of an Outside Serviced Trust Loan or any related REO Property pursuant to the applicable Outside Servicing
Agreement and/or the related Co-Lender Agreement shall be final and without


 






    	-223-



    	 



    

 


recourse to the Trustee or the Trust, and none of
the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any liability to any Certificateholder
with respect to the purchase price for such Outside Serviced Trust Loan or such REO Property accepted on behalf of the Trust.
Any proceeds of such a sale received by the Trust Fund shall be promptly deposited in the Collection Account.


 


Section
3.18     Additional Obligations of the Master Servicer; Inspections; Obligation to Notify Ground Lessors; Delivery of Certain Reports
to the Serviced Companion Loan Holder.


 


(a)        The
Master Servicer (or, with respect to Specially Serviced Loans and REO Properties, the Special Servicer) shall inspect or cause
to be inspected each Mortgaged Property that secures a Serviced Loan at such times and in such manner as are consistent with the
Servicing Standard, but in any event at least once every calendar year with respect to such Mortgaged Property relating to Serviced
Mortgage Loans with an outstanding principal balance of $2,000,000 or more and at least once every other calendar year with respect
to such Mortgaged Property relating to Serviced Mortgage Loans with an outstanding principal balance of less than $2,000,000,
in each case commencing in 2016; provided that the Master Servicer is not required to inspect any Mortgaged Property that
has been inspected by the Special Servicer during the preceding 12 months. If any Serviced Mortgage Loan or Serviced Loan Combination
becomes a Specially Serviced Loan, the related Mortgaged Property shall be inspected by the Special Servicer as soon as practicable
and thereafter at least every calendar year for so long as such condition exists. The cost of any annual inspection, or bi-annual
inspection, as the case may be, shall be borne by the Master Servicer unless the related Serviced Mortgage Loan or Serviced Loan
Combination is a Specially Serviced Loan. The Master Servicer shall reimburse the Special Servicer for the cost of any inspection
of a Specially Serviced Loan as a Property Advance (or as an expense of the Trust Fund and paid by the Master Servicer out of
the Collection Account if such Property Advance would be a Nonrecoverable Advance) and any out-of-pocket costs incurred with respect
to such inspection shall be borne by the Trust Fund.


 


(b)        The
Master Servicer shall, as to each Mortgage Loan (excluding an Outside Serviced Trust Loan) which is secured by the interest of
the related Mortgagor under a Ground Lease, even if the corresponding fee interest is encumbered, promptly (and in any event within
60 days following the later of the Closing Date or its receipt of a copy of the Ground Lease) notify the related ground lessor
of the transfer of such Mortgage Loan to the Trust Fund pursuant to this Agreement and inform such ground lessor that any notices
of default under the related Ground Lease should thereafter be forwarded to the Master Servicer.


 


(c)        The
Master Servicer and the Special Servicer shall each promptly prepare or cause to be prepared and deliver to each Serviced Companion
Loan Holder a written report, prepared in the manner set forth in Section 4.02, of each inspection performed by it with
respect to the related Mortgaged Property and Serviced Companion Loan related thereto.


 


(d)        The
Master Servicer is hereby authorized to exercise any rights granted under the applicable Outside Servicing Agreement in favor
of the Trust (or a party on its behalf) as the holder of each Outside Serviced Trust Loan to obtain information from the related
Outside Servicer (or other similar parties with an obligation to make advances) in connection


 






    	-224-



    	 



    

 


with making nonrecoverability determinations.
The Master Servicer shall promptly deliver to any related Outside Servicer, upon request, such information in the Master Servicer’s
possession as the related Outside Servicer reasonably requests in order to determine whether an advance similar to a P&I Advance
would be “nonrecoverable.”


 


(e)        If
required under the related Co-Lender Agreement, the Master Servicer shall promptly deliver to each Serviced Companion Loan Holder
or provide electronically: (i) copies of operating statements and rent rolls; (ii) annual CREFC® NOI Adjustment
Worksheets (with annual operating statements as exhibits); and (iii) annual CREFC® Operating Statement Analysis
Reports, in each case prepared, received or obtained by it pursuant to this Agreement with respect to the Mortgaged Properties
securing the related Serviced Companion Loan.


 


Section
3.19     Lock-Box Accounts, Escrow Accounts.


 


Except
with respect to the Outside Serviced Trust Loans, the Master Servicer shall administer each Lock-Box Account and Escrow Account
in accordance with the related Mortgage or Loan Agreement or Lock-Box Agreement, if any, and administer any letters of credit
pursuant to the related letter of credit agreement and the Loan Documents.


 


Notwithstanding
the foregoing, to the extent that any cash amounts are held in an Escrow Account or other cash collateral account and the mortgagee
under the related Loan Documents is permitted, but not required, to apply such amounts to prepay the related Mortgage Loan (or
Serviced Loan Combination), neither the Master Servicer nor the Special Servicer shall apply such amounts to prepay the Mortgage
Loan (or Serviced Loan Combination) until after the occurrence of an event of default under the Mortgage Loan that may result
in the Mortgage Loan (or Serviced Loan Combination) being accelerated or becoming a Specially Serviced Loan.


 


Section
3.20     Property Advances.


 


(a)        Except
with respect to an Outside Serviced Trust Loan, the Master Servicer (or, to the extent provided in Section 3.20(b) of this
Agreement, the Trustee) shall make any Property Advances as and to the extent incidental to the performance of its duties under
this Agreement or otherwise required pursuant to the terms hereof. The Special Servicer shall give the Master Servicer, the Trustee
and any affected Serviced Companion Loan Holder not less than five (or, in the case of emergency advances pursuant to Section
3.20(e) of this Agreement, two) Business Days’ written notice before the date on which the Master Servicer is requested
to make any Property Advance with respect to a given Specially Serviced Loan or REO Property (other than an REO Property related
to an Outside Serviced Trust Loan). In addition, the Special Servicer shall provide the Master Servicer, the Trustee and any affected
Serviced Companion Loan Holder with such information in its possession as the Master Servicer, the Trustee or such Serviced Companion
Loan Holder, as applicable, may reasonably request to enable the Master Servicer or the Trustee, as applicable, to determine whether
a requested Property Advance would constitute a Nonrecoverable Advance. Any such notice by the Special Servicer to the Master
Servicer of a required Property Advance shall be deemed to be a determination by the Special Servicer that such requested Property
Advance is not a Nonrecoverable Advance, and the Master Servicer shall be entitled to conclusively rely on such determination.
In the absence of a determination by the Special Servicer that a Property Advance is a Nonrecoverable Advance, all


 






    	-225-



    	 



    

 


determinations
of recoverability with respect to Property Advances to be made (or contemplated to be made) by the Master Servicer or the Trustee
will remain with the Master Servicer or the Trustee, as applicable. On the fourth Business Day before each Distribution Date,
the Special Servicer shall report to the Master Servicer the Special Servicer’s determination as to whether any Property
Advance previously made with respect to a Specially Serviced Loan is a Nonrecoverable Advance promptly after making such determination.
The Master Servicer and the Trustee shall be entitled to conclusively rely on such a determination and shall be bound by any determination
by the Special Servicer that a Property Advance previously made or contemplated to be made with respect to a Specially Serviced
Loan is or would be a Nonrecoverable Advance. Although the Special Servicer may determine whether a Property Advance is a Nonrecoverable
Advance, the Special Servicer will have no right to (i) make an affirmative determination that any Property Advance previously
made or to be made (or contemplated to be made) by the Master Servicer or the Trustee is, or would be, recoverable or (ii) reverse
any determination that may have been made by the Master Servicer or the Trustee or to prohibit the Master Servicer or the Trustee
from making a determination that any Property Advance constitutes or would constitute a Nonrecoverable Advance; provided that
this sentence will not be construed to limit the Special Servicer’s right to make a determination that a Property Advance
to be made (or contemplated to be made) would be, or a previously made Advance is, a Nonrecoverable Advance, as described in this
Section 3.20. The Master Servicer and the Special Servicer shall consider Unliquidated Advances in respect of prior Property
Advances for the purposes of non-recoverability determinations as if such amounts were unreimbursed Property Advances.


 


For
purposes of distributions to Certificateholders and Serviced Companion Loan Holders and compensation to the Master Servicer or
the Trustee, Property Advances shall not be considered to increase the principal balance of any Mortgage Loan or Serviced Loan
Combination, notwithstanding that the terms of such Mortgage Loan or Serviced Loan Combination so provide.


 


(b)        The
Master Servicer shall notify the Trustee and any related Serviced Companion Loan Holder in writing promptly upon, and in any event
within one (1) Business Day after, becoming aware that it will be unable to make any Property Advance required to be made pursuant
to the terms hereof, and in connection therewith, shall set forth in such notice the amount of such Property Advance, the Person
to whom it will be paid, and the circumstances and purpose of such Property Advance, and shall set forth therein information and
instructions for the payment of such Property Advance, and, on the date specified in such notice for the payment of such Property
Advance, or, if the date for payment has passed or if no such date is specified, then within five (5) Business Days following
such notice, the Trustee, subject to the provisions of Section 3.20(c) of this Agreement, shall pay the amount of such
Property Advance in accordance with such information and instructions. Any notice to the Trustee pursuant to this Section shall
be deemed to be given to a Responsible Officer of the Trustee if made in accordance with Section 11.04 of this Agreement.


 


(c)        Neither
the Master Servicer nor the Trustee shall be obligated to make a Property Advance as to any Mortgage Loan or Serviced Loan Combination
or REO Property if the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that such Advance will
be a Nonrecoverable Advance. The determination by any Person with an


 






    	-226-



    	 



    

 


obligation hereunder to make Property Advances that it has
made a Nonrecoverable Advance or that any proposed Property Advance, if made, would constitute a Nonrecoverable Advance or a determination
by the Special Servicer that a Property Advance previously made or proposed to be made is or would, if made, constitute a Nonrecoverable
Advance, shall be made by such Person (i) in the case of the Master Servicer or the Special Servicer, in accordance with the Servicing
Standard and (ii) in the case of the Trustee, in accordance with its good faith business judgment and shall be evidenced by an
Officer’s Certificate delivered on or prior to the next Master Servicer Remittance Date to (1) the affected Serviced Companion
Loan Holders or their Companion Loan Holder representatives (and the related subsequent master servicer and special servicer,
if applicable), in the case of any Serviced Loan Combination, (2) the Trustee (unless it is the Person making the determination),
(3) the Controlling Class Representative (prior to the occurrence and continuance of a Control Termination Event), (4) in the
case of a Property Advance with respect to any Serviced Outside Controlled Loan Combination, the related Outside Controlling Note
Holder, (5) the Master Servicer (unless it is the Person making the determination), (6) the Special Servicer (unless it is the
Person making the determination), and (7) the Depositor (if the Trustee is making the determination), setting forth the basis
for such determination, together with any other information that supports such determination together with a copy of any Appraisal
of the related Mortgaged Property or REO Property, as the case may be (which Appraisal shall be an expense of the Trust Fund,
shall take into account any material change in circumstances of which such Person is aware or such Person has received new information,
either of which has a material effect on the value and shall have been conducted in accordance with the standards of the Appraisal
Institute within the twelve months preceding such determination of nonrecoverability), and further accompanied by related Mortgagor
operating statements and financial statements, budgets and rent rolls of the related Mortgaged Property (to the extent available
and/or in such Person’s possession) and any engineers’ reports, environmental surveys or similar reports that such
Person may have obtained and that support such determination. In connection with a determination by the Special Servicer, the
Master Servicer or the Trustee as to whether a Property Advance previously made or to be made constitutes or would constitute
a Nonrecoverable Advance:


 


(A)        any
such Person will be entitled to consider (among other things) the obligations of the Mortgagor under the terms of the related
Mortgage Loan or Serviced Loan Combination as it may have been modified, to consider (among other things) the related Mortgaged
Properties in their “as is” or then current conditions and occupancies, as modified by such party’s assumptions
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider
(among other things) future expenses and to estimate and consider (among other things) the timing of recoveries;


 


(B)        any
such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination
that an Advance is a Nonrecoverable Advance) and may obtain at the expense of the Trust Fund any analysis, Appraisals or market
value estimates or other information as reasonably may be required for such purposes;


 






    	-227-



    	 



    

 


(C)        the
Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any proposed Property
Advance, if made, would be a Nonrecoverable Advance or that any outstanding Property Advance is a Nonrecoverable Advance and may
deliver to the Master Servicer, the Trustee, the Controlling Class Representative (prior to the occurrence and continuance of
a Consultation Termination Event) and, in the case of a Property Advance with respect to a Serviced Outside Controlled Loan Combination,
the related Outside Controlling Note Holder notice of such determination, which determination shall be conclusive and binding
on the Master Servicer and the Trustee (but this statement shall not be construed to entitle the Special Servicer to reverse any
other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination, that
a Property Advance constitutes or would constitute a Nonrecoverable Advance);


 


(D)        the
Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or Special Servicer that a Property
Advance is or, if made, would be a Nonrecoverable Advance, and the Master Servicer shall be entitled to rely, conclusively, on
any determination by the Special Servicer that a Property Advance is or, if made, would be a Nonrecoverable Advance;


 


(E)        any
non-recoverability determination by the Master Servicer or the Special Servicer pursuant to this Section 3.20 with respect
to the non-recoverability of Property Advances shall be conclusive and binding on the Master Servicer (in the case of such a determination
by the Special Servicer) and the Trustee; and


 


(F)        notwithstanding
the foregoing, the Trustee may conclusively rely upon any determination by the Master Servicer or the Special Servicer that any
Property Advance would be recoverable (unless a non-recoverability determination has been made by the other servicer in accordance
with clause (E) above which is binding on the Trustee), and the Master Servicer may conclusively rely upon any determination
by the Special Servicer that any Property Advance would be recoverable.


 


(d)        The
Master Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Property Advances made by any of
them to the extent permitted pursuant to Section 3.06(a)(ii) or Section 3.06A(a)(ii) of this Agreement, together
with any related Advance Interest Amount in respect of such Property Advances, and the Master Servicer and the Special Servicer,
as applicable, hereby covenant and agree to use efforts consistent with the Servicing Standard to obtain the reimbursement of
such Property Advances from the related Mortgagors to the extent permitted by applicable law and the related Loan Documents.


 


(e)        Notwithstanding
anything to the contrary contained in this Agreement, if a Property Advance is required to be made under this Agreement with respect
to any Specially Serviced Loan or REO Property (other than an REO Property related to an Outside Serviced Trust Loan), the Special
Servicer shall request that the Master Servicer make such Property Advance, such request to be made, in writing, at least five
(5) Business Days (or, in an


 






    	-228-



    	 



    

 


emergency situation or on an urgent basis, two (2) Business Days, provided that the written
request sets forth the nature of the emergency or the basis of the urgency) in advance of the date on which such Property Advance
is required to be made hereunder and to be accompanied by such information and documentation regarding the subject Property Advance
as the Master Servicer may reasonably request, subject to the Master Servicer’s right to determine that such Property Advance
does not constitute or would not constitute a Nonrecoverable Advance. The Master Servicer shall have the obligation to make any
such Property Advance that it is so requested by the Special Servicer to make, within five (5) Business Days (or, in an emergency
situation or on an urgent basis, two (2) Business Days) of the Master Servicer’s receipt of such request. The Special Servicer
shall have no obligation to make any Property Advance; provided, that in an urgent or emergency situation requiring the
making of a Property Advance, the Special Servicer may make such Property Advance, and the Master Servicer shall reimburse the
Special Servicer for such Property Advance in accordance with Section 3.20(f) of this Agreement. The Master Servicer shall
be entitled to reimbursement for any Advance made by it at the direction of the Special Servicer, together with interest thereon
at the same time, in the same manner and to the same extent as the Master Servicer is entitled with respect to any other Advances
made thereby.


 


(f)        Within
five (5) Business Days of making a Property Advance pursuant to the proviso to the penultimate sentence of Section 3.20(e),
the Special Servicer shall deliver to the Master Servicer request for reimbursement for such Property Advance, along with all
information and documentation regarding the subject Property Advance as the Master Servicer may reasonably request, and the Master
Servicer shall be obligated, out of such Master Servicer’s own funds, to reimburse the Special Servicer for any such unreimbursed
Property Advances (other than any Property Advance determined by the Master Servicer, in accordance with Section 3.20(c)
of this Agreement, to be a Nonrecoverable Property Advance) made by the Special Servicer pursuant to the proviso to the penultimate
sentence of Section 3.20(e), together with interest thereon at the Advance Rate from the date made to, but not including,
the date of reimbursement. Such reimbursement and any accompanying payment of interest shall be made within ten (10) Business
Days of the written request therefor pursuant to the preceding sentence by wire transfer of immediately available funds to an
account designated in writing by the Special Servicer. Upon the Master Servicer’s reimbursement to the Special Servicer
of any Property Advance and payment to the Special Servicer of interest thereon, all in accordance with this Section 3.20(f),
the Master Servicer shall for all purposes of this Agreement be deemed to have made such Property Advance at the same time as
the Special Servicer actually made such Property Advance, and accordingly, the Master Servicer shall be entitled to be reimbursed
for such Property Advance, together with interest thereon at the Advance Rate, at the same time, in the same manner and to the
same extent as the Master Servicer would otherwise have been entitled if it had actually made such Property Advance at the time
the Special Servicer did. Notwithstanding the foregoing provisions of this Section 3.20(f), the Master Servicer shall not
be required to reimburse the Special Servicer for any Property Advance if the Master Servicer determines in accordance with Section
3.20(c) of this Agreement that such Property Advance, although not characterized by the Special Servicer as a Nonrecoverable
Property Advance, is in fact a Nonrecoverable Property Advance. The Master Servicer shall notify the Special Servicer in writing
of such determination and, if applicable, such Nonrecoverable Property Advance shall be reimbursed to the Special Servicer pursuant
to Section 3.06(a) of this Agreement


 






    	-229-



    	 



    

 


Section
3.21     Appointment of Special Servicer; Asset Status Reports.


 


(a)        LNR
Partners, LLC is hereby appointed as the initial Special Servicer to specially service each of the Mortgage Loans (other than
the Outside Serviced Trust Loans) and each Serviced Loan Combination.


 


(b)        The
Special Servicer, at the earlier of (x) within 60 days after a Servicing Transfer Event occurs 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) with respect
to a Specially Serviced Loan, shall prepare a report (the “Asset Status Report”) for the related Mortgage Loan
or Serviced Loan Combination. Each Asset Status Report will be delivered in electronic format to the Operating Advisor (but only
after the occurrence and during the continuance of a Control Termination Event), the related Directing Holder (but, if the Controlling
Class Representative is the related Directing Holder, only prior to the occurrence and continuance of a Consultation Termination
Event and only for so long as the related Specially Serviced Loan is not an Excluded Mortgage Loan), the Certificate Administrator,
the related Serviced Companion Loan Holder (in the case of a Serviced Loan Combination) and, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider; provided,
however, the Special Servicer shall not be required to deliver an Asset Status Report to the related Directing Holder if
they are the same entity. Such Asset Status Report shall be consistent with the Servicing Standard and set forth the following
information to the extent reasonably determinable:


 


(i)        summary
of the status of the related Mortgage Loan or Serviced Loan Combination and any negotiations with the Mortgagors;


 


(ii)       if
a Servicing Transfer Event has occurred and is continuing:


 


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


 


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


 


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


 


(D)        a
copy of the last obtained Appraisal of the Mortgaged Property;


 


(E)        the
status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed workouts with respect thereto
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under
the related Mortgage Loan or Serviced Loan Combination;


 






    	-230-



    	 



    

 


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


 


(G)        if
the Special Servicer elects to proceed with a non-judicial foreclosure, then a statement as to (i) whether there was a violation
of a non-recourse carve-out under the related Mortgage Loan or Serviced Loan Combination and (ii) any determination not to pursue
a deficiency judgment against the related Mortgagor or guarantor;


 


(iii)      a
description of any such proposed or taken actions;


 


(iv)       the
alternative courses of action that were or are being considered by the Special Servicer in connection with the proposed or taken
actions;


 


(v)        the
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;


 


(vi)       an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net
present value calculation (including the applicable Calculation Rate used) and all related assumptions; and


 


(vii)      such
other information as the Special Servicer deems relevant in light of the proposed or taken action and the Servicing Standard.


 


If
any related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling
Class Representative (if any other Serviced Loan(s) (other than any Excluded Mortgage Loan) are involved and a Control Termination
Event does not exist), as applicable, does not disapprove an Asset Status Report in writing within 10 Business Days of receiving
such Asset Status Report, then the related Directing Holder 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, the Servicing Standard or the terms of the
applicable Loan Documents. If the related Directing Holder disapproves such Asset Status Report within 10 Business Days of receipt
(and, if the Controlling Class Representative is the related Directing Holder, a Control Termination Event does not exist), the
Special Servicer will revise such Asset Status Report and deliver to the Operating Advisor (after the occurrence and during the
continuance of a Control Termination Event), related Directing Holder (but, if the Controlling Class Representative is the related
Directing Holder, only prior to the occurrence and continuance of a Consultation Termination Event), the Certificate Administrator,
any related Serviced Companion Loan Holder(s) (in the case of a Serviced Loan Combination) and, for posting to the Rule 17g-5
Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider a
new Asset Status Report as soon as practicable, but in no event later than 30 days after such disapproval. The Special Servicer
shall revise such Asset Status Report as described above until the related Directing Holder shall fail to


 






    	-231-



    	 



    

 


disapprove such revised
Asset Status Report in writing within 10 Business Days of receiving such revised Asset Status Report (but, if the Controlling
Class Representative is the related Directing Holder, only if a Control Termination Event does not exist) or until the Special
Servicer makes a determination, consistent with the Servicing Standard, that such objection is not in the best interests of all
the Certificateholders and, if applicable, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders,
and/or Serviced Companion Loan Holder(s), if applicable, constitute a single lender (and, in the case of a Serviced AB Loan Combination,
taking into account the subordinate nature of the related Subordinate Companion Loan)). 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. If the related Directing Holder 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 related Directing Holder (but, if the Controlling Class Representative is the related Directing Holder,
only if a Control Termination Event does not exist), provided such action does not violate the Servicing Standard. Notwithstanding
the foregoing, if the Special Servicer determines that emergency action is necessary to protect the related Mortgaged Property
or the interests of the Certificateholders and any related Serviced Companion Loan Holder(s), or if a failure to take any such
action at such time would be inconsistent with the Servicing Standard, the Special Servicer may take actions with respect to the
related Mortgaged Property before the expiration of a 10 Business Day period if the Special Servicer reasonably determines in
accordance with the Servicing Standard that failure to take such actions before the expiration of a 10 Business Day period would
materially and adversely affect the interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (if applicable)
and the Special Servicer has made a reasonable effort to contact the related Directing Holder (during the period that such Directing
Holder has approval rights). The foregoing shall not relieve the Special Servicer of its duties to comply with the Servicing Standard.
Any Asset Status Report or Excluded Information delivered with respect to an Excluded Controlling Class Mortgage Loan shall be
labeled by the Special Servicer with “Excluded Controlling Class Mortgage Loan” followed by the loan number and loan
name.


 


After
the occurrence and during the continuance of a Control Termination Event, the Special Servicer shall consult on a non-binding
basis with the Operating Advisor in connection with each Asset Status Report prior to finalizing and executing such Asset Status
Report and the Operating Advisor shall propose, by written notice, alternative courses of action within 10 days of receipt of
each Asset Status Report to the extent the Operating Advisor determines such alternatives to be in the best interest of the Certificateholders
(including any Certificateholders that were previously included in the Control Eligible Classes), as a collective whole as if
such Certificateholders constituted a single lender. In addition, after the occurrence and during the continuance of a Control
Termination Event, but prior to the occurrence and continuance of a Consultation Termination Event, the Special Servicer shall
also consult on a non-binding basis with the Controlling Class Representative in connection with each related Asset Status Report
(other than any Asset Status Report with respect to an Excluded Mortgage Loan) prior to finalizing and executing such Asset Status
Report and the Controlling Class Representative shall be permitted to propose alternative courses of action within 10 days of
receipt of each Asset Status Report (other than any Asset Status Report with respect to an Excluded Mortgage Loan). Furthermore,
with respect to a Serviced Loan Combination, at all


 






    	-232-



    	 



    

 


times if and to the extent so provided in the related Co-Lender Agreement,
any related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative) shall be entitled to consult
on a non-binding basis with the Special Servicer and propose alternative courses of action in respect of any Asset Status Report;
provided that, in the case of a Serviced Outside Controlled Loan Combination, a related Serviced Pari Passu Companion Loan
Holder (or its Companion Loan Holder Representative) may be the related Outside Controlling Note Holder. The Special Servicer
shall consider any such proposals from (a) the Operating Advisor (during the continuance of a Control Termination Event) (b) the
Controlling Class Representative (during the continuance of a Control Termination Event but prior to the occurrence and continuance
of a Consultation Termination Event, and only with respect to any Serviced Loan that is not an Excluded Mortgage Loan) or (c)
with respect to any Serviced Companion Loan, any related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder
Representative) (if and when provided in the related Co-Lender Agreement), as applicable, and determine whether any changes to
its proposed Asset Status Report should be made, such determination being made in accordance with the Servicing Standard and the
other terms of this Agreement. In the event that the Operating Advisor, the Controlling Class Representative, the related Serviced
Companion Loan Holder (or its Companion Loan Holder Representative), or the related Outside Controlling Note Holder, as applicable,
does not propose alternative courses of action within 10 days after receipt of such Asset Status Report, the Special Servicer
shall implement the Asset Status Report as proposed by the Special Servicer.


 


Notwithstanding
anything to the contrary herein, 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 3.21(b).


 


(c)        Subject
to Section 3.21(b) of this Agreement, during the continuance of a Servicing Transfer Event, the Special Servicer shall
have the authority to meet with the related Mortgagors and take any actions consistent with the Servicing Standard and the most
recent Asset Status Report for the related Mortgage Loan.


 


(d)        Upon
request of any Certificateholder (or any Beneficial Owner, if applicable, which shall have provided the Certificate Administrator
with an Investor Certification), the Certificate Administrator shall mail, without charge, to the address specified in such request
a copy of the Final Asset Status Report for each Specially Serviced Loan.


 


(e)        Prior
to the occurrence and continuance of a Control Termination Event, the Special Servicer shall deliver to the Operating Advisor
only each related Final Asset Status Report.


 


(f)        Notwithstanding
the foregoing, the Special Servicer shall not follow any advice, direction or consultation provided by the Operating Advisor,
any Serviced Companion Loan Holder, any Companion Loan Holder Representative or the related Directing Holder that would require
or cause the Special Servicer to violate any applicable law, be inconsistent with the Servicing Standard, require or cause the
Special Servicer to violate provisions of this


 






    	-233-



    	 



    

 


Agreement, require or cause the Special Servicer to violate the terms of any Mortgage
Loan or Serviced Loan Combination, expose any Certificateholder or any party to this Agreement or their Affiliates, officers,
directors or agents to any claim, suit or liability, cause either Trust REMIC to fail to qualify as a REMIC or the Grantor Trust
to fail to qualify as a grantor trust for federal income tax purposes, result in the imposition of a “prohibited transaction”
or “prohibited contribution” tax under the REMIC Provisions or materially expand the scope of any Special Servicer’s
responsibilities under this Agreement or any Co-Lender Agreement. In addition, the Special Servicer is under no obligation to
act upon any recommendation of the Operating Advisor.


 


(g)        [Reserved].


 


Section
3.22     Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping. 


 


(a)        Upon
determining that any Serviced Loan has become a Specially Serviced Loan, the Master Servicer shall promptly give written notice
thereof to the Special Servicer, any related Serviced Companion Loan Holder (in the case of a Serviced Loan Combination), the
Operating Advisor, the Certificate Administrator, the Trustee, the related Directing Holder (prior to the occurrence and continuance
of a Consultation Termination Event with respect to the related Mortgage Loan) and, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider and shall deliver
a copy of the Servicing File to the Special Servicer and concurrently provide a copy of such Servicing File to the Operating Advisor
and shall use its reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original
documents constituting the Mortgage File, but including copies thereof) and records (including records stored electronically on
computer tapes, magnetic discs and the like) relating to such Serviced Loan and reasonably requested by the Special Servicer to
enable it to assume its duties hereunder with respect thereto without acting through a Sub-Servicer. The Master Servicer shall
use its reasonable efforts to comply with the preceding sentence within five (5) Business Days of the date such Serviced Loan
became a Specially Serviced Loan and in any event shall continue to act as Master Servicer and administrator of such Serviced
Loan until the Special Servicer has commenced the servicing of such Serviced Loan, which shall occur upon the receipt by the Special
Servicer of the Servicing File. With respect to each such Serviced Loan that becomes a Specially Serviced Loan, the Master Servicer
shall instruct the related Mortgagor to continue to remit all payments in respect of such Serviced Loan to the Master Servicer.
The Master Servicer shall forward any notices it would otherwise send to the Mortgagor of such a Specially Serviced Loan to the
Special Servicer who shall send such notice to the related Mortgagor.


 


Upon
determining that a Specially Serviced Loan has become a Corrected Loan, the Special Servicer shall immediately give written notice
thereof to the Master Servicer, the Trustee, the Operating Advisor, the Certificate Administrator, any related Serviced Companion
Loan Holder, the related Directing Holder (prior to the occurrence and continuance of a Consultation Termination Event with respect
to the related Mortgage Loan) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13
of this Agreement, the Rule 17g-5 Information Provider and, upon giving such notice and the return of the Servicing


 






    	-234-



    	 



    

 


File to
the Master Servicer, such Serviced Loan shall cease to be a Specially Serviced Loan in accordance with the first proviso of the
definition of Specially Serviced Loans, the Special Servicer’s obligation to service such Serviced Loan shall terminate
and the obligations of the Master Servicer to service and administer such Serviced Loan as a Serviced Loan that is not a Specially
Serviced Loan shall resume. In addition, if the related Mortgagor has been instructed, pursuant to the preceding paragraph, to
make payments to the Special Servicer, upon such determination, the Special Servicer shall instruct the related Mortgagor to remit
all payments in respect of such Specially Serviced Loan directly to the Master Servicer.


 


(b)        In
servicing any Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within
the definition of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are in
the possession of the Special Servicer) and copies of any additional related Serviced Loan information, including correspondence
with the related Mortgagor, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer
as well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer.


 


(c)        Notwithstanding
the provisions of subsections (a) and (b) of this Section 3.22, the Master Servicer shall maintain ongoing payment records
with respect to each of the Specially Serviced Loans and shall provide the Special Servicer and the Operating Advisor with any
information reasonably required by the Special Servicer or the Operating Advisor to perform its duties under this Agreement to
the extent such information is within the Master Servicer’s possession. The Special Servicer shall provide the Master Servicer
and the Operating Advisor with any information reasonably required by the Master Servicer or the Operating Advisor to perform
its duties under this Agreement to the extent such information is within the Special Servicer’s possession.


 


Section
3.23     Interest Reserve Account. The Certificate Administrator shall establish and maintain
the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the
Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible
Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in
2016) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall
remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans
that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to
one day’s interest at the related Mortgage Rate, less the Administrative Cost Rate, on the Stated Principal Balance of
each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such
Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all
amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or
prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of
each calendar year, the Certificate Administrator shall transfer to the Lower-Tier Distribution Account the aggregate of all
Withheld Amounts on deposit in the Interest Reserve Account.


 






    	-235-



    	 



    

 


Section
3.24      Modifications, Waivers and Amendments.


 


(a)        (i)
With respect to Performing Serviced Loans, the Master Servicer (subject to the Special Servicer’s processing (in the case
of a Mortgage Loan other than a WFBNA Mortgage Loan or a PCC Mortgage Loan) and/or consent (in the case of any Mortgage Loan)
if the related modification, waiver or amendment constitutes a Special Servicer Decision or Major Decision), or (ii) with respect
to Specially Serviced Loans, the Special Servicer, in each case subject to any applicable consultation rights of the Operating
Advisor, any applicable consent and/or consultation rights of the related Directing Holder (if any) and, to the extent required
in accordance with the related Co-Lender Agreement, any applicable consultation rights of any related Serviced Companion Loan
Holder (or its Companion Loan Holder Representative), may modify, waive or amend any term of any Serviced Loan if such modification,
waiver or amendment (A) is consistent with the Servicing Standard and (B) would not constitute a “significant modification”
of such Serviced Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise (1) cause either Trust REMIC
to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under subpart E, part I of subchapter
J of the Code for federal income tax purposes or (2) result in the imposition of a tax upon either Trust REMIC or the Trust Fund
(including but not limited to the tax on “prohibited transactions” as defined in Code Section 860F(a)(2) and the tax
on contributions to a REMIC set forth in Code Section 860G(d), but not including the tax on “net income from foreclosure
property” under Code Section 860G(c)).


 


In
addition, with respect to Performing Serviced Loans, to the extent any modification, waiver, amendment or other action constitutes
(i) a Major Decision pursuant to Section 6.09(a) of this Agreement or (ii) a Special Servicer Decision, the Master Servicer
(if it is processing the request for such matter) shall obtain the consent of the Special Servicer, and, in each case, to the
extent any modification, waiver, amendment or other action constitutes a Major Decision pursuant to Section 6.09(a) of
this Agreement, the Special Servicer shall obtain the consent of the related Outside Controlling Note Holder (if a Serviced Outside
Controlled Loan Combination is involved) or the Controlling Class Representative (if any other Serviced Loan(s) are involved and
a Control Termination Event does not exist), as applicable. The Special Servicer shall also obtain the consent of the related
Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling Class Representative
(if any other Serviced Loan(s) are involved and a Control Termination Event does not exist), as applicable, with respect to any
modification, waiver, amendment or other action that constitutes a Major Decision pursuant to Section 6.09(a) of this Agreement
with regard to any Specially Serviced Loan.


 


No
modification, waiver or amendment of any Co-Lender Agreement related to a Serviced Loan, or an action to enforce rights with respect
thereto, in each case, in a manner that materially and adversely affects the rights, duties and obligations of the Special Servicer
shall be permitted without the prior written consent of the Special Servicer.


 


The
Special Servicer shall process any modification, waiver, amendment or other action that constitutes a Major Decision or Special
Servicer Decision with respect to (a) any Specially Serviced Loan and (b) any Performing Serviced Loan other than the WFBNA Mortgage
Loans and the PCC Mortgage Loans (unless the Special Servicer and the Master


 






    	-236-



    	 



    

 


Servicer mutually agree that the Master Servicer
shall process such request, subject to the consent of the Special Servicer). The Master Servicer shall process any modification,
waiver, amendment or other action that constitutes a Major Decision or Special Servicer Decision with respect to (a) any Performing
Serviced Loan that is a WFBNA Mortgage Loan or a PCC Mortgage Loan and (b) any Performing Serviced Loan other than the WFBNA Mortgage
Loans and the PCC Mortgage Loans (if the Special Servicer and the Master Servicer mutually agree that the Master Servicer shall
process such request), subject, in the case of each of clause (a) and (b), to the consent of the Special Servicer.


 


With
respect to Performing Serviced Loans other than the WFBNA Mortgage Loans and the PCC Mortgage Loans, the Master Servicer, prior
to taking action with respect to any modification, waiver, amendment or other action that constitutes a Major Decision or Special
Servicer Decision (or making a determination not to take action with respect to a Major Decision or Special Servicer Decision)
with respect to such Performing Serviced Loan, shall refer the request to the Special Servicer, and the Special Servicer shall
process the request directly or, if mutually agreed to by the Special Servicer and the Master Servicer, the Master Servicer shall
process such request subject to the consent of the Special Servicer.


 


When
the Special Servicer’s consent is required with respect to any modification, waiver, amendment or other action that the
Master Servicer is processing with regard to any Performing Serviced Loan, the Master Servicer shall promptly provide the Special
Servicer with written notice of its request for such modification, waiver, amendment or other action, accompanied by the Master
Servicer’s written recommendation and analysis and any and all information in the Master Servicer’s possession or
reasonably available to it that the Special Servicer or the related Directing Holder may reasonably request in order to withhold
or grant its consent, and in all cases the Special Servicer shall be entitled (subject to, in each case if applicable, the consultation
rights of the Operating Advisor, the consent and/or consultation rights of the related Directing Holder and/or the consultation
rights of any related Serviced Companion Loan Holder or its Companion Loan Holder Representative) to approve or disapprove such
modification, waiver, amendment or other action. Subject to Section 3.10 of this Agreement, the Special Servicer shall
have 15 Business Days (or, with respect to a Serviced Loan Combination, such longer period as required by the related Co-Lender
Agreement for review by any related Serviced Companion Loan Holder or its Companion Loan Holder Representative) (or 60 days with
respect to an Acceptable Insurance Default), from the date that the Special Servicer receives the information it requested from
the Master Servicer, to analyze and approve such modification, waiver, amendment or other action and, prior to the end of such
15 Business Day period or such longer period if required by the applicable Co-Lender Agreement or 60-day period, as applicable,
the Special Servicer shall notify the related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination
is involved) or the Controlling Class Representative (if any other Serviced Loan(s) are involved and a Control Termination Event
does not exist), as applicable, of such request for approval of each such modification, waiver, amendment or other action that
constitutes a Major Decision and provide its written analysis and recommendation with respect thereto. Following such notice,
the related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling
Class Representative (if any other Serviced Loan(s) are involved and a Control Termination Event does not exist), as applicable,
shall have 10 Business Days (or, in the case of a determination of an Acceptable Insurance Default, 20 days) from the date it


 






    	-237-



    	 



    

 


receives from the Special Servicer the recommendation and analysis of the Master Servicer or the Special Servicer, as applicable,
and any other information it may reasonably request (or, with respect to a Serviced Loan Combination, such longer time period
as may be provided in the related Co-Lender Agreement) to approve any recommendation of the Special Servicer or the Master Servicer
relating to any request for approval. In any such event, if the related Directing Holder does not respond to a request for approval
by 5:00 p.m. on the 10th Business Day (or, with respect to a Serviced Loan Combination, such longer time period as may be provided
in the related Co-Lender Agreement) or 20th day, as applicable, after receipt of the applicable recommendation and analysis and
other requested information as set forth in the preceding sentence, the Special Servicer or the Master Servicer, as applicable,
may deem its recommendation approved by the related Directing Holder, and if the Special Servicer does not respond to a request
for approval within the required 15 Business Days (or, with respect to a Serviced Loan Combination, such longer time period if
required by the related Co-Lender Agreement) or 60 days, as applicable, the Master Servicer may deem its recommendation approved
by the Special Servicer.


 


(b)        All
modifications, waivers or amendments of any Serviced Loan shall be in writing and shall be effected in a manner consistent with
the Servicing Standard. The Master Servicer or the Special Servicer, as applicable (in each case, if it is the party processing
the related modification, waiver or amendment pursuant to Section 3.24(a)), shall notify in writing the Trustee, the Certificate
Administrator, the Depositor, any related Serviced Companion Loan Holder, any related Outside Controlling Note Holder, the Controlling
Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), the Operating Advisor (after
the occurrence and during the continuance of a Control Termination Event) and, for posting to the Rule 17g-5 Information Provider’s
Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider, in writing, of any modification,
waiver or amendment of any term of any Serviced Loan and the date thereof, and shall deliver a copy to the Trustee, any related
Serviced Companion Loan Holder, any related Outside Controlling Note Holder, the Controlling Class Representative (prior to the
occurrence and continuance of a Consultation Termination Event) and the Operating Advisor (after the occurrence and during the
continuance of a Control Termination Event) and an original to the Custodian of the recorded agreement relating to such modification,
waiver or amendment within 15 Business Days following the execution and recordation thereof. For the avoidance of doubt, the requirement
with respect to the delivery of assumption or substitution agreements shall be governed by Section 3.09.


 


(c)        Any
modification of any Loan Documents that requires obtaining a Rating Agency Confirmation pursuant to such Loan Documents, or any
modification that would eliminate, modify or alter the requirement of obtaining a Rating Agency Confirmation in such Loan Documents,
shall not be made without obtaining a Rating Agency Confirmation. The Rating Agency Confirmation shall be obtained at the related
Mortgagor’s expense in accordance with the related Loan Agreement or, if not so provided in such Loan Agreement or if such
Mortgagor does not pay, at the expense of the Trust Fund.


 


(d)        Promptly
after any Mortgage Loan or Serviced Loan Combination becomes a Specially Serviced Loan, the Special Servicer shall request from
the Certificate Administrator the name of the current Controlling Class Representative and, if applicable, shall


 






    	-238-



    	 



    

 


request from
the Master Servicer the name of the current related Serviced Companion Loan Holder. 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 such Mortgage Loan became a Specially Serviced Loan. Upon receipt of the name of such current related Serviced Companion
Loan Holder from the Master Servicer, the Special Servicer shall notify the related Serviced Companion Loan Holder that the related
Serviced Loan Combination became a Specially Serviced Loan. 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, the list of Beneficial Holders
of the Controlling Class, and the Certificate Administrator shall provide such list to the Special Servicer and the Master Servicer
at the expense of the Trust Fund.


 


(e)        [Reserved].


 


(f)        The
Special Servicer or Master Servicer may, as a condition to granting any request by a Mortgagor for consent to a modification,
extension, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant to the terms
of the instruments evidencing or securing the related Mortgage Loan or Serviced Loan Combination and, further, pursuant to the
terms of this Agreement and applicable law, require that such Mortgagor pay to it a reasonable or customary fee for the additional
services performed in connection with such request and any related costs and expenses incurred by it; provided that the
charging of such fee would not be a “significant modification” of the Mortgage Loan within the meaning of Treasury
Regulations Section 1.860G-2(b).


 


(g)        Notwithstanding
anything set forth in this Agreement, in no event shall the Special Servicer be permitted to:


 


(i)        extend
the Maturity Date of a Serviced Loan beyond a date that is 3 years prior to the Rated Final Distribution Date; or


 


(ii)       if
the Serviced Loan is secured by a ground lease, extend the Maturity Date of such Serviced Loan beyond a date which is 20 years
or, to the extent consistent with the Servicing Standard, giving due consideration to the remaining term of the ground lease,
10 years prior to the end of the current term of such ground lease, plus any options to extend exercisable unilaterally by the
related Mortgagor.


 


(h)        In
connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the related Mortgage
or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power of eminent domain or
condemnation, if the related Loan Documents require the Master Servicer or the Special Servicer, as applicable, to calculate (or
require the Mortgagor to provide such calculation to the Master Servicer or the Special Servicer, as applicable) the loan-to-value
ratio of the remaining


 






    	-239-



    	 



    

 


Mortgaged Property or Mortgaged Properties or the fair market value of the real property constituting the
remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification of the related Serviced Mortgage Loan,
then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern
value, if any. In connection with approving any such release or taking, the Master Servicer or Special Servicer, as applicable,
shall calculate the loan-to-value ratio in a manner consistent with the prior sentence, and if such calculation is greater than
125%, the Master Servicer or Special Servicer, as applicable, will require a payment of principal in an amount equal to or greater
than a “qualified amount” as determined under Revenue Procedure 2010-30 or successor provisions unless the related Mortgagor
provides an Opinion of Counsel that if such amount is not paid the related Mortgage Loan will not fail to be a Qualified Mortgage.


 


(i)        If
and to the extent that the Trust, as holder of an Outside Serviced Trust Loan, is entitled to exercise any consent and/or consultation
rights with respect to modifications, waivers and amendments or certain other major decisions under the applicable Outside Servicing
Agreement, (a) such consent rights shall be exercised by the Master Servicer (if such Outside Serviced Trust Loan is not part
of a “specially serviced loan” (as such term or any analogous term is defined in the applicable Outside Servicing
Agreement) and only to the extent that the action would not be considered a Major Decision or a Special Servicer Decision) or
the Special Servicer (if such Outside Serviced Trust Loan is part of a “specially serviced loan” (as such term or
any analogous term is defined in the applicable Outside Servicing Agreement) or if the action would be considered a Major Decision
or a Special Servicer Decision), with, in the case of a matter that would be a Major Decision, the consent of the Controlling
Class Representative unless a Control Termination Event exists, in each case in accordance with Section 3.01(i) and (b)
any consultation rights entitled to be exercised by the holders of such Outside Serviced Mortgage Loan shall be exercised by the
Controlling Class Representative (unless a Consultation Termination Event exists).


 


Section
3.25     Additional Obligations With Respect to Certain Mortgage Loans.


 


(a)        With
respect to each Mortgage Loan (other than an Outside Serviced Trust Loan) with a Stated Principal Balance in excess of $35,000,000,
in connection with any replacement of the Manager for the related Mortgaged Property, the Master Servicer or Special Servicer,
as applicable, to the extent permitted by the related Loan Documents, shall require a Rating Agency Confirmation and shall condition
its consent to such replacement on the Mortgagor paying for such Rating Agency Confirmation.


 


(b)        With
respect to any Mortgage Loan (other than an Outside Serviced Trust Loan), if any mezzanine loan is directly or indirectly secured
by any equity interest of the related Mortgagor, the Master Servicer (if the related Mortgage Loan is a Performing Serviced Loan)
or the Special Servicer (if the related Mortgage Loan is a Specially Serviced Loan) shall perform the obligations of the Trust,
as holder of the related Mortgage Loan, or its servicer or agent under the related mezzanine loan intercreditor agreement.


 






    	-240-



    	 



    

 


Section
3.26     Certain Matters Relating to the Outside Serviced Trust Loans.


 


With
respect to each Outside Serviced Trust Loan, in the event that any of the related Outside Trustee, the related Outside Servicer
or the related Outside Special Servicer shall be replaced in accordance with the terms of the applicable Outside Servicing Agreement,
the Master Servicer and the Special Servicer shall acknowledge its successor as the successor to the related Outside Trustee,
the related Outside Servicer or the related Outside Special Servicer, as the case may be, in each case with reasonable promptness
following request therefor by a party to the applicable Outside Servicing Agreement.


 


Section
3.27     Additional Matters Regarding Advance Reimbursement.


 


(a)        Upon
the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would
exceed the full amount of the principal portion of general collections on the Mortgage Loans deposited in the Collection Account,
the Master Servicer or the Trustee, at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement
for the remaining amount of such Nonrecoverable Advance pursuant to Section 3.06(a)(ii)(B) of this Agreement immediately,
may elect to refrain from obtaining such reimbursement for some or all such portion of the Nonrecoverable Advance during the one-month
Prepayment Period ending on the then-current Determination Date, for successive one-month periods for a total not to exceed 12
months; provided that any deferral in excess of 6 months shall be subject to the consent of the Controlling Class Representative
(or, in the case of a Property Advance with respect to a Serviced Outside Controlled Loan Combination, the related Outside Controlling
Note Holder) (unless, if the Controlling Class Representative is the consenting party, a Control Termination Event has occurred
and is continuing, in which case the Controlling Class Representative must be consulted with unless a Consultation Termination
Event has occurred and is continuing). If the Master Servicer or the Trustee makes such an election in its sole discretion to
defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest thereon), then such Nonrecoverable
Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in the subsequent Collection
Period (subject, again, to the same sole discretion option to defer; it is acknowledged that, in such a subsequent period, such
Nonrecoverable Advance shall again be reimbursable pursuant to Section 3.06(a)(ii)(B) of this Agreement). In connection
with a potential election by the Master Servicer or the Trustee to refrain from the reimbursement of a particular Nonrecoverable
Advance or portion thereof during the one-month Prepayment Period ending on the related Determination Date for any Distribution
Date, the Master Servicer or the Trustee shall further be authorized to wait for principal collections to be received before making
its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof) until
the end of such Prepayment Period; provided, however, if, at any time the Master Servicer or the Trustee, as applicable,
determines that the reimbursement of a Nonrecoverable Advance during a one-month Prepayment Period will exceed the full amount
of the principal portion of general collections deposited in the Collection Account for such Distribution Date, then the Master
Servicer or the Trustee, as applicable, shall, through a posting to the Rule 17g-5 Information Provider’s Website pursuant
to Section 11.13 of this Agreement, give the Rating Agencies at least 15 days’ notice prior to any reimbursement
to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1)
the Master


 






    	-241-



    	 



    

 


Servicer or the Trustee, as applicable, determines in its sole discretion that waiting 15 days after such a notice
could jeopardize the Master Servicer’s or the Trustee’s, as applicable, ability to recover such Nonrecoverable Advances,
(2) changed circumstances or new or different information becomes known to the Master Servicer or the Trustee, as applicable,
that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement
of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the Master Servicer has not timely received from
the Trustee information requested by the Master Servicer to consider in determining whether to defer reimbursement of a Nonrecoverable
Advance; provided that, if clause (1), (2) or (3) apply, the Master Servicer or the Trustee, as applicable, shall, through
a posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, give Rating
Agencies notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable
to interest on the Mortgage Loans as soon as reasonably practicable in such circumstances. Subject to Section 11.13 of
this Agreement, the Master Servicer or the Trustee, as applicable, shall have no liability for any loss, liability or expense
resulting from any notice provided to Rating Agencies contemplated by the immediately preceding sentence. Any election by the
Master Servicer or the Trustee to refrain from reimbursing itself for any Nonrecoverable Advance (together with interest thereon)
or portion thereof with respect to any Collection Period shall not be construed to impose on the Master Servicer or the Trustee
any obligation to make such an election (or any entitlement in favor of any Certificateholder or any other Person to such an election)
with respect to any subsequent Collection Period or to constitute a waiver or limitation on the right of the Master Servicer or
the Trustee to otherwise be reimbursed for such Nonrecoverable Advance immediately (together with interest thereon). Any such
election by the Master Servicer, or the Trustee shall not be construed to impose any duty on the other such party to make such
an election (or any entitlement in favor of any Certificateholder or any other Person to such an election). Any such election
by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance or portion thereof
with respect to any one or more Prepayment Periods shall not limit the accrual of interest on such Nonrecoverable Advance for
the period prior to the actual reimbursement of such Nonrecoverable Advance. None of the Master Servicer, the Trustee or the other
parties to this Agreement will have any liability to one another or to any of the Certificateholders for any such election that
such party makes to refrain or not to refrain from reimbursing itself as contemplated by this paragraph or for any losses, damages
or other adverse economic or other effects that may arise from such an election nor will such election constitute a violation
of the Servicing Standard or any duty under this Agreement. The Master Servicer’s or the Trustee’s, as applicable,
election, if any, to defer reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders
and shall not be construed as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the
Certificateholders. Nothing herein shall give the Master Servicer or the Trustee the right to defer reimbursement of a Nonrecoverable
Advance if there are principal collections then available in the Collection Account pursuant to Section 3.06 of this Agreement
or to defer reimbursement of a Nonrecoverable Advance for an aggregate period exceeding 12 months.


 


(b)        If
the Master Servicer is required to make a Property Advance, but does not do so within 15 days after the Property Advance is required
to be made, then the Trustee will be required: (i) if a Responsible Officer of the Trustee has actual knowledge of the failure,
to give the Master Servicer notice of its failure; and (ii) if the failure continues for three more


 






    	-242-



    	 



    

 


Business Days, to make the
Advance unless the Trustee determines such advance to be a Nonrecoverable Advance.


 


Section
3.28     Serviced Companion Loan Intercreditor Matters.


 


(a)        If,
pursuant to Section 2.03, Section 3.17 or Section 9.01 of this Agreement, any Mortgage Loan that relates
to a Serviced Loan Combination is purchased from, repurchased from or substituted out of, the Trust Fund, the subsequent holder
thereof shall be bound by the terms of the related Co-Lender Agreement and shall assume the rights and obligations of the holder
of the Note that represents the related Mortgage Loan under such Co-Lender Agreement. All portions of the related Mortgage File
and (to the extent provided under the related Loan Purchase Agreement) other documents pertaining to such Mortgage Loan shall
be endorsed or assigned to the extent necessary or appropriate to the purchaser of such Mortgage Loan in its capacity as the holder
of the Note that represents the related Mortgage Loan (as a result of such purchase, repurchase or substitution) and (except for
the actual Note) on behalf of the holder of the Note that represents the Serviced Companion Loan. Thereafter, such Mortgage File
shall be held by the holder of the Note that represents the related Mortgage Loan or a custodian appointed thereby for the benefit
thereof, on behalf of itself and the holder of the related Serviced Companion Loan as their interests appear under the related
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 Serviced Loan Combinations.


 


(b)        With
respect to each Serviced Companion Loan, notwithstanding any rights the Operating Advisor or the Controlling Class Representative
hereunder may have to consult with respect to any action or other matter with respect to the servicing of such Serviced Companion
Loan, to the extent the related Co-Lender Agreement provides that such right is exercisable by the related Serviced Companion
Loan Holder or its Companion Loan Holder Representative or is exercisable in conjunction with any related Serviced Companion Loan
Holder, then (i) neither the Operating Advisor nor the Controlling Class Representative shall be permitted to exercise such right
or (ii) to the extent provided in the related Co-Lender Agreement, the Operating Advisor or the Controlling Class Representative,
as applicable, shall be required to exercise such right in conjunction with any related Serviced Companion Loan Holder or its
Companion Loan Holder Representative, as applicable. Additionally, notwithstanding anything in this Agreement to the contrary,
the Master Servicer or Special Servicer, as applicable, shall consult with, seek the approval of, or obtain the consent of the
holder of any Serviced Companion Loan or its Companion Loan Holder Representative with respect to any matters with respect to
the servicing of such Serviced Companion Loan to the extent required under related Co-Lender Agreement and shall not take such
actions requiring consent of or consultation with the Serviced Companion Loan Holder or its Companion Loan Holder Representative
without such consent or consultation. In addition, notwithstanding anything to the contrary, the Master Servicer or Special Servicer,
as applicable, shall deliver reports and notices to the Serviced Companion Loan Holder or its Companion Loan Holder Representative
(or the master servicer or special servicer for the related Other Securitization Trust on behalf of the Serviced Companion Loan
Holder) as required under the Co-Lender Agreement.


 






    	-243-



    	 



    

 


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


 


(i)        (A)
the amount of the distribution from the related Loan Combination Custodial Account allocable to principal and (B) separately identifying
the amount of scheduled principal payments, balloon payments, principal prepayments made at the option of the Mortgagor 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 related Serviced Loan Combination;


 


(ii)       the
amount of the distribution from the related Loan Combination Custodial Account allocable to interest and the amount of Default
Interest allocable to the related Serviced Loan Combination;


 


(iii)      the
amount of the distribution to the related Serviced Companion Loan Holder, separately identifying the non-default interest, principal
and other amounts included therein, and if the distribution to a Serviced Companion Loan Holder is less than the full amount that
would be distributable to such Serviced Companion Loan Holder 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
related Serviced Loan Combination;


 


(iv)       the
principal balance of each of the related Serviced Loan Combination and related Serviced Companion Loan after giving effect to
the distribution of principal on the most recent Distribution Date; and


 


(v)        the
amount of the servicing fees paid to the Master 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 Distribution Date, the Master Servicer shall make the foregoing statement available to the Serviced Companion
Loan Holder (or the master servicer or special servicer for the related Other Securitization Trust on its behalf) by electronic
means and by such other means of delivery as required under the related Co-Lender Agreement. 


Section
3.29     Appointment and Duties of the Operating Advisor.


 


(a)        Park
Bridge Lender Services LLC is hereby appointed to serve as the initial Operating Advisor.


 


(b)        The
Operating Advisor, as an independent contractor, shall review the Special Servicer’s operational practices in respect of
Specially Serviced Loans, consult with the Special Servicer and perform each other obligation of the Operating Advisor as set
forth in this Agreement solely on behalf of the Trust Fund and in the best interest of, and for the benefit of, the Certificateholders
(as a collective whole as if such Certificateholders (and, with respect to any Serviced Pari Passu Loan Combination, any related
Serviced Pari Passu Companion Loan Holder(s)) constituted a single lender), and not any particular Class of Certificateholders,
as


 






    	-244-



    	 



    

 


determined by the Operating Advisor in the exercise of its good faith and reasonable judgment (the “Operating Advisor
Standard”). The Operating Advisor shall not owe any fiduciary duty to the Master Servicer, the Special Servicer or any
other Person in connection with this Agreement.


 


(c)        Prior
to the occurrence and continuance of a Control Termination Event, the Operating Advisor shall promptly review (i) all information
available to Privileged Persons on the Certificate Administrator’s Website with respect to the Special Servicer, assets
on the CREFC® Servicer Watch List and the applicable Specially Serviced Loans and (ii) each related Final Asset
Status Report.


 


(d)        (i)
After the occurrence and during the continuance of a Control Termination Event, the Operating Advisor shall review the Special
Servicer’s operational practices in light of the Servicing Standard and the requirements of this Agreement, with respect
to the resolution and/or liquidation of the applicable Specially Serviced Loan(s).


(ii)       After
the occurrence and during the continuance of a Control Termination Event, based on the Operating Advisor’s review of any
annual compliance statement and any assessment of compliance delivered to the Operating Advisor pursuant to Section 10.08
and Section 10.09 of this Agreement, as applicable, any attestation report delivered to the Operating Advisor pursuant
to Section 10.10 of this Agreement, any Asset Status Report and other information (other than any communications between
the related Directing Holder or any Serviced Companion Loan Holder (or its Companion Loan Holder Representative), as applicable,
and the Special Servicer that would be Privileged Information) delivered to the Operating Advisor by the Special Servicer, the
Operating Advisor shall (if any applicable Serviced Mortgage Loan(s) were Specially Serviced Loan(s)s during the prior calendar
year) prepare and deliver to the Depositor, the Rule 17g-5 Information Provider (which shall promptly post such Operating Advisor
Annual Report on the Rule 17g-5 Information Provider’s Website), the Trustee and the Certificate Administrator (which shall
promptly post such Operating Advisor Annual Report on the Certificate Administrator’s Website), within 120 days of the end
of the prior calendar year an annual report (the “Operating Advisor Annual Report”), substantially in the form
of Exhibit R of this Agreement (which form may be modified or altered as to either its organization or content by the Operating
Advisor, subject to compliance of such form with the terms and provisions of this Agreement; provided, further,
that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any provision
of this Agreement) setting forth the Operating Advisor’s assessment of the Special Servicer’s performance of its duties
under this Agreement during the prior calendar year on a platform-level basis with respect to the resolution and liquidation of
such Specially Serviced Loan(s) and with respect to each Asset Status Report delivered to the Operating Advisor by the Special
Servicer during the prior calendar year. Subject to the restrictions in this Agreement, including, without limitation, Section
3.29(b) of this Agreement, each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the
Servicing Standard and (ii) from the Special Servicer’s obligations under this Agreement with respect to the resolution
or liquidation of the applicable Specially Serviced Loan(s), and (B) comply with all of the confidentiality requirements applicable
to the Operating Advisor described in this Agreement. Such Operating Advisor Annual Report shall be



    	-245-



    	 



    



 


delivered to the Trustee,
the Certificate Administrator, the Rule 17g-5 Information Provider and the Depositor, and the Certificate Administrator and the
Rule 17g-5 Information Provider shall promptly, upon receipt, post such Operating Advisor Annual Report on the Certificate Administrator’s
Website and the Rule 17g-5 Information Provider’s Website, respectively; provided, however, that the Operating
Advisor shall deliver to the Special Servicer, the Controlling Class Representative (if a Serviced Loan other than a Serviced
Outside Controlled Loan Combination is addressed and a Consultation Termination Event does not exist) and the related Outside
Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is addressed), any annual report produced by the Operating
Advisor at least ten (10) calendar days prior to its delivery to the Depositor, the Trustee and the Certificate Administrator.
The Operating Advisor may, but shall not be obligated to, revise the Operating Advisor Annual Report based on any comments received
from the Special Servicer or the Controlling Class Representative. Only as used in connection with the Operating Advisor Annual
Report, the term “platform-level basis” refers to the Special Servicer’s performance of its duties as they relate
to the resolution and liquidation of Specially Serviced Loans, taking into account the Special Servicer’s specific duties
under this Agreement as well as the extent to which those duties were performed in accordance with the Servicing Standard, with
reasonable consideration by the Operating Advisor of any annual compliance statement and any assessment of compliance delivered
to the Operating Advisor pursuant to Section 10.08 and Section 10.09 of this Agreement, as applicable, any attestation
report delivered to the Operating Advisor pursuant to Section 10.10 of this Agreement, any Asset Status Report and other
information (other than any communications between the related Directing Holder or any Serviced Companion Loan Holder (or its
Companion Loan Holder Representative), as applicable, and the Special Servicer that would be Privileged Information) delivered
to the Operating Advisor by the Special Servicer pursuant to this Agreement. Notwithstanding anything in this Agreement to the
contrary (i) the Operating Advisor’s assessment of the Special Servicer’s performance shall be based on the provisions
of this Agreement, (ii) so long as LNR Partners, LLC is acting as Special Servicer, it shall not be required to provide its written
policies and procedures to the Operating Advisor, except that, in the event the Operating Advisor’s assessment determines
that the Special Servicer has not materially performed its obligations under this Agreement with respect to a particular Mortgage
Loan, and LNR Partners, LLC rebuts or defends such assessment based upon its compliance with its written policies and procedures,
LNR Partners, LLC shall produce to the Operating Advisor the relevant portions of LNR Partners, LLC’s written policies and
procedures, and (iii) the Operating Advisor’s assessment may not take into account the fact that the Operating Advisor did
not have access to the LNR Partners, LLC written policies and procedures. Nothing set forth herein shall limit or affect the scope
of the Operating Advisor’s platform level review in connection with its preparation of the Operating Advisor Annual Report,
provided that the Operating Advisor’s access to or reliance upon LNR Partners LLC’s written policies and procedures
shall be subject to terms of the immediately preceding sentence. Notwithstanding the foregoing, no Operating Advisor Annual Report
shall be required from the Operating Advisor with respect to the Special Servicer if during the prior calendar year no Asset Status
Report was prepared by the Special Servicer in connection with a Specially Serviced Loan or REO Property.


 






    	-246-



    	 



    

 


(e)        Prior
to the occurrence and continuance of a Control Termination Event, the Special Servicer shall forward any Appraisal Reduction Amount
with respect to, and net present value calculations used in the Special Servicer’s determination of the course of action
to be taken in connection with the workout or liquidation of, a Specially Serviced Loan, to the Operating Advisor after such calculations
have been finalized. The Operating Advisor shall review such calculations but may not opine on, or otherwise call into question
such Appraisal Reduction Amount and/or net present value calculations; provided, however, if the Operating Advisor
discovers a mathematical error contained in such calculations, then the Operating Advisor shall notify the Special Servicer and
the related Directing Holder (if the Directing Holder is not a Borrower Party with respect to the related Specially Serviced Loan)
of such error.


 


(f)        After
the occurrence and during the continuance of a Control Termination Event, after the calculation but prior to the utilization by
the Special Servicer of any of the calculations with respect to an applicable Specially Serviced Loan related to (i) Appraisal
Reduction Amounts or (ii) net present value used in the Special Servicer’s determination of the course of action to be taken
in connection with the workout or liquidation of such Specially Serviced Loan, the Special Servicer shall forward such calculations,
together with any supporting material or additional information necessary in support thereof (including such additional information
reasonably requested by the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any
Privileged Information), to the Operating Advisor promptly, but in any event no later than two (2) Business Days after preparing
such calculations, and the Operating Advisor shall promptly, but no later than three (3) Business Days after receipt of such calculations
and any supporting or additional materials, recalculate and verify the accuracy of the mathematical calculations and the corresponding
application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.


 


In
connection with this Section 3.29, in the event the Operating Advisor does not agree with the mathematical calculations
or the application of the non-discretionary portions of the applicable formulas required to be utilized for such calculation,
the Operating Advisor and the Special Servicer shall consult with each other in order to resolve any inaccuracy in the mathematical
calculations or the application of the non-discretionary portions of the applicable formulas in arriving at those mathematical
calculations or any disagreement within five (5) Business Days of delivery of such calculations to the Operating Advisor. In the
event the Operating Advisor and Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of
such five (5) Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement
and the Certificate Administrator shall determine which calculation is to apply. In making such determination, the Certificate
Administrator may hire an independent third-party to assist with any such calculation at the expense of the Trust Fund.


 


(g)        After
the occurrence and during the continuance of a Control Termination Event, the Special Servicer shall consult (on a non-binding
basis) with the Operating Advisor in connection with any Major Decision with respect to a Serviced Mortgage Loan and consider
alternative actions recommended by the Operating Advisor, but only to the extent consultation with, or consent of, the Controlling
Class Representative would have been required prior to the occurrence and continuance of such Control Termination Event with respect
to such Serviced


 






    	-247-



    	 



    

 


Mortgage Loan; provided that the Operating Advisor may consult regarding a Serviced Outside Controlled
Loan Combination only if and to the extent that the holder of the related Split Mortgage Loan is granted consultation rights under
the related Co-Lender Agreement.


 


(h)        Subject
to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries relating to the Operating Advisor Annual Reports or actions by
the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or not referenced
in any Operating Advisor Annual Report and made by Privileged Persons from time to time in accordance with the terms of Section
4.02(a) of this Agreement.


 


(i)        Subject
to the Privileged Information Exception, the Operating Advisor will be obligated to keep confidential any Privileged Information
received from the Special Servicer, the related Directing Holder or any related Serviced Companion Loan Holder (or its Companion
Loan Holder Representative) in connection with the exercise of the rights of the related Directing Holder or such related Serviced
Companion Loan Holder under this Agreement (including, without limitation, in connection with the review and/or approval of any
Asset Status Report), subject to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged
Information.


 


(j)        The
Operating Advisor shall keep all Privileged Information confidential and shall not disclose such Privileged Information to any
Person (including Certificateholders other than the Controlling Class Representative), other than (1) to the extent expressly
required by this Agreement, to the other parties to this Agreement with a notice indicating that such information is Privileged
Information or (2) pursuant to a Privileged Information Exception. Each party to this Agreement that receives Privileged Information
from the Operating Advisor with a notice stating that such information is Privileged Information shall not disclose such Privileged
Information to any Person without the prior written consent of the Special Servicer and, unless an applicable Consultation Termination
Event has occurred and is continuing, the related Directing Holder other than pursuant to a Privileged Information Exception.


 


(k)        On
each Master Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts on
deposit in the Collection Account, pursuant to Section 3.06 of this Agreement. In addition, the Operating Advisor Consulting
Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor has consultation
rights. Each of the Operating Advisor Fee and the Operating Advisor Consulting Fee shall be payable from funds on deposit in the
Collection Account as provided in Section 3.06 of this Agreement, but with respect to the Operating Advisor Consulting
Fee only to the extent such Operating Advisor Consulting Fee is actually received from the related Mortgagor. When the Operating
Advisor has consultation rights with respect to a Major Decision under this Agreement, the Master Servicer or the Special Servicer,
as applicable, shall use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable Operating
Advisor Consulting Fee from the related Mortgagor in connection with such Major Decision, but only to the extent not prohibited
by the related Loan Documents. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the related Mortgagor if it


 






    	-248-



    	 



    

 


determines that such full or partial waiver is in accordance with
the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer take any enforcement action with respect
to the collection of such Operating Advisor Consulting Fee other than requests for collection; provided that the Master
Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction.


 


Section
3.30     Rating Agency Confirmation.


 


(a)        Notwithstanding
the terms of any related Loan Documents or other provisions of this Agreement, if any action under any Loan Documents or this
Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting
Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has made a request to any Rating
Agency for such Rating Agency Confirmation and if, within 10 Business Days of the Rating Agency Confirmation request being posted
to the Rule 17g-5 Information Provider’s Website, any Rating Agency has not granted such request, rejected such request
or provided a Rating Agency Declination, then (i) such Requesting Party shall promptly request the related Rating Agency Confirmation
again, and (ii) if there is no response to such second Rating Agency Confirmation request from the applicable Rating Agency within
five (5) Business Days of such second request, whether in the form of granting or rejecting such Rating Agency Confirmation request
or providing a Rating Agency Declination, then: (x) with respect to any condition in any Loan Document or related intercreditor
agreement or Co-Lender Agreement requiring a Rating Agency Confirmation or any other matter under this Agreement relating to the
servicing of the Mortgage Loans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting
Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with
respect to Specially Serviced Loans and REO Properties), as applicable) shall determine (with the consent of the related Directing
Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing
(but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the
Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of
a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under
this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action
would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor,
then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating
Agency Confirmation shall not apply; (y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition
shall be considered satisfied if: (1) Moody’s has not cited servicing concerns of the applicable replacement master servicer
or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement
on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed
securitization transaction serviced by the applicable servicer prior to the time of determination, if Moody’s is the non-responding
Rating Agency; (2) the applicable replacement master servicer has a master servicer rating of at least “CMS3” from
Fitch or the applicable replacement special servicer has a special servicer rating of at least “CSS3” from Fitch,
if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master
servicer or special servicer as the


 






    	-249-



    	 



    

 


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


 


Any
Rating Agency Confirmation request made by the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor
or Trustee, as applicable, pursuant to this Agreement, shall be made in writing, which writing shall contain a cover page indicating
the nature of the Rating Agency Confirmation request, and shall contain all back-up material reasonably necessary for the Rating
Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided
in electronic format in accordance with Section 11.13(b) and the Master Servicer, Special Servicer, Certificate Administrator,
Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies
in accordance with Section 11.13(b).


 


Promptly
following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s
or the Special Servicer’s, as applicable) determination to take any action discussed in this Section 3.30(a) without
receiving any required Rating Agency Confirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable)
shall provide electronic written notice in accordance with Section 11.13(b) of the action taken for the particular item
at such time and the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall be required
to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b).


 


(b)        For
the purposes of clause (ii) of Section 3.30(a), and notwithstanding anything to the contrary in Section 3.30(a),
with respect to the provisions of any Loan Document relating to defeasance (including without limitation the type of collateral
acceptable for use as defeasance collateral), release or substitution of any collateral, any applicable Rating Agency Confirmation
requirement in the Loan Documents shall not apply, even without the determination pursuant to Section 3.30(a)(ii)(x) by
the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing
Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable), provided
that the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced
Loans and REO Properties), as applicable, shall in any event review the other conditions required under the related Loan Documents
with respect to such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard
that such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.


 






    	-250-



    	 



    

 


(c)        For
all other matters or actions (i) not specifically discussed in clause (ii) (x), (ii) (y) or (ii) (z) of Section 3.30(a)
above and (ii) that are not the subject of a Rating Agency Declination, the proposed action shall not be permitted to proceed
unless the applicable Requesting Party shall deliver Rating Agency Confirmation from each Rating Agency.


 


(d)        With
respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to
the servicing and administration of any or all of the related Serviced Loans or any related REO Property (the “Relevant
Action”) requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this
Agreement, then, except as set forth below in this paragraph, such action 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 Master Servicer or Special Servicer, as applicable, depending on whichever such party
is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a
Companion Loan Rating Agency Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will be permitted
to be waived by the Master Servicer and the Special Servicer on, and will be deemed satisfied or not to apply on, the same terms
and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided, that the
Master Servicer or Special Servicer, as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation,
shall forward to one or more of its counterparts (i.e., the master servicer or special servicer, as applicable), the Rule 17g-5
Information Provider’s counterpart for the related Other Securitization Trust, or such other party or parties (as are agreed
to by the Master Servicer or the Special Servicer, as applicable, and the applicable parties for the related Other Securitization
Trust), at the expense of the related Other Securitization Trust to the extent not borne by the related Mortgagor, 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 Rule 17g-5 Information Provider under this Agreement in connection with seeking the Rating Agency Confirmation(s) for the
applicable Relevant Action at approximately the same time that such materials are forwarded to the Rule 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.


 


(e)        Each
of the Master Servicer and the Certificate Administrator shall, promptly following receipt of written request from the Special
Servicer, provide to the Special Servicer the contact information for the master servicer, the special servicer, the trustee,
the certificate administrator and the Rule 17g-5 Information Provider’s counterpart for an Other Securitization Trust, in
each case to the extent known to it.


 


Section
3.31     General Acknowledgement Regarding Companion Loan Holders. Each Certificateholder acknowledges
and agrees, by its acceptance of its Certificates, that: (i) each Companion Loan Holder may have special relationships and interests
that conflict with those of Holders of one or more Classes of Certificates; (ii) each Companion Loan Holder may act solely in
its own interests; (iii) no Companion Loan Holder has any duty to the Holders of any Class of Certificates; and (iv) no Companion
Loan Holder shall have any liability


 






    	-251-



    	 



    

 


whatsoever
for having so acted in its own interests, and no Certificateholder may take any action whatsoever against any Companion Loan Holder
or any director, officer, employee, agent or principal thereof for such Companion Loan Holder’s having so acted in its own
interests.


Article
IV



DISTRIBUTIONS TO CERTIFICATEHOLDERS 


 


Section
4.01     Distributions.


 


(a)        (i)
On each Master Servicer Remittance Date, the Master Servicer shall make the remittances and deposits specified in the first paragraph
of Section 4.06(a) of this Agreement. On each Master Servicer Remittance Date in March of any calendar year, the Certificate
Administrator shall withdraw from the Interest Reserve Account the related Withheld Amounts pursuant to Section 3.23 of
this Agreement, and shall deposit any such amounts in the Lower-Tier Distribution Account. On each Distribution Date, the amounts
that have been transferred to the Lower-Tier Distribution Account from the Collection Account or as P&I Advances or Compensating
Interest Payments or pursuant to the preceding two sentences shall be deemed distributed on the Lower-Tier Regular Interests to
the Upper-Tier REMIC, in accordance with Section 4.01(a)(ii) and Section 4.01(c)(ii) of this Agreement. Thereafter,
such amounts shall be considered to be held in the Upper-Tier Distribution Account until distributed to the Certificateholders.


 


(ii)       All
distributions made in respect of interest on any Class of Regular Certificates (other than the Class X Certificates) and any Class
PEZ Regular Interest on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) or Section 9.01
shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding
Lower-Tier Regular Interest set forth in the Preliminary Statement hereto. All distributions made in respect of interest on any
Class of the Class X Certificates on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) or Section
9.01, and allocable to any particular Component of such Class of Certificates in accordance with the last paragraph of Section
4.01(b), shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of such
Component’s Corresponding Lower-Tier Regular Interest. All distributions made in respect of principal of any Class of Regular
Certificates (other than the Class X Certificates) and any Class PEZ Regular Interest on each Distribution Date pursuant to Section
4.01(b), Section 4.01(d) or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier
REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement
hereto. All distributions of reimbursements of Realized Losses made in respect of any Class of Regular Certificates (other than
the Class X Certificates) and any Class PEZ Regular Interest on each Distribution Date pursuant to Section 4.01(b), Section
4.01(d) or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC in respect of its Corresponding Lower-Tier Regular Interest. For the avoidance of doubt, (i) payments of interest and principal,
and reimbursements of


 






    	-252-



    	 



    

 


Realized Losses, on the Class A-S Certificates and the Class PEZ Component A-S of the Class PEZ Certificates
under this Section 4.01 shall be deemed to have been first distributed in respect of the Class LA-S Interest to the Upper-Tier
REMIC in respect of the Class A-S Regular Interest, (ii) payments of interest and principal, and reimbursements of Realized Losses,
on the Class B Certificates and the Class PEZ Component B of the Class PEZ Certificates under this Section 4.01 shall be
deemed to have been first distributed in respect of the Class LB Interest to the Upper-Tier REMIC in respect of the Class B Regular
Interest and (iii) payments of interest and principal, and reimbursements of Realized Losses, on the Class C Certificates and
the Class PEZ Component C of the Class PEZ Certificates under this Section 4.01 shall be deemed to have been first distributed
in respect of the Class LC Interest to the Upper-Tier REMIC in respect of the Class C Regular Interest.


 


On
each Distribution Date, the Class R Certificates shall receive distributions of any amounts remaining in the Lower-Tier Distribution
Account in respect of the Lower-Tier Residual Interest after all payments have been made to the Certificate Administrator as the
holder of the Lower-Tier Regular Interests in accordance with this Section 4.01(a)(ii) and Section 4.01(c)(ii).


 


(b)        On
each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts on deposit
in the Upper-Tier Distribution Account in respect of interest, principal and reimbursement of Realized Losses, to the extent of
Available Funds, and distribute such amounts to the Holders of each Class of Regular Certificates, to the Holders of the Class
R Certificates and to the Exchangeable Distribution Account in respect of the Class PEZ Regular Interests in the amounts and in
the order of priority set forth below:


 


(i)        to
the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A and Class X-B Certificates,
in respect of interest, up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution
Amounts for those Classes;


 


(ii)       to
the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB Certificates in reduction of
the Certificate Principal Amounts thereof in the following priority:


 


(A)        to
the Holders of the Class A-AB Certificates, in an amount equal to the lesser of the Principal Distribution Amount for such Distribution
Date and the amount necessary to reduce the aggregate Certificate Principal Amount of the Class A-AB Certificates to the Class
A-AB Scheduled Principal Balance for such Distribution Date;


 


(B)        to
the Holders of the Class A-1 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date
remaining after payments pursuant to clause (A) above until the outstanding Certificate Principal Amount of the Class A-1 Certificates
has been reduced to zero;


 






    	-253-



    	 



    

 


(C)        to
the Holders of the Class A-2 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date
remaining after payments pursuant to clauses (A) and (B) above until the outstanding Certificate Principal Amount of the Class
A-2 Certificates has been reduced to zero;


 


(D)        to
the Holders of the Class A-3 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date
remaining after payments pursuant to clauses (A) through (C) above until the outstanding Certificate Principal Amount of the Class
A-3 Certificates has been reduced to zero;


 


(E)        to
the Holders of the Class A-4 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date
remaining after payments pursuant to clauses (A) through (D) above until the outstanding Certificate Principal Amount of the Class
A-4 Certificates has been reduced to zero;


 


(F)        to
the Holders of the Class A-5 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date
remaining after payments pursuant to clauses (A) through (E) above until the outstanding Certificate Principal Amount of the Class
A-5 Certificates has been reduced to zero; and


 


(G)        to
the Holders of the Class A-AB Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date
remaining after payments pursuant to clauses (A) through (F) above until the outstanding Certificate Principal Amount of the Class
A-AB Certificates has been reduced to zero;


 


(iii)      to
the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB Certificates, up to an amount
equal to, and pro rata based upon, the aggregate unreimbursed Realized Losses previously allocated to reduce the Certificate
Principal Amount of each such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the
date the related Realized Loss was allocated to such Class;


 


(iv)       to
the Exchangeable Distribution Account with respect to the Class A-S Regular Interest, in respect of interest, up to an amount
equal to the Interest Distribution Amount of the Class A-S Regular Interest;


 


(v)        to
the Exchangeable Distribution Account with respect to the Class A-S Regular Interest, in reduction of the Certificate Principal
Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such
Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount of the Class A-S
Regular Interest is reduced to zero;


 






    	-254-



    	 



    

 


(vi)       to
the Exchangeable Distribution Account with respect to the Class A-S Regular Interest, up to an amount equal to the aggregate of
unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of the Class A-S Regular Interest,
plus interest thereon at the Pass-Through Rate for the Class A-S Regular Interest compounded monthly from the date the related
Realized Loss was allocated to the Class A-S Regular Interest;


 


(vii)      to
the Exchangeable Distribution Account with respect to the Class B Regular Interest, in respect of interest, up to an amount equal
to the Interest Distribution Amount for the Class B Regular Interest;


 


(viii)     to
the Exchangeable Distribution Account with respect to the Class B Regular Interest, in reduction of the Certificate Principal
Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such
Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount of the Class B
Regular Interest is reduced to zero;


 


(ix)       to
the Exchangeable Distribution Account with respect to the Class B Regular Interest, up to an amount equal to the aggregate of
unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of the Class B Regular Interest,
plus interest thereon at the Pass-Through Rate for the Class B Regular Interest compounded monthly from the date the related Realized
Loss was allocated to the Class B Regular Interest;


 


(x)        to
the Exchangeable Distribution Account with respect to the Class C Regular Interest, in respect of interest, up to an amount equal
to the Interest Distribution Amount for the Class C Regular Interest;


 


(xi)       to
the Exchangeable Distribution Account with respect to the Class C Regular Interest, in reduction of the Certificate Principal
Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such
Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount of the Class C
Regular Interest is reduced to zero;


 


(xii)      to
the Exchangeable Distribution Account with respect to the Class C Regular Interest, up to an amount equal to the aggregate of
unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of the Class C Regular Interest,
plus interest thereon at the Pass-Through Rate for the Class C Regular Interest compounded monthly from the date the related Realized
Loss was allocated to the Class C Regular Interest;


 


(xiii)     to
the respective Holders of the Class D and Class X-D Certificates, in respect of interest, up to an amount equal to, and pro
rata in accordance with, the respective Interest Distribution Amounts for such Classes;


 


(xiv)      to
the Holders of the Class D Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the
Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed


 






    	-255-



    	 



    

 


pursuant
to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;


 


(xv)       to
the Holders of the Class D Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated
to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date the related Realized Loss was allocated to such Class;


 


(xvi)      to
the Holders of the Class E Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for
such Class;


 


(xvii)     to
the Holders of the Class E Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the
Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant
to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;


 


(xviii)    to
the Holders of the Class E Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated
to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date the related Realized Loss was allocated to such Class;


 


(xix)      to
the Holders of the Class F Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for
such Class;


 


(xx)       to
the Holders of the Class F Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the
Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant
to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;


 


(xxi)      to
the Holders of the Class F Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated
to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date the related Realized Loss was allocated to such Class;


 


(xxii)     to
the Holders of the Class G Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for
such Class;


 


(xxiii)    to
the Holders of the Class G Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the
Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant
to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;


 






    	-256-



    	 



    

 


(xxiv)     to
the Holders of the Class G Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated
to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date the related Realized Loss was allocated to such Class; and


 


(xxv)      to
the Holders of the Class R Certificates in respect of the Upper-Tier REMIC Residual Interest, any amounts remaining in the Upper-Tier
Distribution Account.


 


Notwithstanding
the foregoing, on each Distribution Date occurring on and after the Cross-Over Date, in place of the allocation of principal payments
described in priority (ii) above, remaining Available Funds at such level shall be distributed up to an amount equal to the Principal
Distribution Amount for such Distribution Date to the respective Holders of Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5 and Class A-AB Certificates, pro rata, based on their respective Certificate Principal Amounts, in reduction of their
respective Certificate Principal Amounts (and the schedule for the Class A-AB principal distributions shall be disregarded). Any
remaining Available Funds will then be allocated as provided in priorities (iii) through (xxv) above.


 


All
distributions of interest made in respect of a Class of the Class X Certificates on any Distribution Date pursuant to clause (b)(i)
above or Section 4.01(d), shall be deemed to have been made in respect of all the Components of such Class, pro rata
in accordance with the respective amounts of interest that would be payable on such Components on such Distribution Date based
on one-twelfth of the Class X Strip Rate of such Component multiplied by its respective Component Notional Amount, reduced by
its share of any Excess Prepayment Interest Shortfall for such Distribution Date, together with any amounts thereof remaining
unpaid from previous Distribution Dates.


 


(c)        (i)
On any Distribution Date, any Yield Maintenance Charge collected on the Mortgage Loans as of the related Determination Date (or,
in the case of any Outside Serviced Trust Loan(s), received hereunder as of the Business Day immediately preceding the related
Master Servicer Remittance Date) and on deposit in the Collection Account as of the close of business on the Business Day immediately
preceding the related Master Servicer Remittance Date will be distributed to the Holders of the respective Classes of Certificates
(excluding the Class X-D, Class E, Class F, Class G and Class R Certificates) as follows: (A) first such Yield Maintenance
charge shall be allocated between (x) the group (the “YM Group A”) of the Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5, Class A-AB and Class X-A Certificates and the Class A-S Regular Interest (and correspondingly the Class
A-S and Class PEZ Certificates, pro rata based on their respective percentage interests in the Class A-S Regular Interest) and
(y) the group (the “YM Group B” and collectively with the YM Group A, the “YM Groups”) of
the Class X-B Certificates, the Class B Regular Interest (and correspondingly the Class B and Class PEZ Certificates, pro rata
based on their respective percentage interests in the Class B Regular Interest), the Class C Regular Interest (and correspondingly
the Class C and Class PEZ Certificates, pro rata based on their respective percentage interests in the Class C Regular
Interest) and the Class D Certificates, pro rata, based on the aggregate amount of principal distributed with respect to
the Classes of Regular Certificates (other than the Class X


 






    	-257-



    	 



    

 


Certificates) and Class PEZ Regular Interests in each YM Group on
such Distribution Date, and (B) then the portion of such Yield Maintenance Charge allocated to each YM Group shall be further
allocated as among the Classes of Regular Certificates and Class PEZ Regular Interests in such YM Group, in the following manner:
(1) each Class of Regular Certificates (other than the Class X Certificates) and each Class PEZ Regular Interest in such YM Group
shall entitle the applicable Certificateholders to receive on the applicable Distribution Date, on a pro rata basis according
to entitlements, that portion of such Yield Maintenance Charge equal to the product of (x) a fraction, the numerator of which
is the amount distributed as principal to such Class of Regular Certificates or Class PEZ Regular Interest on such Distribution
Date, and the denominator of which is the total amount of principal distributed to all of the Regular Certificates (other than
the Class X Certificates) and Class PEZ Regular Interests in such YM Group on such Distribution Date, (y) the Base Interest Fraction
for the related Principal Prepayment and such Class of Regular Certificates or Class PEZ Regular Interest and (z) the amount of
such Yield Maintenance Charge allocated to such YM Group, and (2) any Yield Maintenance Charges allocated to such YM Group collected
during the related Prepayment Period remaining after such distributions will be distributed to the Class of Class X Certificates
in such YM Group.


 


On
each Distribution Date, any Yield Maintenance Charges distributed in respect of the Class A-S Regular Interest shall be further
allocated between and distributed on the Class A-S Certificates and the Class PEZ Component A-S (and correspondingly on the Class
PEZ Certificates), pro rata in proportion to the Class A-S Percentage Interest and Class A-S-PEZ Percentage Interest, respectively.
On each Distribution Date, any Yield Maintenance Charges distributed in respect of the Class B Regular Interest shall be further
allocated between and distributed on the Class B Certificates and the Class PEZ Component B (and correspondingly on the Class
PEZ Certificates), pro rata in proportion to the Class B Percentage Interest and Class B-PEZ Percentage Interest, respectively.
On each Distribution Date, any Yield Maintenance Charges distributed in respect of the Class C Regular Interest shall be further
allocated between and distributed on the Class C Certificates and the Class PEZ Component C (and correspondingly on the Class
PEZ Certificates), pro rata in proportion to the Class C Percentage Interest and Class C-PEZ Percentage Interest, respectively.


 


After
the Distribution Date on which the Class X-A Notional Amount, the Class X-B Notional Amount and the Certificate Principal Amounts
of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class D Certificates and the Class PEZ Regular Interests
have been reduced to zero, all Yield Maintenance Charges collected with respect to the Mortgage Loans will be distributed to the
Holders of the Class X-B Certificates.


 


(ii)       Any
Yield Maintenance Charge that is to be distributed to the Regular Certificates or Class PEZ Regular Interests on any Distribution
Date shall be deemed distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests
then receiving a principal distribution, pro rata, based on the respective amounts of those principal distributions.


 






    	-258-



    	 



    

 


(d)        On
each Distribution Date, the Certificate Administrator shall withdraw amounts from the Excess Liquidation Proceeds Reserve Account
and shall distribute such amounts in the following priority:


 


(i)        first,
to the Holders of the Regular Certificates and to the Exchangeable Distribution Account with respect to the Class PEZ Regular
Interests (in the same order as distributions are made pursuant to Section 4.01(b) of this Agreement) up to an amount equal
to all amounts remaining due and payable on the Regular Certificates and Class PEZ Regular Interests, and any Realized Loss allocable
to such Certificates or Class PEZ Regular Interests, after application of the Available Funds for such Distribution Date; and


 


(ii)       second,
to the Holders of the Class R Certificates, in accordance with the last sentence of Section 3.05(c) of this Agreement.


 


Amounts
paid with respect to the Mortgage Loans from the Excess Liquidation Proceeds Reserve Account pursuant to the preceding clause
(i) shall first be deemed to have been distributed to reimburse the Lower-Tier REMIC in respect of any Realized Losses or other
shortfalls allocated to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests in reimbursement of Realized Losses
previously allocated thereto and payment of other amounts due thereon.


 


(e)        On
each Distribution Date, following the deemed distributions of principal or in reimbursement of previously allocated Realized Losses
made in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a)(ii), the Lower-Tier Principal Balance of
each Lower-Tier Regular Interest (after taking account of such deemed distributions) shall be reduced as a result of Realized
Losses to equal the Certificate Principal Amount of its Corresponding Certificates that will be outstanding immediately following
such Distribution Date.


 


(f)        The
Certificate Principal Amount of each Class of Regular Certificates (other than the Class X Certificates) and each Class PEZ Regular
Interest will be reduced without distribution on any Distribution Date, as a write-off, to the extent of any Realized Loss (for
purposes of this calculation only, not giving effect to any reductions of the Stated Principal Balance for payments of principal
collected on the Mortgage Loans that were used to reimburse any Workout-Delayed Reimbursement Amounts pursuant to Section 3.06
of this Agreement to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable
Advances) allocated to such Class of Certificates or Class PEZ Regular Interest on such Distribution Date. On each Distribution
Date, any Realized Loss for such Distribution Date will be allocated to the following Classes of Regular Certificates and Class
PEZ Regular Interests in the following order, until the Certificate Principal Amount of each such Class of Certificates or Class
PEZ Regular Interest is reduced to zero: first, to the Class G Certificates; second, to the Class F Certificates;
third, to the Class E Certificates; fourth, to the Class D Certificates; fifth, to the Class C Regular Interest
(and correspondingly, the Class C Certificates and the Class PEZ Component C, pro rata based on their respective percentage
interests therein); sixth, to the Class B Regular Interest (and correspondingly, the Class B Certificates and the Class
PEZ Component B, pro rata based on their respective percentage interests therein); seventh, to the Class A-S Regular
Interest (and correspondingly, the Class A-S Certificates and the Class PEZ Component A-S, pro rata based on their respective
percentage interests therein); and,


 






    	-259-



    	 



    

 


finally, pro rata to the (i) Class A-1 Certificates, (ii) Class A-2 Certificates, (iii)
Class A-3 Certificates, (iv) Class A-4 Certificates, (v) Class A-5 Certificates and (vi) Class A-AB Certificates based on their
respective Certificate Principal Amounts. Any amounts recovered in respect of any amounts previously written off as Realized Losses
will be distributed to the Classes of Certificates and Class PEZ Regular Interests to which Realized Losses have been allocated
in order of their seniority and shall be deemed to be distributed to the Corresponding Lower-Tier Regular Interests (and any amounts
so distributed on any Class PEZ Regular Interest shall be deemed to be distributed on the Class of Class A-S, Class B or Class
C Certificates corresponding to that Class PEZ Regular Interest and the corresponding Class PEZ Component of the Class PEZ Certificates,
pro rata based on their respective percentage interests in such Class PEZ Regular Interest). Reimbursement of previously allocated
Realized Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction
in the Certificate Principal Amount of the Class of Principal Balance Certificates or Class PEZ Regular Interest in respect of
which any such reimbursement is made. If and to the extent that any Nonrecoverable Advances (plus interest thereon) that were
reimbursed from principal collections on the Mortgage Loans (including REO Mortgage Loans) and previously resulted in a reduction
of the Principal Distribution Amount are subsequently recovered on the related Mortgage Loan or REO Property, then (on the Distribution
Date related to the Prepayment Period during which the recovery occurred) the amount of such recovery will be added to the Certificate
Principal Amount(s) of the Class or Classes of Regular Certificates (other than the Class X Certificates) and/or the Class PEZ
Regular Interest(s) that previously were allocated Realized Losses, in the same sequential order as distributions pursuant to
Section 4.01(b) of this Agreement, in each case up to the lesser of the unallocated portion of such recovery and the amount
of the unreimbursed Realized Losses previously allocated to the subject Class of Certificates or Class PEZ Regular Interest, and
the Interest Shortfall with respect to each affected Class of Regular Certificates or Class PEZ Regular Interest for the next
Distribution Date will be increased by the amount of interest that would have accrued through the then current Distribution Date
if the restored write-down for such Class of Regular Certificates or Class PEZ Regular Interest had never been written down (and,
to the extent that the Certificate Principal Amount of, and any interest payable on, any Class of Regular Certificates or Class
PEZ Regular Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any
interest payable on, the Corresponding Lower-Tier Regular Interest). If the Certificate Principal Amount of any Class of Regular
Certificates (other than the Class X Certificates) or Class PEZ Regular Interest (or the Lower-Tier Principal Balance of any Lower-Tier
Regular Interest) is so increased, the amount of unreimbursed Realized Losses of such Class of Certificates or Class PEZ Regular
Interest (or such Lower-Tier Regular Interest, as the case may be) shall be decreased by such amount.


 


The
Notional Amount of the Class X-A Certificates and the Component Notional Amounts of the Class X-A Components will be reduced to
reflect reductions of the Certificate Principal Amounts of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class
A-AB Certificates and the Class A-S Regular Interest and of the Lower-Tier Principal Balances of the Lower-Tier Regular Interests
designated as the Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-5, Class LA-AB and Class LA-S Interests, in any event
resulting from allocations of Realized Losses. The Notional Amount of the Class X-B Certificates and the Component Notional Amount
of the Class X-B Component will be reduced to reflect reductions of the Certificate Principal Amount of the Class B Regular Interest
and of the Lower-Tier


 






    	-260-



    	 



    

 


Principal Balance of the Lower-Tier Regular Interest designated as the Class LB Interest, in any event resulting
from allocations of Realized Losses. The Notional Amount of the Class X-D Certificates and the Component Notional Amount of the
Class X-D Component will be reduced to reflect reductions of the Certificate Principal Amount of the Class D Certificates and
of the Lower-Tier Principal Balance of the Lower Tier-Regular Interest designated as the Class LD Interest, in any event resulting
from allocations of Realized Losses.


 


(g)        All
amounts distributable, or reductions allocable on account of Realized Losses, to a Class of Certificates pursuant to this Section
4.01 on each Distribution Date shall be allocated pro rata among the outstanding Certificates in each such Class based
on their respective Percentage Interests. Such distributions shall be made on each Distribution Date other than the Termination
Date to each Certificateholder of record on the related Record Date (a) 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,
if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five (5) Business Days
prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice
to Certificateholders of such final distribution. The Certificate Administrator shall be responsible for making all distributions
on the Certificates contemplated hereunder.


 


(h)        Except
as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate Administrator shall,
no later than the fifteenth day of the month preceding the month in which the final distribution with respect to any Class of
Certificates is expected to be made (or, if the Certificate Administrator has not received notice of such Anticipated Termination
Date by such time, promptly following the Certificate Administrator’s receipt of such notice), 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 will be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified, and


 


(ii)       if
such final distribution is made on such Distribution Date, no interest shall accrue on such Class of Certificates, or on the Corresponding
Lower-Tier Regular Interest, from and after such Distribution Date;


 


provided,
however, that the Class R Certificates shall remain outstanding until there is no other Class of Certificates outstanding.


 


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


 






    	-261-



    	 



    

 


non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section
4.01(h) shall not have been surrendered for cancellation within six (6) 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. If
within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent
shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
hereunder and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund
and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder
on any amount held 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 4.01(h). Any funds not distributed
on such Distribution Date shall be set aside and held uninvested in trust for the benefit of Certificateholders not presenting
and surrendering their Certificates in the aforesaid manner.


 


(i)        [Reserved].


 


(j)        The
Excess Prepayment Interest Shortfall, if any, for each Distribution Date will be allocated among the various Classes of Regular
Certificates, the Class A-S Regular Interest (and correspondingly, the Class A-S Certificates and the Class PEZ Component A-S,
pro rata based on their respective percentage interests therein), the Class B Regular Interest (and correspondingly, the
Class B Certificates and the Class PEZ Component B, pro rata based on their respective percentage interests therein) and
the Class C Regular Interest (and correspondingly, the Class C Certificates and the Class PEZ Component C, pro rata based
on their respective percentage interests therein), pro rata, based upon the respective Interest Accrual Amounts with respect
to such Classes of Regular Certificates and Class PEZ Regular Interests for such Distribution Date. The portion of any Excess
Prepayment Interest Shortfall for any Distribution Date so allocable to a Class of Class X Certificates shall, in turn, be allocated
among the various Components of such Class of Class X Certificates, pro rata, based upon the respective amounts of Accrued
Component Interest with respect to such Components for such Distribution Date. The portion of any Excess Prepayment Interest Shortfall
for any Distribution Date so allocated to any Class of Regular Certificates, any Class PEZ Regular Interest or any Component of
a Class of Class X Certificates shall be deemed to have first been allocated to the Corresponding Lower-Tier Regular Interest
for such Class of Regular Certificates, Class PEZ Regular Interest or Component, as applicable.


 






    	-262-



    	 



    

 


(k)        Amounts
distributed on the Class PEZ Regular Interests pursuant to Section 4.01(b) and Section 4.01(d) shall be further
distributed from the Exchangeable Distribution Account to the Holders of the Exchangeable Certificates as set forth below:


 


(i)        On
each Distribution Date, simultaneously with the distributions made on the Class A-S Regular Interest under Section 4.01(b),
the aggregate amount so distributed on the Class A-S Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class A-S Certificates and the Class PEZ Certificates in the following amounts
and in the following order of priority:


 


(A)        first,
concurrently, to the Holders of the Class A-S Certificates in respect of interest, up to an amount equal to the Class A-S Percentage
Interest of the amount distributed in respect of interest on the Class A-S Regular Interest under Section 4.01(b)(iv) and
Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of interest on Class PEZ Component A-S,
up to an amount equal to the Class A-S-PEZ Percentage Interest of the amount distributed in respect of interest on the Class A-S
Regular Interest under Section 4.01(b)(iv) and Section 4.01(d)(i);


 


(B)        second,
concurrently, to the Holders of the Class A-S Certificates in respect of principal, up to an amount equal to the Class A-S Percentage
Interest of the amount distributed in respect of principal on the Class A-S Regular Interest under Section 4.01(b)(v) and
Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of principal on Class PEZ Component A-S,
up to an amount equal to the Class A-S-PEZ Percentage Interest of the amount distributed in respect of principal on the Class
A-S Regular Interest under Section 4.01(b)(v) and Section 4.01(d)(i); and


 


(C)        third,
concurrently, to the Holders of the Class A-S Certificates in respect of unreimbursed Realized Losses, up to an amount equal to
the Class A-S Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class A-S Regular
Interest under Section 4.01(b)(vi) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect
of unreimbursed Realized Losses on Class PEZ Component A-S, up to an amount equal to the Class A-S-PEZ Percentage Interest of
the amount distributed in respect of unreimbursed Realized Losses on the Class A-S Regular Interest under Section 4.01(b)(vi)
and Section 4.01(d)(i).


 


(ii)       On
each Distribution Date, simultaneously with the distributions made on the Class B Regular Interest under Section 4.01(b),
the aggregate amount so distributed on the Class B Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class B Certificates and the Class PEZ Certificates in the following amounts
and in the following order of priority:


 


(A)        first,
concurrently, to the Holders of the Class B Certificates in respect of interest, up to an amount equal to the Class B Percentage
Interest of the amount distributed in respect of interest on the Class B Regular Interest under 


 






    	-263-



    	 



    

 





Section 4.01(b)(vii) and
Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of interest on Class PEZ Component B, up
to an amount equal to the Class B-PEZ Percentage Interest of the amount distributed in respect of interest on the Class B Regular
Interest under Section 4.01(b)(vii) and Section 4.01(d)(i);


 


(B)        second,
concurrently, to the Holders of the Class B Certificates in respect of principal, up to an amount equal to the Class B Percentage
Interest of the amount distributed in respect of principal on the Class B Regular Interest under Section 4.01(b)(viii)
and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of principal on Class PEZ Component
B, up to an amount equal to the Class B-PEZ Percentage Interest of the amount distributed in respect of principal on the Class
B Regular Interest under Section 4.01(b)(viii) and Section 4.01(d)(i); and


 


(C)        third,
concurrently, to the Holders of the Class B Certificates in respect of unreimbursed Realized Losses, up to an amount equal to
the Class B Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class B Regular Interest
under Section 4.01(b)(ix) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of
unreimbursed Realized Losses on Class PEZ Component B, up to an amount equal to the Class B-PEZ Percentage Interest of the amount
distributed in respect of unreimbursed Realized Losses on the Class B Regular Interest under Section 4.01(b)(ix) and Section
4.01(d)(i).


 


(iii)      On
each Distribution Date, simultaneously with the distributions made on the Class C Regular Interest under Section 4.01(b),
the aggregate amount so distributed on the Class C Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class C Certificates and the Class PEZ Certificates in the following amounts
and in the following order of priority:


 


(A)        first,
concurrently, to the Holders of the Class C Certificates in respect of interest, up to an amount equal to the Class C Percentage
Interest of the amount distributed in respect of interest on the Class C Regular Interest under Section 4.01(b)(x) and
Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of interest on Class PEZ Component C, up
to an amount equal to the Class C-PEZ Percentage Interest of the amount distributed in respect of interest on the Class C Regular
Interest under Section 4.01(b)(x) and Section 4.01(d)(i);


 


(B)        second,
concurrently, to the Holders of the Class C Certificates in respect of principal, up to an amount equal to the Class C Percentage
Interest of the amount distributed in respect of principal on the Class C Regular Interest under Section 4.01(b)(xi) and
Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of principal on Class PEZ Component C,
up to an amount equal to the Class C-PEZ Percentage Interest of the amount distributed in


 






    	-264-



    	 



    

 


respect of principal on the Class C
Regular Interest under Section 4.01(b)(xi) and Section 4.01(d)(i); and


 


(C)        third,
concurrently, to the Holders of the Class C Certificates in respect of unreimbursed Realized Losses, up to an amount equal to
the Class C Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class C Regular Interest
under Section 4.01(b)(xii) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of
unreimbursed Realized Losses on Class PEZ Component C, up to an amount equal to the Class C-PEZ Percentage Interest of the amount
distributed in respect of unreimbursed Realized Losses on the Class C Regular Interest under Section 4.01(b)(xii) and Section
4.01(d)(i).


 


(iv)       The
various amounts distributable on the Class PEZ Certificates on each Distribution Date under the foregoing subsections of this
Section 4.01(k) shall be so distributed in a single, aggregate distribution.


 


(l)        The
various amounts distributable on the Class PEZ Certificates on each Distribution Date under Article IV in respect of amounts allocated
to any of the Class PEZ Components pursuant to the terms of this Agreement shall be so distributed in a single, aggregate distribution
to the Holders of the Class PEZ Certificates on such Distribution Date. In addition, the Class PEZ Certificates shall be allocated
the aggregate amount of Realized Losses, Prepayment Interest Shortfalls and other interest shortfalls (including those resulting
from Appraisal Reduction Events) that are allocated to the Class PEZ Components pursuant to the terms of this Agreement.


 


(m)        On
each Distribution Date, any Excess Interest received during the related Prepayment Period with respect to any ARD Mortgage Loans
shall be distributed to the Holders of the Excess Interest Certificates from the Excess Interest Distribution Account.


 


Section
4.02     Statements to Certificateholders; Certain Reports by the Master Servicer and the Special Servicer.





 


(a)        Based
on loan-level information received from the Master Servicer and any other applicable Persons, on each Distribution Date, the Certificate
Administrator shall provide or make available a report, including reports in substantially the form attached hereto as Exhibit
D (the “Distribution Date Statement”), setting forth, among other things, the following information:


 


(A)        the
amount of distributions, if any, made on such Distribution Date to the holders of each Class of Principal Balance Certificates
and applied to reduce the respective Certificate Principal Amount thereof;


 


(B)        the
amount of distributions, if any, made on such Distribution Date to the Holders of each Class of Certificates allocable to (A)
Interest Distribution Amount, (B) Yield Maintenance Charges and (C) Excess Interest;


 






    	-265-



    	 



    




 


(C)        the
amount of any distributions made on such Distribution Date to the Holders of the Class R Certificates;


 


(D)        the
aggregate amount of outstanding P&I Advances with respect to each Mortgage Loan as of the related Determination Date, and
the total outstanding other or miscellaneous advances (excluding P&I Advances and tax and insurance advances) with respect
to each Mortgage Loan as of the related Determination Date;


 


(E)        the
aggregate amount of Servicing Fees retained by or paid to the Master Servicer and Special Servicing Compensation retained by or
paid to the Special Servicer in respect of the related Collection Period, Prepayment Period or Interest Accrual Period, as applicable;


 


(F)        the
aggregate Stated Principal Balance of the Mortgage Loans immediately before and after such Distribution Date and the percentage
of the Cut-Off Date Principal Balance of the Mortgage Loans which remains outstanding immediately after such Distribution Date;


 


(G)        the
number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the outstanding
Mortgage Loans, at the close of business on the related Determination Date;


 


(H)        as
of the Determination Date, the number and aggregate unpaid principal balance of Mortgage Loans (A) delinquent one month, (B) delinquent
two months, (C) delinquent three or more months, (D) that are Specially Serviced Loans but are not delinquent or (E) as to which
foreclosure proceedings have been commenced;


 


(I)        the
aggregate Stated Principal Balance of Mortgage Loans as to which the related Mortgagor is subject or is expected to be subject
to a bankruptcy proceeding;


 


(J)        with
respect to any Mortgage Loan as to which the related Mortgaged Property became an REO Property (including with respect to the
Outside Serviced Trust Loans) during the related Prepayment Period, the Stated Principal Balance and unpaid principal balance
of such Mortgage Loan as of the date such Mortgaged Property became an REO Property and the most recently determined Appraised
Value and date upon which the Appraisal was performed;


 


(K)        as
to any Mortgage Loan repurchased, substituted for or otherwise liquidated or disposed of during the related Prepayment Period,
the Loan Number thereof and the amount of any Liquidation Proceeds and/or other amounts, if any, received thereon during the related
Prepayment Period and the portion thereof included in the Available Funds for such Distribution Date;


 


(L)        with
respect to any REO Property (including with respect to the Outside Serviced Trust Loans) included in the Trust Fund as of the
close of


 






    	-266-



    	 



    

 


business on the last day of the related Prepayment Period, the Loan Number of the related Mortgage Loan, the book value
of such REO Property and the amount of any income collected with respect to such REO Property (net of related expenses) and other
amounts, if any, received on such REO Property during the related Prepayment Period and the portion thereof included in the Available
Funds for such Distribution Date and the most recently determined Appraised Value and date upon which the Appraisal was performed;


 


(M)        with
respect to any REO Property (including with respect to the Outside Serviced Trust Loans) sold or otherwise disposed of during
the related Prepayment Period, the Loan Number of the related Mortgage Loan, and the amount of Liquidation Proceeds and other
amounts, if any, received in respect of such REO Property during the related Prepayment Period, the portion thereof included in
the Available Funds for such Distribution Date and the balance of the Excess Liquidation Proceeds Reserve Account for such Distribution
Date;


 


(N)        the
Interest Distribution Amount in respect of each Class of Regular Certificates and Class PEZ Regular Interest for such Distribution
Date;


 


(O)        any
unpaid Interest Distribution Amount in respect of each Class of Regular Certificates and Class PEZ Regular Interest after giving
effect to the distributions made on such Distribution Date;


 


(P)        the
Pass-Through Rate for each Class of Regular Certificates and Class PEZ Regular Interest for such Distribution Date;


 


(Q)        the
original Certificate Principal Amount or Notional Amount as of the Closing Date and the Certificate Principal Amount or Notional
Amount, as the case may be, of each Class of Regular Certificates and Class PEZ Regular Interest immediately before and immediately
after such Distribution Date, separately identifying any reduction in the Certificate Principal Amount or Notional Amount, as
the case may be, of each such Class of Regular Certificates and Class PEZ Regular Interest due to Realized Losses;


 


(R)        the
Certificate Factor for each Class of Regular Certificates or Class PEZ Regular Interest immediately following such Distribution
Date;


 


(S)        the
Principal Distribution Amount for such Distribution Date;


 


(T)        the
aggregate amount of Principal Prepayments made during the related Prepayment Period, and the aggregate amount of any Prepayment
Interest Excesses received and Prepayment Interest Shortfalls incurred in connection therewith;


 


(U)        the
aggregate amount of losses on Mortgage Loans and Additional Trust Fund Expenses, if any, incurred with respect to the Trust Fund
during the related Prepayment Period, and any Realized Loss for such Distribution Date;


 






    	-267-



    	 



    

 


(V)        any
Appraisal Reduction Amounts on a loan-by-loan basis, and the total Appraisal Reduction Amounts, as of the related Determination
Date;


 


(W)        identification
of any material modification, extension or waiver of a Mortgage Loan;


 


(X)        identification
of any material breach of the representations and warranties given with respect to a Mortgage Loan by the applicable Mortgage
Loan Seller;


 


(Y)        the
identity of the Operating Advisor;


 


(Z)        the
amount of the Operating Advisor Fee, the Trustee/Certificate Administrator Fee, the Custodian Fee and the CREFC®
Intellectual Property Royalty License Fee paid with respect to such Distribution Date;


 


(AA)       an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period;


 


(BB)       
the identity of the Controlling Class;


 


(CC)       
the identity of the Controlling Class Representative;


 


(DD)       such
additional information as contemplated by Exhibit D to this Agreement; and


 


(EE)       the
information required by Rule 15Ga-1(a), as promulgated under the Exchange Act, concerning all assets of the Trust Fund that were
subject of a demand to repurchase or replace for breach of the representations and warranties in any of the Loan Purchase Agreements.


 


In
the case of information furnished pursuant to subclauses (A), (B), (C) and (Q) above, the amounts shall be expressed as a dollar
amount in the aggregate for all Certificates of each applicable Class and per single Certificate of a specified minimum denomination.
The form of any Distribution Date Statement may change over time.


 


On
each Distribution Date, the Certificate Administrator shall make available via the Certificate Administrator’s Website to
each Holder of a Class R Certificate a copy of the reports made available to the other Certificateholders on such Distribution
Date and a statement setting forth the amounts, if any, actually distributed with respect to the Class R Certificates in respect
of the related Trust REMIC on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed to have
been satisfied to the extent that it provided substantially comparable information pursuant to any requirements of the Code as
from time to time in force. Absent manifest error, none of the Master Servicer or the Special Servicer shall be responsible for
the accuracy or completeness of any information supplied to it by a Mortgagor or any Mortgage Loan Seller (including the information
in the Prospectus Supplement) or any other


 






    	-268-



    	 



    

 


third party that is included in any reports, statements, materials or information prepared
or provided by the Master Servicer or the Special Servicer, as applicable.


 


The
Certificate Administrator shall make available each month via the Certificate Administrator’s Website, to any Privileged
Person (or, in the case of item (vii) below, solely to Certificateholders and Beneficial Owners and provided that the Prospectus
Supplement, Distribution Date Statements, this Agreement, the Loan Purchase Agreements and the Commission EDGAR filings referred
to below (collectively, the “Public Documents”) will be available to the general public, and provided further
that, except as otherwise provided herein, any Privileged Person that is a Borrower Party shall only be entitled to access the
Public Documents), the following items:


 


(i)        the
following “deal documents”:


 


(A)        the
Prospectus and the Prospectus Supplement;


 


(B)        this
Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator since the Closing Date (if any), the Loan Purchase
Agreements and any amendments and exhibits hereto or thereto; and


 


(C)        CREFC®
Loan Setup File delivered to the Certificate Administrator by the Master Servicer;


 


(ii)       the
following “Commission EDGAR filings”:


 


(A)        any
reports on Forms 10-D, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through the
EDGAR system;


 


(iii)      the
following “periodic reports”:


 


(A)        the
Distribution Date Statements;


 


(B)        the
supplemental reports and the CREFC® data files identified as such in the definition of “CREFC®
Investor Reporting Package (IRP)” (other than the CREFC® Loan Setup File), to the extent it has received
or prepared such report or file; and


 


(C)        all
Operating Advisor Annual Reports;


 


(iv)       the
following “additional documents”:


 


(A)        the
summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format pursuant to Section
3.21 of this Agreement; and


 


(B)        any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format;


 






    	-269-



    	 



    

 


(v)        the
following “special notices”:


 


(A)        all
Special Notices;


 


(B)        notice
of any waiver, modification or amendment of any term of any Mortgage Loan;


 


(C)        notice
of final payment on the Certificates;


 


(D)        all
notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator;


 


(E)        notice
of termination or resignation of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Trustee, an Outside Servicer, an Outside Special Servicer or an Outside Trustee (and appointments of successors to the Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, an Outside Servicer, an Outside
Special Servicer or an Outside Trustee);


 


(F)        any
and all officer’s certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Master Servicer’s, the Special Servicer’s, or the Trustee’s as the case may be, determination that any Advance
was (or, if made, would be) a Nonrecoverable Advance;


 


(G)        notice
of the termination of the Trust;


 


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


 


(I)        notice
of the occurrence and continuance of a Consultation Termination Event;


 


(J)        the
annual assessments as to compliance (in the case of the Master Servicer and the Special Servicer) and the officer’s certificates
delivered by the Master Servicer and the Special Servicer to the Certificate Administrator since the Closing Date pursuant to
Section 10.09 of this Agreement; and


 


(K)        the
annual independent public accountants’ servicing report caused to be delivered by the Master Servicer and the Special Servicer
to the Certificate Administrator since the Closing Date pursuant to Section 10.10 of this Agreement;


 


(vi)       the
Investor Q&A Forum; and


 


(vii)      solely
to Certificateholders and Beneficial Owners, the Investor Registry.


 


Notwithstanding
the foregoing, if the Controlling Class Representative or any Controlling Class Certificateholder is a Borrower Party with respect
to any Excluded Controlling


 






    	-270-



    	 



    

 


Class Mortgage Loan, such Person shall not have access to any Excluded Information related to such
Excluded Controlling Class Mortgage Loan.


 


Any
Person that is a Borrower Party shall be entitled to access (a) the Public Documents, and (b) in the case of the Controlling Class
Representative or a Controlling Class Certificateholder, if any such Person is an Excluded Controlling Class Holder, upon delivery
to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in physical
form of an investor certification substantially in the form of Exhibit M-1C and a notice in the form of Exhibit M-1D
hereto certifying to the effect that it is an Excluded Controlling Class Holder, all information (other than Excluded Information)
available on the Certificate Administrator’s Website.


 


In
the case of the Controlling Class Representative or Controlling Class Certificateholder that is not an Excluded Controlling Class
Holder, upon delivery of an investor certification substantially in the form of Exhibit M-1B hereto certifying to the effect
that it is not an Excluded Controlling Class Holder, such Controlling Class Representative or a Controlling Class Certificateholder
shall be entitled to access all information on the Certificate Administrator’s Website. The Master Servicer, Special Servicer,
Operating Advisor, Certificate Administrator and Trustee may each rely on (i) an investor certification in the form of Exhibit
M-1B hereto from the Controlling Class Representative or a Controlling Class Certificateholder to the effect that such Person
is not an Excluded Controlling Class Holder with respect to any Excluded Controlling Class Mortgage Loan or (ii) an investor certification
in the form of Exhibit M-1C hereto from the Controlling Class Representative or a Controlling Class Certificateholder to
the effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Mortgage
Loan(s). In the event the Controlling Class Representative or a Controlling Class Certificateholder becomes an Excluded Controlling
Class Holder, such party shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator and the Trustee in writing substantially in the form of Exhibit M-1D to the effect that such party is an
Excluded Controlling Class Holder and identify the Excluded Controlling Class Mortgage Loan(s) and thereafter shall not be entitled
to any Excluded Information related to such Excluded Controlling Class Mortgage Loan(s) and made available on the Certificate
Administrator’s Website. Any Excluded Information that the Master Servicer, the Special Servicer or the Operating Advisor
identifies and delivers to the Certificate Administrator shall be delivered to the Certificate Administrator via email in one
or more separate files labeled “Excluded Controlling Class Mortgage Loan” followed by the applicable loan name and
loan number, and the Certificate Administrator shall segregate on the Certificate Administrator’s Website such Excluded
Information from information relating to other Mortgage Loans. Notwithstanding anything herein to the contrary, each of the Master
Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively assume
that the Controlling Class Representative and all Controlling Class Certificateholders are not Excluded Controlling Class Holders
except to the extent that the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as
applicable, has received notice from the Controlling Class Representative or a Controlling Class Certificateholder that it has
become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate
Administrator shall be liable for any communication to the Controlling Class Representative or Controlling Class Certificateholder
or disclosure of Excluded Information if the Master Servicer, the Special


 






    	-271-



    	 



    

 


Servicer, the Operating Advisor or the Certificate Administrator,
as applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded Controlling Class Mortgage Loan
(including, in the case of an Asset Status Report or Final Asset Status Report delivered to the Certificate Administrator for
posting to the Certificate Administrator’s Website and/or any failure to label any such information provided to the Certificate
Administrator).


 


Each
of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively
rely on any certification delivered by the Controlling Class Representative or a Controlling Class Certificateholder, as applicable,
substantially in the form of Exhibit M-1B to the effect that such Person is no longer an Excluded Controlling Class Holder.
To the extent the Controlling Class Representative or a Controlling Class Certificateholder receives access pursuant to this Agreement
to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information,
such Controlling Class Representative or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not
directly or indirectly provide any information related to the Excluded Controlling Class Mortgage Loan to the related Mortgagor
or to any Excluded Controlling Class Holder or (A) any employees or personnel of such Controlling Class Representative or Controlling
Class Certificateholder or any Affiliate involved in the management of any investment in the related Mortgagor or the related
Mortgaged Property or (B) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the
related Mortgagor, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order
to comply with the obligations described in clause (i) above.


 


The
Certificate Administrator makes no representations or warranties as to the accuracy or completeness of information provided pursuant
to this Section and assumes no responsibility therefor. In addition, the Certificate Administrator disclaims responsibility for
any information distributed by the Certificate Administrator for which it is not the original source. In connection with providing
access to the Certificate Administrator’s internet website, the Certificate Administrator may require registration and acceptance
of a disclaimer and may require a recipient of any of the information set forth above (other than the Public Documents) to execute
a confidentiality agreement (which may be in the form of a web page “click-through”). The Certificate Administrator
shall not be liable for the dissemination of information in accordance with this Agreement. The Certificate Administrator shall
not be liable for the dissemination of information in accordance herewith. Notwithstanding anything herein to the contrary, the
Certificate Administrator shall not be liable for any disclosure of Excluded Information relating to an Excluded Controlling Class
Mortgage Loan to the extent such information was included in the Asset Status Report or the Final Asset Status Report delivered
to the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified as relating
to an Excluded Controlling Class Mortgage Loan.


 


The
Certificate Administrator shall have no liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s
website of any information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant
to this Agreement if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower
Party.


 






    	-272-



    	 



    

 


The
Certificate Administrator shall provide assistance in using the Certificate Administrator’s Website through the Certificate
Administrator’s customer service desk at telephone number 1-888-422-2066.


 


The
Certificate Administrator may provide such information through means other than (and in lieu of) the Certificate Administrator’s
Website; provided that (i) the Depositor shall have consented to such alternative means and (ii) Certificateholders and
each of the Serviced Companion Loan Holders shall have received notice of such alternative means (which notice may be given via
the Certificate Administrator’s Website).


 


Any
Person that is a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of the foregoing, or an agent of any Mortgagor shall
be entitled to access only the Prospectus Supplement, Distribution Date Statements, this Agreement, the Loan Purchase Agreements
and the Commission EDGAR filings on the Certificate Administrator’s Website which are being made available to the general
public. The provisions in this Section shall not limit the Master Servicer’s ability to make accessible certain information
regarding the Mortgage Loans at a website maintained by the Master Servicer.


 


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 Holder of a Certificate and requests in writing a statement containing the information
as to the applicable Class set forth in clauses (A), (B) and (C) of the description of Distribution Date Statements above aggregated
for such calendar year or applicable portion thereof during which such person was a Certificateholder, together with such other
information as the Certificate Administrator determines to be necessary 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 shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where Certificateholders
and Beneficial Owners may (i)(a) submit questions to the Certificate Administrator relating to the Distribution Date Statement,
(b) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the servicing reports prepared
by that party and being made available pursuant to this Section 4.02(a), the Mortgage Loans (or any Serviced Loan Combination)
or the Mortgaged Properties and (c) submit questions to the Operating Advisor relating to the Operating Advisor Annual Reports
or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or
not referenced in any Operating Advisor Annual Report (collectively, “Inquiries”), and (ii) view Inquiries
that have been previously submitted and answered, together with the answers thereto. Upon receipt of an Inquiry for the Operating
Advisor, the Master Servicer or the Special Servicer, the Certificate Administrator shall forward the Inquiry to the Operating
Advisor, the Master Servicer or the Special Servicer, as applicable, in each case within a commercially reasonable period following
receipt thereof.


 






    	-273-



    	 



    

 


Within
a commercially reasonable time following receipt of an Inquiry, the Certificate Administrator, the Operating Advisor, the Master
Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply
to the Inquiry, which reply of the Operating Advisor, the Master Servicer or Special Servicer shall be by e-mail to the Certificate
Administrator. The Certificate Administrator shall post (within a commercially reasonable period following preparation or receipt
of such answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website. If the
Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole
discretion, that (i) any Inquiry is not of a type described above, (ii) answering any Inquiry (A) would not be in the best interests
of the Trust and/or the Certificateholders, (B) would be in violation of applicable law, this Agreement or the applicable Loan
Documents, (C) would materially increase the duties of, or result in significant additional cost or expense to, the Certificate
Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, or (D) would reasonably be expected
to result in the waiver of an attorney client privilege or the disclosure of attorney work product or (iii) it is otherwise, for
any reason, not advisable to answer, it shall not be required to answer such Inquiry and, in the case of the Operating Advisor,
the Master Servicer or the 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. 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 which are not submitted via the Certificate Administrator’s Website.
Answers posted on the Investor Q&A Forum shall be attributable only to the respondent, and no other Person will certify as
to the accuracy, or will have any responsibility or liability for the content of any such information. No party to this Agreement
shall disclose Privileged Information in the Investor Q&A Forum.


 


The
Certificate Administrator shall make available to any Certificateholder and Beneficial Owner (other than a Mortgagor, a Manager
of a Mortgaged Property, an Affiliate of any of the foregoing or an agent of any Mortgagor), the Investor Registry. The “Investor
Registry” shall be a voluntary service available on 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 will be required to 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 45 days from the date of such certification to other registered
Certificateholders and registered Beneficial Owners. Such Person shall then be asked to enter certain mandatory fields such as
the individual’s name, the company name and e-mail 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 that it wishes
to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate Administrator
shall promptly remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying or validating
any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any


 






    	-274-



    	 



    

 


information
thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.


 


Notwithstanding
the foregoing, in no event shall any provision of this Agreement be construed to require the Master Servicer, the Special Servicer
or the Certificate Administrator to produce any ad hoc or non-standard written reports (in addition to the CREFC®
reports, inspection reports, reports required under each Co-Lender Agreement and other specific periodic reports otherwise required).
If the Master Servicer, the Special Servicer or the Certificate Administrator elects to provide any ad hoc or non-standard reports,
it may require the Person requesting such report to pay a reasonable fee to cover the costs of the preparation thereof.


 


Upon
filing with the IRS, the Certificate Administrator shall furnish to the Holders of the Class R Certificates the IRS Form 1066
for each Trust REMIC and shall furnish their respective Schedules Q thereto at the times required by the Code or the IRS, and
shall provide from time to time such information and computations with respect to the entries on such forms as any Holder of the
Class R Certificates may reasonably request.


 


The
specification of information to be furnished by the Certificate Administrator in this Section 4.02 (and any other terms
of this Agreement requiring or calling for delivery or reporting of information by the Certificate Administrator to Certificateholders
and Beneficial Owners) shall not limit the Certificate Administrator in furnishing, and the Certificate Administrator is hereby
authorized to furnish, to any Privileged Person any other information (such other information, collectively, “Additional
Information”) with respect to the Mortgage Loans or Serviced Loan Combination, the Mortgaged Properties or the Trust
Fund as may be provided to it by the Depositor, the Master Servicer or the Special Servicer or gathered by it in any investigation
or other manner from time to time, provided that (A) while there exists any Servicer Termination Event, any such Additional
Information shall only be furnished with the consent or at the request of the Depositor (except pursuant to clause (E) below or
to the extent such information is requested by a Certifying Certificateholder), (B) the Certificate Administrator shall be entitled
to indicate the source of all information furnished by it, and the Certificate Administrator may affix thereto any disclaimer
it deems appropriate in its sole discretion (together with any warnings as to the confidential nature and/or the uses of such
information as it may, in its sole discretion, determine appropriate), (C) the Certificate Administrator may notify any Privileged
Person of the availability of any such information in any manner as it, in its sole discretion, may determine, (D) the Certificate
Administrator shall be entitled (but not obligated) to require payment from each recipient of a reasonable fee for, and its out-of-pocket
expenses incurred in connection with, the collection, assembly, reproduction or delivery of any such Additional Information, and
(E) the Certificate Administrator shall be entitled to distribute or make available such Additional Information in accordance
with such reasonable rules and procedures as it may deem necessary or appropriate (which may include the requirement that an agreement
that provides such information shall be used solely for purposes of evaluating the investment characteristics or valuation of
the Certificates be executed by the recipient, if and to the extent the Certificate Administrator deems the same to be necessary
or appropriate). Nothing herein shall be construed to impose upon the Certificate Administrator any obligation or duty to furnish
or distribute any Additional Information to any Person in any instance, and the Certificate Administrator shall neither have any
liability for furnishing nor for refraining from furnishing Additional Information in any instance. The Certificate Administrator


 






    	-275-



    	 



    

 


shall be entitled (but not required) to request and receive direction from the Depositor as to the manner of delivery of any such
Additional Information, if and to the extent the Certificate Administrator deems necessary or advisable, and to require that any
consent, direction or request given to it pursuant to this Section be made in writing.


 


The
Depositor hereby authorizes the Certificate Administrator to, and the Certificate Administrator shall, make available to Bloomberg,
L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management, Inc., Markit Group Limited or such other vendor chosen
by the Depositor that submits to the Certificate Administrator a certification in the form of Exhibit M-3 to this Agreement,
all the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made available pursuant
to this Section 4.02(a) to Privileged Persons.


 


(b)        No
later than the Business Day prior to each Distribution Date, subject to the third from last paragraph of this subsection (b),
the Master Servicer shall deliver or cause to be delivered to the Certificate Administrator, the Operating Advisor, the Special
Servicer and any master servicer of a securitization of a Companion Loan in electronic form mutually acceptable to the Certificate
Administrator, the Operating Advisor, the Special Servicer and the Master Servicer the following reports or information (and any
other files as may be, or have been, adopted and promulgated by CREFC® as part of the CREFC® Investor
Reporting Package (IRP) from time to time): (1) a CREFC® REO Status Report, (2) a CREFC® Historical
Loan Modification/Forbearance and Corrected Mortgage Loan Report, (3) CREFC® Total Loan Report, (4) the CREFC®
Servicer Watch List/Portfolio Review Guidelines, (5) the CREFC® Financial File, (6) the CREFC®
Property File, (7) except for the first two Distribution Dates, the CREFC® Comparative Financial Status Report,
(8) the CREFC® Loan Level Reserve/LOC Report, (9) the CREFC® Advance Recovery Report and (10) the
CREFC® Delinquent Loan Status Report.


 


No
later than the Business Day prior to each Distribution Date except for the first two Distribution Dates, the Master Servicer shall
deliver to the Certificate Administrator and the Operating Advisor (by electronic means) the CREFC® Comparative
Financial Status Report for each Mortgage Loan or related Mortgaged Property as of the Determination Date immediately preceding
the preparation of such report for each of the following three periods (but only to the extent the related Mortgagor is required
by the Mortgage to deliver and does deliver, or otherwise agrees to provide and does provide, such information): (a) the most
current available year-to-date; (b) each of the previous two full fiscal years stated separately (to the extent such information
is in the Master Servicer’s possession); and (c) the “base year” (representing the original analysis of information
used as of the Cut-Off Date).


 


No
later than 2:00 p.m., New York City time, on the second Business Day prior to each Distribution Date, the Master Servicer shall
deliver to the Certificate Administrator and the Operating Advisor a CREFC® Loan Periodic Update File setting forth
certain information with respect to the Mortgage Loans and Mortgaged Properties.


 


The
Master Servicer shall prepare the initial CREFC® Financial File and the initial CREFC® Loan Periodic
Update File based on the initial data with respect to each


 






    	-276-



    	 



    

 


Mortgage Loan provided by the Mortgage Loan Sellers pursuant to the
respective Loan Purchase Agreements and the Supplemental Servicer Schedule.


 


The
Master Servicer shall provide to the Certificate Administrator and the Operating Advisor the CREFC® Loan Setup
File within 60 days of the first Distribution Date hereunder to the extent it has received from the Mortgage Loan Sellers one
or more spreadsheets (with the data fields filled) containing the data necessary for the completion of the aggregate pool-wide
CREFC® Loan Setup File.


 


In
addition, the Master Servicer or Special Servicer, as applicable, shall prepare with respect to each Mortgaged Property and REO
Property, in each case other than with respect to any Outside Serviced Trust Loan:


 


(i)        Within
30 days after receipt of a quarterly operating statement, if any, for each calendar quarter, commencing with the calendar quarter
ending September 30, 2015, a CREFC® Operating Statement Analysis Report (but only to the extent the related Mortgagor
is required by the Mortgage to deliver and does deliver, or otherwise agrees to provide and does provide, such information) for
such Mortgaged Property or REO Property as of the end of such calendar quarter; provided, however, that any analysis
or report with respect to the first calendar quarter of each year shall not be required to the extent provided in the then current
applicable CREFC® guidelines (it being understood that as of the Closing Date, the applicable CREFC® guidelines provide
that such analysis or report with respect to the first calendar quarter (in each year) is not required for a Mortgaged Property
unless such Mortgaged Property is analyzed on a trailing 12-month basis, or if the related Serviced Mortgage Loan is on the CREFC®
Servicer Watch List). The Master Servicer or Special Servicer, as applicable, shall deliver to the Certificate Administrator,
the Operating Advisor and each related Serviced Companion Loan Holder (or the master servicer or special servicer for the related
Other Securitization Trust on its behalf) by electronic means the CREFC® Operating Statement Analysis Report upon
request; and


 


(ii)       Within
30 days after receipt by the Special Servicer (with respect to Specially Serviced Loans) or the Master Servicer (with respect
to Performing Serviced Loans) of an annual operating statement for each calendar year, commencing with the calendar year ending
December 31, 2015, a CREFC® NOI Adjustment Worksheet (but only to the extent the related Mortgagor is required
by the Mortgage to deliver and does deliver, or otherwise agrees to provide and does provide, such information), presenting the
computation to “normalize” the full year net operating income and debt service coverage numbers used by the Master
Servicer in preparing the CREFC® Comparative Financial Status Report above. The Special Servicer or the Master
Servicer shall deliver to the Certificate Administrator, the Operating Advisor and each related Serviced Companion Loan Holder
(or the master servicer or special servicer for the related Other Securitization Trust on its behalf) by electronic means the
CREFC® NOI Adjustment Worksheet upon request. Notwithstanding anything to the contrary contained herein, with respect
to any Mortgage Loan related to any Significant Obligor, the Master Servicer shall be required to complete any CREFC files, reports
and/or templates necessary in order to comply with the Master Servicer’s obligations under Section 10.11


 






    	-277-



    	 



    

 


of this
Agreement and the Exchange Act filing obligations of the Depositor and/or any Other Depositor, as applicable, with respect to
such Significant Obligor.


 


The
Certificate Administrator shall deliver or shall cause to be delivered, upon request, to the Rule 17g-5 Information Provider (for
posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement), to each Certificateholder,
to each party hereto, to any Underwriter and/or to any Initial Purchaser and to each Person that provides the Certificate Administrator
with an Investor Certification a copy of the CREFC® Operating Statement Analysis Report and CREFC®
NOI Adjustment Worksheet most recently performed by the Master Servicer with respect to any Mortgage Loan or Serviced Loan Combination
and delivered to the Certificate Administrator.


 


Upon
request (and in any event, not more frequently than once per month), the Master Servicer shall forward to the Certificate Administrator
(as to the Collection Account), the Operating Advisor, any related Serviced Companion Loan Holder or the master servicer or special
servicer for the related Other Securitization Trust on its behalf (as to the related Loan Combination Custodial Account) and,
for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule
17g-5 Information Provider a statement, setting forth the status of the Collection Account and each Loan Combination Custodial
Account as of the close of business on such Master Servicer Remittance Date, stating that all remittances to the Certificate Administrator
required by this Agreement to be made by the Master Servicer have been made (or, in the case of any such required remittance that
has not been made by the Master Servicer, specifying the nature and status thereof) and showing, for the period from the preceding
Master Servicer Remittance Date (or, in the case of the first Master Servicer Remittance Date, from the Cut-Off Date) to such
Master Servicer Remittance Date, the aggregate of deposits into and withdrawals from the Collection Account and each Loan Combination
Custodial Account for each category of deposit specified in Section 3.05(a) of this Agreement and each category of withdrawal
specified in Section 3.06 of this Agreement. The Master Servicer shall also deliver to the Certificate Administrator and
(solely as to a Serviced Loan Combination) the related Serviced Companion Loan Holder, upon reasonable request of the Certificate
Administrator or any Serviced Companion Loan Holder, any and all additional information relating to the Mortgage Loans or Serviced
Loan Combinations in the possession of the Master Servicer (which information shall be based upon reports delivered to the Master
Servicer by the Special Servicer with respect to Specially Serviced Loans and REO Properties).


 


Further,
the Master Servicer shall cooperate with the Special Servicer and provide the Special Servicer with the information in the possession
of the Master Servicer reasonably requested by the Special Servicer, in writing, to the extent required to allow the Special Servicer
to perform its obligations under this Agreement with respect to those Mortgage Loans serviced by the Master Servicer.


 


The
obligation of the Master Servicer to deliver the reports required to be delivered by it pursuant to this subsection is subject
to the Master Servicer having received from the Special Servicer in a timely manner the related reports and information in the
possession of the Special Servicer necessary or required to enable the Master Servicer to prepare and deliver such reports. The
Master Servicer shall not be responsible for the accuracy or content of any report, document or information furnished by the Special
Servicer to the Master Servicer


 






    	-278-



    	 



    

 


pursuant to this Agreement and accepted by the Master Servicer in good faith pursuant to this
Agreement.


 


The
obligation of the Special Servicer to deliver the reports required to be delivered by it pursuant to this subsection is subject
to the Special Servicer having received from the Master Servicer in a timely manner the related reports and information in the
possession of the Master Servicer necessary or required to enable the Special Servicer to prepare and deliver such reports. The
Special Servicer shall not be responsible for the accuracy or content of any report, document or information furnished by the
Master Servicer to the Special Servicer pursuant to this Agreement and accepted by the Special Servicer in good faith pursuant
to this Agreement.


 


With
respect to an Outside Serviced Trust Loan, the Master Servicer shall deliver information comparable to the above-described information
to the same Persons as described above in this Section 4.02(b) and according to the same time frames as described above
in this Section 4.02(b), with reasonable promptness following such Master Servicer’s receipt of such information
from the related Outside Servicer under the applicable Outside Servicing Agreement.


 


(c)        Not
later than 5:00 p.m. New York time on each Determination Date, the Special Servicer shall forward to the Master Servicer, for
each Specially Serviced Loan and REO Property (other than an REO Property related to an Outside Serviced Trust Loan), a CREFC®
Special Servicer Loan File. The Special Servicer shall also deliver to the Certificate Administrator, upon the reasonable
written request of the Certificate Administrator, any and all additional information in the possession of the Special Servicer
relating to the Specially Serviced Loans and the REO Properties (other than an REO Property related to an Outside Serviced Trust
Loan).


 


The
Special Servicer shall cooperate with the Master Servicer and provide the Master Servicer with the information in the possession
of the Special Servicer reasonably requested by the Master Servicer, in writing, to the extent required to allow the Master Servicer
to perform its obligations under this Agreement with respect to the Specially Serviced Loans and REO Properties (other than an
REO Property related to an Outside Serviced Trust Loan).


 


The
Master Servicer may make available to Privileged Persons copies of any reports or files prepared by the Master Servicer pursuant
to this Agreement. The Master Servicer may make information concerning the Mortgage Loans or Serviced Loan Combination available
on any website that it has established.


 


With
respect to an Outside Serviced Trust Loan, the Master Servicer shall deliver information comparable to the above-described information
to the extent received from the related Outside Servicer or the related Outside Special Servicer, as applicable, to the same Persons
as described above in this Section 4.02(c) and according to the same time frames as described above in this Section
4.02(c), with reasonable promptness following such Master Servicer’s receipt of such information from the related Outside
Servicer under the related Outside Servicing Agreement.


 






    	-279-



    	 



    

 


(d)        The
Master Servicer shall withdraw from the Collection Account and pay the CREFC® Intellectual Property Royalty License
Fee to CREFC® in accordance with Section 3.06(a)(vi) on a monthly basis, from funds on deposit in the Collection
Account.


 


Section
4.03     Compliance With Withholding Requirements. 


 


(a)        Notwithstanding
any other provision of this Agreement, the Paying Agent shall comply with all federal withholding requirements with respect to
payments to Certificateholders of interest or original issue discount that the Paying Agent reasonably believes are applicable
under the Code. The consent of Certificateholders shall not be required for any such withholding. In the event the Paying Agent
or its agent withholds any amount from interest or original issue discount payments or advances thereof to any Certificateholder
pursuant to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder. Any
amount so withheld shall be treated as having been distributed to such Certificateholder for all purposes of this Agreement.


 


(b)        Each
Beneficial Owner and Certificateholder, by the purchase of a Certificate or its acceptance of a beneficial interest therein, acknowledges
that interest on the Certificates will be treated as United States source interest, and, as such, United States withholding tax
may apply. Each such Beneficial Owner and Certificateholder further agrees, upon request, to provide any certifications that may
be required under applicable law, regulations or procedures to evidence its status for United States withholding tax purposes
and understands that if it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under
the Certificates may be subject to United States withholding tax (without any corresponding gross-up). Without limiting the foregoing,
if a payment made under this Agreement would be subject to United States federal withholding tax imposed by FATCA if the recipient
of such payment were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable),
such recipient shall deliver to the Paying Agent, with a copy to each of the Trustee and the Certificate Administrator, at the
time or times prescribed by the Code and at such time or times reasonably requested by the Paying Agent or the Trustee, such documentation
prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably
requested by the Paying Agent, the Trustee or the Certificate Administrator to comply with their respective obligations under
FATCA, to determine that such recipient has complied with such recipient’s obligations under FATCA, or to determine the
amount to deduct and withhold from such payment. For these purposes, “FATCA” means Section 1471 through 1474
of the Code and any regulations or official interpretations thereof (including any revenue ruling, revenue procedure, notice or
similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes under
such Sections, regulations and interpretations), any agreements entered into pursuant to Code Section 1471(b)(1), and including
any amendments made to FATCA after the date of this Agreement.


 


Section
4.04     REMIC Compliance.


 


(a)        The
parties intend that each Trust REMIC shall constitute, and that the affairs of each Trust REMIC shall be conducted so as to qualify
it as, a “real estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions, and
the


 






    	-280-



    	 



    

 


provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate
Administrator shall, to the extent permitted by applicable law, act as agent, and is hereby appointed to act as agent, of each
Trust REMIC and shall on behalf of each Trust REMIC: (i) prepare, timely deliver to the Trustee for execution (and the Trustee
shall timely execute) and file, or cause to be prepared and filed, all required Tax Returns for each Trust REMIC, using a calendar
year as the taxable year for each Trust REMIC when and as required by the REMIC Provisions and other applicable federal, state
or local income tax laws; (ii) make an election, on behalf of each Trust REMIC, to be treated as a REMIC on IRS Form 1066 for
its first taxable year ending December 31, 2015, in accordance with the REMIC Provisions; (iii) prepare and forward, or cause
to be prepared and forwarded, to the Certificateholders (other than the Holders of the Excess Interest Certificates) and the IRS
and applicable state and local tax authorities all information reports as and when required to be provided to them in accordance
with the REMIC Provisions of the Code; (iv) if the filing or distribution of any documents of an administrative nature not addressed
in clauses (i) through (iii) of this Section 4.04(a) is then required by the REMIC Provisions in order to maintain the
status of each Trust REMIC as a REMIC or is otherwise required by the Code, prepare, sign and file or distribute, or cause to
be prepared and signed and filed or distributed, such documents with or to such Persons when and as required by the REMIC Provisions
or the Code or comparable provisions of state and local law; (v) obtain a taxpayer identification number for the Upper-Tier REMIC
and Lower-Tier REMIC on IRS Form SS-4, and, within thirty days of the Closing Date, 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 Person that the holders of the
Certificates may contact for tax information relating thereto (and the Certificate Administrator shall act as the representative
of each Trust REMIC for this purpose), together with such additional information as may be required by such IRS Form, and shall
update such information at the time or times and in the manner required by the Code (and the Depositor agrees within 10 Business
Days of the Closing Date to provide any information reasonably requested by the Master Servicer or the Certificate Administrator
and necessary to make such filing); and (vi) maintain such records relating to each Trust REMIC as may be necessary to prepare
the foregoing returns, schedules, statements or information, such records, for federal income tax purposes, to be maintained on
a calendar year and on an accrual basis.


 


The
Holder of the largest Percentage Interest in the Class R Certificates shall be the tax matters person of each Trust REMIC pursuant
to Treasury Regulations Section 1.860F-4(d). If more than one Holder should hold an equal Percentage Interest in the Class R Certificates
larger than that held by any other Holder, the first such Holder to have acquired such Class R Certificates shall be such tax
matters person. The Certificate Administrator shall act as attorney-in-fact and agent for the tax matters person of each Trust
REMIC, and each Holder of a Percentage Interest in the Class R Certificates, by acceptance hereof, is deemed to have consented
to the Certificate Administrator’s appointment in such capacity and agrees to execute any documents required to give effect
thereto, and any fees and expenses incurred by the Certificate Administrator in connection with any audit or administrative or
judicial proceeding shall be paid by the Trust Fund.


 


The
Certificate Administrator shall not intentionally take any action or intentionally omit to take any action within its control
and the scope of its duties if, in taking or omitting to take such action, the Certificate Administrator knows that such action
or omission (as


 






    	-281-



    	 



    

 


the case may be) would cause the termination of the REMIC status of a Trust REMIC or the imposition of tax on
a Trust REMIC (other than a tax on income expressly permitted or contemplated to be received by the terms of this Agreement).


 


Notwithstanding
any provision of this paragraph or the three preceding paragraphs to the contrary, the Certificate Administrator shall not be
required to take any action that the Certificate Administrator in good faith believes to be inconsistent with any other provision
of this Agreement, nor shall the Certificate Administrator be deemed in violation of this paragraph if it takes any action expressly
required or authorized by any other provision of this Agreement, and the Certificate Administrator shall have no responsibility
or liability with respect to any act or omission of the Depositor or the Master Servicer which does not enable the Certificate
Administrator to comply with any of clauses (i) through (vi) of the third preceding paragraph or which results in any action contemplated
by clauses (i) through (iii) of the next succeeding sentence. In this regard the Certificate Administrator shall (i) not allow
the occurrence of any “prohibited transactions” within the meaning of Code Section 860F(a), unless the party seeking
such action shall have delivered to the Certificate Administrator an Opinion of Counsel (at such party’s expense) that such
occurrence would not (a) result in a taxable gain, (b) otherwise subject a Trust REMIC to tax (other than a tax at the highest
marginal corporate tax rate on net income from foreclosure property), or (c) cause either Trust REMIC to fail to qualify as a
REMIC for federal income tax purposes; (ii) not allow a Trust REMIC to receive income from the performance of services or from
assets not permitted under the REMIC Provisions to be held by such Trust REMIC (provided, however, that the receipt
of any income expressly permitted or contemplated by the terms of this Agreement shall not be deemed to violate this clause);
and (iii) not permit the creation of any “interests,” within the meaning of the REMIC Provisions, in the Upper-Tier
REMIC other than the Regular Certificates, the Class A-S Regular Interest, the Class B Regular Interest, the Class C Regular Interest
and the Upper-Tier REMIC Residual Interest, or in the Lower-Tier REMIC other than the Lower-Tier Regular Interests and the Lower-Tier
Residual Interest. None of the Trustee, the Master Servicer, the Special Servicer or the Depositor shall be responsible or liable
for any failure by the Certificate Administrator to comply with the provisions of this Section 4.04. The Depositor, the
Master Servicer and the Special Servicer shall cooperate in a timely manner with the Certificate Administrator in supplying any
information within the Depositor’s, the Master Servicer’s or the Special Servicer’s control (other than any
confidential information) that is reasonably necessary to enable the Certificate Administrator to perform its duties under this
Section 4.04.


 


(b)        The
following assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating
the original yield to maturity and original issue discount with respect to the Regular Certificates, the Class A-S Regular Interest,
the Class B Regular Interest and the Class C Regular Interest: (i) each Mortgage Loan will pay principal and interest in accordance
with its terms and scheduled payments will be timely received on their Due Dates, provided that the Mortgage Loans in the
aggregate will prepay in accordance with the Prepayment Assumption; (ii) none of the Master Servicer, the Special Servicer, the
Depositor and the Class R Certificateholder will exercise the right described in Section 9.01 of this Agreement to cause
early termination of the Trust Fund; and (iii) no Mortgage Loan is repurchased or substituted for by the applicable Mortgage Loan
Seller pursuant to Article II of this Agreement.


 






    	-282-



    	 



    

 


Section
4.05     Imposition of Tax on the Trust REMICs.


 


In
the event that any tax, including interest, penalties or assessments, additional amounts or additions to tax, is imposed on a
Trust REMIC, such tax shall be charged against amounts otherwise distributable with respect to the Regular Certificates, the Class
PEZ Regular Interests and the Class R Certificates; provided that any taxes imposed on any net income from foreclosure
property pursuant to Code Section 860G(d) or any similar tax imposed by a state or local jurisdiction shall instead be treated
as an expense of the related REO Property in determining Net REO Proceeds with respect to the REO Property (and until such taxes
are paid, the Special Servicer from time to time shall withdraw from the REO Account and transfer to the Certificate Administrator
for deposit into the Distribution Accounts amounts reasonably determined by the Certificate Administrator to be necessary to pay
such taxes, and the Certificate Administrator shall return to the Special Servicer the excess determined by the Certificate Administrator
from time to time of the amount in excess of the amount necessary to pay such taxes); provided that any such tax imposed
on net income from foreclosure property that exceeds the amount in any such reserve shall be retained from Available Funds as
provided in Section 3.06(a)(vii) of this Agreement and the next sentence. Except as provided in the preceding sentence,
the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from the Distribution Account in
determining the amount of Available Funds sufficient funds to pay or provide for the payment of, and to actually pay, such tax
as is legally owed by a Trust REMIC (but such authorization shall not prevent the Certificate Administrator from contesting, at
the expense of the Trust Fund, any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law,
pending the outcome of such proceedings). The Certificate Administrator is hereby authorized to and shall segregate or cause to
be segregated, into a separate non-interest bearing account, (i) the net income from any “prohibited transaction”
under Code Section 860F(a) or (ii) the amount of any contribution to a Trust REMIC after the Startup Day that is subject to tax
under Code Section 860G(d) and use such income or amount, to the extent necessary, to pay such tax (and return the balance thereof,
if any, to the related Distribution Account). To the extent that any such tax is paid to the IRS, the Certificate Administrator
shall retain an equal amount from future amounts otherwise distributable to the Holders of the Class R Certificates in respect
of the related residual interest and shall distribute such retained amounts to the Holders of Regular Certificates or to the Certificate
Administrator in respect of the Lower-Tier Regular Interests and the Class PEZ Regular Interests until they are fully reimbursed
and then to the Holders of the Class R Certificates in respect of the related residual interest. None of the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee shall be responsible for any taxes imposed on a Trust REMIC
except to the extent such tax is attributable to a breach of a representation or warranty of the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee or an act or omission of the Master Servicer, the Special Servicer, the
Certificate Administrator or the Trustee in contravention of this Agreement in both cases, provided, further, that
such breach, act or omission could result in liability under Section 6.03, in the case of the Master Servicer or the Special
Servicer, as applicable, or Section 4.04 or Section 8.01, in the case of the Certificate Administrator or the Trustee.
Notwithstanding anything in this Agreement to the contrary, in each such case, the Master Servicer or the Special Servicer shall
not be responsible for the Certificate Administrator’s, the Authenticating Agent’s, the Certificate Registrar’s,
the Paying Agent’s or the Trustee’s breaches, acts or omissions, and the Trustee shall not be responsible for the
breaches, acts or omissions of the Certificate Administrator, the Master Servicer, the Special Servicer, the Authenticating Agent,
the


 






    	-283-



    	 



    

 


Certificate Registrar or the Paying Agent, and the Certificate Administrator shall not be responsible for the breaches, acts
or omissions of the Trustee, the Master Servicer, the Special Servicer and, in each case if a different entity than the Certificate
Administrator, the Authenticating Agent, the Certificate Registrar or the Paying Agent.


 


Section
4.06     Remittances; P&I Advances.


 


(a)        On
the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer shall:


 


(i)        remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the Yield Maintenance Charges
applicable to the Mortgage Loans (but not a Companion Loan) received by the Master Servicer in the Prepayment Period relating
to such Distribution Date (or, in the case of an Outside Serviced Trust Loan, received by the Master Servicer as of the close
of business on the Business Day immediately preceding the applicable Master Servicer Remittance Date and not previously so remitted
to the Certificate Administrator);


 


(ii)       remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the Available Funds applicable
to the Mortgage Loans (other than the amounts referred to in clause (iv) below and clause (d) of the definition of “Available
Funds”);


 


(iii)      remit
to CREFC® the CREFC® Intellectual Property Royalty License Fee;


 


(iv)       make
a P&I Advance by remittance to the Certificate Administrator for deposit into the Lower-Tier Distribution Account, in an amount
equal to the sum of the Applicable Monthly Payments for each Mortgage Loan (including any REO Mortgage Loan and any Mortgage Loan
related to a Loan Combination, but not a Companion Loan) to the extent such amounts were not received on such Mortgage Loan as
of the close of business on the Determination Date (without regard to any grace period) in the same month as such Master Servicer
Remittance Date), except that the portion of such P&I Advance equal to the CREFC® Intellectual Property Royalty
License Fee for each such Mortgage Loan shall not be remitted to the Certificate Administrator but shall instead be remitted to
CREFC®; and


 


(v)        remit
to the Certificate Administrator for deposit in the Excess Interest Distribution Account all Excess Interest for the related Distribution
Date then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.06(a)(ii)
through Section 3.06(a)(ix) of this Agreement.


 


Neither
the Master Servicer nor the Trustee shall be required or permitted to make an advance for Balloon Payments, Default Interest,
Excess Interest or Yield Maintenance Charges, or delinquent Monthly Payments on the Companion Loans. The amount required to be
advanced in respect of delinquent payments of interest on any Mortgage Loan as to which an Appraisal Reduction Amount exists will
equal the product of (i) the amount otherwise required to be advanced by the Master Servicer with respect to delinquent payments
of interest without giving effect to such Appraisal Reduction Amounts, and (ii) a fraction, the numerator of which is


 






    	-284-



    	 



    

 


the Stated
Principal Balance of such Mortgage Loan as of the last day of the related Collection Period, reduced by such Appraisal Reduction
Amount, and the denominator of which is the Stated Principal Balance of such Mortgage Loan as of the last day of the related Collection
Period. Appraisal Reduction Amounts shall not affect the principal portion of any P&I Advances.


 


Any
amount advanced by the Master Servicer pursuant to Section 4.06(a)(iv) of this Agreement shall constitute a P&I Advance
for all purposes of this Agreement and the Master Servicer shall be entitled to reimbursement (with interest at the Advance Rate).
The Special Servicer shall have no obligation to make any P&I Advance.


 


The
Certificate Administrator shall notify the Master Servicer and the Trustee by telephone if as of 3:00 p.m., New York City time,
on the Master Servicer Remittance Date, the Certificate Administrator has not received the amount of a required P&I Advance
hereunder. If as of 11:00 a.m., New York City time, on any Distribution Date the Master Servicer shall not have made the P&I
Advance required to have been made on the related Master Servicer Remittance Date pursuant to Section 4.06(a)(iv) of this
Agreement, the Certificate Administrator shall notify the Trustee and the Trustee shall no later than 1:00 p.m., New York City
time, on such Business Day deposit into the Lower-Tier Distribution Account in immediately available funds an amount equal to
the P&I Advances otherwise required to have been made by the Master Servicer.


 


Neither
the Master Servicer nor the Trustee shall be obligated to make a P&I Advance as to any Monthly Payment on any date on which
a P&I Advance is otherwise required to be made by this Section 4.06 if the Master Servicer or the Trustee, as applicable,
or the Special Servicer determines that such Advance will be a Nonrecoverable Advance. The determination by any Person with an
obligation hereunder to make P&I Advances that it has made (or in the case of a determination by the Special Servicer, that
the Master Servicer or the Trustee has made) a Nonrecoverable Advance or the determination by the Special Servicer, the Master
Servicer or the Trustee that any proposed P&I Advance, if made, would constitute a Nonrecoverable Advance, shall be made by
such Person (i) in the case of the Master Servicer or the Special Servicer, in accordance with the Servicing Standard or (ii)
in the case of the Trustee, in its good faith business judgment, and shall be evidenced by an Officer’s Certificate as set
forth in Section 4.06(b). In connection with a determination by the Special Servicer, the Master Servicer or the Trustee
as to whether a P&I Advance previously made or to be made constitutes or would constitute a Nonrecoverable Advance:


 


(A)        any
such Person will be entitled to consider (among other things) the obligations of the Mortgagor under the terms of the related
Mortgage Loan or Serviced Loan Combination as it may have been modified, to consider (among other things) the related Mortgaged
Properties in their “as is” or then current conditions and occupancies, as modified by such party’s assumptions
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider
(among other things) future expenses and to estimate and consider (among other things) the timing of recoveries;


 






    	-285-



    	 



    

 


(B)        any
such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination
that an Advance is a Nonrecoverable Advance) and may obtain at the expense of the Trust Fund any analysis, Appraisals or market
value estimates or other information for such purposes;


 


(C)        the
Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any proposed P&I
Advance, if made, would be a Nonrecoverable Advance or that any outstanding P&I Advance is a Nonrecoverable Advance and may
deliver to the Master Servicer, the Trustee and the Controlling Class Representative (prior to the occurrence and continuance
of a Consultation Termination Event) notice of such determination, which determination shall be conclusive and binding on the
Master Servicer and the Trustee;


 


(D)        although
the Special Servicer may determine whether a P&I Advance is a Nonrecoverable Advance, the Special Servicer will have no right
to (i) make an affirmative determination that any P&I Advance previously made or to be made (or contemplated to be made) by
the Master Servicer or the Trustee is, or would be, recoverable or (ii) reverse any determination that may have been made by the
Master Servicer or the Trustee or to prohibit the Master Servicer or the Trustee from making a determination that a P&I Advance
constitutes or would constitute a Nonrecoverable Advance; provided that this sentence will not be construed to limit the Special
Servicer’s right to make a determination that a P&I Advance to be made (or contemplated to be made) would be, or a previously
made Advance is, a Nonrecoverable Advance, as described in this Section 4.06;


 


(E)        any
non-recoverability determination by the Master Servicer or the Special Servicer pursuant to this Section 4.06 with respect
to the recoverability of P&I Advances shall be conclusive and binding on the Master Servicer (in the case of such a determination
by the Special Servicer) and the Trustee;


 


(F)        the
Master Servicer shall provide notice to the Trustee on or prior to the Master Servicer Remittance Date of any such non-recoverability
determination made by the Master Servicer on or prior to such date;


 


(G)        the
Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or Special Servicer that a P&I
Advance, if made, would be a Nonrecoverable Advance; provided, however, that if the Master Servicer has failed to
make a P&I Advance for reasons other than a determination by the Master Servicer or Special Servicer that such Advance would
be a Nonrecoverable Advance, the Trustee shall make such advance within the time periods required by this Section 4.06
unless the Trustee, in its good faith business judgment, or the Special Servicer, in accordance with the Servicing Standard, makes
a determination prior to the times specified in this Section 4.06 that such advance would be a Nonrecoverable Advance;


 






    	-286-



    	 



    

 


(H)        the
Special Servicer shall report, promptly upon making a determination contemplated in this paragraph, to the Master Servicer the
Special Servicer’s determination as to whether any P&I Advance made with respect to any previous Distribution Date or
required to be made with respect to a future Distribution Date with respect to any Specially Serviced Loan is a Nonrecoverable
P&I Advance, and the Master Servicer and the Trustee shall be entitled to conclusively rely on such determination; and


 


(I)        notwithstanding
the foregoing, the Trustee may conclusively rely upon any determination by the Master Servicer or the Special Servicer that any
P&I Advance would be recoverable (unless a non-recoverability determination has been made by the other servicer in accordance
with clause (E) above which is binding on the Trustee), and the Master Servicer may conclusively rely upon any determination
by the Special Servicer that any P&I Advance would be recoverable.


 


The
Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes (together with
interest thereon) to the extent permitted pursuant to Section 3.06(a)(ii) of this Agreement and each of the Master Servicer
and Special Servicer hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related
Mortgagors to the extent permitted by applicable law and the related Mortgage Loan.


 


With
respect to P&I Advances and each Outside Serviced Trust Loan, the Master Servicer and the Trustee shall be entitled to rely
on the “appraisal reduction amount” calculated by the related Outside Special Servicer or the related Outside Servicer
in accordance with the terms of the applicable Outside Servicing Agreement.


 


(b)        The
determination by the Master Servicer, the Trustee or the Special Servicer that a P&I Advance has become a Nonrecoverable P&I
Advance or that any proposed P&I Advance, if made pursuant to this Section 4.06 with respect to any Mortgage Loan (or
with respect to any successor REO Mortgage Loan with respect to any of the foregoing), would constitute a Nonrecoverable P&I
Advance, shall be evidenced by an Officer’s Certificate delivered on or prior to the next Master Servicer Remittance Date
to the Trustee (unless it is the Person making the determination), the Controlling Class Representative (prior to the occurrence
and continuance of a Consultation Termination Event), the holder of any related Pari Passu Companion Loan or its Companion Loan
Holder Representative (in the case of a Pari Passu Loan Combination), the Master Servicer (unless it is the Person making the
determination), the Special Servicer (unless it is the Person making the determination) and, if the Trustee is making the determination,
the Depositor, setting forth the basis for such determination, together with any other information that supports such determination
together with a copy of any Appraisal of the related Mortgaged Property or REO Property, as the case may be (which Appraisal shall
be an expense of the Trust, shall take into account any material change in circumstances of which such Person is aware or such
Person has received new information, either of which has a material effect on the value and shall have been conducted in accordance
with the standards of the Appraisal Institute within the twelve months preceding such determination of nonrecoverability), and
further accompanied by related Mortgagor operating statements and financial statements,


 






    	-287-



    	 



    

 


budgets and rent rolls of the related
Mortgaged Property (to the extent available and/or in such Person’s possession) and any engineers’ reports, environmental
surveys or similar reports that such Person may have obtained and that support such determination. The Master Servicer and the
Special Servicer shall consider Unliquidated Advances with respect to prior P&I Advances for the purpose of nonrecoverability
determinations as if such amounts were unreimbursed P&I Advances.


 


(c)        With
respect to each Outside Serviced Trust Loan, if (1) the related Outside Servicer has determined that a proposed debt service advance
with respect to such Outside Serviced Trust Loan or a related Outside Serviced Companion Loan, if made, would be, or any outstanding
debt service advance previously made with respect to such Outside Serviced Companion Loan is, as applicable, a “nonrecoverable
advance,” and the related Outside Servicer has provided written notice of such determination to the Master Servicer, or
(2) if the Master Servicer or the Special Servicer has determined that a P&I Advance with respect to the Outside Serviced
Trust Loan related to such related Outside Serviced Companion Loan would be a Nonrecoverable P&I Advance, then neither the
Master Servicer nor the Trustee shall make any additional P&I Advance with respect to such Outside Serviced Trust Loan until
the Master Servicer or the Special Servicer, as applicable, has consulted with the related Outside Servicer under the applicable
Outside Servicing Agreement and they agree that circumstances with respect to such Mortgage Loans have changed such that a proposed
future debt service advance would not be a “nonrecoverable advance.” With respect to each Outside Serviced Trust Loan,
if the Master Servicer has determined that a proposed P&I Advance with respect to such mortgage loan would be a Nonrecoverable
Advance, the Master Servicer shall provide the related Outside Servicer written notice of such determination within two (2) Business
Days after such determination was made.


 


In
connection with each Outside Serviced Trust Loan, any determination by the Master Servicer that any P&I Advance made or to
be made with respect to such Outside Serviced Trust Loan (or any successor REO Mortgage Loan with respect thereto) is or, if made,
would be a Nonrecoverable P&I Advance may be made independently from any determinations (or the absence of any determinations)
made under the applicable Outside Servicing Agreement regarding nonrecoverability of debt service advances on the related Outside
Serviced Companion Loan.


 


(d)        If
the Trustee, the Master Servicer or the Special Servicer has received written notice from Moody’s, Fitch or KBRA to the
effect that continuation of the Master Servicer or the Special Servicer in such capacity would result in the downgrade, qualification
or withdrawal of any rating then assigned by Moody’s, Fitch or KBRA, as applicable, to any Class of Certificates and citing
servicing concerns with such Master Servicer or Special Servicer, as applicable, as the sole or material factor in such rating
action, and such notice is not rescinded within 60 days, then the Trustee, the Master Servicer or the Special Servicer, as applicable,
shall promptly notify the other such parties and the Certificate Administrator, and the Certificate Administrator shall promptly
notify the Serviced Companion Loan Holder and the applicable master servicer of any Serviced Companion Loan.


 






    	-288-



    	 



    

 


Section
4.07     Grantor Trust Reporting.


 


(a)        The
Certificate Administrator shall maintain adequate books and records to account for the separate entitlements of the Grantor Trust.


 


(b)        The
parties intend that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions thereof
shall be interpreted consistently with this intention. In furtherance of such intention, none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to take advantage
of market fluctuations or so as to improve the rate of return of the Exchangeable Certificates, and shall otherwise comply with
Treasury Regulations Section 301.7701-4(c). The Certificate Administrator shall timely file or cause to be timely filed with the
IRS Form 1041, Form 1099 or such other form as may be applicable and shall furnish or cause to be furnished to the Holders of
the respective Classes of the Grantor Trust Certificates, their allocable share of income and expense with respect to the Class
A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class
PEZ Specific Grantor Trust Assets, the Excess Interest Grantor Trust Assets and proceeds thereof, respectively, as such amounts
are received or accrue, as applicable.


 


(c)        (i)
The Grantor Trust is a WHFIT that is a WHMT. The Certificate Administrator shall report as required under the WHFIT Regulations
to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so is provided to the
Certificate Administrator on a timely basis. With respect to each Class of Exchangeable Certificates, the Certificate Administrator
is hereby directed to assume that DTC is the only “middleman” as defined by the WHFIT Regulations unless it has actual
knowledge to the contrary or the Depositor provides the Certificate Administrator with the identities of the other “middlemen”
that are Certificateholders. The Certificate Administrator will not be liable for any tax reporting penalties that may arise under
the WHFIT Regulations in the event that the IRS makes a determination that is contrary to the first sentence of this paragraph.


 


(ii)       The
Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method,
except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under
no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall
make available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually. In addition,
the Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information
to any Certificateholder, unless requested by the Certificateholder.


 


(iii)      The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for
any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information that is not in its possession
being provided to the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate
Administrator. Each owner of a class of securities representing, in whole or in part, beneficial ownership of an interest in a
WHFIT, by acceptance of its interest in such class of securities, will be deemed to have


 






    	-289-



    	 



    

 


agreed to provide the Certificate Administrator
with information regarding any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt
of information regarding any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial
owner thereof or the Depositor, the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.


 


(d)        To
the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on the Certificate
Administrator’s Website the CUSIP Numbers for the Certificates that represent ownership of a WHFIT. The CUSIP Number so
published will represent the Rule 144A CUSIP Numbers. The Certificate Administrator shall make reasonable good faith efforts to
keep the website accurate and updated to the extent CUSIP Numbers have been received. Absent the receipt of a CUSIP Number, the
Certificate Administrator will use a reasonable identifier number in lieu of a CUSIP Number. The Certificate Administrator shall
not be liable for investor reporting delays that result from the receipt of inaccurate or untimely CUSIP Number information.


 


Section
4.08     Calculations.


 


Provided
that the Certificate Administrator receives the necessary loan-level information from the Master Servicer and/or the Special Servicer,
the Certificate Administrator shall be responsible for performing all calculations necessary in connection with the actual and
deemed distributions to be made pursuant to Section 4.01, the preparation of the Distribution Date Statements pursuant
to Section 4.02(a) and the actual and deemed allocations of Realized Losses to be made pursuant to Section 4.01.
The Certificate Administrator shall calculate the Principal Distribution Amount and Interest Distribution Amounts for each Distribution
Date and shall allocate such amounts among Certificateholders in accordance with this Agreement. Absent actual knowledge of an
error therein, the Certificate Administrator shall have no obligation to recompute, recalculate or otherwise verify any loan-level
information provided to it by the Master Servicer. The calculations by the Certificate Administrator contemplated by this Section
4.08 shall, in the absence of manifest error, be deemed to be correct for all purposes hereunder.


Article
V



THE CERTIFICATES


 


Section
5.01     The Certificates. (a) The Certificates consist of the Class A-1 Certificates, the
Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-5 Certificates, the Class A-AB
Certificates, the Class X-A Certificates, the Class X-B Certificates, the Class X-D Certificates, the Class A-S Certificates,
the Class B Certificates, the Class PEZ Certificates, the Class C Certificates, the Class D Certificates, the Class E
Certificates, the Class F Certificates, the Class G Certificates and the Class R Certificates.


 


Each
Class of Certificates will be substantially in the forms annexed hereto as Exhibits A-1 through A-18 respectively,
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


 






    	-290-



    	 



    

 


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. The Public Certificates (other than the Class X-A and Class X-B Certificates) shall be
issued in minimum denominations of $10,000 and integral multiples of $1 in excess thereof. However, in connection with an exchange
of Class A-S, Class B and Class C Certificates for Class PEZ Certificates and vice versa, each of the Class A-S, Class B, and
Class C Certificates exchanged (whether surrendered or received) in such exchange shall be in denominations of at least $10,000
initial Certificate Principal Amount, and the Class PEZ Certificates exchanged shall equal the aggregate Certificate Principal
Amount of the Class A-S, Class B and Class C Certificates being exchanged therefor (i.e. in excess of $30,000 initial Certificate
Principal Amount). The Private Certificates (other than the Class X-D and Class R Certificates) shall be issued in minimum denominations
of $100,000 and integral multiples of $1 in excess thereof. The Class X-A, Class X B and Class X-D Certificates shall be issued,
maintained and transferred only in minimum denominations of authorized initial notional amounts of not less than $1,000,000 and
in integral multiples of $1 in excess thereof. If the initial Certificate Principal Amount or initial Notional Amount, as applicable,
of any Class of Certificates (exclusive of the Class R Certificates) does not equal an integral multiple of $1, then a single
additional Certificate of such Class may be issued in a minimum denomination of authorized initial Certificate Principal Amount
or initial Notional Amount, as applicable, that includes the excess of (i) the initial Certificate Principal Amount or initial
Notional Amount, as applicable, of such Class over (ii) the largest integral multiple of $1 that does not exceed such amount.
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.


 


(b)        One
authorized signatory shall sign the Certificates for the Certificate Administrator 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 Administrator countersigns
the Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of
the Certificate Administrator (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
5.02     Form and Registration.


 


(a)        Each
Class of Public Certificates 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, 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 Principal Amount of a 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.


 






    	-291-



    	 



    

 


(b)        Unless
and until Definitive Certificates are issued in respect of a Class of Global Certificates, beneficial ownership interests in such
Certificates will be maintained and transferred on the book-entry records of the Depository and Depository Participants, and all
references to actions by Holders of such Class of Certificates will refer to action taken by the Depository upon instructions
received from the related registered Holders of Certificates through the Depository Participants in accordance with the Depository’s
procedures and, except as otherwise set forth herein, all references herein to payments, notices, reports and statements to Holders
of such Class of Certificates will refer to payments, notices, reports and statements to the Depository or its nominee as the
registered Holder thereof, for distribution to the related registered Holders of Certificates through the Depository Participants
in accordance with the Depository’s procedures.


 


(c)        No
transfer of any Private Certificate shall be made unless that transfer is made pursuant to an effective registration statement
under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a
transaction which does not require such registration or qualification. If a transfer is to be made in reliance upon an exemption
from the Securities Act, and under the applicable state securities laws, then:


 


(i)        The
Certificates of each Class of the Private Certificates (other than the Class R Certificates) sold in offshore transactions in
reliance on Regulation S under the Act shall 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 Private
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 Euroclear and/or 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 of Private Certificates (a “Regulation S Global Certificate”) in the applicable form set
forth as an exhibit hereto in accordance with the procedures set forth in Section 5.03(f) of this Agreement. 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 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
Principal Amount 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.


 






    	-292-



    	 



    

 


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.


 


(ii)       The
Certificates of each Class of Private Certificates (other than the Class R Certificates) offered and sold to Qualified Institutional
Buyers in reliance on 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”),
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 Principal Amount 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.


 


(iii)      The
Certificates of each Class of Private Certificates offered and sold in the United States to investors that are Institutional Accredited
Investors that are not Qualified Institutional Buyers and the Class R Certificates (collectively, 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 Administrator and the Depositor are unable to locate a qualified successor within
90 days of such notice; (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; or (iii) in the case of a Private
Certificate, all of the applicable requirements of Section 5.03 of this Agreement are satisfied; provided, however,
that under no circumstances will certificated Private 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 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.


 






    	-293-



    	 



    

 


(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 Qualified Institutional Buyer, 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) under the Securities Act) that is an Institutional Accredited Investor but
not a Qualified Institutional Buyer, 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 5.03(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 5.03(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
5.03     Registration of Transfer and Exchange of Certificates.


 


(a)        The
Certificate Administrator shall keep or cause to be kept at its principal offices 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 of Private Certificates 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 Master Servicer and the Special Servicer any notices from the Certificateholders.


 


(b)        Subject
to the restrictions on transfer set forth in this Article V, 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.


 


(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 during the Restricted
Period 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 an institution that 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 equivalent beneficial
interest in such Temporary Regulation S Global Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office
designated in


 






    	-294-



    	 



    

 


Section 5.11 of this Agreement, 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 E to this Agreement 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
Principal Amount of the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Principal Amount
of the Temporary Regulation S Global Certificate by the aggregate Certificate Principal Amount 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 Principal Amount 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 following the Restricted Period 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 an institution that 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 5.11 of this Agreement, 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 F to this Agreement given by the holder of such beneficial interest,
then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Principal Amount
of the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Principal Amount of the Regulation
S Global Certificate by the aggregate Certificate Principal Amount 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 a beneficial interest
in the Regulation S Global Certificate equal to the reduction in the Certificate Principal Amount 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.


 






    	-295-



    	 



    

 


(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 5.11 of this Agreement, 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 at any time during the Restricted Period, a certificate in the form of Exhibit G to this Agreement
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 Qualified
Institutional Buyer 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 Principal Amount of the
Temporary Regulation S Global Certificate or Regulation S Global Certificate and to increase, or cause to be increased, the Certificate
Principal Amount of the Rule 144A Global Certificate by the aggregate Certificate Principal Amount 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
Principal Amount 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 “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 H to this Agreement 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 or Private Certificates. The Certificate Registrar shall effect such exchange by


 






    	-296-



    	 



    

 


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 Principal Amount 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 Principal Amount 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 that is a Private Certificate (other
than a Class R 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 an institution that 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 5.11 of this Agreement, 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 Principal Amount 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
I to this Agreement (in the event that the applicable Global Certificate is the Temporary Regulation S Global Certificate),
in the form of Exhibit J to this Agreement (in the event that the applicable Global Certificate is the Regulation S Global
Certificate) or in the form of Exhibit K to this Agreement (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, and shall, if applicable, direct the Certificate Administrator to execute, authenticate and
deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Principal Amount 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 Principal Amount 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 institution specified in such instructions a beneficial interest in the applicable
Global Certificate equal to the Certificate Principal Amount of the portion of the Non-Book Entry Certificate so canceled.


 






    	-297-



    	 



    

 


(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 (other than a Public 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 L-4 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 Master Servicer, the Special Servicer, the Operating Advisor, 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 (other than as otherwise set forth
in Section 5.02(d) of this Agreement), 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 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
Private Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend relating
to compliance with the Act, or if a request is made to remove such legend on Certificates, the Private 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 Act or, with respect to Non-Book Entry Certificates, that such Certificates are not “restricted”
within the meaning of Rule 144 under the 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.


 


(m)        No
Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be (i) an employee
benefit plan or other plan


 






    	-298-



    	 



    

 


subject to the fiduciary responsibility or prohibited transaction provisions of ERISA or Code Section
4975 (each, a “Plan”), or (ii) any entity or collective investment fund the assets of which are considered
Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA, an insurance company
that is using the assets of separate accounts or general accounts which include Plan assets (or which are deemed to include assets
of Plans) or other Person acting on behalf of any such Plan or using the assets of a Plan (each, a “Plan Investor”)
to purchase such Certificate. In addition, no ERISA Restricted Certificate or interest therein may be purchased by or transferred
to any prospective purchaser or transferee that is or will be a Plan or Plan Investor, unless (i) such purchaser or transferee
is an insurance company, (ii) the source of funds used to acquire or hold such ERISA Restricted Certificate or interest therein
is an “insurance company general account,” as such term is defined in PTCE 95-60, and (iii) the conditions in Sections
I and III of PTCE 95-60 have been satisfied. Furthermore, no ERISA Restricted Certificate or Class R Certificate or interest therein
may be purchased by or transferred to any prospective purchaser or transferee that is or will be 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 fiduciary responsibility or prohibited transaction provisions of ERISA or Code Section 4975 (“Similar Law”),
or to any Person acting on behalf of any such plan or using the assets of such plan to acquire such Certificate or interest therein
unless, in the case of an ERISA Restricted Certificate, its acquisition, holding and disposition of such Certificate or an interest
therein would not constitute or otherwise result in a non-exempt violation of Similar Law. Except in connection with the transfer
thereof by an Initial Purchaser or the Depositor, each prospective transferee of an ERISA Restricted Certificate or a Class R
Certificate in Non-Book Entry Certificate form shall deliver to the transferor, the Depositor, the Certificate Registrar, the
Certificate Administrator and the Trustee representation letters, substantially in the form of Exhibit L-3 and Exhibit
L-4 to this Agreement. Each beneficial owner of a Certificate (other than a Class R Certificate) or any interest therein will
be deemed to have represented, by virtue of its acquisition or holding of such Certificate or interest therein, that either (i)
it is not a Plan or Plan Investor, (ii) in the case of a Certificate other than an ERISA Restricted Certificate, it has acquired
and is holding the Certificates in reliance on the Underwriter Exemption, and that it understands that there are certain conditions
to the availability of the Underwriter Exemption, including that the Certificates must be rated, at the time of purchase, not
lower than “BBB-” (or its equivalent) by a rating agency that meets the requirements of the Underwriter Exemption
and that such Certificate is so rated and that it is an Institutional Accredited Investor or (iii) (1) it is an insurance company,
(2) the source of funds used to acquire or hold the Certificate or interest therein is an “insurance company general account,”
as such term is defined in PTCE 95-60, and (3) the conditions in Sections I and III of PTCE 95-60 have been satisfied. Each beneficial
owner of a Certificate or an interest therein which is a governmental plan or other plan subject to Similar Law shall be deemed
to have represented, by virtue of its acquisition or holding of such Certificate or interest therein that the acquisition, holding
and disposition of such Certificate or an interest therein by the purchaser will not constitute or otherwise result in a non-exempt
violation of Similar Law. Any attempted or purported transfer in violation of these transfer restrictions shall be null and void
ab initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations with respect
to the applicable Certificates.


 


(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


 






    	-299-



    	 



    

 


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 described in
the first sentence of this Section 5.03(n) 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, other than in connection with the initial Transfer thereof to the Initial Purchasers, the
Certificate Registrar shall, as a condition to such consent, (x) require the proposed 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 L-1 to this Agreement (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 tax 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. Tax 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 comply with the provisions of this Section 5.03(n) and (y) other than
in connection with the initial issuance of a Class R Certificate or the Transfer of any Class R Certificate by any Initial Purchaser
in connection with the initial offering of the Certificates, require a statement from the proposed transferor substantially in
the form attached as Exhibit L-2 to this Agreement (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 preceding clauses (x)(B)(1) or (3) are false.


 






    	-300-



    	 



    

 



(iii)       Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (n)(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 Code Section 860E(e) 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 represented by Definitive Certificates and may only be transferred to and owned by Qualified Institutional
Buyers.
 


(o)        Any
attempted or purported transfer in violation of the transfer restrictions set forth in this Article V shall be null and
void ab initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations with
respect to the applicable Certificates.
 


Section
5.04     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, the Trustee and the
Certificate Administrator such security or indemnity as may be required by it to save it harmless, then, in the absence of
actual notice that such Certificate has been acquired by a bona fide purchaser, the Certificate Registrar shall direct the
Certificate Administrator to 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 5.04, the Certificate Registrar and the Certificate Administrator 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 5.04 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
5.05     Persons Deemed Owners. The Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator and the Certificate


 






    	-301-



    	 



    

 


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 neither the Master Servicer, the
Special Servicer, the Operating Advisor, 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
5.06     Appointment of Paying Agent. The Certificate Administrator may appoint (and, if it
does not so appoint, shall act as) a paying agent for the purpose of making distributions to Certificateholders pursuant to Section
4.01 of this Agreement. The Certificate Administrator shall cause such Paying Agent, if other than the Certificate
Administrator or the Master Servicer, to execute and deliver to the Master Servicer and the Certificate Administrator an
instrument that is consistent in all material respects with this Agreement and in which such Paying Agent shall agree with
the Master Servicer and the Certificate Administrator that such Paying Agent will hold all sums held by it for the payment to
Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums have been paid to the
Certificateholders or disposed of as otherwise provided herein. The initial Paying Agent shall be the Certificate
Administrator. The Paying Agent shall at all times be an entity having a long-term unsecured debt rating of at least
“BBB+” by Fitch and “Baa1” by Moody’s, or shall be otherwise acceptable to each
Rating Agency.
 


Section 5.07     Access
to Certificateholders’ Names and Addresses; Special Notices.
 


(a)        If
any Certifying Certificateholder, any Serviced Companion Loan Holder or the Master Servicer (for purposes of this Section 5.07,
an “Applicant”) applies or requests in writing to the Certificate Registrar, and such application or request
states that the Applicant desires to communicate with the Certificateholders, the Certificate Registrar shall promptly furnish
or cause to be furnished to such Applicant a list of the names and addresses of the Certificateholders as of the most recent Record
Date as they appear in the Certificate Register, at the expense of the Applicant.
 


(b)        Every
Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator that the Certificate Administrator
and the Certificate Registrar shall not be held accountable in any way by reason of the disclosure of any information as to the
names and addresses of the Certificateholders hereunder, regardless of the source from which such information was derived.
 


(c)        Upon
the written request of any Certifying Certificateholder or Serviced Companion Loan Holder that (a) states that such Certificateholder
or Serviced Companion Loan Holder desires the Certificate Administrator to transmit a notice to all Certificateholders stating
that such Certificateholder wishes to be contacted by other Certificateholders, setting forth the relevant contact information
and briefly stating the reason for the requested contact and (b) provides a copy of the Special Notice which such Certifying Certificateholder
or Serviced


 






    	-302-



    	 



    

 


Companion
Loan Holder proposes to transmit, the Certificate Administrator shall post such Special Notice to the Certificate Administrator’s
Website 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 with any such Special Notice shall
be borne by the party requesting such Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees
that neither the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason of the disclosure
of any such Special Notice to Certificateholders, regardless of the information set forth in such Special Notice.


 


Section 5.08     Actions
of Certificateholders.
 


(a)        Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken
by Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Certificate Administrator and, when required, to
the Depositor, the Master 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 Trustee, the Certificate Administrator,
the Depositor, the Special Servicer and the Master Servicer, if made in the manner provided in this Section.
 


(b)        The
fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner
which the Certificate Administrator 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 Special Servicer or the
Master Servicer in reliance thereon, whether or not notation of such action is made upon such Certificate.
 


(d)        The
Certificate Administrator or Certificate Registrar may require such additional proof of any matter referred to in this Section
5.08 as it shall deem necessary.
 


Section
5.09     Authenticating Agent. The Certificate Administrator may appoint an Authenticating
Agent to execute and to authenticate Certificates. The Authenticating Agent must be acceptable to the Depositor and must be
an entity organized and doing business under the laws of the United States of America or any state, having a principal office
and place of business in a state and city acceptable to the Depositor, having a combined capital and surplus of at least
$15,000,000, authorized under such laws to do a trust business and subject to supervision or examination by federal or state
authorities. The Certificate Administrator shall serve as the initial Authenticating Agent and the Certificate Administrator
hereby accepts such appointment.
 






    	-303-



    	 



    

 


Any entity into which
the Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger,
conversion or consolidation to which the Authenticating Agent shall be party, or any entity succeeding to the corporate agency
business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any paper or any further
act on the part of the Certificate Administrator or the Authenticating Agent.
 


The Authenticating
Agent may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator
and the Depositor. The Certificate Administrator may at any time terminate the agency of the Authenticating Agent by giving written
notice of termination to the Authenticating Agent and the Depositor. Upon receiving a notice of resignation or upon such a termination,
or in case at any time the Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section
5.09, the Certificate Administrator promptly shall appoint a successor Authenticating Agent, which shall be acceptable to the
Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor Authenticating Agent upon acceptance
of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder,
with like effect as if originally named as Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section 5.09.
 


The Authenticating
Agent shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.
Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator. The appointment
of an Authenticating Agent shall not relieve the Certificate Administrator from any of its obligations hereunder, and the Certificate
Administrator shall remain responsible for all acts and omissions of the Authenticating Agent.
 


Section
5.10     Appointment of Custodian; Eligibility Requirements for the Custodian. Wells Fargo
Bank, National Association is hereby appointed to serve as the initial Custodian. The Custodian shall at all times be a
corporation or association organized and doing business under the laws of any state or the United States of America, a
depository institution subject to supervision by federal or state authority, shall have a combined capital and surplus of at
least $10,000,000, shall have a long-term debt rating of at least “BBB+” by Fitch and “Baa1” from
Moody’s, and shall be qualified to do business in the jurisdiction in which it holds any Mortgage File. The Custodian,
if the Custodian is not the Trustee, shall maintain a fidelity bond in the form and amount that are customary for
securitizations similar to the securitization evidenced by this Agreement. The Custodian shall be deemed to have complied
with this provision if one of its respective Affiliates has such fidelity bond coverage and, by the terms of such fidelity
bond, the coverage afforded thereunder extends to the Custodian. In addition, the Custodian shall keep in force during the
term of this Agreement a policy or policies of insurance covering loss occasioned by the errors and omissions of its
officers and employees in connection with its obligations hereunder in the form and amount that are customary for
securitizations similar to the securitization evidenced by this Agreement. All fidelity bonds and policies of errors and
omissions insurance obtained under this Section 5.10 shall be issued by a Qualified Insurer, or by any other insurer
with respect to which the Rating Agencies have provided to the Custodian (with a copy to the Trustee) a Rating Agency
Confirmation. In case at any time the


 






    	-304-



    	 



    

 


Custodian
shall cease to be eligible in accordance with the provisions of this Section, the Custodian shall resign immediately in the manner
and with the effect specified in Section 8.07.


 


Section
5.11     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 480 Washington Boulevard, 30th
Floor, Jersey City, New Jersey 07310, Attention - Citibank Agency & Trust, CGCMT 2015-P1, as its office for such
purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders of any change in the location
of the Certificate Register or any such office or agency.
 


Section 5.12     Exchanges
of Exchangeable Certificates.
 


(a)        At
all times, the Class A-S, Class B and Class C Certificates shall represent beneficial ownership interests in the Class A-S Percentage
Interest, the Class B Percentage Interest and the Class C Percentage Interest, respectively, in the Class A-S Regular Interest,
Class B Regular Interest and Class C Regular Interest, respectively. At all times, the Class PEZ Certificates shall represent beneficial
ownership interests in the Class PEZ Components.
 


(b)        On
the Closing Date, the Grantor Trust shall issue the several Classes of Exchangeable Certificates. Each Class of Exchangeable Certificates
shall be initially issued on the Closing Date with the respective aggregate Certificate Principal Amount set forth for such Class
in the Preliminary Statement.
 


(c)        Following
the Closing Date and subject to the conditions set forth in Section 5.12(d), (i) if a Certificateholder holds Class A-S
Certificates, the Class B Certificates and the Class C Certificates in an Exchangeable Proportion, then those Exchangeable Certificates
may be exchanged on the books of the Depository for Class PEZ Certificates that represent the same Tranche Percentage Interest
in each Class PEZ Regular Interest as the Certificates to be surrendered and (ii) a Certificateholder that holds Class PEZ Certificates
may exchange its Certificates on the books of the Depository for Class A-S Certificates, Class B Certificates and Class C Certificates
that evidence the same Tranche Percentage Interest in the Class PEZ Regular Interests as the Class PEZ Certificates being surrendered.
 


(d)        An
exchange of Exchangeable Certificates may only occur if the Class A-S, Class B and Class C Certificates being surrendered or received
in such exchange have denominations no smaller than the minimum Denominations set forth in Section 5.01. No exchange of
Exchangeable Certificates may occur pursuant to this Section 5.12 after the date when the then-current Certificate Principal
Amount of the Class A-S Regular Interest (and correspondingly, the Class A-S Certificates and, to the extent evidencing an interest
in the Class A-S Regular Interest, the Class PEZ Certificates) has been reduced to zero as a result of the payment in full of all
interest and principal thereon. There shall be no limitation on the number of exchanges of Exchangeable Certificates authorized
pursuant to this Section 5.12. In addition,


 






    	-305-



    	 



    

 


the Depositor
shall have the right to make or cause exchanges on the Closing Date pursuant to instructions delivered to the Certificate Administrator
on the Closing Date.


 


(e)        At
the request of the Holder of a Class or Classes of Exchangeable Certificates, and upon the surrender of such Exchangeable Certificates
(in the case of an exchange of Class A-S, Class B and Class C Certificates for Class PEZ Certificates, in the applicable Exchangeable
Proportion), the Certificate Administrator, on behalf of the Trustee, shall deliver (by the means set forth in the penultimate
sentence of Section 5.12(h)) the corresponding Exchangeable Certificates to which such Certificateholder is entitled as
set forth in Section 5.12(c).
 


(f)         In
connection with any exchange of Exchangeable Certificates, the Certificate Registrar shall reduce the outstanding aggregate Certificate
Principal Amount of the Class or Classes of Exchangeable Certificates surrendered by the applicable Holder on the Certificate Register
and shall increase the outstanding aggregate Certificate Principal Amount of the related Class or Classes of Exchangeable Certificates
received by such Holder in such exchange on the Certificate Register, and the Certificate Registrar or the Certificate Administrator,
as applicable, shall approve the instructions at the Depository and make appropriate notations on the Global Certificate for each
Class of Exchangeable Certificates to reflect such reductions and increases.
 


(g)        In
order to effect an exchange of Exchangeable Certificates, the Certificateholder shall notify the Certificate Administrator by e-mail
at “ctssfexchanges@citi.com” and setting forth the proposed Exchange Date) no later than three (3) Business
Days before the proposed exchange date (the “Exchange Date”). The Exchange Date may be any Business Day other
than the first or last Business Day of the month. An exchange notice must (i) be set forth on the applicable Certificateholder’s
letterhead, (ii) carry a medallion stamp guarantee and (iii) set forth the following information: the CUSIP Number of each Exchangeable
Certificate to be exchanged and each Exchangeable Certificate to be received; the original and outstanding Certificate Principal
Amount of the Exchangeable Certificates to be exchanged and the original and outstanding Certificate Principal Amount of the Exchangeable
Certificates to be received; the Certificateholder’s Depository participant number; and the proposed Exchange Date. After
receiving the notice, the Certificate Administrator shall e-mail the Certificateholder (at such address specified in writing by
such Certificateholder) with wire payment instructions relating to the exchange fee and expenses set forth in Section 5.12(h).
The Certificateholder and the Certificate Registrar shall utilize the “deposit and withdrawal system” at the Depository
to effect the exchange of the applicable Exchangeable Certificates. A notice shall become irrevocable on the second (2nd) Business
Day before the proposed Exchange Date. Exchangeable Certificates shall be exchangeable on the books of the Depository for the corresponding
Exchangeable Certificates on and after the Closing Date, by notice to the Certificate Administrator substantially in the form of
Exhibit EE.
 


(h)        In
connection with each exchange (other than any exchanges on the Closing Date pursuant to instructions from the Depositor), the Certificateholder
shall pay the Certificate Administrator an exchange fee of $5,000 (together with any other expenses related to such exchange (including
fees charged by Depository)) and such fee and expenses must be received by the Certificate Administrator prior to the Exchange
Date or the Certificate


 






    	-306-



    	 



    

 


Administrator shall
not be required to complete the requested exchange. The Certificate Administrator shall make the first distribution on an Exchangeable
Certificate received by a Certificateholder in any exchange on the Distribution Date in the month following the month of exchange
to the Certificateholder of record as of the applicable Record Date for such Certificate and Distribution Date. If an Exchange
Date occurs in any month before the Distribution Date in such month, then any distributions to be made on such Distribution Date
on any Certificates surrendered in the exchange shall be so made to the Certificateholder of record as of the applicable Record
Date for such Certificates and such Distribution Date. Neither the Certificate Administrator, the Trustee nor the Depositor shall
have any obligation to ensure the availability of the applicable Certificates in the market to accomplish any exchange.


Article
VI



THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, the Operating Advisor and the Controlling Class Representative
 


Section
6.01     Liability of the Depositor, the Master Servicer, the Special Servicer and the Operating
Advisor. The Depositor, the Master Servicer, the Special Servicer and the Operating Advisor each shall be liable in
accordance herewith only to the extent of the obligations specifically imposed by this Agreement. Each of the Master
Servicer, the Special Servicer and the Operating Advisor shall indemnify the Depositor (and any employee, director or officer
of the Depositor), the Trust Fund and the Serviced Companion Loan Holders and hold the Depositor (and any employee, director
or officer of the Depositor), the Trust Fund and the Serviced Companion Loan Holders harmless against any loss, liability or
reasonable expense (including, without limitation, reasonable attorneys’ fees and expenses) incurred by such parties
(i) as a result of any willful misconduct, bad faith, fraud or negligence in the performance of duties of the Master
Servicer, the Special Servicer or the Operating Advisor, as the case may be, or by reason of negligent disregard of the
Master Servicer’s, the Special Servicer’s or the Operating Advisor’s, as the case may be, obligations or
duties hereunder, or (ii) as a result of the breach by the Master Servicer, the Special Servicer or the Operating Advisor, as
the case may be, of any of its representations or warranties contained herein. The Depositor shall indemnify the Trust
Fund and the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor, and
any member, manager, employee, director or officer of the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator or the Operating Advisor and hold the Trust Fund and the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator and the Operating Advisor and any member, manager, employee, director or officer of either the
Master Servicer, the Special Servicer, the Trustee or the Operating Advisor harmless against any loss, liability or
reasonable expense (including, without limitation, reasonable attorneys’ fees and expenses) incurred by such parties
(i) in connection with any willful misconduct, bad faith, fraud and/or negligence in the performance of duties of the
Depositor or by reason of negligent disregard of the Depositor obligations or duties hereunder, or (ii) as a result of the
breach by the Depositor of any of its representations or warranties contained herein.
 


Section
6.02     Merger or Consolidation of the Master Servicer, the Special Servicer and the Operating
Advisor. Subject to the following paragraph, each of the Master


 






    	-307-



    	 



    

 


Servicer, the Special Servicer and the Operating Advisor
shall keep in full effect its existence, rights and good standing as a national banking association, a corporation or a
limited liability company, as applicable, under the laws of the state of its organization and shall not jeopardize its
ability to do business in each jurisdiction in which the Mortgaged Properties are located, to the extent necessary to perform
its obligations under this Agreement, or to protect the validity and enforceability of this Agreement, the Certificates or
any of the Mortgage Loans and to perform its respective duties under this Agreement.
 


Each of the Master
Servicer, the Special Servicer and the Operating Advisor may be merged or consolidated with or into any Person, or transfer all
or substantially all of its assets (which may be limited to all or substantially all of its assets related to commercial mortgage
loan servicing or, in the case of the Operating Advisor, may be limited to all or substantially all of its assets related to acting
as a trust advisor or operating advisor for commercial mortgage securitizations) to any Person, in which case any Person resulting
from any merger or consolidation to which it shall be a party, or any Person succeeding to its business, shall be the successor
of the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, hereunder, and shall be deemed to have assumed
all of the liabilities of the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, hereunder, if each
of the Rating Agencies has provided a Rating Agency Confirmation; provided that if the Master Servicer, the Special Servicer
or the Operating Advisor enters into a merger and the Master Servicer, the Special Servicer or the Operating Advisor, as applicable,
is the surviving entity under applicable law, then the Master Servicer, the Special Servicer or the Operating Advisor, as applicable,
shall not, as a result of the merger, be required to provide a Rating Agency Confirmation.
 


Section
6.03     Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor and Others. None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or
any of the directors, members, managers, officers, employees or agents of the Depositor, the Master Servicer, the Special
Servicer or the Operating Advisor shall be under any liability to the Trust Fund, the Certificateholders, the Companion Loan
Holders or any other Person for any action taken, or for refraining from the taking of any action, in good faith pursuant to
this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or any such Person against liability which would
be imposed by reason of (i) any breach of warranty or representation by such respective party in this Agreement or (ii) any
willful misconduct, bad faith, fraud or negligence on the part of such respective party in the performance of its obligations
and duties hereunder or by reason of negligent disregard on the part of such respective party of its obligations or duties
hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and any director, member, manager,
officer, employee or agent of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may rely in
good faith on any document of any kind which, prima facie, is properly executed and submitted by any appropriate Person
respecting any matters arising hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and
any director, member, manager, officer, employee or agent of the Depositor, the Master Servicer, the Special Servicer or the
Operating Advisor shall be indemnified and held harmless by the Trust Fund (which indemnification amounts shall be payable
out of the Collection Account or the applicable Loan Combination Custodial Account if and to the extent with respect to a
Serviced Loan Combination and then out of the Collection Account, provided that, to the extent


 






    	-308-



    	 



    

 


that the amount relates
to a Serviced Loan Combination, is required under the related Co-Lender Agreement to be borne by the holder of a related
Serviced Companion Loan and is paid from the Collection Account because funds on deposit in the applicable Loan Combination
Custodial Account are insufficient to pay such indemnification, then the Master Servicer shall from time to time thereafter
use amounts otherwise payable to the holder of such Serviced Companion Loan to deposit into the Collection Account the amount
so paid from the Collection Account) against any loss, liability, penalty, fine, forfeiture, claim, judgment or expense
(including reasonable legal fees and expenses) incurred in connection with, or relating to, this Agreement or the
Certificates, other than any loss, liability, penalty, fine, forfeiture, claim, judgment or expense (including reasonable
legal fees and expenses) (i) incurred by reason of willful misconduct, bad faith, fraud or negligence in the performance of
obligations or duties hereunder or by reason of negligent disregard of obligations or duties hereunder, in each case by the
Person being indemnified, (ii) with respect to any such party, resulting from the breach by such party of any of its
representations or warranties contained herein, (iii) specifically required to be borne by the party seeking
indemnification without right of reimbursement pursuant to the terms hereof or (iv) which constitutes an Advance that is
otherwise reimbursable hereunder. None of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor
shall be under any obligation to appear in, prosecute or defend any legal action unless such action is related to its
respective duties under this Agreement and in its opinion does not expose it to any expense or liability for which
reimbursement is not reasonably assured; provided, however, that each of the Depositor, the Master Servicer,
the Special Servicer and the Operating Advisor may in its discretion undertake any such action related to its obligations
hereunder which it may deem necessary or desirable with respect to this Agreement and the rights and duties of the parties
hereto and the interests of the Certificateholders hereunder. In such event, the reasonable legal expenses and costs of such
action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund (payable out of the
Collection Account or the applicable Loan Combination Custodial Account if and to the extent with respect to a Serviced Loan
Combination and then out of the Collection Account, provided that to the extent that the amount relates to a Serviced Loan
Combination, is required under the related Co-Lender Agreement to be borne by the holder of a related Serviced Companion Loan
and is paid from the Collection Account because funds on deposit in the applicable Loan Combination Custodial Account are
insufficient to pay such indemnification, then the Master Servicer shall from time to time thereafter use amounts
otherwise payable to the holder of such Serviced Companion Loan to deposit into the Collection Account the amount so paid
from the Collection Account), and the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be
entitled to be reimbursed therefor from the Collection Account or the applicable Loan Combination Custodial Account, as
applicable, as provided in Section 3.06 and Section 3.06A of this Agreement.
 


Each of the related
Outside Servicer, the related Outside Special Servicer or the related Outside Trustee, as applicable, shall be entitled to reimbursement
out of general collections in the Collection Account for the Trust’s pro rata share of any fees, costs or expenses
incurred in connection with the servicing and administration of an Outside Serviced Loan Combination as to which the securitization
trust created under the applicable Outside Servicing Agreement or any of the parties thereto are entitled to be reimbursed pursuant
to the terms of the applicable Outside Servicing Agreement and the related Co-Lender Agreement (to the extent


 






    	-309-



    	 



    

 


amounts on deposit
in the related “Serviced Whole Loan Custodial Account” (as defined in the applicable Outside Servicing Agreement) are
insufficient for reimbursement of such amounts).
 


Section 6.04     Limitation
on Resignation of the Master Servicer, the Special Servicer or the Operating Advisor.
 


(a)        Each
of the Master Servicer, the Special Servicer and the Operating Advisor may assign its respective rights and delegate its respective
duties and obligations under this Agreement; provided that, with respect to any of the Master Servicer, the Special Servicer
or the Operating Advisor: (i) the successor accepting such assignment and delegation (A) shall be an established mortgage finance
entity, bank or other entity regularly engaged in the servicing of commercial mortgage loans (or, in the case of the Operating
Advisor, an Eligible Operating Advisor), organized and doing business under the laws of any state of the United States, the District
of Columbia or the United States, authorized under such laws to perform the duties of a servicer of mortgage loans or of an operating
advisor, as applicable, or a Person resulting from a merger, consolidation or succession that is permitted under Section 6.02
of this Agreement and, in the case of a Serviced Loan Combination, under the related Co-Lender Agreement, and (B) shall execute
and deliver 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 Master Servicer, the
Special Servicer or the Operating Advisor, as the case may be, under this Agreement from and after the date of such agreement;
(ii) each Rating Agency has delivered to the Trustee a Rating Agency Confirmation; (iii) the Master Servicer, the Special Servicer
or the Operating Advisor shall not be released from its obligations under this Agreement that arose prior to the effective date
of such assignment and delegation under this Section 6.04; (iv) the rate at which the Operating Advisor Fee, the Servicing
Fee or Special Servicing Compensation, as applicable (or any component thereof) is calculated shall not exceed the rate then in
effect; (v) for so long as no Control Termination Event has occurred and is continuing, the successor Special Servicer is acceptable
to the Controlling Class Representative (and, if a Serviced Outside Controlled Loan Combination is affected, the successor Special
Servicer is acceptable to the related Outside Controlling Note Holder); and (vi) the resigning Master Servicer, Special Servicer
or Operating Advisor, as applicable, shall be responsible for the reasonable costs and expenses of each other party hereto, the
Trust and the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and delegation, the purchaser
or transferee shall be the successor Master Servicer, Special Servicer or Operating Advisor, as applicable, hereunder.
 


(b)        Except
as provided in this Section 6.04, the Master Servicer, the Special Servicer and the Operating Advisor shall not resign from
their respective obligations and duties hereby imposed on them except upon determination that such duties hereunder are no longer
permissible under applicable law; provided that, on and after the time the Trustee receives notice of resignation by the
Master Servicer or the Special Servicer upon determination that such duties hereunder are no longer permissible under applicable
law, the Trustee (solely with respect to the Master Servicer or the Special Servicer) shall, subject to the terms and provisions
of Section 7.02 of this Agreement as if the resigning party was a Terminated Party, be its successor in all respects in
its capacity as Master Servicer or Special Servicer, as applicable, as though the Master Servicer or the Special Servicer, as the
case may be, had received a notice of termination. Any such determination permitting the resignation of the Master Servicer, the
Special Servicer or


 






    	-310-



    	 



    

 


the Operating Advisor, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning
Master Servicer’s, Special Servicer’s or Operating Advisor’s expense) to such effect delivered to the Trustee
and the Certificate Administrator. Notwithstanding the foregoing, at any time (i) the aggregate Stated Principal Balance of the
Mortgage Loans (including REO Mortgage Loans) is equal to or less than 1% of the aggregate Cut-Off Date Principal Balance of the
Mortgage Pool initially included in the Trust Fund or (ii) after the Certificate Principal Amounts of the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class PEZ, Class C and Class D Certificates have been reduced
to zero, the Operating Advisor may resign from its obligations and duties hereunder, without payment of any penalty, cost or expense,
and no replacement Operating Advisor shall be required to be appointed in connection with, or as a condition to, such resignation.
 


Except as provided
in the immediately preceding paragraph, no resignation or removal of the Master Servicer, the Special Servicer or the Operating
Advisor as contemplated herein shall become effective until the Trustee (solely with respect to the Master Servicer or the Special
Servicer) or a successor Master Servicer, Special Servicer or Operating Advisor shall have assumed the Master Servicer’s,
the Special Servicer’s or the Operating Advisor’s, as applicable, responsibilities, duties, liabilities and obligations
hereunder. If no successor Master Servicer, Special Servicer or Operating Advisor can be obtained to perform such obligations for
the same compensation to which the terminated Master Servicer, Special Servicer or Operating Advisor would have been entitled,
additional amounts payable to such successor Master Servicer, Special Servicer or Operating Advisor shall be treated as a shortfall
resulting in Realized Losses; provided that, for so long as no Consultation Termination Event has occurred and is continuing,
the Trustee shall consult with the Controlling Class Representative prior to the appointment of a successor Master Servicer, Special
Servicer or Operating Advisor at a servicing or operating advisor compensation in excess of that permitted to the terminated Master
Servicer, Special Servicer or Operating Advisor, as applicable.
 


If the Trustee or
an Affiliate acts pursuant to this Section 6.04 as successor to the resigning Master Servicer, it may reduce the Excess
Servicing Fee Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would
otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning Master
Servicer other than itself or an Affiliate pursuant to this Section 6.04, it may reduce the Excess Servicing Fee Rate to
the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master
Servicer that meets the requirements of this Section 6.04.
 


Section
6.05     Rights of the Depositor, the Trustee and the Certificate Administrator in Respect of the
Master Servicer and Special Servicer. The Master Servicer and the Special Servicer shall afford the Depositor, the
Trustee, the Certificate Administrator and, subject to Section 11.13 of this Agreement, each Rating Agency, upon
reasonable notice, during normal business hours access to all records maintained by it in respect of its rights and
obligations hereunder and access to its officers responsible for such obligations, if reasonably related to the performance
of the obligations of such Person under this Agreement. Upon request, if reasonably related to the performance of the
obligations of such Person under this Agreement, the Master Servicer and the Special Servicer shall furnish to the Depositor,
each of the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer, the Trustee


 






    	-311-



    	 



    

 


and the Certificate
Administrator its most recent publicly available annual financial statements or those of its public parent. The Depositor
may, but is not obligated to, enforce the obligations of the Master Servicer or the Special Servicer hereunder which are in
default and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of such
Person hereunder or exercise its rights hereunder, provided that the Master Servicer and the Special Servicer shall
not be relieved of any of its obligations hereunder by virtue of such performance by the Depositor or its designee. In the
event the Depositor or its designee undertakes any such action it will be reimbursed by the Trust Fund from the Collection
Account as provided in Section 3.06 and Section 6.03 of this Agreement to the extent not recoverable from the
Master Servicer or the Special Servicer, as applicable. None of the Depositor, the Trustee, the Certificate Administrator,
the Master Servicer (with respect to the Special Servicer) or the Special Servicer (with respect to the Master Servicer)
shall have any responsibility or liability for any action or failure to act by the Master Servicer or the Special Servicer,
and no such Person is obligated to monitor or supervise the performance of the Master Servicer or the Special Servicer under
this Agreement or otherwise. Neither the Master Servicer nor the Special Servicer shall have any responsibility or liability
for any action or failure to act by the Depositor, the Trustee or the Certificate Administrator and neither such Person is
obligated to monitor or supervise the performance of the Depositor, the Trustee or the Certificate Administrator under this
Agreement or otherwise.
 


Each of the Trustee,
the Certificate Administrator, the Depositor, the Master Servicer, and the Special Servicer shall furnish such reports, certifications
and information as are reasonably requested by the Trustee, the Certificate Administrator, the Depositor, the Master Servicer or
the Special Servicer, as applicable, in order to enable such requesting party to perform its duties hereunder, provided
that for the avoidance of doubt, this shall not require any Person to prepare any reports, Certificates and information not required
to be prepared hereunder.
 


Neither the Master
Servicer nor the Special Servicer shall be under any obligation to disclose confidential or proprietary information pursuant to
this Section.
 


Section
6.06     Master Servicer, Special Servicer as Owner of a Certificate. The Master Servicer or
an Affiliate of the Master Servicer or the Special Servicer or an Affiliate of the Special Servicer may become the Holder (or
with respect to a Global Certificate, Beneficial Owner) of any Certificate with the same rights it would have if it were not
the Master Servicer or the Special Servicer or an Affiliate thereof, except as otherwise expressly provided herein. If, at
any time during which the Master Servicer or the Special Servicer or an Affiliate of the Master Servicer or the Special
Servicer is the Holder or Beneficial Owner of any Certificate, the Master Servicer or the Special Servicer proposes to take
action (including for this purpose, omitting to take action) that (i) is not expressly prohibited by the terms hereof and
would not, in the Master Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing
Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith
judgment, be considered by other Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may
seek the approval of the Certificateholders and any affected Serviced Companion Loan Holder to such action by delivering to
the Trustee and the Certificate Administrator a written notice that (i) states that it is delivered pursuant to this Section
6.06, (ii) identifies the Percentage Interest in each Class of Certificates beneficially owned by the


 






    	-312-



    	 



    

 


Master Servicer or
the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer, and (iii) describes in reasonable detail
the action that the Master Servicer or the Special Servicer proposes to take. The Certificate Administrator, upon receipt of
such notice, shall forward it to the Certificateholders (other than the Master Servicer and its Affiliates or the Special
Servicer and its Affiliates, as appropriate) together with such instructions for response as the Certificate Administrator
shall reasonably determine. If at any time Certificateholders holding greater than 50% of the Voting Rights of all
Certificateholders (calculated without regard to the Certificates beneficially owned by the Master Servicer or its Affiliates
or the Special Servicer or its Affiliates) and any affected Serviced Companion Loan Holder shall have consented in writing to
the proposal described in the written notice, and if the Master Servicer or the Special Servicer shall act as proposed in the
written notice, such action shall be deemed to comply with the Servicing Standard. The Certificate Administrator shall be
entitled to reimbursement from the Master Servicer or the Special Servicer, as applicable, of the reasonable expenses of the
Certificate Administrator incurred pursuant to this paragraph. It is not the intent of the foregoing provision that the
Master Servicer or the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine
servicing matters arising hereunder, except in the case of unusual circumstances.
 


Section
6.07     Rating Agency Fees. The Depositor shall pay (or cause to be paid) the annual fees of
each Rating Agency including, but not limited to, surveillance fees.
 


Section 6.08     Termination
of the Special Servicer Without Cause.
 


(a)        At
any time prior to the occurrence and continuance of a Control Termination Event (or if a Control Termination Event has occurred
but is no longer continuing), the Controlling Class Representative shall be entitled to terminate the rights (subject to Section
3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations of the Special Servicer under
this Agreement with respect to the Serviced Loans or the Serviced Loan Combinations, as applicable (exclusive of any Serviced Outside
Controlled Loan Combination and any Excluded Mortgage Loan), with or without cause, upon ten (10) Business Days’ notice to
the Special Servicer, the Master Servicer, the Certificate Administrator and the Trustee and, in the case of a termination of the
Special Servicer with respect to a Serviced Loan Combination, the related Companion Loan Holder(s).
 


With respect to any
Serviced Outside Controlled Loan Combination, the related Outside Controlling Note Holder shall be entitled at any time to terminate
the rights (subject to Section 3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations of
the Special Servicer under this Agreement solely with respect to such Serviced Outside Controlled Loan Combination, with or without
cause, upon ten (10) Business Days’ notice to the Special Servicer, the Master Servicer, the Certificate Administrator and
the Trustee and any other related Companion Loan Holder(s).
 


Upon a termination
(pursuant to the first or the second paragraph of this Section 6.08(a)) or a resignation (pursuant to Section 6.04(b)
of this Agreement) of the Special Servicer with respect to the applicable Serviced Loan(s), the Controlling Class Representative
(with respect to the Serviced Loans other than any Serviced Outside Controlled Loan Combination) or the related Outside Controlling
Note Holder (with respect to a Serviced Outside Controlled Loan


 






    	-313-



    	 



    

 


Combination), as applicable, shall appoint a successor Special
Servicer with respect to the Serviced Loans (exclusive of any Serviced Outside Controlled Loan Combination) or the related Serviced
Outside Controlled Loan Combination, as the case may be; provided, however, that (i) such successor shall meet the requirements
set forth in Section 7.02 of this Agreement, (ii) the Controlling Class Representative (with respect to the Serviced Loans
other than any Serviced Outside Controlled Loan Combination) or the related Outside Controlling Note Holder (with respect to a
Serviced Outside Controlled Loan Combination), as applicable, 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
and (iii) in the case of the appointment of a successor Special Servicer with respect to a Serviced Loan Combination, the Controlling
Class Representative (with respect to the Serviced Loans other than any Serviced Outside Controlled Loan Combination) or the related
Outside Controlling Note Holder (with respect to a Serviced Outside Controlled Loan Combination), as applicable, shall (at no expense
to the Trust or any related Other Securitization Trust) obtain and deliver to the certificate administrator (if any) and the trustee
for each related Other Securitization Trust (with a copy to the Certificate Administrator and the Trustee) a Companion Loan Rating
Agency Confirmation with respect to such proposed successor acting as a Special Servicer for each related Serviced Companion Loan.
 


Following the occurrence
and during the continuance of a Control Termination Event, upon (i) the written direction of Holders of Certificates evidencing
not less than 25% of the Voting Rights of the Certificates (other than the Class R Certificates) requesting a vote to terminate
and replace the Special Servicer (with respect to all of the Serviced Loans other than any Serviced Outside Controlled Loan Combination)
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 (other than
the Class R Certificates) evidencing at least 75% of the Voting Rights of the Certificates (other than the Class R Certificates)
or (b) Holders of Non-Reduced Certificates evidencing more than 50% of the Voting Rights of each Class of Non-Reduced Certificates
(considering each Class of the Class A-S, Class B and Class C Certificates together with the Class PEZ Component with the same
alphabetical designation as a single “Class” for such purpose), the Trustee shall terminate all of the rights (subject
to Section 3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations of the Special Servicer
under this Agreement with respect to the Serviced Loans (other than any Serviced Outside Controlled Loan Combination), and the
proposed successor Special Servicer shall succeed to the duties of the Special Servicer with respect to the Serviced Loans (other
than any Serviced Outside Controlled Loan Combination) all as if a removal and replacement were occurring pursuant to Section
7.01 and Section 7.02 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


 






    	-314-



    	 



    

 


sentences of this paragraph 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.
 


The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner may access notices
on the Certificate Administrator’s Website and each Certificateholder and Beneficial Owner may register to receive e-mail
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)        At
any time after the occurrence and during the continuance of a Consultation Termination Event, if the Operating Advisor determines
that the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the
Servicing Standard, the Operating Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special
Servicer, a written recommendation in the form of Exhibit T attached hereto (which form may be modified or supplemented
from time to time to cure any ambiguity or error or to incorporate any additional information, subject to compliance of such form
with the terms and provisions of this Agreement; provided that in no event shall the information or any other content included
in such written recommendation contravene any provision of this Agreement) detailing the reasons supporting its position (along
with relevant information justifying its recommendation) and recommending a replacement special servicer with respect to the Serviced
Loans (other than any Serviced Outside Controlled Loan Combination unless the related Outside Controlling Note Holder so consents),
meeting the applicable requirements of this Agreement, which recommended special servicer has agreed to succeed the then-current
Special Servicer if appointed in accordance herewith. In any such event, the Certificate Administrator shall promptly post a copy
of such recommendation on the Certificate Administrator’s Website and by mail send notice of such recommendation to all Certificateholders,
asking them to vote whether they wish to remove the Special Servicer with respect to the applicable Serviced Loan(s). Upon (i)
the written direction (as evidenced by votes cast) of Holders of each Class of Non-Reduced Certificates evidencing greater than
50% of the aggregate Voting Rights of each Class of Non-Reduced Certificates (considering each Class of the Class A-S, Class B
and Class C Certificates together with the Class PEZ Component with the same alphabetical designation as a single “Class”
for such purpose) within 180 days of the initial request for a vote (which, for the avoidance of doubt, is the date on the which
the aforementioned notice was mailed to the Certificateholders) and (ii) receipt of Rating Agency Confirmation from each Rating
Agency by the Certificate Administrator following satisfaction of the foregoing clause (i), the Trustee shall (x) terminate all
of the rights (subject to Section 3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations
of the Special Servicer under this Agreement with respect to the applicable Serviced Loan(s), (y) appoint the recommended successor
Special Servicer and (z) promptly notify such outgoing Special Servicer of the effective date of such termination. The reasonable
fees and out-of-pocket costs and expenses associated with obtaining such Rating Agency Confirmation and administering such vote
shall be an Additional Trust Fund Expense. If the Certificate Administrator does not


 






    	-315-



    	 



    

 


receive
the required written direction contemplated by clause (i) of the second preceding sentence within 180 days of the initial request
for such vote (which, for the avoidance of doubt, is the date on the which the aforementioned notice was mailed to the Certificateholders),
then the Trustee shall have no obligation to remove the Special Servicer and such recommendation shall lapse and have no force
or effect. Prior to the appointment of any replacement special servicer, such replacement special servicer shall have agreed to
succeed to the obligations of the Special Servicer under this Agreement with respect to the applicable Serviced Loan(s), and to
act as the Special Servicer’s successor hereunder. No penalty or fee shall be payable to the terminated Special Servicer
with respect to any termination pursuant to this Section 6.08(b). The Special Servicer for a Serviced Outside Controlled
Loan Combination may not be replaced pursuant to this paragraph unless the related Outside Controlling Note Holder so consents.


 


(c)        In
no event may a successor Special Servicer be a current or former Operating Advisor or any Affiliate of such current or former Operating
Advisor. Further, such successor must be a Person that (i) satisfies all of the eligibility requirements applicable to special
servicers contained in this Agreement and, in the case of a Serviced Loan Combination, in the related Co-Lender Agreement, (ii)
is not obligated or allowed to pay the Operating Advisor (x) any fees or otherwise compensate the Operating Advisor in respect
of its obligations under this Agreement or (y) for the appointment of the successor Special Servicer or the recommendation by the
Operating Advisor for the replacement Special Servicer to become the Special Servicer, (iii) is not entitled to waive any compensation
from the Operating Advisor and (iv) is not entitled to receive any fee from the Operating Advisor for its appointment as successor
Special Servicer, in each case, unless expressly approved by 100% of the Certificateholders.
 


(d)        The
appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations
to make Advances as set forth herein; provided, however, the initial Special Servicer specified in Section 3.21(a)
of this Agreement shall not 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, the Certificateholders or the Serviced
Companion Loan Holder so terminating the Special Servicer and shall not in any event be an expense of the Trust Fund.
 


(e)        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, (ii) the Depositor and, if
applicable, each related Other Depositor shall have received the written notice and information with respect to the successor Special
Servicer as set forth in Section 10.02(a) and (iii) subject to Section 11.13 of this Agreement, each Rating Agency
has delivered to the Trustee and the Certificate Administrator a Rating Agency Confirmation and, if required pursuant to Section
6.08(a), each Companion Loan Rating Agency has delivered to the Trustee and the Certificate Administrator and their respective
counterparts with respect to the Other Securitization Trust a Companion


 






    	-316-



    	 



    

 


Loan Rating Agency Confirmation, in each case with respect
to such termination and appointment of a successor.
 


(f)        Any
successor Special Servicer shall be deemed to make the representations and warranties provided for in Section 2.06(a) of
this Agreement mutatis mutandis as of the date of its succession.
 


(g)        In
the event that the Special Servicer is terminated pursuant to this Section 6.08, 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 applicable Mortgage
Loan(s) and/or Serviced Loan Combinations 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 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 6.03 of this Agreement and the right to receive ongoing Workout Fees in accordance
with the terms hereof).
 


(h)        If
a replacement special servicer is appointed with respect to a Serviced Loan Combination or any related REO Property in accordance
with Article VII or this Section 6.08 such that there are multiple parties acting as Special Servicer hereunder,
then, unless the context clearly requires otherwise: (i) when used in the context of imposing duties and obligations on the Special
Servicer hereunder or the performance of such duties and obligations, the term “Special Servicer” shall mean the applicable
Loan Combination Special Servicer, insofar as such duties and obligations relate to the subject Serviced Loan Combination or any
related REO Property, and shall mean the General Special Servicer, in all other cases (provided, that in Section 3.15 and
Article VII of this Agreement, the term “Special Servicer” shall mean each of the Loan Combination Special Servicers
and the General Special Servicer); (ii) when used in the context of identifying the recipient of any information, funds, documents,
instruments and/or other items, the term “Special Servicer” shall mean the applicable Loan Combination Special Servicer,
insofar as such information, funds, documents, instruments and/or other items relate to the subject Serviced Loan Combination or
any related REO Property, and shall mean the General Special Servicer, in all other cases; (iii) when used in the context of granting
the Special Servicer the right to purchase all of the Mortgage Loans and all other property held by the Trust Fund pursuant to
Section 9.01 of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (iv)
when used in the context of the Special Servicer being replaced pursuant to this Section 6.08 by the Controlling Class Representative
or the applicable Certificateholders, the term “Special Servicer” shall mean the General Special Servicer or the applicable
Loan Combination Special Servicer, if applicable; (v) when used in the context of granting the Special Servicer any protections,
limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer” shall mean each of the
Loan Combination Special Servicers and the General Special Servicer; and (vi) when used in the context of requiring indemnification
from, imposing liability on, or exercising any remedies against, the Special Servicer for any breach of a representation, warranty
or covenant hereunder or for any negligence, bad faith or willful misconduct in the performance of duties and obligations hereunder
or any negligent disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any of the
foregoing, the term “Special Servicer”


 






    	-317-



    	 



    

 


shall mean the applicable Loan Combination Special Servicer or the General Special
Servicer, as applicable.
 


(i)         References
in this Agreement to “General Special Servicer” mean the Person performing the duties and obligations of special servicer
with respect to the Mortgage Pool (exclusive of any Serviced Loan Combination or related REO Property as to which a different Loan
Combination Special Servicer has been appointed with respect thereto).
 


(j)         Notwithstanding
anything to the contrary contained in this Section 6.08, with respect to any Excluded Special Servicer Mortgage Loan, if
any, the Special Servicer shall resign with respect to such Excluded Special Servicer Mortgage Loan. Prior to the occurrence and
continuance of a Control Termination Event, if the Excluded Special Servicer Mortgage Loan is not also an Excluded Mortgage Loan,
the Controlling Class Representative shall appoint (and replace with or without cause) the Excluded Mortgage Loan Special Servicer,
as successor to the resigning Special Servicer, for the related Excluded Special Servicer Mortgage Loan in accordance with this
Agreement. If such Excluded Special Servicer Mortgage Loan is also an Excluded Mortgage Loan, the largest Controlling Class Certificateholder
(by Certificate Principal Amount) that is not an Excluded Controlling Class Holder shall appoint (and replace with or without cause)
the Excluded Mortgage Loan Special Servicer for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement.
If a Control Termination Event has occurred and is continuing but prior to the occurrence and continuance of a Consultation Termination
Event, the largest Controlling Class Certificateholder that is not an Excluded Controlling Class Certificateholder shall have the
right to appoint the Excluded Mortgage Loan Special Servicer. If a Consultation Termination Event has occurred and is continuing,
neither the Controlling Class Representative nor any other Controlling Class Certificateholder shall be entitled to remove or replace
the Special Servicer with respect to any Excluded Special Servicer Mortgage Loan, and an Excluded Mortgage Loan Special Servicer
shall be appointed with respect to such Excluded Special Servicer Mortgage Loan in accordance with the immediately succeeding paragraph
of this Section 6.08.
 


If a Consultation
Termination Event has occurred and is continuing, upon resignation of the Special Servicer with respect to an Excluded Special
Servicer Mortgage Loan, at the expense of the Trust Fund, the Certificate Administrator shall promptly provide written notice of
such resignation to all Certificateholders by posting such notice on the Certificate Administrator’s Website and the Excluded
Mortgage Loan Special Servicer shall be appointed upon the written direction of more than 50% of the Voting Rights of the Certificates
that exercise their right to vote (provided that holders of at least 20% of the Voting Rights of the Certificates exercise their
right to vote). If such Excluded Mortgage Loan Special Servicer has not been appointed pursuant to the preceding sentence within
30 days after the Special Servicer has provided its written notice of resignation, the Certificate Administrator shall provide
written notice to the resigning Special Servicer that such Excluded Mortgage Loan Special Servicer has not been appointed and such
resigning Special Servicer shall appoint such Excluded Mortgage Loan Special Servicer.
 


If at any time the
Special Servicer that had acted as the Special Servicer for an Excluded Special Servicer Mortgage Loan prior to it becoming an
Excluded Special Servicer Mortgage Loan is no longer a Borrower Party (including, without limitation, as a result of the


 






    	-318-



    	 



    

 


related
Mortgaged Property becoming REO Property or an assumption of the Excluded Special Servicer Mortgage Loan) with respect to an Excluded
Special Servicer Mortgage Loan, (1) the related Excluded Mortgage Loan Special Servicer shall resign, (2) the related Mortgage
Loan shall no longer be an Excluded Special Servicer Mortgage Loan, (3) such Special Servicer shall become the Special Servicer
again for such related Mortgage Loan and (4) such original Special Servicer shall be entitled to all special servicing compensation
with respect to such Mortgage Loan earned on and after such Mortgage Loan is no longer an Excluded Special Servicer Mortgage Loan.
 


The Excluded Mortgage
Loan Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Mortgage
Loan and will be entitled to all Special Servicing Compensation with respect to such Excluded Special Servicer Mortgage Loan earned
during such time as the related Mortgage Loan is an Excluded Special Servicer Mortgage Loan.
 


If a Servicing Officer
of the Master Servicer, a related Excluded Mortgage Loan Special Servicer, or the Special Servicer, as applicable, has actual knowledge
that a Mortgage Loan is no longer an Excluded Mortgage Loan, an Excluded Controlling Class Mortgage Loan or an Excluded Special
Servicer Mortgage Loan, as applicable, the Master Servicer, the related Excluded Mortgage Loan Special Servicer or Special Servicer,
as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.
 


Section 6.09     The
Directing Holder and the Controlling Class Representative.
 


(a)        The
related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling Class
Representative (if any other Serviced Loan(s) are involved and a Control Termination Event does not exist), as applicable, shall
be entitled to advise the Special Servicer (1) with respect to the applicable Serviced Loan(s) that are Specially Serviced Loan(s)
and (2) with respect to the applicable Serviced Loan(s) that are Performing Serviced Loan(s), as to all matters for which the Master
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 6.09(b) and the second and third paragraphs
of this Section 6.09(a), (a) the Master 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
Master Servicer) to analyze and make a recommendation regarding such Major Decision (provided that if the Special Servicer
does not consent, or notify the Master Servicer that it will not 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)
for so long as no Control Termination Event exists, the Special Servicer shall not be permitted to consent to the Master 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 related Directing Holder has objected in writing within ten (10) Business Days (or
in the case of a determination of an Acceptable Insurance Default, twenty (20) days) after receipt of the written recommendation
and analysis from the Special Servicer (provided that if such written objection has not been received


 






    	-319-



    	 



    

 


by the Special Servicer
within such ten (10) Business Day period or twenty (20) day period, as applicable, then the related Directing Holder will be deemed
to have approved such action); and provided, further, that, as to both clause (a) and clause (b) above,
in the event that the Special Servicer or Master Servicer (in the event the Master 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 related Directing Holder, is necessary to protect the interests of the Certificateholders and, with respect to any
Serviced Loan Combination, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and,
with respect to any Serviced Loan Combination, the related Serviced Companion Loan Holder(s) constituted a single lender (and,
with respect to a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion
Loan)), the Special Servicer or Master Servicer, as applicable, may take any such action without waiting for the Directing Holder’s
(or, if applicable, the Special Servicer’s) response. Notwithstanding the foregoing, if the Controlling Class Representative
is the related Directing Holder, the Special Servicer is not required to obtain the consent of the Controlling Class Representative
prior to taking, or consenting to the Master Servicer’s taking of, any Major Decision following the occurrence and during
the continuance of a Control Termination Event; provided that, after the occurrence and during the continuance of a Control
Termination Event, the Special Servicer shall consult (on a non-binding basis) with the Controlling Class Representative (other
than with respect to any Excluded Mortgage Loan and until the occurrence and continuance of a Consultation Termination Event) and
the Operating Advisor in connection with any Major Decision and consider alternative actions recommended by the Controlling Class
Representative and the Operating Advisor, but only to the extent such consultation with, or consent of, the Controlling Class Representative
would have been required prior to the occurrence and continuance of such Control Termination Event; and provided, further,
that the Controlling Class Representative (with respect to any Serviced Outside Controlled Loan Combination that does not include
an Excluded Mortgage Loan and for so long as no Consultation Termination Event exists) and the Operating Advisor (if a Control
Termination Event exists) may consult regarding a Serviced Outside Controlled Loan Combination only if and to the extent that the
holder of the related Split Mortgage Loan is granted consultation rights under the related Co-Lender Agreement. For the avoidance
of doubt, with respect to any Serviced Outside Controlled Loan Combination, the Special Servicer shall be responsible for obtaining
any consent or deemed consent of the related Outside Controlling Note Holder for “Major Decisions” (as such term or
any analogous term is defined in the related Co-Lender Agreement) to the extent such consent is required under this Agreement or
under the terms of the related Co-Lender Agreement. Notwithstanding the foregoing, the Controlling Class Representative shall have
no consent or consultation rights with respect to Major Decisions with respect to any Excluded Mortgage Loan.
 


In addition, each
of (x) the Controlling Class Representative (with respect to each Serviced Loan other than a Serviced Outside Controlled Loan Combination
and any Excluded Mortgage Loan, provided that a Control Termination Event does not exist) and (y) the related Outside Controlling
Note Holder (with respect to a Serviced Outside Controlled Loan Combination) may direct the Special Servicer to take, or to refrain
from taking, such other actions with respect to the applicable Serviced Loan(s) as such party 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,
advice or consultation contemplated by the


 






    	-320-



    	 



    

 


preceding paragraph or this paragraph, may require or cause the Master Servicer or the
Special Servicer to violate any provision of any related Loan Documents, any related Co-Lender Agreement, any intercreditor agreement,
applicable law, this Agreement or the REMIC Provisions, including without limitation each of the Master Servicer’s and the
Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trust Fund or the Trustee to liability, or materially expand the scope of the Master
Servicer’s or the Special Servicer’s responsibilities under this Agreement or any Co-Lender Agreement or cause the
Master Servicer or the Special Servicer to act, or fail to act, in a manner which in the reasonable judgment of the Master Servicer
or the Special Servicer is not in the best interests of the Certificateholders and/or the Serviced Companion Loan Holders.
 


In the event the Special
Servicer or Master Servicer, as applicable, determines that a refusal to consent by a Directing Holder or any advice from a Directing
Holder would otherwise cause the Special Servicer or Master Servicer, as applicable, to violate the terms of any Loan Documents,
any related Co-Lender Agreement or mezzanine intercreditor agreement, applicable law, the REMIC Provisions or this Agreement, including
without limitation, the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such refusal
to consent or advise and notify in writing such Directing Holder, the Trustee and, for posting to the Rule 17g-5 Information Provider’s
Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider of its determination, including
a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the Master Servicer
or Special Servicer in accordance with the direction of or approval of a Directing Holder that does not violate any law or the
Servicing Standard or any other provisions of this Agreement, will not result in any liability on the part of the Master Servicer
or the Special Servicer.
 


For so long as no
Control Termination Event has occurred and is continuing, the Controlling Class Representative shall be entitled to, with respect
to each Outside Serviced Trust Loan other than any Excluded Mortgage Loan, exercise the consent or approval rights set forth in
Section 3.01(i) of this Agreement; and for so long as no Consultation Termination Event has occurred and is continuing,
the Controlling Class Representative shall be entitled to, with respect to each Outside Serviced Trust Loan other than any Excluded
Mortgage Loan, exercise any consultation rights permitted under the related Co-Lender Agreement in respect of “Major Decisions”
(or any analogous concept) and the implementation of “Asset Status Reports” (or any analogous concept) under, and within
the meaning of, the applicable Outside Servicing Agreement and attend an annual meeting with the related Outside Servicer and the
related Outside Special Servicer, in each case, to the extent the holder of such Outside Serviced Trust Loan is entitled to such
rights pursuant to the related Co-Lender Agreement.
 


The Directing Holder
will have no liability to the Trust Fund or Certificateholders 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 negligence in the performance of duties or by reason of negligent disregard of obligations
or duties.
 






    	-321-



    	 



    

 


By its acceptance
of a Certificate, each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) a Directing
Holder may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates;
(ii) a Directing Holder may act solely in its own interests (or, in the case of the Controlling Class Representative, in the interests
of the Holders of the Controlling Class); (iii) a Directing Holder does not have any liability or duties to the Holders of any
Class of Certificates (other than, in the case of the Controlling Class Representative, the Controlling Class); (iv) a Directing
Holder may take actions that favor its own interests (or in the case of the Controlling Class Representative, the interests of
the Holders of the Controlling Class) over the interests of the Holders of one or more other Classes of Certificates; and (v) a
Directing Holder shall have no liability whatsoever (other than, in the case of the Controlling Class Representative, to a Controlling
Class Certificateholder) for having so acted as set forth in clauses (i)-(iv) of this paragraph, and that no Certificateholder
may take any action whatsoever against any Directing Holder or any affiliate, director, officer, employee, shareholder, member,
partner, agent or principal thereof for having so acted; provided, however, that the rights of a Directing Holder
are subject to any related mezzanine intercreditor agreement.
 


(b)        Notwithstanding
anything to the contrary contained herein:
 


(i)         after
the occurrence and during the continuance of a Control Termination Event, the Controlling Class Representative shall have no right
to consent to any action taken or not taken by any party to this Agreement;
 


(ii)        after
the occurrence and during the continuance of a Control Termination Event, but prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative shall remain entitled to receive any notices, reports or information to
which it is entitled pursuant to this Agreement with respect to the applicable Serviced Loan(s) (other than any Excluded Mortgage
Loan), and the Master Servicer, Special Servicer and any other applicable party shall consult with the Controlling Class Representative
in connection with any action to be taken or refrained from taking with respect to the applicable Serviced Loan(s) (other than
any Excluded Mortgage Loan), but only to the extent such consultation with, or consent of, the Controlling Class Representative
would have been required prior to the occurrence and continuance of such Control Termination Event; provided, however, that
the Controlling Class Representative shall not be permitted to consult with respect to any Serviced AB Loan Combination while any
related Subordinate Companion Loan Holder is the related Outside Controlling Note Holder;
 


(iii)       after
the occurrence and during the continuance of a Consultation Termination Event, 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 a Directing Holder; and
 


(iv)       no
person may exercise any of the rights and powers of the Controlling Class Representative with respect to an Excluded Mortgage Loan.
 






    	-322-



    	 



    

 


(c)        Notwithstanding
anything to the contrary herein, neither the Master Servicer nor the Special Servicer shall take or refrain from taking any action
pursuant to instructions from a Serviced Companion Loan Holder (or its Companion Loan Holder Representative) that would cause any
one of them to violate applicable law, the terms of the related Serviced Loan Combination, the related Co-Lender Agreement, this
Agreement, including the Servicing Standard, or the REMIC Provisions or that would (i) expose the Master Servicer, the Special
Servicer, the Depositor, a Mortgage Loan Seller, the Trust Fund, the Trustee, the Operating Advisor, the Certificate Administrator
or their respective Affiliates, officers, directors, employees or agents to any claim, suit or liability, (ii) materially expand
the scope of the Master Servicer’s or the Special Servicer’s responsibilities, or (iii) cause the Master Servicer or
the Special Servicer to act, or fail to act, in a manner that is not in the best interests of the Certificateholders or the Servicing
Standard.
 


(d)        Each
Certificateholder and Beneficial Owner of a Control Eligible Certificate is hereby deemed to have agreed by virtue of its purchase
of such Certificate (or beneficial ownership interest in such Certificate) to provide its name and address to the Certificate Administrator
and to notify the Certificate Administrator of the transfer of any Control Eligible Certificate (or the beneficial ownership of
any Control Eligible Certificate), the selection of a Controlling Class Representative or the resignation or removal thereof. Any
such Certificateholder (or 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 Control Eligible Certificate (or the beneficial ownership interest in a Control Eligible
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 Master Servicer, the Operating Advisor 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 Control Eligible Certificate.
In addition, upon the request of the Master Servicer, the Special Servicer, the Operating Advisor or the Trustee, as applicable,
the Certificate Administrator shall provide 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
in connection with a request made by the Operating Advisor in connection with its obligation under Section 3.29(d)(ii) of
this Agreement to deliver a copy of the Operating Advisor Annual Report to the Controlling Class Representative, and otherwise
at the expense of the requesting party) of the Controlling Class to such requesting party, and each of the Master Servicer, Special
Servicer, Operating Advisor and the Trustee shall be entitled to rely on the information so provided by the Certificate Administrator.
 


In the event of a
change in the Controlling Class, the Certificate Administrator shall promptly contact the current Holder of the Controlling Class
(or its designee) or one of its affiliates or, if applicable, any successor Controlling Class Representative or Controlling Class
Certificateholder(s), and determine whether such entity is the Holder (or Beneficial Owner) of at least a majority of the Controlling
Class (in effect after such change in Controlling Class) by Certificate Principal Amount. If at any time the current Holder of
the Controlling Class (or its designee) or one of its Affiliates, or any successor Controlling Class Representative


 






    	-323-



    	 



    

 


or Controlling
Class Certificateholder(s) is no longer the Holder (or Beneficial Owner) of at least a majority of the Controlling Class by Certificate
Principal Amount and the Certificate Administrator has neither (i) received notice of the then-current Controlling Class Certificateholders
of at least a majority of the Controlling Class by Certificate Principal Amount 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.
 


On the Closing Date,
the initial Controlling Class Representative shall deliver to the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator and the Operating Advisor a certification substantially in the form of Exhibit M-1E to this Agreement. Upon
the resignation or removal of the existing Controlling Class Representative, any successor Controlling Class Representative shall
also deliver to the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor
a certification substantially in the form of Exhibit M-1E to this Agreement prior to being recognized as the new Controlling
Class Representative.
 


(e)        Once
a Controlling Class Representative has been selected, each of the Master Servicer, the Special Servicer, the Operating Advisor,
the Depositor, the Certificate Administrator, the Trustee and each other Certificateholder (or Beneficial Owner, if applicable)
shall be entitled to rely on such selection unless a majority of the Certificateholders of the Controlling Class, by Certificate
Principal Amount, or such Controlling Class Representative shall have notified the Certificate Administrator, the Master Servicer
and each other Certificateholder of the Controlling Class, in writing, of the resignation of such Controlling Class Representative
or the selection of a new Controlling Class Representative. Upon receipt of written notice of, or other knowledge of, the resignation
of a Controlling Class Representative, the Certificate Administrator shall request the Certificateholders of the Controlling Class
to select a new Controlling Class Representative.
 


(f)        If
at any time a book-entry certificate belongs to the Controlling Class, the Certificate Administrator shall notify 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) of such event and shall request that it be informed of any
change in the identity of the related Beneficial Owner from time to time.
 


(g)        Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, 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.
 






    	-324-



    	 



    

 


(h)        Notwithstanding
anything to the contrary contained herein, at any time when the Class E Certificates are the Controlling Class Certificates, the
Holder of more than 50% of the Controlling Class Certificates (by Certificate Principal Amount) may waive its right to act as
or appoint a Controlling Class Representative and to exercise any of the rights of the Controlling Class Representative or cause
the exercise of any of the rights of the Controlling Class Representative set forth in this Agreement, by irrevocable written
notice delivered to the Depositor, Certificate Administrator, Trustee, Master Servicer, Special Servicer and Operating Advisor
(any such Holder or group of affiliated Holders that makes such an election, the “Opting-Out Party”). Any such
waiver shall remain effective, and a Control Termination Event and a Consultation Termination Event shall be deemed to have occurred
and shall be deemed to continue, with respect to such Holder and such Class until such time as either (x) the Class E Certificates
are no longer the Controlling Class of Certificates or (y) the Opting-Out Party has (i) sold a majority of the Class E Certificates
(by Certificate Principal Amount) to an unaffiliated third party and (ii) certified to the Depositor, Certificate Administrator,
Trustee, Master Servicer, Special Servicer and Operating Advisor that (a) the Opting-Out Party retains no direct or indirect voting
rights with respect to the Class E Certificates that it does not own, (b) there is no voting agreement between the Opting-Out
Party and the transferee and (c) the Opting-Out Party retains no direct or indirect economic interest in the Class E Certificates
(such sale and certification, a “Class E Transfer”). Following any such Class E Transfer, or if the Class E
Certificates are no longer the Controlling Class of Certificates, the successor holder of more than 50% of the Controlling Class
of Certificates (by Certificate Principal Amount) shall again have the rights of a Controlling Class Representative as set forth
herein without regard to any prior waiver by the predecessor Certificateholder. Such successor Certificateholder shall also have
the right as provided in this Section 6.09(h) to irrevocably waive its right to act as or appoint a Controlling Class Representative
or to exercise any of the rights of the Controlling Class Representative or to cause the exercise of any of the rights of the
Controlling Class Representative as set forth in this Agreement. No successor Certificateholder described above in this paragraph
shall have any consent rights with respect to any Serviced Mortgage Loan that became a Specially Serviced Loan prior to the Class
E Transfer and had not also become a Corrected Loan prior to such Class E Transfer until such time as such Serviced Mortgage Loan
becomes a Corrected Loan.


Article
VII



DEFAULT
 


Section 7.01     Servicer
Termination Events. 
 


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


(i)         (A)
any failure by the Master Servicer to make any deposit or payment required to be made by the Master Servicer to the Collection
Account or Loan Combination Custodial Account or to any Serviced Companion Loan Holder on the day and by the time such deposit
or remittance is required to be made under the terms of this Agreement, which failure is not remedied within one (1) Business Day
or (B) any failure by the Master Servicer to deposit into, or remit to the Certificate Administrator for deposit into, the Distribution
Account, the Excess Interest Distribution Account or the


 






    	-325-



    	 



    

 


Exchangeable Distribution Account any amount required to be so deposited
or remitted, which failure is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date; or
 


(ii)        any
failure by the Special Servicer to deposit into any REO Account, within two (2) Business Days after such deposit is required to
be made or to remit to the Master Servicer for deposit into the Collection Account or the Loan Combination Custodial Account, as
applicable, any amount required to be so deposited or remitted by the Special Servicer pursuant to, and within one (1) Business
Day after the time specified by, the terms of this Agreement; or
 


(iii)       any
failure on the part of the Master Servicer or the Special Servicer, as applicable, duly to observe or perform in any material respect
any of its other covenants or obligations contained in this Agreement which continues unremedied for a period of 30 days (10 days
in the case of the Master Servicer’s failure to make a Property Advance or 20 days in the case of a failure to pay the premium
for any insurance policy required to be maintained under this Agreement or such shorter period (not less than two (2) Business
Days) as may be required to avoid the commencement of foreclosure proceedings for unpaid real estate taxes or the lapse of insurance,
as applicable) after the date on which written notice of such failure, requiring the same to be remedied, shall have been given
to the Master Servicer or the Special Servicer, as the case may be, by any other party hereto, or to the Master Servicer or the
Special Servicer, as the case may be, with a copy to each other party to this Agreement, by the Holders of Certificates of any
Class evidencing, as to such Class, not less than 25% of the Voting Rights allocable thereto (considering each Class of the Class
A-S, Class B and Class C Certificates together with the Class PEZ Component with the same alphabetical designation as a single
“Class” for such purpose) or, if affected thereby, by a Serviced Companion Loan Holder; provided, however,
if any such failure with a 30-day cure period is capable of being cured and the Master Servicer or Special Servicer, as applicable,
is diligently pursuing such cure, such 30-day period will be extended an additional 60 days (provided that the Master Servicer,
or Special Servicer, as applicable, has commenced to cure such failure within the initial 30-day period and has certified that
it has diligently pursued, and is continuing to pursue, a full cure); or
 


(iv)       any
breach on the part of the Master Servicer or the Special Servicer of any representation or warranty contained in this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or any Serviced Companion Loan Holder and
which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be remedied,
has been given to the Master Servicer or the Special Servicer, as the case may be, by the Depositor, the Certificate Administrator
or the Trustee, or to the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee by
the Holders of Certificates entitled to not less than 25% of the Voting Rights or, if affected thereby, by a Serviced Companion
Loan Holder; provided, however, if such breach is capable of being cured and the Master Servicer or the Special Servicer,
as applicable, is diligently pursuing such cure, such 30-day period will be extended an additional 60 days (provided that
the Master Servicer, or Special Servicer, as applicable, has commenced to cure such failure within


 






    	-326-



    	 



    

 


the initial 30-day period and
has certified that it has diligently pursued, and is continuing to pursue, a full cure); or
 


(v)        a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer or the Special
Servicer, as applicable, and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period
of 60 days; or
 


(vi)       the
Master Servicer or the Special Servicer, as applicable, shall consent to the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings of or relating to the Master Servicer or the Special Servicer or of or relating to all or substantially all of its
property; or
 


(vii)      the
Master 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 bankruptcy, insolvency or reorganization statute, make an assignment
for the benefit of its creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of
the foregoing; or
 


(viii)     any
of Moody’s, Fitch or KBRA (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) has (A)
qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more classes of Serviced
Companion Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced Companion Loan
Securities on “watch status” in contemplation of rating downgrade or withdrawal and, in the case of either of clauses
(A) or (B), publicly citing servicing concerns with the Master 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 Rating Agency (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency),
within 60 days of such event); or
 


(ix)       with
respect to the Master Servicer, the Master Servicer ceases to have a commercial master servicer rating of at least “CMS3”
from Fitch and that rating is not reinstated within 60 days or, with respect to the Special Servicer, the Special Servicer ceases
to have a commercial special servicer rating of at least “CSS3” from Fitch and that rating is not reinstated within
60 days, as the case may be; or
 


(x)        the
Master Servicer or the Special Servicer, as applicable, or any primary servicer or Sub-Servicer appointed by the Master Servicer
or the Special Servicer after the Closing Date (but excluding any Sub-Servicer set forth on Exhibit S), shall (A) for so
long as the Trust is subject to the reporting requirements of Regulation AB or the Exchange Act, fail to deliver the items required
to be delivered by this Agreement to


 






    	-327-



    	 



    

 


enable the Certificate Administrator or Depositor to comply with the reporting obligations
of the Trust under the Exchange Act or (B) for so long as any Other Securitization Trust is subject to the reporting requirements
of Regulation AB or the Exchange Act, fail to deliver any Exchange Act reporting items required to be delivered by such servicer
to the related Other Depositor or related Other Exchange Act Reporting Party pursuant to Article X of this Agreement, in the case
of each of clauses (A) and (B), within (a) with respect to the delivery of any item relating to a Reportable Event, two (2) Business
Days of such failure to comply with Article X or (b) with respect to the delivery of any other item, five (5) Business Days
of such failure to comply with Article X (any primary servicer or Sub-Servicer that defaults in accordance with this Section
7.01(a)(x) shall be terminated at the direction of the Depositor);
 


then, and in each and every such case,
so long as a Servicer Termination Event shall not have been remedied, either (i) the Trustee may or (ii) upon the written direction
of the Holders of at least 25% of the aggregate Voting Rights of all Certificates (or, solely in the case of a Serviced Loan Combination,
upon the written direction of an affected Serviced Companion Loan Holder) to the Trustee, then the Trustee shall, terminate the
Master Servicer or the Special Servicer, as applicable. Notwithstanding anything to the contrary, it shall not be a Servicer Termination
Event with respect to the pool of Mortgage Loans under clauses (i), (ii), (iii), (iv), (viii) or (ix) above if the failure, default
or event only has an adverse effect on a Serviced Companion Loan, a Serviced Companion Loan Holder or a rating on any Serviced
Companion Loan Securities, but shall be a Servicer Termination Event with respect to the related Serviced Companion Loan and any
related Serviced Companion Loan Holder shall: (i) in the case of any such failure, default or event on the part of the Master Servicer,
have the remedies set forth in Section 7.01(d) with respect to the Servicer Termination Event with respect to the related
Serviced Companion Loan; and (ii) with respect to any such failure, default or event on the part of the Special Servicer, be able
to require termination of the Special Servicer with respect to, but only with respect to, the related Serviced Loan Combination.
 


In the event that
the Master Servicer is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01,
the Master Servicer shall also be terminated as Special Servicer.
 


(b)        If
the Master Servicer receives notice of termination under Section 7.01(c) solely due to a Servicer Termination Event under
Section 7.01(a)(viii) or Section 7.01(a)(ix) and if the Master Servicer to be terminated pursuant to Section 7.01(c)
provides the Trustee with the appropriate “request for proposal” materials within five (5) Business Days following
such termination notice, then the Master Servicer shall continue to service as Master Servicer hereunder until a successor Master
Servicer is selected in accordance with this Section 7.01(b). Upon receipt of the “request for proposal” materials,
Trustee shall promptly thereafter (using such “request for proposal” materials provided by the Master Servicer pursuant
to Section 7.01(c)) solicit good faith bids for the rights to service the Mortgage Loans and the Serviced Loan Combinations
under this Agreement from at least three (3) Persons qualified to act as a successor Master Servicer hereunder in accordance with
Section 6.04 (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified Bidders
cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders; provided that, the Master
Servicer shall supply the Trustee with the names of Persons from whom to solicit such bids; and


 






    	-328-



    	 



    

 


provided, further,
that the Trustee shall not be responsible if less than three (3) or no Qualified Bidders submit bids for the right to service the
Mortgage Loans under this Agreement. The bid proposal shall require any Successful Bidder (as defined below), as a condition of
such bid, to enter into this Agreement as successor Master Servicer, and to agree to be bound by the terms hereof, within 45 days
after the notice of termination of the Master Servicer. The Trustee shall select the Qualified Bidder with the highest cash bid
(the “Successful Bidder”) to act as successor Master Servicer hereunder; provided, however, that
if the Trustee does not receive a Rating Agency Confirmation from each Rating Agency within 10 days after the selection of such
Successful Bidder, then the Trustee shall repeat the bid process described above (but subject to the above-described 45-day time
period) until such confirmation is obtained. The Trustee shall request the Successful Bidder to enter into this Agreement as successor
Master Servicer pursuant to the terms hereof no later than 45 days after notice of the termination of the Master Servicer.
 


Upon the assignment
and acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by the
Successful Bidder, the Trustee shall remit or cause to be remitted to the Master Servicer to be terminated pursuant to Section
7.01(c) of this Agreement, the amount of such cash bid received from the Successful Bidder (net of “out-of-pocket”
expenses incurred in connection with obtaining such bid and transferring servicing).
 


The Master Servicer
to be terminated pursuant to Section 7.01(c) of this Agreement shall be responsible for all out-of-pocket expenses incurred
in connection with the attempt to sell its rights to service the Mortgage Loans and the Serviced Loan Combinations, which expenses
are not reimbursed to the party that incurred such expenses pursuant to the preceding paragraph.
 


If the Successful
Bidder has not entered into this Agreement as successor Master Servicer within the above-described time period or no Successful
Bidder was identified within the above-described time period, the Master Servicer to be terminated pursuant to Section 7.01(c)
shall reimburse the Trustee for all reasonable “out-of-pocket” expenses incurred by the Trustee in connection with
such bid process and the Trustee shall have no further obligations under this Section 7.01(b). The Trustee thereafter may
act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02.
 


(c)        In
the event that the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee shall,
by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated Party”),
terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loans and Serviced Loan Combination
and the proceeds thereof, other than any rights the Master Servicer or Special Servicer 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, 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 6.03 and subsection (b) above notwithstanding any such termination). On or after the receipt by the
Terminated Party of such written notice, all of its authority and power under this Agreement, whether with respect to the Certificates
(except that the Terminated Party shall retain its rights as a Certificateholder in


 






    	-329-



    	 



    

 


the event and to the extent that it is a Certificateholder)
or the Mortgage Loans and Serviced Loan Combination or otherwise, shall pass to and be vested in the Trustee pursuant to and under
this Section and, without limitation, the Trustee is hereby authorized and empowered to execute and deliver, on behalf of and at
the expense of the Terminated Party, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or
accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete
the transfer and endorsement or assignment of the Mortgage Loans and Serviced Loan Combination and related documents, or otherwise.
The Master Servicer and the Special Servicer each agrees that, in the event it is terminated pursuant to this Section 7.01,
to promptly (and in any event no later than ten Business Days subsequent to such notice) provide, at its own expense, the Trustee
(or the successor Master Servicer selected by the Trustee pursuant to Section 7.01(b) of this Agreement or the successor
Master Servicer or Special Servicer, as applicable, otherwise appointed pursuant to Section 7.02 of this Agreement) with
all documents and records requested by the Trustee (or the successor Master Servicer selected by the Trustee pursuant to Section
7.01(b) of this Agreement or the successor Master Servicer or Special Servicer, as applicable, otherwise appointed pursuant
to Section 7.02 of this Agreement) to enable the Trustee or other successor to its responsibilities hereunder to assume
its functions hereunder, and to cooperate with the Trustee and the successor to its responsibilities hereunder in effecting the
termination and transfer of its responsibilities and rights hereunder, including, without limitation, the transfer to the successor
Master Servicer or successor Special Servicer or the Trustee, as applicable, for administration by it of all cash amounts which
shall at the time be or should have been credited by the Master Servicer or the Special Servicer to the Collection Account, any
Loan Combination Custodial Account, any REO Account or Lock-Box Account shall thereafter be received with respect to the Mortgage
Loans and Serviced Loan Combination, and shall promptly provide the Trustee or such successor Master Servicer or Special Servicer
(which may include the Trustee), as applicable, all documents and records reasonably requested by it, such documents and records
to be provided in such form as the Trustee or such successor Master Servicer or Special Servicer shall reasonably request (including
electromagnetic form), to enable it to assume the Master Servicer’s or Special Servicer’s function hereunder. All reasonable
costs and expenses actually incurred by the Trustee, the Custodian, the Certificate Administrator or the successor Master Servicer
or successor Special Servicer in connection with transferring Mortgage Files, Servicing Files and related information, records
and reports to the successor Master Servicer or Special Servicer and amending this Agreement to reflect (as well as providing appropriate
notices to Mortgagors, ground lessors, insurers and other applicable third parties regarding) such succession as successor Master
Servicer or successor Special Servicer pursuant to this Section 7.01 shall be paid by the predecessor Master Servicer or
the Special Servicer, as applicable, upon presentation of reasonable documentation of such costs and expenses. If the predecessor
Master Servicer or Special Servicer (as the case may be) has not reimbursed the Trustee, the Certificate Administrator or the successor
Master Servicer or Special Servicer for such expenses within 90 days after the presentation of reasonable documentation, such expense
shall be reimbursed by the Trust Fund; provided that the Terminated Party shall not thereby be relieved of its liability
for such expenses.
 


(d)        Notwithstanding
Sections 7.01(a) and Section 7.01(c), if (1) any Servicer Termination Event on the part of the Master Servicer affects
a Serviced Companion Loan, the related Serviced Companion Loan Holder or the rating on a class of the related Serviced Companion
Loan Securities and the Master Servicer is not otherwise terminated in accordance


 






    	-330-



    	 



    

 


with Section 7.01(c), or (2) a Servicer
Termination Event on the part of the Master Servicer occurs that affects only a Serviced Companion Loan, the related Serviced Companion
Loan Holder or the rating on a class of the related Serviced Companion Loan Securities, the Master Servicer may not be terminated
in accordance with Section 7.01(c), but, at the written direction of the related Serviced Companion Loan Holder, the Master
Servicer shall appoint, within 30 days of such direction, a sub-servicer (or, if the related Serviced Loan Combination is currently
being sub-serviced, to replace, within 30 days of such direction, the then current sub-servicer with a new sub-servicer). In connection
with the Master Servicer’s appointment of any sub-servicer at the direction of a Serviced Companion Loan Holder in accordance
with this Section 7.01(d), the Master Servicer shall obtain a Rating Agency Confirmation from each Rating Agency. The related
sub-servicing agreement shall provide that any sub-servicer appointed by the Master Servicer at the direction of a Serviced Companion
Loan Holder in accordance with this Section 7.01(d) shall be responsible for all duties, and shall be entitled to all compensation
(other than the Excess Servicing Fee Right), of the Master Servicer under this Agreement with respect to the related Serviced Loan
Combination, except that the Master Servicer shall be entitled to retain a portion of the Servicing Fee for the Mortgage Loan that
is part of the related Serviced Loan Combination calculated at 0% per annum with respect to such Mortgage Loan (and any related
REO Mortgage Loan). Such sub-servicing agreement (a) may be terminated without cause and without payment of any fee and (b) shall
also provide that such sub-servicer shall agree to become the master servicer under a separate servicing agreement for the applicable
Serviced Loan Combination in the event that such Serviced Loan Combination is no longer to be serviced and administered hereunder,
which separate servicing agreement shall contain servicing and administration, limitation of liability, indemnification and servicing
compensation provisions substantially similar to the corresponding provisions of this Agreement, except for the fact that the applicable
Serviced Loan Combination and the related Mortgaged Properties shall be the sole assets serviced and administered thereunder and
the sole source of funds thereunder. If any sub-servicer appointed by the Master Servicer at the direction of a Serviced Companion
Loan Holder in accordance with this Section 7.01(d) shall at any time resign or be terminated, the Master Servicer shall
be required to promptly appoint a substitute sub-servicer and obtain a Rating Agency Confirmation. In the event a successor Master
Servicer is acting hereunder and that successor Master Servicer desires to terminate the sub-servicer appointed under this Section
7.01(d), the terminated Master Servicer that was responsible for the Servicer Termination Event that led to the appointment
of such sub-servicer shall be responsible for all costs incurred in connection with such termination, including the payment of
any termination fee.
 


(e)        If
the Trustee, the Certificate Administrator or the Master Servicer has received written notice (which, for the purposes of this
clause (e), shall include any publications by Moody’s, Fitch or KBRA of which the Trustee, the Certificate Administrator
or any Servicing Officer of the Master Servicer, as the case may be, has actual knowledge) from Moody’s, Fitch or KBRA that
the Master Servicer no longer is an approved master servicer then such party shall promptly notify the others and the Special Servicer,
and the Certificate Administrator shall notify the related Serviced Companion Loan Holder of the same.
 


Section
7.02     Trustee to Act; Appointment of Successor. On and after the time the Master Servicer
or the Special Servicer receives a notice of termination pursuant to Section 7.01, the Trustee shall, subject to the
following provisions of this Section 7.02, be its


 



    	-331-



    	 



    

 


successor in all respects in its capacity as Master Servicer or
Special Servicer under this Agreement and the transactions set forth or provided for herein and, except as provided herein,
shall be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto and arising
thereafter placed on the Master Servicer or Special Servicer by the terms and provisions hereof; provided, however,
that (i) the Trustee shall have no responsibilities, duties, liabilities or obligations with respect to any act or omission
of the Master Servicer or Special Servicer and (ii) any failure to perform, or delay in performing, such duties or
responsibilities caused by the Terminated Party’s failure to provide, or delay in providing, records, tapes, disks,
information or moneys shall not be considered a default by such successor hereunder. The Trustee, as successor Master
Servicer or successor Special Servicer, shall be indemnified to the full extent provided the Master Servicer or Special
Servicer, as applicable, under this Agreement prior to the Master Servicer’s or the Special Servicer’s
termination. The appointment of a successor Master Servicer or successor Special Servicer shall not affect any liability of
the predecessor Master Servicer or Special Servicer which may have arisen prior to its termination as Master Servicer or
Special Servicer. The Trustee shall not be liable for any of the representations, liabilities or warranties of the Master
Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions of the predecessor
Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment by the
Master Servicer pursuant to Section 3.07 of this Agreement nor shall the Trustee be required to purchase any Mortgage
Loan or Serviced Loan Combination hereunder. As compensation therefor, the Trustee as successor Master Servicer or successor
Special Servicer shall be entitled to the Servicing Fee or Special Servicing Compensation, as applicable, and all funds
relating to the Mortgage Loans and Serviced Companion Loans that accrue after the date of the Trustee’s succession to
which the Master Servicer or Special Servicer would have been entitled if the Master Servicer or Special Servicer, as
applicable, had continued to act hereunder. In the event any Advances made by the Master Servicer and the Trustee shall
at any time be outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay
Advances and interest hereunder shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid
interest thereon), until such Advances and interest shall have been repaid in full. Notwithstanding the above and subject to Section
6.08, the Trustee may, if it shall be unwilling to so act, or shall, if it is unable to so act, or if the Holders of
Certificates entitled to at least 25% of the aggregate Voting Rights so request in writing to the Trustee, or if the Rating
Agencies do not provide Rating Agency Confirmations with respect to the Trustee so acting, promptly appoint, or petition a
court of competent jurisdiction to appoint, any established mortgage loan servicing institution for which a Rating Agency
Confirmation from each Rating Agency has been obtained (at the expense of the terminated Master Servicer or Special Servicer,
as applicable, or, if the expense is not so recovered, at the expense of the Trust Fund), as the successor to the Master
Servicer or the Special Servicer, as applicable, hereunder in the assumption of all or any part of the responsibilities,
duties or liabilities of the Master Servicer or Special Servicer hereunder; provided that, the related Outside
Controlling Note Holder shall have the right to approve a successor Special Servicer with respect to any Serviced Outside
Controlled Loan Combination, and prior to the occurrence and continuance of a Control Termination Event, the Controlling
Class Representative shall have the right to approve a successor Special Servicer with respect to the other Serviced Loans.
No appointment of a successor to the Master Servicer or Special Servicer hereunder shall be effective until (i) the
assumption by such successor of all the Master


 






    	-332-



    	 



    

 


Servicer’s or Special Servicer’s responsibilities, duties and
liabilities hereunder and (ii) in the case of the appointment of a successor Special Servicer, the Depositor and,
if applicable, each related Other Depositor shall have received the written notice and information with respect to such
successor Special Servicer as set forth in Section 10.02(a). Pending appointment of a successor to the Master Servicer
(or the Special Servicer if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee shall be
prohibited by law from so acting, the Trustee shall act in such capacity as herein above provided. Pending the appointment of
a successor to the Special Servicer, unless the Master Servicer is also the Special Servicer, the Master Servicer shall act
in such capacity. In connection with such appointment and assumption described herein, the Trustee may make such arrangements
for the compensation of such successor out of payments on Mortgage Loans and Serviced Companion Loans as it and such
successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the
Terminated Party hereunder; provided, further, 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 the Terminated Party shall be treated as Realized Losses; and provided, further
that, for so long as no Consultation Termination Event has occurred and is continuing, the Trustee shall consult with the
Controlling Class Representative (and, if a Serviced Outside Controlled Loan Combination is affected, the Trustee shall
consult with the related Outside Controlling Note Holder) 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 Trustee, the Master Servicer or Special
Servicer and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any
such succession.
 


If the Trustee or
an Affiliate acts pursuant to this Section 7.02 as successor to the terminated Master Servicer, it may reduce the Excess
Servicing Fee Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would
otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the terminated Master
Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the Excess Servicing Fee Rate to
the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master
Servicer that meets the requirements of this Section 7.02.
 


Section 7.03     Notification
to Certificateholders.
 


(a)        Upon
any termination pursuant to Section 7.01 above or appointment of a successor to the Master Servicer or the Special Servicer,
the Certificate Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses appearing
in the Certificate Register, to the Serviced Companion Loan Holders, and electronically, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 11.13 of this Agreement, to the Rule 17g-5 Information Provider.
 


(b)        Within
30 days after the occurrence of any Servicer Termination Event or Operating Advisor 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 any affected Serviced Companion Loan Holder (to the extent the Certificate Administrator has received the notice information
for such Serviced Companion Loan


 






    	-333-



    	 



    

 


Holder after a request therefor) and electronically, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 11.13 of this Agreement, to the Rule 17g-5 Information Provider notice of such
Servicer Termination Event or Operating Advisor Termination Event, unless such Servicer Termination Event or Operating Advisor
Termination Event shall have been cured or waived.
 


Section
7.04     Other Remedies of Trustee. During the continuance of any Servicer Termination Event,
so long as such Servicer Termination Event shall not have been remedied, the Trustee, in addition to the rights specified in Section
7.01, 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 Serviced 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 costs of such action and any liability resulting therefrom shall be expenses, costs and
liabilities of the defaulting Master Servicer or Special Servicer, as applicable. If the Master Servicer or Special Servicer,
as applicable, fails to remedy, after the presentation of reasonable documentation, the Trustee shall be entitled to be
reimbursed for such expenses, costs and liability from the Collection Account or the Loan Combination Custodial Account, as
applicable, as provided in Section 3.06 and Section 3.06A of this Agreement; provided that the Master
Servicer or the Special Servicer, as applicable, shall not be relieved of such liability for such expenses, costs and
liabilities. 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 of the Master Servicer or the Special Servicer.
 


Section
7.05     Waiver of Past Servicer Termination Events and Operating Advisor Termination Events;
Termination. The Holders of Certificates evidencing not less than 66-2/3% of the aggregate Voting Rights of the
Certificates (and, if such Servicer Termination Event is on the part of a Special Servicer, with respect to the related
Serviced Loan Combination only, by each affected Serviced Companion Loan Holder) may, on behalf of all Holders of
Certificates, waive any Servicer Termination Event on the part of the Master Servicer, Special Servicer or any Operating
Advisor Termination Event on the part of the Operating Advisor in the performance of its obligations hereunder and its
consequences, except a Servicer Termination Event in connection with making any required deposits (including, with respect to
the Master Servicer, P&I Advances) to or payments from the Collection Account, a Loan Combination Custodial Account or
the Lower-Tier Distribution Account or in remitting payments as received, in each case in accordance with this
Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event or
Operating Advisor Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this
Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon. Any costs
and expenses incurred by the Certificate Administrator in connection with such default and prior to such waiver shall be
reimbursed by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, promptly upon demand
therefor and if not reimbursed to the Certificate Administrator within 90 days of such demand, from the Trust Fund; provided
that the Trust Fund shall be reimbursed by the Master Servicer,


 






    	-334-



    	 



    

 


the Special Servicer or the Operating Advisor, as applicable,
to the extent such amounts are reimbursed to the Certificate Administrator from the Trust Fund. Notwithstanding the
foregoing, (a) a Servicer Termination Event under any of Section 7.01(a)(i) and Section 7.01(a)(ii) of this
Agreement may be waived only by all of the Certificateholders of the affected Classes (considering each Class of the Class
A-S, Class B and Class C Certificates together with the Class PEZ Component of the same alphabetical designation as a single
“Class” for such purpose), and (b) a Servicer Termination Event under Section 7.01(a)(x) of this Agreement
may be waived only with the consent of the Depositor, together with (in the case of each of clauses (a) and (b)) the consent
of each Serviced Companion Loan Holder, if any, that is affected by such Servicer Termination Event.
 


The foregoing paragraph
notwithstanding, if the Holders representing at least the requisite percentage of the Voting Rights allocated to each affected
Class of Certificates desire to waive a Servicer Termination Event by the Master Servicer, but a Serviced Companion Loan Holder
related to a Serviced Loan Combination (if adversely affected thereby) does not wish to waive that Servicer Termination Event,
then those Certificateholders may still waive that Servicer Termination Event, and the applicable Serviced Companion Loan Holder
will be entitled to request that the Master Servicer appoint, within 60 days of the applicable Serviced Companion Loan Holder’s
request, a sub-servicer (or, if the applicable Serviced Loan Combination is currently being subserviced, to replace, within 60
days of the applicable Serviced Companion Loan Holder’s request, the then current sub-servicer with a new sub-servicer) with
respect to the applicable Serviced Loan Combination. In connection with the Master Servicer’s appointment of a sub-servicer
at the request of a Serviced Companion Loan Holder in accordance with this Section 7.05, the Master Servicer shall obtain
a Rating Agency Confirmation from each Rating Agency at the expense of the Serviced Companion Loan Holder. The related sub-servicing
agreement shall provide that any sub-servicer appointed by the Master Servicer at the request of a Serviced Companion Loan Holder
in accordance with this Section 7.05 shall be responsible for all duties, and shall be entitled to all compensation (other
than the Excess Servicing Fee Right), of the Master Servicer under this Agreement with respect to the applicable Serviced Loan
Combination, except that the Master Servicer shall be entitled to retain a portion of the Servicing Fee for the related Mortgage
Loan calculated at 0% per annum. Such Sub-Servicing Agreement (a) may be terminated without cause and without the payment of any
fee and (b) shall also provide that such sub-servicer shall become the master servicer under a separate servicing agreement for
the applicable Serviced Loan Combination in the event that the Serviced Loan Combination is no longer to be serviced and administered
hereunder, which separate servicing agreement shall contain servicing and administration, limitation of liability, indemnification
and servicing compensation provisions substantially similar to the corresponding provisions of this Agreement, except for the fact
that the applicable Serviced Loan Combination and the related Mortgaged Properties shall be the sole assets serviced and administered
thereunder and the sole source of funds thereunder. Such sub-servicer (a) may be terminated without cause and without the payment
of any fee and (b) shall meet the requirements of Section 3.01 of this Agreement. If any sub-servicer appointed by the Master
Servicer at the request of a Serviced Companion Loan Holder in accordance with this Section 7.05 shall at any time resign
or be terminated, the Master Servicer shall be required to promptly appoint a substitute sub-servicer with respect to which a Rating
Agency Confirmation has been obtained at the expense of the applicable resigning or terminated sub-servicer (and any applicable
Sub-Servicing Agreement shall so provide), and if the resigning or terminated sub-servicer fails to


 






    	-335-



    	 



    

 


cover such expense, the Master
Servicer shall do so. In the event a successor Master Servicer is acting hereunder and that successor Master Servicer desires to
terminate the sub-servicer appointed under this Section 7.05, the terminated Master Servicer that was responsible for the
Servicer Termination Event that led to the appointment of such sub-servicer shall be responsible for all costs incurred in connection
with such termination, including the payment of any termination fee.
 


Section 7.06     Termination
of the Operating Advisor.
 


(a)        An
“Operating Advisor Termination Event” means any one of the following events whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body:
 


(i)         any
failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or the material
breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a period of 30 days
after the date on which written notice of such failure shall have been given to the Operating Advisor by the Trustee or to the
Operating Advisor 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 which is not curable within
such 30-day period, the Operating Advisor shall have an additional cure period of thirty (30) days to effect such cure so long
as it has commenced to cure such failure with the initial 30-day period and has provided the Trustee and the Certificate Administrator
with an Officer’s Certificate certifying that it has diligently pursued, and is continuing to pursue, such cure;
 


(ii)        any
failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure shall continue unremedied
for a period of 30 days;
 


(iii)       any
failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a period of 30
days;
 


(iv)       a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall have remained
in force undischarged or unstayed for a period of 60 days;
 


(v)        the
Operating Advisor shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency,
readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the
Operating Advisor or of or relating to all or substantially all of its property; or
 






    	-336-



    	 



    

 


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


Upon receipt by the
Certificate Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator
shall promptly provide written notice to all Certificateholders by posting such notice on its internet website, unless the Certificate
Administrator has received notice that it has been remedied. If an Operating Advisor Termination Event shall occur then, and in
each and every such case, so long as such Operating Advisor Termination Event shall not have been remedied, either the Trustee
(i) may or (ii) upon the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights of each
Class of Non-Reduced Certificates, the Trustee shall, terminate all of the rights and obligations of the Operating Advisor under
this Agreement, other than rights and obligations accrued prior to such termination (including the right to receive all amounts
accrued and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring prior to such
termination), by notice in writing to the Operating Advisor. Notwithstanding anything herein to the contrary, the Depositor shall
have the right, but not the obligation, to notify the Certificate Administrator and the Trustee of any Operating Advisor Termination
Event of which the Depositor becomes aware.
 


(b)        Upon
(i) the written direction of holders of Certificates evidencing not less than 15% of the Voting Rights of the Non-Reduced Certificates
requesting a vote to terminate and replace the Operating Advisor with a proposed successor Operating Advisor that is an Eligible
Operating Advisor and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred
by the Certificate Administrator in connection with administering such vote, the Certificate Administrator shall promptly provide
written notice thereof to the Operating Advisor and to all Certificateholders by (i) posting such notice on its internet website,
and (ii) mailing such notice to all Certificateholders at their addresses appearing in the Certificate Register and to the Operating
Advisor. Upon the written direction of holders of Certificates evidencing more than 50% of the Voting Rights of the Non-Reduced
Certificates that exercise their right to vote (provided that Holders of at least 50% of the Voting Rights of the Non-Reduced
Certificates exercise their right to vote), the Trustee shall terminate all of the rights and obligations of the Operating Advisor
under this Agreement by notice in writing to the Operating Advisor. The provisions set forth in the foregoing sentences of this
Section 7.06(b) shall be binding upon and inure to the benefit of solely the Certificateholders and the Trustee as between
each other. The Operating Advisor shall not have any cause of action based upon or arising from any breach or alleged breach of
such provisions. As between the Operating Advisor, on the one hand, and the Certificateholders, on the other, the Certificateholders
shall be entitled in their sole discretion to vote for the termination or not vote for the termination of the Operating Advisor.
The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial
Owner may access notices on the Certificate Administrator’s Website and each Certificateholder and Beneficial Owner may register
to receive e-mail 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.
 






    	-337-



    	 



    

 


(c)        On
or after the receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of its authority
and power under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall execute any
and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate to effect
the purposes of such notice of termination. As soon as practicable, but in no event later than 15 Business Days after (1) the Operating
Advisor resigns pursuant to Section 6.04 of this Agreement (excluding resignation under the circumstances contemplated in
Section 6.04(b) where no successor Operating Advisor is required to be appointed) or (2) the Trustee delivers such written
notice of termination to the Operating Advisor, the Trustee shall appoint a successor Operating Advisor that is an Eligible Operating
Advisor, which successor Operating Advisor may be an Affiliate of the Trustee and shall be the proposed Operating Advisor in the
case of a termination pursuant to Section 7.06(b) of this Agreement; provided, however, that if the Trustee
is the successor Master Servicer or successor Special Servicer, neither the Trustee nor any of its Affiliates shall be the successor
Operating Advisor. The Trustee shall provide written notice of the appointment of an Operating Advisor to the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Depositor , any related Outside Controlling Note
Holder and, if a Consultation Termination Event does not exist, the Controlling Class Representative within one Business Day of
such appointment, and the Certificate Administrator shall provide written notice of such appointment to each Certificateholder
within one Business Day of the receipt of such notice of appointment from the Trustee. Except as contemplated by Section 7.06(b)
of this Agreement, the appointment of the Operating Advisor shall not be subject to the vote, consent or approval of the holder
of any Class of Certificates.
 


The Operating Advisor
shall not at any time be the Depositor, the Master Servicer, the Special Servicer, a Sponsor or an Affiliate of any of them. If
any of such entities becomes the Operating Advisor, including by means of an Affiliation arising after the date hereof, the Operating
Advisor shall immediately resign or cause an assignment under Section 6.04 of this Agreement and the Trustee shall appoint
a successor Operating Advisor subject to and in accordance with this Section 7.06(c), which successor Operating Advisor
may be an Affiliate of the Trustee. Notwithstanding the foregoing, if the Trustee is unable to find a successor Operating Advisor
within 30 days of the termination of the Operating Advisor, the Depositor shall be permitted to find a replacement. Unless and
until a replacement Operating Advisor is appointed, no party shall act as the Operating Advisor and the provisions in this Agreement
relating to consultation with respect to the Operating Advisor shall not be applicable until a replacement Operating Advisor is
appointed hereunder.
 


(d)        Upon
any resignation or termination of the Operating Advisor and, if applicable, appointment of a successor to the Operating Advisor,
the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Depositor, any related
Outside Controlling Note Holder, the Controlling Class Representative (if a Consultation Termination Event does not exist) and,
for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule
17g-5 Information Provider. In the event that the Operating Advisor resigns or is terminated, all of its rights and obligations
under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such resignation or
termination (including


 






    	-338-



    	 



    

 


the right to receive
all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring
prior to such resignation or termination).


 


Article
VIII



CONCERNING THE TRUSTEE and The Certificate Administrator
 


Section 8.01     Duties
of the Trustee, the Custodian and the Certificate Administrator.
 


(a)        The
Trustee, prior to the occurrence of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual knowledge
and after the curing or waiver of all Servicer Termination Events which may have occurred, undertakes to perform such duties and
only such duties as are specifically set forth in this Agreement and no permissive right of the Trustee shall be construed as a
duty. During the continuance of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual knowledge,
the Trustee, subject to the provisions of Section 7.02 and Section 7.04 of this Agreement, shall exercise such of
the rights and powers vested in it by this Agreement, and use the same degree of care and skill in its exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person’s own affairs. The Certificate Administrator
undertakes to perform at all times such duties and only such duties as are specifically set forth in this Agreement and no permissive
right of the Certificate Administrator shall be construed as a duty. The Custodian undertakes to perform at all times such duties
and only such duties as are specifically set forth in this Agreement and no permissive right of the Custodian shall be construed
as a duty.
 


(b)        Each
of the Trustee, the Custodian and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Trustee, the Custodian or the Certificate Administrator, as applicable,
which are specifically required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether
they conform on their face to the requirements of this Agreement to the extent specifically set forth herein; provided,
however, none of the Trustee, the Custodian or the Certificate Administrator shall be responsible for the accuracy or content
of any such resolution, certificate, statement, opinion, report, document, order or other instrument provided to it hereunder if
accepted in good faith. If any such instrument is found not to conform on its face to the requirements of this Agreement in a material
manner, the Trustee, the Custodian or the Certificate Administrator, as applicable, shall request a corrected instrument, and if
the instrument is not corrected to the Trustee’s, the Custodian’s or the Certificate Administrator’s, as applicable,
reasonable satisfaction, the Certificate Administrator (if the Certificate Administrator or the Custodian, as applicable, requested
the corrected instrument or upon direction from the Trustee if the Trustee requested the corrected instrument) will provide notice
thereof to the Certificateholders.
 


(c)        None
of the Trustee, the Custodian, the Certificate Administrator or any of their respective officers, directors, employees, agents
or “control” persons within the meaning of the Act shall have any liability arising out of or in connection with this
Agreement, provided that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed
to relieve the Trustee, the Custodian or the Certificate Administrator, as applicable, or


 






    	-339-



    	 



    

 


any such person, from liability for its
own negligent action, its own negligent failure to act or its own willful misconduct or its own bad faith; and provided,
further, that:
 


(i)         Prior
to the occurrence of a Servicer Termination Event or Operating Advisor Termination Event of which a Responsible Officer of the
Trustee has actual knowledge, and after the curing or waiver of all such Servicer Termination Events which may have occurred, the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Agreement, none of the Trustee,
the Custodian or the Certificate Administrator shall be liable except for the performance of such duties and obligations as are
specifically set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Trustee,
the Custodian or the Certificate Administrator and, in the absence of bad faith on the part of the Trustee, the Custodian or the
Certificate Administrator, the Trustee, the Custodian or the Certificate Administrator, as applicable, may conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed therein, upon any resolutions, certificates, statements,
reports, opinions, documents, orders or other instruments furnished to the Trustee, the Custodian or the Certificate Administrator,
as applicable, that conform on their face to the requirements of this Agreement without responsibility for investigating the contents
thereof;
 


(ii)        None
of the Trustee, the Custodian or the Certificate Administrator shall be personally liable for an error of judgment made in good
faith by a Responsible Officer or Responsible Officers, unless it shall be proved that the Trustee, the Custodian or the Certificate
Administrator, as applicable, was negligent in ascertaining the pertinent facts;
 


(iii)       Neither
the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 50% of the
Percentage Interests (or such other percentage as is specified herein) of each affected Class, or of the aggregate Voting Rights
of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee
or the Certificate Administrator, as applicable, or exercising any trust or power conferred upon the Trustee or the Certificate
Administrator, as applicable, under this Agreement;
 


(iv)       None
of the Trustee, , the Custodian, the Certificate Administrator or any of their respective directors, officers, employees, agents
or control persons shall be responsible for any act or omission of any Paying Agent or Certificate Registrar that is not the same
Person as, or an Affiliate of, the Trustee, the Custodian or the Certificate Administrator, as applicable, and that is selected
other than by the Trustee, the Custodian or the Certificate Administrator, as applicable, performed or omitted in compliance with
any custodial or other agreement, or any act or omission of the Master Servicer, Special Servicer, the Depositor, the Operating
Advisor, any Serviced Companion Loan Holder, the Directing Holder or the Controlling Class Representative or any other third Person,
including, without limitation, in connection with actions taken pursuant to this Agreement;
 






    	-340-



    	 



    

 


(v)        None
of the Trustee, the Custodian or the Certificate Administrator shall be under any obligation to appear in, prosecute or defend
any legal action unless such action is incidental to its respective duties as Trustee, Custodian or Certificate Administrator,
as applicable, in accordance with this Agreement (and, if it does, all reasonable legal expenses and costs of such action shall
be expenses and costs of the Trust Fund) and in its opinion does not expose it to any expense or liability for which reimbursement
is not reasonably assured, and the Trustee, the Custodian or the Certificate Administrator, as applicable, shall be entitled to
be reimbursed therefor from the Collection Account, unless such legal action arises (i) as a result of any willful misconduct,
bad faith, fraud or negligence in the performance of duties of the Trustee, the Custodian or the Certificate Administrator, as
the case may be, or by reason of negligent disregard of the Trustee’s, the Custodian’s or the Certificate Administrator’s,
as the case may be, obligations or duties hereunder, or (ii) as a result of the breach by the Trustee, the Custodian or the Certificate
Administrator, as the case may be, of any of its representations or warranties contained herein; provided, however,
that the Trustee, the Custodian or the Certificate Administrator may in its discretion undertake any such action related to its
obligations hereunder which it may deem necessary or desirable with respect to this Agreement and the rights and duties of the
parties hereto and the interests of the Certificateholders hereunder;
 


(vi)       None
of the Trustee, the Custodian nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach
of any Person unless a Responsible Officer of the Trustee, the Custodian or the Certificate Administrator, as applicable, obtains
actual knowledge of such failure or receives written notice of such act, failure to act or breach from any other party to this
Agreement, any Certificateholder or Beneficial Owner, a Serviced Companion Loan Holder, the Directing Holder or the Controlling
Class Representative; and
 


(vii)      Except
in the event of the Trustee’s, the Custodian’s or Certificate Administrator’s, as applicable, willful misconduct,
bad faith or fraud, in no event shall the Trustee or the Certificate Administrator be liable for special, punitive, indirect or
consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee, the Custodian
or the Certificate Administrator has been advised of the likelihood of such loss or damage and regardless of the form of action.
 


None of the provisions
contained in this Agreement shall require the Trustee, the Custodian or the Certificate Administrator, in its capacity as Trustee,
the Custodian or the Certificate Administrator, as applicable, to expend or risk its own funds, or otherwise incur financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the
Trustee, the Custodian or the Certificate Administrator, as applicable, the repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. None of the provisions contained in this Agreement shall in any event require
the Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Master Servicer (other
than the obligations to make Advances under Sections 3.20 and 4.06 of this Agreement), the Special Servicer or the
Certificate Administrator under this Agreement, except 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


 






    	-341-



    	 



    

 


Master Servicer, the Special Servicer or the Certificate Administrator
in accordance with the terms of this Agreement. None of the provisions contained in this Agreement shall in any event require the
Certificate Administrator or the Custodian to perform, or be responsible for the manner of performance of, any of the obligations
of the Master Servicer, the Special Servicer, the Trustee or the Operating Advisor under this Agreement. Neither the Trustee nor
the Certificate Administrator shall be required to post any surety or bond of any kind in connection with its performance of its
obligations under this Agreement and neither the Trustee nor the Certificate Administrator shall be liable for any loss on any
investment of funds pursuant to this Agreement (other than any funds invested with it in its commercial capacity or at its discretion).
 


(d)        The
Operating Advisor, the Master Servicer, the Special Servicer or the Trustee may at any time request from the Certificate Administrator
written confirmation of whether any Control Termination Event or Consultation 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 ten (10) Business Days of such request. Further, the Certificate Administrator shall post a “special notice”
on the Certificate Administrator’s Website within ten (10) days of its determination (or its receipt of notice) of the commencement
or cessation of any Control Termination Event or Consultation Termination Event.
 


Section 8.02     Certain
Matters Affecting the Trustee, the Custodian and the Certificate Administrator.
 


(a)        Except
as otherwise provided in Section 8.01 of this Agreement:
 


(i)         Each
of the Trustee, the Custodian and the Certificate Administrator may request and/or rely upon and shall be protected in acting or
refraining from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by
it to be genuine and to have been signed or presented by the proper party or parties and none of the Trustee, the Custodian nor
the Certificate Administrator shall have any responsibility to ascertain or confirm the genuineness of any such party or parties;
 


(ii)        Each
of the Trustee, the Custodian and the Certificate Administrator may consult with counsel and 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)       (A)         None
of the Trustee, the Custodian or the Certificate Administrator shall be under any obligation 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, the Custodian or the Certificate
Administrator, as applicable, security or indemnity reasonably satisfactory to the Trustee, the Custodian or the Certificate Administrator,
as applicable, against the costs, expenses and liabilities which may be incurred therein or thereby; and
 






    	-342-



    	 



    

 


(B)        the
right of the Trustee, the Custodian or the Certificate Administrator, as applicable, to perform any discretionary act enumerated
in this Agreement shall not be construed as a duty, and none of the Trustee, the Custodian or the Certificate Administrator shall
be answerable for other than its negligence or willful misconduct in the performance of any such act;
 


provided that subject to
the foregoing clause (A), nothing contained herein shall relieve the Trustee of the obligations, upon the occurrence of a Servicer
Termination Event (which has not been cured or waived) of which a Responsible Officer of the Trustee has actual knowledge, to exercise
such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise, as
a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs;
 


(iv)       None
of the Trustee, the Custodian, the Certificate Administrator or any of their respective directors, officers, employees, Affiliates,
agents or “control” persons within the meaning of the Act shall be personally liable for any action taken, suffered
or omitted by it in good faith and reasonably believed by the Trustee, the Custodian or the Certificate Administrator, as applicable,
to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;
 


(v)        Neither
the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper
or document, unless requested in writing to do so by Holders of Certificates entitled to at least 25% (or such other percentage
as is specified herein) of the Percentage Interests of any affected Class; provided, however, that if the payment
within a reasonable time to the Trustee or the Certificate Administrator, as applicable, of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator,
as applicable, not reasonably assured to the Trustee or the Certificate Administrator, as applicable, by the security afforded
to it by the terms of this Agreement, the Trustee or the Certificate Administrator, as applicable, may require reasonable indemnity
against such expense or liability as a condition to taking any such action. The reasonable expense of every such investigation
shall be paid by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, if a Servicer Termination Event
or Operating Advisor Termination Event shall have occurred and be continuing relating to the Master Servicer, the Special Servicer
or the Operating Advisor, respectively and if such investigation results from such Servicer Termination Event or Operating Advisor
Termination Event, 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 but shall not be relieved of its obligations hereunder; and
 


(vii)      For
purposes of this Agreement, the Trustee or the Certificate Administrator, as applicable, shall have notice of an event only when
a Responsible


 






    	-343-



    	 



    

 


Officer of the Trustee or the Certificate Administrator, as applicable, has received written notice or obtains actual
knowledge of such event.
 


(b)        Following
the Startup Day, neither the Trustee nor the Certificate Administrator shall, except as expressly required by any provision of
this Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator, as applicable,
shall have received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution)
to the effect that the inclusion of such assets in the Trust Fund will not cause either Trust REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust, at any time that any Certificates are outstanding or subject
a Trust REMIC to any tax under the REMIC Provisions or other applicable provisions of federal, state and local law or ordinances.
 


(c)        All
rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee or the Certificate Administrator,
as applicable, may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial
or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee shall be brought in its
name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.
 


Neither the Trustee
nor the Certificate Administrator shall have any duty to conduct any affirmative investigation as to the occurrence of any condition
requiring the repurchase of any Mortgage Loan by the Depositor pursuant to this Agreement or the eligibility of any Mortgage Loan
for purposes of this Agreement.
 


(d)        None
of the Trustee, the Custodian or the Certificate Administrator shall be responsible for delays or failures in performance resulting
from acts beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots and acts of war).
 


(e)        For
so long as the Person that serves as the Trustee or the Certificate Administrator hereunder also serves as Rule 17g-5 Information
Provider, Authenticating Agent, Paying Agent and/or Certificate Registrar, the rights, indemnities, immunities, benefits (other
than compensation), privileges and protections afforded to that Person in its capacity as Trustee or Certificate Administrator,
as applicable, hereunder shall also be afforded to such Person in its capacity as Rule 17g-5 Information Provider, Authenticating
Agent, Paying Agent and/or Certificate Registrar, as the case may be.
 


(f)        Notwithstanding
anything to the contrary herein, any and all e-mail communications (both text and attachments) by or from the Trustee, the Custodian
or the Certificate Administrator that the Trustee, the Custodian or the Certificate Administrator, as applicable, deems to contain
confidential, proprietary, and/or sensitive information may be encrypted. The recipient (the “E-mail Recipient”)
of the encrypted e-mail communication will be required to complete a registration process. Instructions on how to register and/or
retrieve an encrypted message will be included in the first secure e-mail sent by the Trustee, the Custodian or the Certificate
Administrator, as applicable, to the E-mail Recipient.
 






    	-344-



    	 



    

 


(g)        No
provision of this Agreement or any Loan Document shall be deemed to impose any duty or obligation on the Trustee, the Custodian
or the Certificate Administrator to take or omit to take any action, or suffer any action to be taken or omitted, in the performance
of its duties or obligations under the Loan Documents, or to exercise any right or power thereunder, to the extent that taking
or omitting to take such action or suffering such action to be taken or omitted would violate applicable law binding upon it (which
determination may be based on Opinion of Counsel).
 


(h)        In
order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including, without limitation, those relating to the funding of terrorist activities and money laundering including Section 326
of the USA PATRIOT Act (for purposes of this clause (h), “Applicable Law”), each of the Trustee, the Custodian and
the Certificate Administrator is required to obtain, verify, record and update certain information relating to individuals and
entities that maintain a business relationship with the Trustee, the Custodian or the Certificate Administrator, as applicable.
Accordingly, each of the parties hereto agrees to provide to the Trustee, the Custodian or the Certificate Administrator, as applicable,
upon its request from time to time, such identifying information and documentation as may be available for such party in order
to enable the Trustee, the Custodian or the Certificate Administrator, as applicable, to comply with Applicable Law.
 


Section
8.03     None of the Trustee, the Custodian Or the Certificate Administrator Is Liable for
Certificates or Mortgage Loans. 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 Trustee, the
Custodian, the Certificate Administrator, the Master Servicer, the Special Servicer or the Operating Advisor, and the
Trustee, the Custodian, the Certificate Administrator, the Master Servicer, the Special Servicer and the Operating Advisor
assume no responsibility for their correctness. The Trustee, the Custodian, the Certificate Administrator, the Master
Servicer, the Special Servicer and the Operating Advisor make no representations or warranties as to the validity or
sufficiency of this Agreement, of the Certificates or any prospectus used to offer the Certificates for sale or the validity,
enforceability or sufficiency of any Mortgage Loan or related document. None of the Trustee, the Custodian or the Certificate
Administrator shall at any time have any responsibility or liability for or with respect to the legality, validity and
enforceability of any Mortgage, any Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance of
any such perfection and priority, or for or with respect to the sufficiency of the Trust Fund or its ability to generate the
payments to be distributed to Certificateholders under this Agreement. Without limiting the foregoing, none of the Trustee,
the Custodian or the Certificate Administrator shall be liable or responsible for: the existence, condition and ownership of
any Mortgaged Property; the existence of any hazard or other insurance thereon (other than if the Trustee shall assume the
duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the
Trustee’s capacity as Master Servicer or Special Servicer) or the enforceability thereof; the existence of any Mortgage
Loan or the contents of the related Mortgage File on any computer or other record thereof (other than if the Trustee shall
assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the
Trustee’s capacity as Master Servicer or Special Servicer); the validity of the assignment of any Mortgage Loan to the
Trust Fund or of any intervening assignment; the completeness of any Mortgage File (except for the Custodian’s review
thereof pursuant to Section 2.02); the performance or enforcement of any


 






    	-345-



    	 



    

 


Mortgage Loan (other than if the Trustee
shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in
the Trustee’s capacity as Master Servicer or Special Servicer); the compliance by the Depositor, the Master Servicer,
the Special Servicer or the Operating Advisor with any warranty or representation made under this Agreement or in any related
document or the accuracy of any such warranty or representation prior to the Trustee’s receipt of notice or other
discovery of any non-compliance therewith or any breach thereof; any investment of moneys by or at the direction of the
Master Servicer or any loss resulting therefrom (other than if the Trustee shall assume the duties of the Master Servicer or
the Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or
Special Servicer), it being understood that the Trustee shall remain responsible for any Trust Fund property that it may hold
in its individual capacity; the acts or omissions of any of the Depositor, the Master Servicer, the Special Servicer or the
Operating Advisor (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer
pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) or
any Sub-Servicer or any Mortgagor; any action of the Master Servicer, the Special Servicer or the Operating Advisor (other
than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of
this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) or any Sub-Servicer taken in the name
of the Trustee except to the extent such action is taken at the express written direction of the Trustee; the failure of the
Master Servicer or the Special Servicer or any Sub-Servicer to act or perform any duties required of it on behalf of the
Trust Fund or the Trustee as applicable hereunder; or any action by or omission of the Trustee taken at the instruction of
the Master Servicer or the Special Servicer (other than if the Trustee shall assume the duties of the Master Servicer or the
Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or
Special Servicer) unless the taking of such action is not permitted by the express terms of this Agreement; provided, however,
that the foregoing shall not relieve the Trustee, the Custodian or the Certificate Administrator, as applicable, of its
obligation to perform its duties as specifically set forth in this Agreement. None of the Trustee, the Custodian or the
Certificate Administrator 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 Depositor, the Master Servicer or
the Special Servicer in respect of the assignment of the Mortgage Loans or deposited in or withdrawn from the Collection
Account, the Lower-Tier Distribution Account, the Upper-Tier Distribution Account, the Lock Box Account, the Escrow Accounts,
the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, the Excess Interest Distribution Account or
any other account maintained by or on behalf of the Master Servicer or the Special Servicer, other than any funds held by the
Trustee, the Custodian or the Certificate Administrator, as applicable. Neither the Trustee nor the Certificate Administrator
shall have responsibility for filing any financing or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to it hereunder (unless in the case of the
Trustee, the Trustee shall have become the successor Master Servicer) or to record this Agreement. In making any calculation
hereunder which includes as a component thereof the payment or distribution of interest for a stated period at a stated rate
“to the extent permitted by applicable law,” the Trustee or the Certificate Administrator, as applicable, shall
assume that such payment is so permitted unless a Responsible Officer of the Trustee or the Certificate Administrator,
as applicable, has


 






    	-346-



    	 



    

 


actual knowledge, or receives an Opinion of Counsel (at the expense of the Person asserting the
impermissibility) to the effect that such payment is not permitted by applicable law.
 


Section
8.04     Trustee, Custodian and Certificate Administrator May Own Certificates. The Trustee,
the Custodian, the Certificate Administrator and any agent of the Trustee, the Custodian, or the Certificate Administrator,
each, in its individual capacity or any other capacity, may become the owner or pledgee of Certificates, and may deal with
the Depositor and the Master Servicer in banking transactions, with the same rights it would have if it were not Trustee, the
Custodian, the Certificate Administrator or such agent, as the case may be.
 


Section 8.05     Payment
of Trustee/Certificate Administrator Fees, Custodian Fees and Expenses; Indemnification.
 


(a)        As
compensation for the performance of its duties hereunder, the Trustee shall be paid its portion of the Trustee/Certificate Administrator
Fee, which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee. As compensation for the performance
of its duties hereunder, the Certificate Administrator shall be paid its portion of the Trustee/Certificate Administrator Fee,
which shall cover recurring and otherwise reasonably anticipated expenses of the Certificate Administrator. The Certificate Administrator
shall pay the Trustee the Trustee’s portion of the Trustee/Certificate Administrator Fee. As compensation for the performance
of its duties hereunder, the Custodian shall be paid the Custodian Fee, which shall cover recurring and otherwise reasonably anticipated
expenses of the Custodian. The Trustee/Certificate Administrator Fee and the Custodian Fee shall each be paid monthly on a Mortgage
Loan-by-Mortgage Loan basis. The Trustee/Certificate Administrator Fee (which in each case shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust) shall constitute the Trustee’s and the Certificate
Administrator’s sole form of compensation for all services rendered by each of them in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties of the Trustee or the Certificate Administrator, as
applicable, hereunder. The Custodian Fee (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) shall constitute the Custodian’s sole form of compensation for all services rendered by it in
the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties of the Custodian
hereunder. No Trustee/Certificate Administrator Fee or Custodian Fee shall be payable with respect to any Companion Loan. In the
event that the Trustee assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant
to or otherwise arising from the resignation or removal of the Master Servicer or the Special Servicer, the Trustee shall be entitled
to the compensation to which the Master Servicer or the Special Servicer, as the case may be, would have been entitled.
 


(b)        Each
of the Trustee, the Certificate Administrator and the Custodian shall be paid or reimbursed by the Trust Fund upon its request
for all reasonable expenses, disbursements and, except for Advances otherwise reimbursable hereunder, advances incurred or made
by the Trustee, the Certificate Administrator or the Custodian, as applicable, pursuant to and in accordance with any of the provisions
of this Agreement (including the reasonable compensation and the expenses and disbursements of its counsel and of all persons not
regularly in its employ) to the extent such payments are “unanticipated expenses” as described in


 






    	-347-



    	 



    

 


clause (d) below,
except any such expense, disbursement or advance as may arise from its negligence, bad faith or willful misconduct; provided,
however, that, subject to Section 8.01 and Section 8.02 of this Agreement, none of the Trustee, the Certificate
Administrator or the Custodian shall refuse to perform any of its duties hereunder solely as a result of the failure to be paid
the Trustee/Certificate Administrator Fee, the Custodian Fee, the Trustee’s expenses, the Certificate Administrator’s
expenses or the Custodian’s expenses, as applicable.
 


The Master Servicer
and the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable out-of-pocket expenses incurred
or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the Special
Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer or the
Special Servicer, in accordance with any of the provisions of this Agreement (and including the reasonable fees and expenses and
disbursements of its counsel and all other persons not regularly in its employ), except any such expenses as may arise from the
negligence or bad faith of the Trustee.
 


(c)        Each
of the Paying Agent, the Authenticating Agent, the Certificate Administrator, the Certificate Registrar, the Custodian, the Trustee,
the Depositor, the Master Servicer and the Special Servicer (each, an “Indemnifying Party”) shall indemnify
the Trustee, the Paying Agent, the Authenticating Agent, the Certificate Administrator, the Certificate Registrar, the Custodian
and their respective Affiliates and each of the directors, officers, employees and agents of the Paying Agent, the Authenticating
Agent, the Trustee, the Certificate Administrator, the Certificate Registrar, the Custodian and their respective Affiliates (each,
an “Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that
the Indemnified Party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements
of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party
or between the Indemnified Party and any third party or otherwise) resulting from each such Indemnifying Party’s respective
willful misconduct, bad faith, fraud and/or negligence in the performance of each of its respective obligations or duties hereunder
or by reason of negligent disregard of its respective obligations and duties hereunder. Each of the Paying Agent, the Authenticating
Agent, the Trustee, the Certificate Registrar, the Custodian and the Certificate Administrator shall indemnify each of the Master
Servicer and the Special Servicer and its Affiliates and each of the directors, officers, employees and agents of each of the Master
Servicer and the Special Servicer and its Affiliates (each, a “Servicer Indemnified Party”), and hold each of
them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and
related costs, judgments, and any other costs, fees and expenses that the Servicer Indemnified Party may sustain in connection
with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by the Servicer Indemnified
Party in any action or proceeding between the Trustee, the Paying Agent, the Authenticating Agent, the Certificate Registrar, the
Custodian or the Certificate Administrator, as applicable, and the Servicer Indemnified Party or between the Servicer Indemnified
Party and any third party or otherwise) related to the Trustee’s, the Authenticating Agent’s, the Paying Agent’s,
the Certificate Registrar’s, the Custodian’s or the Certificate Administrator’s respective willful misconduct,
bad faith, fraud and/or negligence in the performance of each of its respective duties hereunder or by


 






    	-348-



    	 



    

 


reason of negligent disregard
of its respective obligations and duties hereunder. Each of the Authenticating Agent, the Paying Agent, the Certificate Registrar,
the Custodian, the Certificate Administrator and the Trustee shall indemnify the Depositor, any employee, director or officer of
the Depositor, and the Trust Fund and hold the Depositor, any employee, director or officer of the Depositor, and the Trust Fund
harmless against any loss, liability or reasonable expense (including, without limitation, reasonable attorneys’ fees and
expenses) incurred by such parties (i) as a result of any willful misconduct, bad faith, fraud or negligence in the performance
of duties of the Authenticating Agent, the Paying Agent, the Certificate Registrar, the Custodian, the Certificate Administrator
or the Trustee, as the case may be, or by reason of negligent disregard of the Authenticating Agent, the Paying Agent’s,
the Certificate Registrar’s, the Custodian’s, the Certificate Administrator’s or the Trustee’s, as the
case may be, obligations or duties hereunder, or (ii) as a result of the breach by the Authenticating Agent, the Paying Agent,
the Certificate Registrar, the Custodian, the Certificate Administrator or the Trustee, as the case may be, of any of its representations
or warranties contained herein.
 


(d)        The
Trust Fund shall indemnify each Indemnified Party from, and hold it harmless against, any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that
the Indemnified Party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements
of counsel and of all persons not regularly in its employ incurred by the Indemnified Party in any action or proceeding between
the Trust Fund and the Indemnified Party or between the Indemnified Party and any third party or otherwise) arising in respect
of this Agreement or the Certificates, in each case to the extent and only to the extent, such payments are expressly reimbursable
under this Agreement, or are unanticipated expenses (as defined below), other than (i) those resulting from the negligence, fraud,
bad faith or willful misconduct, or negligent disregard of obligations and duties hereunder, of the Indemnified Party and (ii)
except to the extent such amounts are not paid pursuant to this Section 8.05, those as to which such Indemnified Party is
entitled to indemnification pursuant to Section 8.05(c). The term “unanticipated expenses” shall include any
fees, expenses and disbursements of the Trustee or the Certificate Administrator or any separate trustee or co-trustee or certificate
administrator appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably anticipated as
of the Closing Date, and the losses, liabilities, damages, claims or incremental expenses (including reasonable attorneys’
fees) incurred or, except in the case of an Advance otherwise reimbursable hereunder, advanced by an Indemnified Party in connection
with (i) a default under any Mortgage Loan and (ii) any litigation arising out of this Agreement, including, without limitation,
under Section 2.03, Section 3.10, the third paragraph of Section 3.11, Section 4.05 and Section
7.01 of this Agreement. The right of reimbursement of the Indemnified Parties under this Section 8.05(d) shall be senior
to the rights of all Certificateholders.
 


(e)        Notwithstanding
anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement or the resignation
or removal of the Trustee, the Custodian or the Certificate Administrator, as applicable, as regards rights accrued prior to such
resignation or removal and (with respect to any acts or omissions during their respective tenures) the resignation, removal or
termination of the Master Servicer, the Special Servicer, the Paying Agent, the Authenticating Agent or the Certificate Registrar.
 






    	-349-



    	 



    

 


(f)        This
Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses, disbursements,
advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental matter.
 


Section
8.06     Eligibility Requirements for the Trustee and the Certificate Administrator. Each of
the Trustee and the Certificate Administrator hereunder shall at all times be a corporation or association 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, having a combined capital and surplus of at least
$50,000,000, and subject to supervision or examination by federal or state authority, and the Trustee shall not be an
Affiliate of any other member of the Restricted Group (other than an Underwriter and, during any period when the Trustee has
assumed the duties of the Master Servicer pursuant to Section 7.02 , the Master Servicer). Further, (i) the Trustee is
required to maintain a rating on its unsecured long term debt of at least (A) “A” by Fitch and (B)
“A1” by Moody’s (or “A2” by Moody’s if the Trustee has a short term debt rating of at
least “P-1” from Moody’s; provided, however, that solely with respect to Deutsche Bank
Trust Company Americas as the initial Trustee, for so long as the Master Servicer maintains a rating on its unsecured long
term debt of at least “A2” by Moody’s and a short term debt rating of at least “P-1” from
Moody’s, the initial Trustee will be deemed to have met the eligibility requirement in this clause (i)(B) if it
maintains a rating on its unsecured long term debt of at least “Baa2” by Moody’s and a short term debt
rating of at least “P-2” from Moody’s) (or such other rating with respect to which the Rating Agencies have
provided a Rating Agency Confirmation) (provided that this proviso will not impose on the Master Servicer any obligation to
maintain such rating), and (ii) the Certificate Administrator is required to maintain a rating on its unsecured long term
debt of at least (A) “BBB+” by Fitch and (B) “Baa2” by Moody’s (or such other rating with
respect to which the Rating Agencies have provided a Rating Agency Confirmation). In addition, the Trustee shall satisfy the
requirements for a trustee contemplated by clause (a)(4)(i) of Rule 3a-7 under the Investment Company Act. If a corporation
or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for purposes of this Section the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
 


In the event that
the place of business from which the Trustee, the Custodian or the Certificate Administrator, as applicable, administers the Trust
Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of a Trust REMIC (other than a tax
corresponding to a tax imposed under the REMIC Provisions) the Trustee, the Custodian or the Certificate Administrator, as applicable,
shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07, (ii) pay such
tax from its own funds and continue as Trustee, Custodian or 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 shall cease to be eligible in accordance with the provisions of this Section, the
Trustee or the Certificate Administrator, as applicable, shall resign immediately in the manner and with the effect specified in
Section 8.07.
 






    	-350-



    	 



    

 


Section
8.07     Resignation and Removal of the Trustee, the Custodian or the Certificate
Administrator. Each of the Trustee, the Custodian and the Certificate Administrator may at any time resign and be
discharged from the trusts hereby created by giving written notice thereof to the other such party, the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Certificateholders, the Serviced Companion Loan Holders and, for
posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule
17g-5 Information Provider. Upon such notice of resignation, the Master Servicer shall promptly appoint a successor Trustee,
Custodian or the Certificate Administrator, as applicable, with respect to which the Rating Agencies have provided a Rating
Agency Confirmation to the resigning Trustee, Custodian or Certificate Administrator, as applicable, and the successor
Trustee, Custodian or Certificate Administrator, as applicable. If no successor Trustee, the Custodian or
Certificate Administrator, as applicable, shall have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Trustee, Custodian or Certificate Administrator, as applicable, may
petition any court of competent jurisdiction for the appointment of a successor Trustee, Custodian or Certificate
Administrator, as applicable. The Trustee, the Custodian or the Certificate Administrator, as applicable, will bear all
reasonable costs and expenses of each other party hereto and each Rating Agency in connection with its resignation
(including, but not limited to, the costs of assigning Mortgage Loans by reason of change in Trustee).
 


If at any time either
the Trustee, the Custodian or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section
8.06 or Section 5.10, as applicable, and shall fail to resign after written request therefor by the Depositor or Master
Servicer, or if at any time either the Trustee, the Custodian or the Certificate Administrator shall become incapable of acting,
or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee, the Custodian or the Certificate Administrator, as applicable,
or of its property shall be appointed, or any public officer shall take charge or control of the Trustee, the Custodian or the
Certificate Administrator, as applicable, or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then the Depositor may remove the Trustee, the Custodian or the Certificate Administrator, as applicable, and promptly appoint
a successor Trustee, the Custodian or the Certificate Administrator, as applicable, by written instrument, which shall be delivered
to the Trustee, the Custodian or the Certificate Administrator, as applicable, so removed and to the successor Trustee, Custodian
or Certificate Administrator, as applicable. The Holders of Certificates entitled to more than 50% of the Voting Rights of all
of the Certificates may at any time remove the Trustee, the Custodian or the Certificate Administrator and appoint a successor
Trustee, Custodian or the Certificate Administrator, as applicable, by written instrument or instruments, in five originals, signed
by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Depositor,
one complete set to the Master Servicer, one complete set to the Trustee (in connection with the removal of the Certificate Administrator
or the Custodian), one complete set to the Certificate Administrator (in connection with the removal of the Trustee or the Custodian),
one complete set to the Custodian (in connection with the removal of the Trustee or the Certificate Administrator), one complete
set to the Trustee, Custodian or Certificate Administrator, as applicable, so removed and one complete set to the successor Trustee,
Custodian or Certificate Administrator, as applicable, so appointed, and a copy thereof shall be delivered to the Serviced Companion
Loan Holders.
 






    	-351-



    	 



    

 


In the event that
the Trustee, the Custodian or the Certificate Administrator is terminated or removed pursuant to this Section 8.07, all
of its rights and obligations under this Agreement and in and to the Mortgage Loans or Serviced Loan Combination shall be terminated,
other than any rights or obligations that accrued prior to the date of such termination or removal (including the right to receive
all fees, expenses and other amounts (including Advances and any accrued interest thereon) accrued or owing to it under this Agreement,
with respect to periods prior to the date of such termination or removal, and no termination without cause shall be effective until
the payment of such amounts to the Trustee, the Custodian or the Certificate Administrator, as applicable). The Trustee, the Custodian
or the Certificate Administrator, as applicable, will bear all reasonable costs and expenses of each other party hereto and each
Rating Agency in connection with its termination or removal; provided that if the Trustee, the Custodian or the Certificate
Administrator, as applicable, is terminated without cause by the Holders of Certificates evidencing more than 50% of the Voting
Rights of all Certificates as provided in the immediately preceding paragraph, then such Holders will be required to pay all the
reasonable costs and expenses of the Trustee, the Custodian or the Certificate Administrator, as applicable, necessary to effect
the transfer of the rights and obligations (including, if applicable, custody of any Mortgage Files in its possession) of the Trustee,
the Custodian or Certificate Administrator, as applicable, to a successor trustee or certificate administrator.
 


Any resignation or
removal of the Trustee, the Custodian or the Certificate Administrator and appointment of a successor Trustee, Custodian or Certificate
Administrator, as applicable, pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance
of appointment by the successor Trustee, Custodian or successor Certificate Administrator, as applicable, as provided in Section
8.08.
 


Upon the resignation
or upon the termination of the Trustee, the outgoing Trustee shall (subject to the terms of the third paragraph of this Section
8.07), at its own expense, ensure that prior to its transfer of duties to any successor (to the extent such Loan Document was
assigned or endorsed to the Trustee), (A) the original executed Note for each Mortgage Loan, is endorsed (without recourse, representation
or warranty, express or implied) to the order of the successor, as trustee for the registered holders of Citigroup Commercial Mortgage
Trust 2015-P1, Commercial Mortgage Pass Through Certificates, Series 2015-P1” or in blank, and (B) in the case of the other
Loan Documents, are assigned (and, other than in connection with the removal of the Trustee without cause, recorded as appropriate)
to such successor, and such successor shall review the documents delivered to it or the Custodian with respect to each Mortgage
Loan, and certify in writing that, as to each Mortgage Loan then subject to this Agreement, such endorsement and assignment has
been made. The outgoing Trustee shall provide copies of the documentation provided for in items (A) and (B) above to the Master
Servicer, in each case to the extent such copies are not already in the Master Servicer’s possession. If the Trustee is removed
without cause, the Loan Documents identified in clause (B) of the preceding sentence shall, if appropriate, be recorded by the
successor trustee if so required by the Master Servicer or the Special Servicer and at the expense of the Trust (for so long as
no Control Termination Event is continuing, with the consent of the Controlling Class Representative, and during the continuance
of a Control Termination Event but prior to the occurrence and continuance of a Consultation Termination Event, after consultation
with the Controlling Class Representative).
 






    	-352-



    	 



    

 


Section 8.08     Successor
Trustee, Successor Custodian or Successor Certificate Administrator.
 


(a)        Any
successor Trustee, Custodian or Certificate Administrator appointed as provided in Section 8.07 of this Agreement shall
execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to the predecessor Trustee, Custodian
or Certificate Administrator, as applicable, as the case may be, instruments accepting their appointment hereunder, and thereupon
the resignation or removal of the predecessor Trustee, Custodian or Certificate Administrator, as applicable, shall become effective
and such successor Trustee, Custodian 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, Custodian or Certificate Administrator, as applicable, herein, provided that a Rating
Agency Confirmation shall be obtained from each Rating Agency with respect to the appointment of such successor Trustee, Custodian
or Certificate Administrator. The predecessor Custodian shall deliver to the successor Custodian all Mortgage Files and related
documents and statements held by it hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor
and the predecessor Trustee, Custodian or Certificate Administrator, as applicable, shall execute and deliver such instruments
and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Trustee,
Custodian or Certificate Administrator, as applicable, all such rights, powers, duties and obligations. No successor Trustee or
Certificate Administrator shall accept appointment as provided in this Section 8.08 unless at the time of such acceptance
such successor Trustee or Certificate Administrator, as applicable, shall be eligible under the provisions of Section 8.06.
No successor Custodian shall accept appointment as provided in this Section 8.08 unless at the time of such acceptance such
successor Custodian shall be eligible under the provisions of Section 5.10.
 


Upon acceptance of
appointment by a successor Trustee, Custodian or Certificate Administrator, as applicable, as provided in this Section 8.08,
the Depositor shall mail notice of the succession of such Trustee, Custodian or Certificate Administrator, as applicable, hereunder
to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Companion Loan Holders. If the
Depositor fails to mail such notice within 10 days after acceptance of appointment by the successor Trustee, Custodian or Certificate
Administrator, the successor Trustee, Custodian or Certificate Administrator, as applicable, shall cause such notice to be mailed
at the expense of the Depositor.
 


(b)        Any
successor Trustee or Certificate Administrator appointed pursuant to this Agreement shall satisfy the eligibility requirements
set forth in Section 8.06 hereof. Any successor Custodian appointed pursuant to this Agreement shall satisfy the eligibility
requirements set forth in Section 5.10 hereof.
 


Section
8.09     Merger or Consolidation of the Trustee, the Custodian or the Certificate
Administrator. Any entity into which the Trustee, the Custodian or the Certificate Administrator may be merged or
converted, or with which the Trustee, the Custodian or the Certificate Administrator, as applicable, may be consolidated, or
any entity resulting from any merger, conversion or consolidation to which the Trustee, the Custodian or the Certificate
Administrator, as applicable, shall be a party, or any entity succeeding to the corporate trust


 






    	-353-



    	 



    

 


business of the Trustee, the
Custodian or the Certificate Administrator, as applicable, shall be the successor of the Trustee, the Custodian or the
Certificate Administrator, as applicable, hereunder, provided such entity shall be eligible under the provisions of Section
8.06 (in the case of the Trustee or the Certificate Administrator) or Section 5.10 (in the case of the Custodian),
as applicable, 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.
 


Section
8.10     Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions
hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust
Fund, the assets thereof or any property securing the same may at the time be located, the Depositor and the Trustee acting
jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons to act (at the
expense of (i) the Trustee, if the need to appoint such co-trustee(s) arises from any change in the identity, organization,
status, power, conflicts, internal policy or other development with respect to the Trustee, and/or (ii) the Trust Fund, if
the need to appoint such co-trustee(s) arises from a change in applicable law or the identity, status or power of the Trust
Fund; provided, however, that in the event the need to appoint such co-trustee(s) arises from a combination of or none of the
events described in clause (i) and clause (ii), the expense will be split evenly between the Trustee and the
Trust Fund) as co-trustee or co-trustees, jointly with the Trustee, or separate trustee or separate trustees, of all or any
part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust Fund, or any part
thereof, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and
trusts as the Depositor and the Trustee may consider necessary or desirable. If the Depositor shall not be in existence or
shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, or in case a
Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall have the power to make such
appointment. Except as required by applicable law, the appointment of a co-trustee or separate trustee shall not relieve the
Trustee of its responsibilities, obligations and liabilities hereunder. No co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a successor Trustee under Section 8.06 hereunder and no notice to Holders
of Certificates of the appointment of co-trustee(s) or separate trustee(s) shall be required under Section 8.08
hereof.
 


In the case of any
appointment of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate
trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately
without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act
or acts are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall
be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such
separate trustee or co-trustee solely at the direction of the Trustee.
 


The Depositor and
the Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee, or if the separate
trustee or co-trustee


 






    	-354-



    	 



    

 


is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove any separate
trustee or co-trustee.
 


Any notice, request
or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Agreement and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate
trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in
its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions
of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability
of, or affording protection to, the Trustee. In no event shall any such separate trustee or co-trustee be entitled to any provision
relating to the conduct of, affecting the liability of, or affording protection to, such separate trustee or co-trustee that imposes
a standard of conduct less stringent than that imposed on the Trustee hereunder, affording greater protection than that afforded
to the Trustee hereunder or providing a greater limit on liability than that provided to the Trustee hereunder.
 


Any separate trustee
or co-trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
trustee.
 


Section 8.11     Access
to Certain Information.
 


(a)        The
Certificate Administrator and the Custodian shall afford to any Privileged Person (including the Operating Advisor and the related
Directing Holder) access to any documentation (other than any Privileged Information) regarding the Mortgage Loans or the other
assets of the Trust Fund that are in its possession or within its control. 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 or the Custodian.
 


(b)        The
Certificate Administrator (or, in the case of the Mortgage Files, the Custodian) 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 originals and/or copies of the following items (to the extent such items were prepared by or delivered to the
Certificate Administrator (or the Custodian, as applicable) in electronic format):
 


(i)         the
Prospectus and the Prospectus Supplement;
 


(ii)        this
Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator since the Closing Date (if any), the Loan Purchase
Agreements and any amendments and exhibits hereto or thereto;
 






    	-355-



    	 



    

 


(iii)       all
Certificate Administrator reports made available to holders of each relevant class of Certificates since the Closing Date;
 


(iv)       all
Distribution Date Statements and all CREFC® reports actually delivered or otherwise made available to Certificateholders
pursuant to Section 4.02 of this Agreement since the Closing Date;
 


(v)        the
annual assessments as to compliance (in the case of the Master Servicer and the Special Servicer) and the Officer’s Certificates
delivered by the Master Servicer and the Special Servicer to the Certificate Administrator since the Closing Date pursuant to Section
10.10 of this Agreement;
 


(vi)       the
annual independent public accountants’ servicing report caused to be delivered by the Master Servicer and the Special Servicer
to the Certificate Administrator since the Closing Date pursuant to Section 10.10 of this Agreement;
 


(vii)      the
most recent inspection report prepared by or on behalf of the Master Servicer or the Special Servicer, as applicable, and delivered
to the Certificate Administrator in respect of each Mortgaged Property pursuant to Section 3.18 of this Agreement;
 


(viii)     any
and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the environmental
testing contemplated by Section 3.10(e) of this Agreement revealed that neither of the conditions set forth in clauses (i)
and (ii) thereof was satisfied;
 


(ix)       the
Mortgage Files, including any and all modifications, waivers and amendments of the terms of the Mortgage Loans (or the Serviced
Loan Combinations) entered into or consented to by the Master Servicer, the Special Servicer, any Outside Servicer or any Outside
Special Servicer and delivered to the Custodian pursuant to Section 3.24 of this Agreement;
 


(x)        the
summary of each Final Asset Status Report delivered to the Certificate Administrator pursuant to Section 3.21(b) of this
Agreement and the annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Master Servicer
or the Special Servicer, as applicable, and delivered to the Certificate Administrator for each Mortgaged Property, together with
the other information specified in Section 4.02(b) of this Agreement;
 


(xi)       any
and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Master 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 Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Trustee, any Outside Servicer, any Outside Special Servicer or any Outside Trustee (and appointments of successors thereto);
 






    	-356-



    	 



    

 


(xiii)     all
Special Notices;
 


(xiv)     any
Third Party Reports (or updates of Third Party Reports) delivered to the Certificate Administrator in electronic format; 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.
 


The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.


 


Article
IX



TERMINATION; OPTIONAL MORTGAGE LOAN PURCHASE
 


Section 9.01     Termination;
Optional Mortgage Loan Purchase.
 


(a)        The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Custodian, the Certificate Administrator and the Trustee created hereby with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as hereinafter set forth and to make any required remittances to the Serviced Companion Loan Holders in the month in which the
final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur
of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates
of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to subsection (c),
(ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to subsection (h) and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created hereby continue beyond the expiration of twenty-one years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United Kingdom, living
on the date hereof. All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account
by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.
 


(b)        In
connection with a termination contemplated by Section 9.01(a) of this Agreement, the Trust REMICs outstanding shall be terminated
and the assets of the Lower-Tier REMIC shall be sold or otherwise disposed of in connection therewith, pursuant to a “plan
of complete liquidation” within the meaning of Code Section 860F(a)(4)(A) providing for the actions contemplated by the provisions
hereof pursuant to which the applicable Notice of


 






    	-357-



    	 



    

 


Termination is given and requiring that the assets of the Lower-Tier REMIC shall
be sold for cash and that each such Trust REMIC shall terminate on a Distribution Date occurring not more than 90 days following
the date of adoption of the plan of complete liquidation. For purposes of this Section 9.01(b), the Notice of Termination
given pursuant to Section 9.01(c) shall constitute the adoption of the plan of complete liquidation as of the date such
notice is given, which date shall be specified by the Certificate Administrator in the final federal income tax returns of each
Trust REMIC. Notwithstanding the termination of the Trust REMICs, or the Trust Fund, the Certificate Administrator shall be responsible
for filing the final Tax Returns for the Trust REMICs and for the Grantor Trust for the period ending with such termination, and
shall maintain books and records with respect to the Trust REMICs and the Grantor Trust for the period for which it maintains its
own tax returns or other reasonable period.
 


(c)        The
Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may
(or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer
or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to this Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price (excluding the amount described
in clause (g) of the definition of “Purchase Price”) of all the Mortgage Loans (exclusive of REO Mortgage Loans)
included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust,
as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the
reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).
 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the


 






    	-358-



    	 



    

 


Anticipated Termination Date. All costs and expenses incurred by any and all parties
to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund
pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder. The Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to this subsection (c).
 


(d)        If
the Trust Fund has not been previously terminated pursuant to subsection (c) or subsection (h) of this Section 9.01, the
Certificate Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator reasonably
anticipates, based on information with respect to the Mortgage Loans previously provided to it, that the final distribution will
be made (i) to the Holders of outstanding Regular Certificates, and to the Trustee in respect of the Lower-Tier Regular Interests,
notwithstanding that such distribution may be insufficient to distribute in full an amount equal to the remaining Certificate Principal
Amount or Lower-Tier Principal Balance, as applicable, of each such Class of Certificates and Lower Tier Regular Interest, together
with amounts required to be distributed on such Distribution Date pursuant to Section 4.01 of this Agreement (or, if no
such Regular Certificates or any Class PEZ Regular Interests are then outstanding, to the Holders of the Class R Certificates)
and (ii) to the Holders of the Grantor Trust Certificates, of any amount remaining in the Collection Account, the Lower-Tier Distribution
Account, the Upper-Tier Distribution Account, the Excess Interest Distribution Account, the Exchangeable Distribution Account and/or
the Excess Liquidation Proceeds Reserve Account, as applicable, in any case, following the later to occur of (a) the receipt or
collection of the last payment due on any Mortgage Loan included in the Trust Fund or (b) the liquidation or disposition pursuant
to Section 3.17 of this Agreement of the last asset held by the Trust Fund.
 


(e)        Notice
of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate Administrator to affected
Certificateholders at their addresses shown in the Certificate Register (with a copy to the Master Servicer, the Special Servicer
and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the
Rule 17g-5 Information Provider) as soon as practicable after the Certificate Administrator shall have received, given or been
deemed to have received a Notice of Termination but in any event not more than thirty days, and not less than ten days, prior to
the Anticipated Termination Date. The notice mailed by the Certificate Administrator to affected Certificateholders shall:
 


(i)         specify
the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates of the Classes
specified therein;
 


(ii)        specify
the amount of any such final distribution, if known; and
 


(iii)       state
that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates at the office
of the Paying Agent therein specified.
 


If the Trust Fund
is not terminated on any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly mail notice
thereof to each affected Certificateholder.
 






    	-359-



    	 



    

 


(f)        Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01 shall
not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with this Section 9.01.
 


(g)        For
purposes of this Section 9.01, the Remaining Certificateholder shall have the first option to terminate the Trust Fund pursuant
to subsection (h), and then the Holders of the Controlling Class representing more than 50% of the Certificate Principal Amount
of the Controlling Class, and then the Special Servicer, and then the Master Servicer, and then the Holders of Class R Certificates
representing more than 50% of the Percentage Interests in such Class, in each of the last four cases, pursuant to subsection (c).
 


(h)        Following
the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate
Certificate Principal Amount of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class D Certificates
and the Class PEZ Regular Interests are reduced to zero, the Remaining Certificateholder shall have the right to exchange all of
its Certificates (but excluding the Class R Certificates) for all of the Mortgage Loans and each REO Property (and including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a) by giving written notice to all the parties hereto no later than
60 days prior to the anticipated date of exchange; provided that such Remaining Certificateholder shall pay the Master Servicer
an amount equal to (i) the product of (A) the Prime Rate, (B) the aggregate Certificate Principal Amount of the then-outstanding
Sequential Pay Certificates as of the day of the exchange and (C) three, divided by (ii) 360. In the event that the Remaining Certificateholder
elects to exchange all of the Certificates (other than the Class R Certificates) for all of the Mortgage Loans and each REO Property
(and including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) remaining
in the Trust Fund in accordance with the preceding sentence, such Remaining Certificateholder, not later than the Termination Date,
shall deposit in the Collection Account an amount in immediately available funds equal to all amounts due and owing to the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee hereunder through
the date of the liquidation of the Trust Fund that may be withdrawn from the Collection Account, the Exchangeable Distribution


 






    	-360-



    	 



    

 


Account or a Distribution Account, but only to the extent that such amounts are not already on deposit in the Collection Account.
Upon confirmation that such final deposits have been made and following the surrender of all remaining Certificates (other than
the Class R Certificates) by the Remaining Certificateholder on the Termination Date, the Custodian shall, upon receipt of a Request
for Release from the Master Servicer, release or cause to be released to the Remaining Certificateholder or any designee thereof,
the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished
to it by the Remaining Certificateholder as shall be necessary to effectuate transfer of the Mortgage Loans and REO Properties
(and including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) remaining
in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Section 9.01. Thereafter, the Trust Fund
and the respective obligations and responsibilities under this Agreement of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee (other than the making of certain payments
to Certificateholders and Serviced Companion Loan Holders, sending of certain notices, the maintenance of books and records and
the preparation and filing of final tax returns), shall terminate. Such transfers shall be subject to any rights of any Sub-Servicers
to service (or to perform select servicing functions with respect to) the Mortgage Loans. For federal income tax purposes, the
Remaining Certificateholder shall be deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal to the remaining
Certificate Principal Amount of its remaining Certificates (other than the Class R Certificates), plus accrued and unpaid interest
with respect thereto, and the Certificate Administrator shall credit such amounts against amounts distributed in respect of the
Lower-Tier Regular Interests and such Certificates. The remaining Mortgage Loans and REO Properties (or the Trust’s interests
therein) are deemed distributed to the Remaining Certificateholder in liquidation of the Trust Fund pursuant to this Section
9.01.


 


Article
X



EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
 


Section 10.01     Intent
of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article X of this Agreement
is to facilitate compliance by the Depositor and any Other Depositor with the provisions of Regulation AB and the related rules
and regulations of the Commission. 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 Citigroup Commercial Mortgage
Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, and any Serviced 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


 






    	-361-



    	 



    

 


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 the Depositor or any Other
Depositor, as applicable, to comply with the provisions of Regulation AB, together with such disclosures relating to the Master
Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, as applicable,
and any Sub-Servicer, or the servicing of the Mortgage Loans, reasonably believed by the Depositor or any Other Depositor, as
applicable, to be necessary in order to effect such compliance.
 


Section 10.02     Succession;
Sub-Servicers; Subcontractors.
 


(a)        For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act (in addition
to any requirements contained in Section 10.07 of this Agreement), in connection with the succession to the Master Servicer,
the Special Servicer or any Sub-Servicer as servicer or sub-servicer (to the extent such Sub-Servicer is a “servicer”
as contemplated by Item 1108(a)(2) of Regulation AB) under this Agreement by any Person (i) into which the Master Servicer, the
Special Servicer or such Sub-Servicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Master
Servicer, the Special Servicer or any such Sub-Servicer, the Master Servicer (other than if pursuant to an appointment under Section
7.01 or Section 7.02 of this Agreement) or the Special Servicer, as applicable, shall provide to the Depositor, as well
as any Other Depositor as to which the applicable 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 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 the Depositor and each such Other Depositor, all information relating to such successor
servicer reasonably requested by the Depositor or 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 the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, if the Master
Servicer, the Special Servicer, any Sub-Servicer, the Custodian, the Trustee and the Certificate Administrator (each of the Master
Servicer, the Special Servicer, the Custodian, the Trustee and the Certificate Administrator and each Sub-Servicer, for purposes
of this Section 10.02(b), Section 10.02(c), Section 10.02(d) and Section 10.17, a “Servicer”)
utilizes one or more Subcontractors to perform certain of its obligations hereunder, such Servicer shall promptly upon request
provide to the Depositor, as well as any Other Depositor as to which the applicable Serviced Companion Loan is affected, a written
description (in form and substance satisfactory to the Depositor and each such Other Depositor) of the role and function of each
Subcontractor that is a Servicing Function Participant utilized by such Servicer 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 Servicer shall cause any Subcontractor determined to be a Servicing Function Participant
used by such Servicer for the


 






    	-362-



    	 



    

 


benefit of the Depositor to comply with the provisions of Section 10.09 and Section 10.10
of this Agreement to the same extent as if such Subcontractor were such Servicer. Such Servicer shall obtain from each such Subcontractor
(or, in the case of each Sub-Servicer set forth on Exhibit S, shall use commercially reasonable efforts to cause 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 10.09 and Section 10.10 of this Agreement, in each case, as and
when required to be delivered.
 


(c)        For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding
the foregoing, if a Servicer engages a Subcontractor in connection with the performance of any of its duties under this Agreement,
such Servicer 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 Servicer 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 the engagement
of such Subcontractor 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 Subcontractor and sub-servicing
agreement and, if such Subcontractor is engaged by the Master Servicer or the Special Servicer, such Subcontractor shall be deemed
to be a Sub-Servicer for purposes of this Agreement. Written notice of the engagement of such Subcontractor and the related Sub-Servicing
Agreement (other than such agreements set forth on Exhibit S hereto) (with respect to the Master Servicer or the Special
Servicer) or sub-servicing agreement (with respect to any other Servicer) shall be delivered to the Depositor, the Certificate
Administrator and each such Other Depositor at least five (5) Business Days prior to the effective date of such engagement. Such
notice shall contain all information reasonably necessary, and in such form as may be necessary, to enable the Certificate Administrator,
as well as any Other Exchange Act Reporting Party as to which the applicable Serviced Companion Loan is affected, to accurately
and timely report the event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement (if such reports under
the Exchange Act are required to be filed under the Exchange Act).
 


(d)        For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding
the foregoing and subject to Section 3.01(c) of this Agreement, if the Master Servicer or the Special Servicer engages a
Sub-Servicer or if any other Servicer engages a sub-servicer, in each case, in connection with the performance of any of the duties
of the Master Servicer, the Special Servicer or such other Servicer, as applicable, under this Agreement and the related Sub-Servicing
Agreement (with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer)
is either (i) assigned (other than, in the case of a Sub-Servicer engaged by the Master Servicer, an assignment to the Master Servicer)
or (ii) amended or modified and the Master Servicer, the Special Servicer or such other Servicer, as applicable, determines that,
as a result of such amendment or modification, the Sub-Servicer or sub-servicer, as applicable, would become a “servicer”
within the meaning of Item 1101 of Regulation AB that (1) meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB or (2) meets the criteria in Item 1108(a)(2)(iii) of Regulation AB and services 20% or more of the pool assets, then the Master
Servicer, the Special Servicer or such other Servicer, as applicable, shall provide written notice


 






    	-363-



    	 



    

 


of such amendment, modification
or assignment to the Depositor and the Certificate Administrator, as well as any Other Depositor as to which the applicable Companion
Loan is affected at least five (5) Business Days prior to the effective date of such amendment, modification or assignment (or
if such prior notice would be violative of applicable law or any applicable confidentiality agreement, no later than the time required
under Section 10.07 of this Agreement). Such notice shall contain all information reasonably necessary, and in such form
as may be necessary, to enable the Certificate Administrator, as well as any Other Exchange Act Reporting Party as to which the
applicable Serviced Companion Loan is affected, to accurately and timely report the event under Item 6.02 of Form 8-K pursuant
to Section 10.07 of this Agreement (if such reports under the Exchange Act are required to be filed under the Exchange Act).
 


(e)        For
so long as the Trust or 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 10.07 of this
Agreement) and shall furnish pursuant to Section 10.07 of this Agreement to the Depositor and each Other Depositor in writing
and in form and substance reasonably satisfactory to the Depositor and each Other Depositor, all information reasonably necessary
for the Certificate Administrator, the Trustee and each Other Exchange Act Reporting Party to accurately and timely report the
event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement or otherwise (if such reports under the Exchange
Act are required to be filed under the Exchange Act).
 


Section 10.03     Filing
Obligations.
 


(a)        The
Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall
(and shall cause (or, in the case of a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause) each
Additional Servicer and Servicing Function Participant utilized thereby to) reasonably cooperate with the Depositor and each Other
Depositor in connection with the satisfaction of the Trust’s and each Other Securitization Trust’s reporting requirements
under the Exchange Act. Pursuant to Section 10.04, Section 10.05 and Section 10.07, the Certificate Administrator
shall prepare for execution by the Depositor any Forms 10-D, 10-K and 8-K required by the Exchange Act with respect to the Trust,
in order to permit the timely filing thereof, and the Certificate Administrator shall file (via the Commission’s Electronic
Data Gathering and Retrieval System) such Forms executed by the Depositor.
 


(b)        In
the event that the Certificate Administrator is unable to timely file with the Commission or deliver to any Other Depositor or
Other Exchange Act Reporting Party as to which the applicable Companion Loan is affected, all or any required portion of any Form
8-K, 10-D or 10-K required to be filed by this Agreement because required disclosure information was either not delivered to it
or delivered to it after the delivery deadlines set forth in this


 






    	-364-



    	 



    

 


Agreement, the Certificate Administrator shall promptly as soon
as practicable, but in no event later than twenty-four (24) hours after determination (but if the next calendar day is not a Business
Day, then in no event later than 10:00 a.m., New York time, on the next Business Day), notify the Depositor, such Other Depositor
or Other Exchange Act Reporting Party thereof. In the case of Forms 10-D and 10-K, the Depositor and the Certificate Administrator
will thereupon cooperate to prepare and file a Form 12b-25 and a Form 10-D/A or Form 10-K/A, as applicable, pursuant to Rule 12b-25
of the Exchange Act. In the case of Form 8-K, the Certificate Administrator will, upon receipt of all required Form 8-K Disclosure
Information, include such disclosure information on the next succeeding Form 10-D to be filed for the Trust. In the event that
any previously filed Form 8-K or Form 10-K needs to be amended, the Certificate Administrator will notify the Depositor thereof,
and such other parties as needed and the parties hereto will cooperate with the Certificate Administrator to prepare any necessary
Form 8-K/A or Form 10-K/A. In the event that any previously filed Form 10-D needs to be amended, the Certificate Administrator
shall notify the Depositor thereof, and such other parties as needed, and the parties hereto shall cooperate to prepare any necessary
Form 10-D/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K shall be signed by an officer of the Depositor.
The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
10.03 related to the timely preparation and filing of Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K is contingent
upon such parties observing all applicable deadlines in the performance of their duties under this Article X. The Certificate
Administrator shall have no liability for any loss, expense, damage, or claim arising out of or with respect to any failure to
properly prepare, arrange for execution and/or timely file any such Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form
10-K, where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis,
any information from any other party hereto needed to prepare, arrange for execution or file such Form 12b-25 or any amendments
to Forms 8-K, Form 10-D or Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.
 


Section 10.04     Form
10-D Filings.
 


(a)        Within
15 calendar days after each Distribution Date (subject to permitted extensions under the Exchange Act), the Certificate Administrator
shall prepare and file on behalf of the Trust any Form 10-D then required by the Exchange Act, in form and substance as then required
by the Exchange Act. The Certificate Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement
attached thereto; provided that the Certificate Administrator shall redact from such Distribution Date Statement any information
relating to the ratings of the Certificates and the identity of the Rating Agencies. Any disclosure in addition to the Distribution
Date Statement that is required to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall, pursuant
to the following paragraph, be (i) reported by the parties set forth on Exhibit U to this Agreement to the Depositor, the
Certificate Administrator and each Other Depositor and Other Exchange Act Reporting Party to which such Additional Form 10-D Disclosure
is relevant for Exchange Act reporting purposes and (ii) approved by the Depositor and each such Other Depositor, and the Certificate
Administrator will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure
absent such reporting, direction and approval.
 






    	-365-



    	 



    

 


For so long as the
Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, within one (1) 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) certain parties to this Agreement, as set forth on Exhibit
U to this Agreement, shall be required to provide to the Certificate Administrator, the Depositor, and each Other Exchange
Act Reporting Party and 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 the Certificate Administrator, the
Depositor and 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, (ii) the parties listed on Exhibit U 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 S, 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 W to this Agreement and (iii) the Depositor shall approve, as to form and substance, or
disapprove, as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D with respect to the Trust; provided
that any Depositor’s approval pursuant to this clause (iii) shall not relieve any parties listed on Exhibit U
of its obligations to provide Additional Form 10-D Disclosure that is true and accurate in all material respects and in compliance
with all applicable requirements of the Securities Act and the Exchange Act, and the rules and regulations promulgated thereunder.
The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit
U to this Agreement of their duties under this paragraph or proactively solicit or procure from such parties any Additional
Form 10-D Disclosure information. The Depositor will be responsible for any reasonable fees assessed or expenses incurred by the
Certificate Administrator in connection with including any Additional Form 10-D Disclosure on Form 10-D with respect to the Trust
pursuant to this paragraph.
 


The Certificate Administrator
shall include in any Form 10-D filed by it with respect to the Trust (i) the information required by Rule 15Ga-1(a) of the Exchange
Act concerning all assets of the Trust that were subject of a demand for the repurchase of, or the substitution of a Qualified
Substitute Mortgage Loan for, a Mortgage Loan contemplated by Section 2.03(a) of this Agreement, (ii) a reference to the
most recent Form ABS-15G filed by the Depositor and the Commission’s assigned “Central Index Key” for the Depositor,
which information the Depositor shall deliver to the Certificate Administrator, and (iii) a reference to the most recent Form ABS-15G
filed by each Mortgage Loan Seller and the Commission’s assigned “Central Index Key” for each such filer, which
information each Mortgage Loan Seller is required to deliver to the Certificate Administrator pursuant to Section 6(i) of the applicable
Loan Purchase Agreement.
 






    	-366-



    	 



    

 


(b)        After
preparing a Form 10-D with respect to the Trust, the Certificate Administrator shall forward electronically a copy of such Form
10-D to the Depositor for review. Within two (2) Business Days after receipt of such copy, but no later than the 9th
calendar day after the related Distribution Date or, if the 9th calendar day after the related Distribution Date is
not a Business Day, the immediately preceding Business Day, the Depositor shall notify the Certificate Administrator in writing
(which may be furnished electronically) of any changes to or approval of such Form 10-D. Within two (2) Business Days after receipt
of such copy, but no later than two (2) Business Days prior to the 15th calendar day after the related Distribution
Date, an officer of the Depositor shall sign the Form 10-D with respect to the Trust and return an electronic or fax copy of such
signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. Upon receipt
of such signed Form 10-D (in electronic form or by fax copy), the Certificate Administrator shall deem such report to be approved
by the Depositor and shall proceed with filing such report with the Commission. If a Form 10-D with respect to the Trust cannot
be filed on time or if a previously filed Form 10-D with respect to the Trust needs to be amended, the Certificate Administrator
will follow the procedures set forth in Section 10.03(b) of this Agreement. Promptly after filing with the Commission, the Certificate
Administrator will make available on its internet website a final executed copy of each Form 10-D with respect to the Trust prepared
and filed by the Certificate Administrator. The signing party at the Depositor can be contacted at Citigroup Commercial Mortgage
Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number:
(212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup Global Markets Inc., 390 Greenwich Street,
7th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com,
and with a copy to Citigroup Global Markets Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M.
O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or such other address as the Depositor
may direct. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under
this Section 10.04 related to the timely preparation and filing of Form 10-D with respect to the Trust is contingent upon such
parties observing all applicable deadlines in the performance of their duties under this Section 10.04. The Certificate Administrator
shall have no liability for any loss, expense, damage, or claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file any Form 10-D with respect to the Trust, where such failure results because required disclosure
information was either not delivered to the Certificate Administrator or delivered to the Certificate Administrator after the delivery
deadlines set forth in this Agreement, not resulting from its own negligence, bad faith or willful misconduct.
 


(c)        Form
10-D requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor hereby instructs the Certificate Administrator, with respect to each Form 10-D with respect to the Trust, to check
“yes” for each item unless the Certificate Administrator has received prior written notice (which may be furnished
electronically) from the Depositor that the answer should be “no” for an item which notice shall be delivered to the
Certificate Administrator no later than the day on which the Depositor provided its signature for such filing pursuant to Section
10.04(b) of this Agreement.
 






    	-367-



    	 



    

 


Section
10.05     Form 10-K Filings. (a) Within 90 days after the end of each fiscal year of the
Trust (it being understood that the fiscal year of the Trust ends on December 31 of each year) or such earlier date as may be
required by the Exchange Act (the “10-K Filing Deadline”), commencing within 90 days after December 31,
2015, the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-K then required by the Exchange
Act, in form and substance as then required by the Exchange Act. Each such Form 10-K with respect to the Trust shall include
the following items, in each case to the extent they have been delivered to the Certificate Administrator (in the form
required by this Agreement) within the applicable time frames set forth in this Agreement:
 


(i)         an
annual compliance statement for each Certifying Servicer and each Additional Servicer engaged by each Certifying Servicer, as described
under Section 10.08;
 


(ii)        (A)
the annual reports on assessment of compliance with Servicing Criteria for each Reporting Servicer, as described under Section
10.09; and
 


(B)        if
any such report on assessment of compliance with Servicing Criteria described under Section 10.09 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance, or if such report on assessment of compliance
with Servicing Criteria described under Section 10.09 is not included as an exhibit to such Form 10-K, disclosure that such
report is not included and an explanation why such report is not included;
 


(iii)       (A)
the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.10;
and
 


(B)        if
any registered public accounting firm attestation report described under Section 10.10 identifies any material instance
of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm attestation
report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such
report is not included; and
 


(iv)       a
certification in the form attached to this Agreement as Exhibit X, with such changes as may be necessary or appropriate
as a result of changes promulgated by the Commission (the “Sarbanes-Oxley Certification”), which shall, except
as described below, be signed by the senior officer of the Depositor in charge of securitization.
 


Any disclosure or
information in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K
Disclosure”) shall, pursuant to the second following paragraph, be (i) reported by the parties set forth on Exhibit
V to this Agreement to the Depositor, the Certificate Administrator and any Other Depositor and Other Exchange Act Reporting
Party to which such Additional Form 10-K Disclosure is relevant for Exchange Act reporting purposes and (ii) approved by the Depositor
and such Other Depositor, and the Certificate Administrator will have no duty or liability for any failure hereunder to determine
or prepare any Additional Form 10-K Disclosure, absent such reporting, direction and approval.
 






    	-368-



    	 



    

 


Not later than the
end of each fiscal year for which the Trust is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor and the Trustee shall provide the other parties to this Agreement and the Mortgage
Loan Sellers with written notice of the name and address of each Servicing Function Participant retained by such party, if any,
during such fiscal year. Not later than the end of each fiscal year for which the Trust is required to file a Form 10-K, the Certificate
Administrator shall, upon request (which can be in the form of electronic mail and which may be continually effective), provide
to each Mortgage Loan Seller written notice of any change in the identity of any party to this Agreement, including the name and
address of any new party to this Agreement.
 


For so long as the
Trust or 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 V to this Agreement shall be required to provide (and (i) with respect
to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, 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 the Certificate
Administrator, the Depositor and each Other Exchange Act Reporting Party and 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 the Certificate Administrator, the Depositor, 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 V to this Agreement applicable to such party, (ii) the parties listed on Exhibit V 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 S, 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 W to this Agreement, and (iii) the Depositor will approve, as to
form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K with respect
to the Trust; provided that any Depositor’s approval pursuant to this clause (iii) shall not relieve any parties listed
on Exhibit V of its obligations to provide Additional Form 10- K Disclosure that is true and accurate in all material respects
and in compliance with all applicable requirements of the Securities Act and the Exchange Act, and the rules and regulations promulgated
thereunder. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties
listed on Exhibit V to this Agreement of their duties under this paragraph or proactively solicit or procure from such parties
any Additional Form 10-K Disclosure information. The Depositor will be responsible for any reasonable fees assessed and expenses
incurred by the Certificate Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K with respect
to the Trust pursuant to this paragraph.
 






    	-369-



    	 



    

 


After preparing a
Form 10-K with respect to the Trust, the Certificate Administrator shall forward electronically a preliminary copy of such Form
10-K to the Depositor for review no later than March 15 in the year immediately following the year as to which such Form 10-K relates,
or, if March 15 is not a Business Day, on the immediately following Business Day. Within three (3) Business Days after receipt
of such copy, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any
changes or approval to such preliminary Form 10-K. The Certificate Administrator shall provide a complete Form 10-K with respect
to the Trust to the Depositor for review no later than March 21 in the year immediately following the year as to which such Form
10-K relates, or if March 21 is not a Business Day, on the immediately following Business Day. Within three (3) Business Days after
receipt of such complete Form 10-K, the Depositor shall notify the Certificate Administrator in writing (which may be furnished
electronically) of any changes or approval to such complete Form 10-K. No later than 5:00 p.m. (New York City time) on the third
Business Day prior to the 10-K Filing Deadline, a senior officer of the Depositor shall sign the Form 10-K with respect to the
Trust and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight
mail) to the Certificate Administrator. Upon receipt of such signed Form 10-K (in electronic form or by fax copy), the Certificate
Administrator shall deem such report to be approved by the Depositor and shall proceed with filing such report with the Commission.
If a Form 10-K with respect to the Trust cannot be filed on time or if a previously filed Form 10-K with respect to the Trust needs
to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.03(b). Promptly after filing
with the Commission, the Certificate Administrator will make available on the Certificate Administrator’s Website a final
executed copy of each Form 10-K prepared and filed by the Certificate Administrator. The signing party at the Depositor can be
contacted at Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention:
Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup Global
Markets Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943,
e-mail: richard.simpson@citi.com, and with a copy to Citigroup Global Markets Inc., 388 Greenwich Street, 17th Floor, New
York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com,
or such other address as the Depositor may direct. The parties to this Agreement acknowledge that the performance by the Certificate
Administrator of its duties under this Section 10.05 related to the timely preparation and filing of Form 10-K with respect
to the Trust is contingent upon the parties to this Agreement (and any Additional Servicer or Servicing Function Participant engaged
or utilized, as applicable, by any such parties) observing all applicable deadlines in the performance of their duties under this
Section 10.05. The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out of
or with respect to any failure to properly prepare, arrange for execution and/or timely file any Form 10-K with respect to the
Trust, where such failure results because required disclosure information was either not delivered to the Certificate Administrator
or delivered to the Certificate Administrator after the delivery deadlines set forth in this Agreement, not resulting from its
own negligence, bad faith or willful misconduct.
 


(b)        Form
10-K requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that
the registrant was required to file


 






    	-370-



    	 



    

 


such reports), and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor hereby instructs the Certificate Administrator, with respect to each Form 10-K with respect to the Trust, to check
“yes” for each item unless the Certificate Administrator has received prior written notice (which may be furnished
electronically) from the Depositor that the answer should be “no” for an item which notice shall be delivered to the
Certificate Administrator no later than the day on which the Depositor provided its signature for such filing pursuant to Section
10.05(a) of this Agreement.
 


Section
10.06     Sarbanes-Oxley Certification. Each Form 10-K with respect to the Trust shall
include a Sarbanes-Oxley Certification in the form attached to this Agreement as Exhibit X required to be included
therewith pursuant to the Sarbanes-Oxley Act. The Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Custodian and the Trustee shall provide (and (i) with respect to any Servicing Function Participant of
such party that is a Mortgage Loan Seller Sub-Servicer, 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 the Person who signs the
Sarbanes-Oxley Certification for the Trust or any Other Securitization Trust (the “Certifying Person”) no
later than March 15 in the year immediately following the year as to which such Form 10-K 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
Y-1, Exhibit Y-2, Exhibit Y-3, Exhibit Y-4, Exhibit Y-5, Exhibit Y-6 and Exhibit
Y-7 as applicable, 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. With respect to each Outside Serviced Trust Loan serviced under an Outside Servicing
Agreement, the Master Servicer shall use commercially reasonable efforts to procure, and upon receipt deliver to the
Certifying Person, a Sarbanes-Oxley back-up certification, similar in form and substance to the certifications referenced in
the preceding sentence, from the related Outside Servicer, the related Outside Special Servicer, the related Outside Paying
Agent and the related Outside Trustee. 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 10.06 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.
 


Section
10.07     Form 8-K Filings. Within four (4) Business Days after the occurrence of an event
requiring disclosure on Form 8-K (each such event, a “Reportable Event”), and if requested by the
Depositor, the Certificate Administrator shall prepare and file on behalf of the Trust any Form 8-K, as required by the
Exchange Act, provided that the Depositor shall file the initial Form 8-K with respect to the Trust in connection with
the issuance of the Certificates. Any disclosure or information related to a Reportable Event or that is otherwise required
to be included on Form 8-K (“Form 8-K Disclosure Information”) that is approved by the Depositor shall,
pursuant to the following paragraph, be reported by the applicable parties set forth on Exhibit Z to this Agreement to
the Depositor, the Certificate Administrator and each Other Depositor and Other Exchange Act Reporting Party to which such
Form 8-K Disclosure Information is relevant for Exchange Act reporting purposes, and the Certificate Administrator


 






    	-371-



    	 



    

 


will have
no duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information or any Form 8-K
with respect to the Trust, absent such reporting, direction and approval.
 


For so long as the
Trust or 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 (1) Business Day after the occurrence of 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 Z to this Agreement shall be required to provide (and (i) with
respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, 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 the Depositor, the Certificate Administrator and each Other Depositor and Other Exchange Act Reporting Party to which the particular
Form 8-K Disclosure 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 the Depositor, the Certificate Administrator,
each such Other Depositor, each such Other Exchange Act Reporting Party and such providing parties any Form 8-K Disclosure Information
described on Exhibit Z to this Agreement as applicable to such party, if applicable (ii) the parties listed on Exhibit
Z 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 S, 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 W, and (iii) the Depositor will approve, as to form and substance,
or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure Information on Form 8-K with respect to the Trust;
provided that any Depositor’s approval pursuant to this clause (iii) shall not relieve any parties listed on
Exhibit Z of its obligations to provide Form 8 K Disclosure Information that is true and accurate in all material respects
and in compliance with all applicable requirements of the Securities Act and the Exchange Act and the rules and regulations promulgated
thereunder. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties
listed on Exhibit Z of their duties under this paragraph or proactively solicit or procure from such parties any Form 8-K
Disclosure Information. The Depositor will be responsible for any reasonable fees assessed or expenses incurred by the Certificate
Administrator in connection with including any Form 8-K Disclosure Information on Form 8-K with respect to the Trust pursuant to
this paragraph.
 


Upon receipt of any
notice of execution of an Outside Servicing Agreement with respect to an Outside Serviced Trust Loan or notice of any Reportable
Event with respect to any Outside Service Provider of an Outside Serviced Trust Loan, the Trustee or the Certificate Administrator,
as the case may be, shall promptly notify the Depositor of such notice and cooperate with the Depositor to prepare and file on
behalf of the Trust any Form 8-K, as required by the Exchange Act.
 






    	-372-



    	 



    

 


After preparing any
Form 8-K with respect to the Trust, the Certificate Administrator shall forward electronically a copy of the Form 8-K to the Depositor
for review no later than 1:00 p.m. (New York City time) on the third Business Day after the related Reportable Event (but in no
event earlier than 24 hours after having received approved Form 8-K Disclosure Information pursuant to the immediately preceding
paragraph). Promptly, but no later than the close of business on the third Business Day after the related Reportable Event, the
Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval
of such Form 8-K. No later than noon on the fourth Business Day after the related Reportable Event, a duly authorized representative
of the Depositor shall sign the Form 8-K with respect to the Trust and return an electronic or fax copy of such signed Form 8-K
(with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. If a Form 8-K with respect
to the Trust cannot be filed on time or if a previously filed Form 8-K with respect to the Trust needs to be amended, the Certificate
Administrator will follow the procedures set forth in Section 10.03(b) of this Agreement. Promptly after filing with the
Commission, the Certificate Administrator will, make available on its internet website a final executed copy of each Form 8-K with
respect to the Trust, to the extent such Form 8-K has been prepared and filed by the Certificate Administrator. The signing party
at the Depositor can be contacted at Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York,
New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with
a copy to Citigroup Global Markets Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson,
telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com, and with a copy to Citigroup Global Markets Inc., 388
Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail:
ryan.m.oconnor@citi.com, or such other address as the Depositor may direct. The parties to this Agreement acknowledge that
the performance by the Certificate Administrator of its duties under this Section 10.07 related to the timely preparation
and filing of Form 8-K with respect to the Trust is contingent upon such parties observing all applicable deadlines in the performance
of their duties under this Section 10.07. The Certificate Administrator shall have no liability for any loss, expense, damage,
claim arising out of or with respect to any failure to properly prepare and/or timely file any Form 8-K with respect to the Trust,
where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any information
from the parties to this Agreement needed to prepare, arrange for execution or file such Form 8-K, not resulting from its own negligence,
bad faith or willful misconduct.
 


In the case of a Form
8-K that is filed by or on behalf of the Trust as a result of the termination, removal, resignation or any other replacement of
the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the proposed successor
Master Servicer, Special Servicer, Trustee or Certificate Administrator, as applicable, shall, as a condition to such succession
and at the reasonable expense of the same party or parties required to pay the costs and expenses relating to such termination,
removal, resignation or other replacement pursuant to this Agreement, provide to the Certificate Administrator and the Depositor
on or before the date of such proposed succession the following: (i) any information (including, but not limited to, disclosure
information) required for the Trust to comply in a timely manner with applicable filing requirements under Items 1.01 and 6.02
of Form 8-K and (ii) such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to such information
that are substantially similar to those delivered by the initial Master Servicer,


 






    	-373-



    	 



    

 


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
Prospectus Supplement and/or any other disclosure materials relating to this Trust.
 


Section
10.08     Annual Compliance Statements. The Master Servicer, the Special Servicer, the
Certificate Administrator, the Custodian and, if it has made an Advance during the applicable calendar year, the Trustee
shall furnish (and each of the Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator (i)
with respect to any Additional Servicer of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially
reasonable efforts to cause such Additional Servicer to furnish, and (ii) with respect to any other Additional Servicer of
such party (other than any party to this Agreement), shall cause such Additional Servicer to furnish) (each such Additional
Servicer and each of the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee
(if applicable), a “Certifying Servicer”) to the Certificate Administrator, the Serviced Companion Loan
Holders (or, in the case of a Serviced Companion Loan that is part of an Other Securitization Trust, the applicable Other
Depositor and Other Exchange Act Reporting Party), the Operating Advisor (only in the case of an Officer’s Certificate
furnished by the Special Servicer and after the occurrence and during the continuance of a Control Termination Event) and the
Depositor on or before March 15 of each year, commencing in March 2016, an Officer’s Certificate (together with a copy
thereof in EDGAR compatible format, or in such other format as otherwise agreed upon by the Depositor, the
Certificate Administrator, the applicable Other Depositor, the applicable Other Exchange Act Reporting Party and the
applicable Certifying Servicer) stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s
activities during the preceding calendar year or portion thereof and of such Certifying Servicer’s performance under
this Agreement, or the applicable Sub-Servicing Agreement or primary servicing agreement in the case of an Additional
Servicer, has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based
on such review, such Certifying Servicer has fulfilled all its obligations under this Agreement, or the applicable
Sub-Servicing Agreement or primary servicing agreement in the case of an Additional Servicer, in all material respects
throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any material
respect, specifying each such failure known to such officer and the nature and status thereof. The Master Servicer and the
Special Servicer shall, and the Master Servicer and the Special Servicer shall cause (or, in the case of an
Additional Servicer that is a Mortgage Loan Seller Sub-Servicer, shall use its commercially reasonable efforts to cause) each
Additional Servicer hired by it to, forward a copy of each such statement to, prior to the occurrence and continuance of a
Consultation Termination Event, the Controlling Class Representative and, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 11.13, the Rule 17g-5 Information Provider. Promptly after receipt of
each such Officer’s Certificate, the Depositor (and, in the case of a Serviced 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 Additional Servicer with which the Master Servicer or the
Special Servicer, as applicable, has entered into a servicing relationship with respect to the Mortgage Loans or the
Companion Loans in the fulfillment of any Certifying Servicer’s obligations hereunder or under the applicable
sub-servicing or primary servicing agreement. The obligations of each Certifying Servicer under this Section apply to each
Certifying Servicer that serviced a


 






    	-374-



    	 



    

 


Mortgage Loan or 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.
 


With respect to each
Outside Serviced Trust Loan serviced under the applicable Outside Servicing Agreement, the Certificate Administrator shall request,
and upon receipt deliver to the Depositor, from a “Servicing Officer” or “Responsible Officer” (as such
terms are defined in the applicable Outside Servicing Agreement), as applicable, of the related Outside Servicer, Outside Special
Servicer, Outside Custodian, Outside Trustee and Outside Paying Agent or Outside Certificate Administrator an Officer’s Certificate
in form and substance similar to the Officer’s Certificate described in this Section or such other form as is set forth in
the Outside Servicing Agreement.
 


Section 10.09     Annual
Reports on Assessment of Compliance With Servicing Criteria.
 


(a)        On
or before March 15 of each year commencing in March 2016, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during the applicable calendar year,
the Trustee, each at its own expense, shall furnish (and each of the preceding parties, as applicable, (i) with respect to any
Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, 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 Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor, any Servicing Function Participant and,
if it has made (or is required to make) an Advance during the applicable calendar year, the Trustee, as the case may be, a “Reporting
Servicer”) to the Certificate Administrator, the Trustee, the Serviced Companion Loan Holders (or, in the case of a Serviced
Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party),
the Operating Advisor (only in the case of a report furnished by the Special Servicer and only after the occurrence and during
the continuance of a Control Termination Event) and the Depositor, a report on an assessment of compliance with the Relevant Servicing
Criteria (together with a copy thereof in EDGAR compatible format, or in such other format as otherwise agreed upon by the Depositor,
the Certificate Administrator, the applicable Other Depositor, the applicable Other Exchange Act Reporting Party and the applicable
Certifying Servicer) that contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with
the Relevant Servicing Criteria, (B) a statement that such Reporting Servicer used the Servicing Criteria to assess compliance
with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing
Criteria as of the end of and for the preceding calendar year, including, if there has been any material instance of noncompliance
with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement
that a registered public accounting firm has issued an attestation report on such Reporting Servicer’s assessment of compliance
with the Relevant Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this Section
10.09 shall be provided to any Certificateholder, upon the written request thereof, by the Certificate Administrator.
 






    	-375-



    	 



    

 


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 Relevant Servicing Criteria specified on a certification substantially in the form of Exhibit
O to this Agreement delivered to the Depositor on the Closing Date. Promptly after receipt of each such report, (i) 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, and (ii) the Certificate Administrator shall confirm
that the assessments, taken individually address the Relevant Servicing Criteria for each party as set forth on Exhibit O
to this Agreement and notify the Depositor of any exceptions. For the avoidance of doubt, the Trustee shall have no obligation
or duty to determine whether any such report (other than any such report furnished by the Trustee or any Servicing Function Participant
of the Trustee) is in form and substance in compliance with the requirements of Regulation AB.
 


(b)        On
the Closing Date, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and the
Operating Advisor each acknowledge and agree that Exhibit O to this Agreement sets forth the Relevant Servicing Criteria
for such party.
 


(c)        No
later than the end of each fiscal year for the Trust, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during such fiscal year, the Trustee
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, and the Certificate Administrator shall notify the Depositor
and each Other Depositor as to the name of each Servicing Function Participant utilized by it, during such fiscal year, 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 Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Trustee (if applicable), the Operating Advisor and any Servicing Function Participant submit their assessments pursuant to
Section 10.09(a) of this Agreement, such parties will also at such time include the assessment (and related attestation
pursuant to Section 10.10 of this Agreement) 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 Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if it has made,
or is required to make, an Advance during the applicable period) or the Operating Advisor 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 Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause) any Servicing Function Participant
of such party to provide (and the Master 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 (or, in the case of each Servicing Function Participant that is a Mortgage Loan Seller Sub-Servicer, shall
use commercially reasonable efforts to cause such Servicing Function Participant) to provide) an annual assessment of compliance
pursuant to this Section 10.09, coupled with an attestation as required in


 






    	-376-



    	 



    

 


Section 10.10 of this Agreement with respect
to the period of time that the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee
(if it has made, or is required to make, an Advance during such period of time) or the Operating Advisor was subject to this Agreement
or the period of time that the applicable Servicing Function Participant was subject to such other servicing agreement.
 


With respect to each
Outside Serviced Trust Loan serviced under the applicable Outside Servicing Agreement, the Certificate Administrator shall use
commercially reasonable efforts to obtain, and upon receipt deliver to the Depositor, an annual report on assessment of compliance
as described in this Section and an attestation as described in Section 10.10 from the related Outside Servicer, Outside
Special Servicer, Outside Custodian, Outside Trustee and Outside Paying Agent or Outside Certificate Administrator and in form
and substance similar to the annual report on assessment of compliance described in this Section 10.09 and the attestation described
in Section 10.10.
 


Section
10.10     Annual Independent Public Accountants’ Servicing Report. On or before March
15 of each year, commencing in March 2016, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during the applicable calendar year,
the Trustee, each at its own expense, shall cause (and each of the preceding parties, as applicable, (i) with respect to any
Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable
efforts to cause such Servicing Function Participant to cause, 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 cause)
a registered public accounting firm (which may also render other services to the Master Servicer, the Special Servicer, the
Certificate Administrator, the Custodian, the Trustee, the Operating Advisor 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 (together with a copy thereof in EDGAR compatible format, or in such other format as otherwise agreed upon by the
Depositor, the Certificate Administrator, the applicable Other Depositor, the applicable Other Exchange Act Reporting Party
and the applicable party required to furnish, or cause to be furnished, such report under this Section 10.10) to the
Certificate Administrator, the Serviced Companion Loan Holders (or, in the case of a Serviced Companion Loan that is part of
an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), the Operating
Advisor (only in the case of a report furnished on behalf of the Special Servicer and after the occurrence and during the
continuance of a Control Termination Event) and the Depositor, and, prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative and, for posting to the Rule 17g-5 Information Provider’s
Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider, to the effect that (i) it
has obtained a representation regarding certain matters from the management of such Reporting Servicer, which includes an
assertion that such Reporting Servicer has complied with the Relevant 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 compliance with
the Relevant Servicing Criteria was fairly stated in all material respects, or it is not expressing an overall opinion
regarding such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria. In the event that an
overall


 



    	-377-



    	 



    

 


opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to
express such an opinion. Each such related accountant’s attestation report 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 such statement will be provided to any Certificateholder, upon the written
request thereof, by the Certificate Administrator.
 


Promptly after receipt
of such report from the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if applicable),
the Operating Advisor or any Servicing Function Participant, (i) the Depositor and each Other Depositor may review the report and,
if applicable, consult with the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee
(if applicable) or the Operating Advisor as to the nature of any defaults by the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Trustee (if applicable), the Operating Advisor or any Servicing Function Participant with which
it has entered into a servicing relationship with respect to the Mortgage Loans or the Companion Loans, as the case may be, in
the fulfillment of any of the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s, the
Custodian’s, the Trustee’s (if applicable), the Operating Advisor’s or the applicable Servicing Function Participants’
obligations hereunder or under the applicable sub servicing or primary servicing agreement, and (ii) the Certificate Administrator
shall confirm that each accountants’ attestation report submitted pursuant to this Section relates to an assessment of compliance
meeting the requirements of Section 10.09 of this Agreement and notify the Depositor of any exceptions.
 


Section 10.11     Significant
Obligors
 


(a)        [Reserved.]
 


(b)        With
respect to any Significant Obligor with respect to an Other Securitization Trust, to the extent that the Master Servicer or the
Special Servicer, as applicable, is in receipt of the updated financial statements of such Significant Obligor for any calendar
quarter (other than the fourth calendar quarter of any calendar year), beginning with the first calendar quarter following receipt
of notice from the Other Depositor that such Significant Obligor with respect to such Other Securitization Trust exists, or the
updated financial statements of such Significant Obligor for any calendar year, beginning for the calendar year following such
notice from the Other Depositor, as applicable, the Master Servicer or Special Servicer, as applicable, shall deliver to the Other
Depositor and the Other Exchange Act Reporting Party of such Other Securitization Trust, on or prior to the day that occurs two
(2) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or four (4) 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 fourteen (14) or more 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 calculated by the Master
Servicer in accordance with CREFC® guidelines and (B) if such financial statement receipt occurs less than twelve
(12) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than fourteen (14)


 






    	-378-



    	 



    

 


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
Mortgagor in such financial statements.
 


If the Master Servicer
does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the
case may be, of any Significant Obligor with respect to an Other Securitization Trust by the date on which such financial information
is required to be delivered under the related Loan Documents, the Master Servicer (i) shall use efforts consistent with the Servicing
Standard (taking into account, in addition, the ongoing reporting obligations of the related Other Depositor under the Exchange
Act) to obtain the periodic financial statements of the related Mortgagor under the related Loan Documents, (ii) 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 related Mortgagor to obtain the required financial information, and (iii)
if unsuccessful, shall, no later than five (5) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline
or the related Significant Obligor NOI Yearly Filing Deadline, as applicable, 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.
 


Section
10.12     Indemnification. Each of the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Custodian and the Trustee (each an “Indemnifying Party”) shall
indemnify and hold harmless each Certification Party, the Depositor, each Other Depositor, any employee, director or officer
of the Depositor or any Other Depositor, and each other person, if any, who controls the Depositor or any Other Depositor
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any claims,
losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and
expenses (including without limitation the costs of investigation, legal defense and any amounts paid in settlement of any
claim or litigation) incurred by such indemnified party arising out of: (i) the failure of any Indemnifying Party to perform
its obligations under this Article X; (ii) the failure of any Servicing Function Participant or Additional Servicer
retained by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations under this Article X; (iii)
any untrue statement of a material fact contained in any information (x) regarding the Indemnifying Party or any Servicing
Function Participant, Additional Servicer or Subcontractor engaged by it (other than any Mortgage Loan Seller
Sub-Servicer), (y) prepared by any such party described in clause (x) or any registered public accounting firm, attorney or
other agent retained by such party to prepare such information and (z) delivered by or on behalf of such Indemnifying Party
in connection with the performance of such Indemnifying Party’s obligations described in this Article X, or the
omission to state in any such information a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, that such Indemnifying Party shall be entitled to
participate at its own expense in any action arising out of the foregoing and the Depositor shall consult with such
Indemnifying Party with respect to any litigation or audit strategy, as applicable, in connection with the foregoing and any
potential settlement terms related thereto (provided that any such consultation shall be nonbinding); (iv) negligence, bad
faith or willful misconduct on the part of the Master Servicer,


 






    	-379-



    	 



    

 


the Special Servicer, the Operating Advisor, the Certificate
Administrator, the Custodian or the Trustee, as applicable, in the performance of such obligations; or (v) any Deficient
Exchange Act Deliverable with respect to such Indemnifying Party.
 


In addition, each
of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian and the Trustee
shall cooperate (and (i) with respect to each Servicing Function Participant and Additional Servicer of such party that is a Mortgage
Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing Function Participant or Additional
Servicer to cooperate, and (ii) with respect to any other Servicing Function Participant or Additional Servicer of such party,
shall cause such Servicing Function Participant or Additional Servicer to cooperate) with the Depositor or any Other Depositor,
as applicable, as necessary for the Depositor or any Other Depositor, as applicable, to conduct any reasonable due diligence necessary
to evaluate and assess any material instances of non-compliance disclosed in any of the deliverables required by the applicable
reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated
thereunder (“Reporting Requirements”).
 


In connection with
comments provided to the Depositor or any Other Depositor from the Commission regarding (x) information delivered by the Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee, a Servicing Function
Participant or an Additional Servicer, as applicable (“Affected Reporting Party”), (y) information regarding
such Affected Reporting Party, and/or (z) information prepared by such Affected Reporting Party or any registered public accounting
firm, attorney or other agent retained by such party to prepare such information, which information is contained in a report filed
by the Depositor or any Other Depositor under the Reporting Requirements and which comments are received subsequent to the Depositor’s
or any Other Depositor’s filing of such report, the Depositor or any Other Depositor shall promptly provide to such Affected
Reporting Party any such comments which relate to such Affected Reporting Party. Such Affected Reporting Party shall be responsible
for timely preparing a written response to the Commission for inclusion in the Depositor’s or any Other Depositor’s
response to the Commission, unless such Affected Reporting Party elects, with the consent of the Depositor or any Other Depositor,
as applicable (which consent shall not be unreasonably denied, withheld or delayed), to directly communicate with the Commission
and negotiate a response and/or resolution with the Commission; provided, if an Affected Reporting Party is a Servicing
Function Participant or Additional Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material
communications pursuant to this paragraph. If such election is made, the applicable Affected Reporting Party shall be responsible
for directly negotiating such response and/or resolution with the Commission in a timely manner; provided, that (i) such Affected
Reporting Party shall use reasonable efforts to keep the Depositor or any Other Depositor informed of its progress with the Commission
and copy the Depositor or any Other Depositor on all correspondence with the Commission and provide the Depositor or any Other
Depositor with the opportunity to participate (at the Depositor’s or Other Depositor’s expense) in any telephone conferences
and meetings with the Commission and (ii) the Depositor or any Other Depositor shall cooperate with such Affected Reporting Party
in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly with the Commission
with respect to any comments from the Commission relating to such Affected Reporting Party and to notify the Commission of such
authorization. The Depositor (or any


 






    	-380-



    	 



    

 


Other Depositor) and the applicable Affected Reporting Party shall cooperate and coordinate
with one another with respect to any requests made to the Commission for extension of time for submitting a response or compliance.
All respective reasonable out-of-pocket costs and expenses incurred by the Depositor or any Other Depositor (including reasonable
legal fees and expenses of outside counsel to the Depositor or any Other Depositor, as the case may be) in connection with the
foregoing (other than those costs and expenses required to be at the Depositor’s or any Other Depositor’s expense as
set forth above) and any amendments to any reports filed with the Commission related to the foregoing shall be promptly paid by
the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor or any Other Depositor, as the case
may be. Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian
and the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained
by it to comply with the foregoing by inclusion of similar provisions (or by inclusion of a reference to, and an obligation to
comply with, this paragraph) in the related sub-servicing or similar agreement.
 


The Master Servicer,
the Special Servicer, the Operating Advisor, the Custodian, the Trustee and the Certificate Administrator shall cause each Servicing
Function Participant of such party that is not a Mortgage Loan Seller Sub-Servicer (and with respect to any Servicing Function
Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such
Servicing Function Participant) to indemnify and hold harmless each Certification Party, the Depositor, each Other Depositor, 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 or primary servicing agreement, (ii)
negligence, bad faith or willful misconduct on its part in the performance of such obligations, (iii) other than in the case of
the Operating Advisor, any failure by a Servicer (as defined in Section 10.02(b)) to identify a Servicing Function Participant
pursuant to Section 10.02(c), or (iv) any Deficient Exchange Act Deliverable with respect to such Servicing Function Participant.
 


If the indemnification
provided for in, or contemplated by, any of the preceding paragraphs of this Section 10.12 is unavailable or insufficient
to hold harmless any Certification Party, the Depositor, any Other Depositor, any employee, director or officer of the Depositor
or any Other Depositor, or any other person who controls the Depositor or any Other Depositor within the meaning of either Section
15 of the Securities Act or Section 20 of the Exchange Act, then the Master Servicer, the Special Servicer, the Operating Advisor,
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 X (or breach of its obligations under the applicable sub-servicing or primary 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,


 






    	-381-



    	 



    

 


bad faith or willful misconduct in connection therewith. The Master Servicer, the Special Servicer, the
Operating Advisor, the Trustee and the Certificate Administrator shall cause each Servicing Function Participant of such party
that is not a Mortgage Loan Seller Sub-Servicer (and with respect to any Servicing Function Participant of such party that is a
Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing Function Participant) to agree
to the foregoing indemnification and contribution obligations. This Section 10.12 shall survive the termination of this
Agreement or the earlier resignation or removal of the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee
or the Certificate Administrator.
 


Section 10.13     Amendments.
This Article X may be amended by the parties hereto pursuant to Section 11.07 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 or for purposes of designating the Certifying Person 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 10.14     Regulation
AB Notices. With respect to any notice required to be delivered by the Certificate Administrator to the Depositor pursuant
to this Article X, the Certificate Administrator may deliver such notice, notwithstanding any contrary provision in this
Agreement, via facsimile and electronic mail to Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th
Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com,
with a copy to Citigroup Global Markets Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson,
telecopy number: (646) 328-2943 e-mail: richard.simpson@citi.com, and with a copy to Citigroup Global Markets Inc., 388
Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail:
ryan.m.oconnor@citi.com, or to such other address(es), facsimile numbers and/or electronic mail addresses as may be designated
by the Depositor.
 


Section 10.15     Termination
of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement, the Depositor may
terminate the Certificate Administrator upon five (5) Business Days’ notice if the Certificate Administrator fails to comply
with any of its obligations under this Article X; provided that (a) such termination shall not be effective until
a successor Certificate Administrator shall have accepted the appointment, (b) the Certificate Administrator may not be terminated
if (i) it cannot perform its obligations due to its failure to properly prepare or file on a timely basis, on behalf of the Trust,
any Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any Form 12b-25 where such failure results from the Certificate
Administrator’s inability or failure to receive, within the exact time frames set forth in this Agreement any information,
approval, direction or signature from any other party hereto needed to prepare, arrange for execution or file any such Form 8-K,
Form 10-K or Form 10-D or any amendments to such forms or any Form 12b-25 not resulting from its own negligence, bad faith or
willful misconduct, or (ii) following the Certificate Administrator’s failure to comply with any of such obligations under
this Article X on or prior to the dates by which such obligations are to be performed pursuant to, and as set forth in,
such Sections, the Certificate Administrator subsequently complies with such obligations


 






    	-382-



    	 



    

 


before the Depositor
gives written notice to it that it is terminated in accordance with this Section 10.15, and (c) if the Certificate Administrator’s
failure to comply does not cause it to fail in its obligations to timely file, on behalf of the Trust, the related Form 8-K, Form
10-D or Form 10-K, as the case may be, by the related deadline for filing such Form 8-K, Form 10-D or Form 10-K, then the Depositor
shall cease to have the right to terminate the Certificate Administrator under this Section 10.15 on the date on which
such Form 8-K, Form 10-D or Form 10-K is so filed.
 


Section 10.16     Termination
of the Master Servicer or the Special Servicer. Notwithstanding anything to the contrary contained in this Agreement, the
Depositor may terminate the Master Servicer or the Special Servicer upon five (5) Business Days’ notice if the Master Servicer
or the Special Servicer, as applicable, fails to comply with any of its respective obligations under this Article X; provided
that such termination shall not be effective until a successor master servicer or special servicer, as applicable, shall have
accepted the appointment.
 


Section
10.17     Termination of Sub-Servicing Agreements. For so long as the Trust or any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Master Servicer, the Special
Servicer, the Custodian, the Certificate Administrator and the Trustee, as applicable, shall (i) cause each Sub-Servicing
Agreement (with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other
Servicer) to which it is a party to entitle the 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 or sub-servicer, as
applicable, to deliver any Exchange Act reporting items that such Sub-Servicer or sub-servicer, as applicable, is required to
deliver under Regulation AB or as otherwise contemplated by this Article X and (ii) promptly notify the Depositor
following any failure of the applicable Sub-Servicer or sub-servicer, as applicable, to deliver any Exchange Act
reporting items that such Sub-Servicer or sub-servicer, as applicable, is required to deliver under Regulation AB or as
otherwise contemplated by this Article X. The 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 to terminate a Sub-Servicing Agreement
(with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer)
as aforesaid shall not limit any right Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator or
the Trustee, as applicable, may have to terminate such Sub-Servicing Agreement or sub-servicing agreement, as applicable.
 


Section 10.18     Notification
Requirements and Deliveries in Connection With Securitization of a Serviced Companion Loan.
 


(a)        Any
other provision of this Article X to the contrary notwithstanding, including, without limitation, any deadlines for delivery
set forth in this Article X, in connection with the requirements contained in this Article X that provide for the
delivery of information and other items to, and the cooperation with, the Other Depositor and Other Exchange Act Reporting Party
of any Other Securitization Trust that includes a Serviced 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 until the Other Depositor or Other Exchange
Act Reporting Party of such Other Securitization Trust has provided each party hereto with not less






    	-383-



    	 



    

 


than 30 days written notice
(or, in each case, such shorter period as required for such Other Depositor or Other Exchange Act Reporting Party to comply with
related filing obligations, provided that (i) such Other Depositor or Other Exchange Act Reporting Party, as applicable, has provided
written notice as soon as reasonably practicable and, concurrently with such written notice, obtained verbal confirmation of receipt
of such written notice, in each case, in accordance with Section 11.04 of this Agreement and (ii) such period shall not
be less than 3 Business Days) (which shall only be required to be delivered once), (i) setting forth the contact information for
such Person(s) and, except as regards the deliveries and cooperation contemplated by Section 10.08, Section 10.09
and Section 10.10 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 Reporting Party is only required to provide a single written notice to such effect; provided further,
that this notice requirement does not apply to any Serviced Companion Loan that is included in any Other Securitization as of the
Closing Date. Any reasonable cost and expense of the Master Servicer, Special Servicer, Operating Advisor, Custodian, 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 X 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 X in connection therewith and (i) upon such confirmation, the parties shall
comply with the deadlines for delivery set forth in this Article X 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 10.08, Section 10.09 and Section
10.10 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 Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written
request given in accordance with the terms of Section 10.18(a) above, and subject to a right of the Master Servicer, Special
Servicer, the Certificate Administrator or Trustee, as the case may be, to review and approve such disclosure materials, permit
a holder of a related Serviced Companion Loan to use such party’s description contained in the Prospectus Supplement (updated
as appropriate by the Master Servicer, the Special Servicer, Certificate Administrator or Trustee, as applicable, at the reasonable
cost of the Other Depositor or the holder of such Serviced Companion Loan) for inclusion in the disclosure materials relating to
any securitization of a Serviced Companion Loan.


 






    	-384-



    	 



    

 




(c)        The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given
in accordance with the terms of Section 10.18(a) above, shall each timely provide (to the extent the reasonable cost thereof
is paid or caused to be paid by the Other Depositor or the holder of the related Serviced Companion Loan) to the Other Depositor
and any underwriters with respect to any securitization transaction that includes a Serviced Companion Loan such opinion(s) of
counsel, certifications and/or indemnification agreement(s) with respect to the updated description referred to in Section 10.18(b)
with respect to such party, substantially identical to those, if any, delivered by the Master 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 Prospectus Supplement and/or any other disclosure materials relating to this Trust (updated as deemed appropriate
by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, or their respective legal counsel,
as the case may be). None of the Master 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 Serviced Companion Loan if it did not deliver a corresponding
item with respect to this Trust.
 


(d)        Each
of the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator, upon reasonable prior written request
given in accordance with the terms of Section 10.18(a) above, shall provide (to the extent the reasonable cost thereof is
paid or caused to be paid by the applicable party set forth below in this Section 10.18(d)) to the Other Depositor and the
trustee under the Other Pooling and Servicing Agreement related to any Other Securitization Trust the following: (i) any information
(including, but not limited to, disclosure information) required for such Other Securitization Trust to comply in a timely manner
with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel, certifications and/or
indemnification agreement(s) with respect to such information that are substantially similar to those delivered by the Master Servicer,
the Special Servicer, the Trustee or the Certificate Administrator, as the case may be, or their respective counsel, in connection
with the information concerning such party in the Prospectus Supplement and/or any other disclosure materials relating to this
Trust.
 


In the case of a Form
8-K that is filed by or on behalf of an Other Securitization Trust in connection with the closing of this Series 2015-P1 securitization
transaction, the reasonable cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided
by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be,
pursuant to this Section 10.18(d) shall be paid or caused to be paid by the related Other Depositor or the applicable Serviced
Companion Loan Holder that transferred the related Serviced Companion Loan to the related Other Depositor for inclusion in such
Other Securitization Trust.
 


In the case of a Form
8-K that is filed by or on behalf of an Other Securitization Trust as a result of the termination, removal, resignation or any
other replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement,
the reasonable cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on
behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant
to this Section 10.18(d) shall be paid or caused to be paid by the same party or parties required to pay the costs and


 






    	-385-



    	 



    

 


expenses
relating to such termination, removal, resignation or other replacement pursuant to this Agreement.
 


Section 10.19     Termination
of Exchange Act Filings With Respect to the Trust. On or prior to January 30th of the first year in which the Depositor shall
provide notice to the Certificate Administrator of its ability under applicable law, to suspend its Exchange Act filings with
respect to the Trust, the Certificate Administrator shall prepare and file a Form 15 Suspension Notification relating to the automatic
suspension of reporting in respect of the Trust under the Exchange Act or any other form necessary to be filed with the Commission
to suspend such reporting obligations. With respect to any reporting period occurring after the filing of such form, the obligations
of the parties to this Agreement under Section 10.04, Section 10.05, Section 10.06 and Section 10.07,
solely insofar as they relate to the Trust, shall be suspended. The Certificate Administrator shall provide prompt notice to the
Mortgage Loan Sellers and all other parties hereto that such form has been filed. If, after the filing of a Form 15 Suspension
Notification or other applicable form, the Depositor shall provide notice to the Certificate Administrator that it is required
to resume its Exchange Act filings with respect to the Trust, the Certificate Administrator shall recommence preparing and filing
reports on Forms 10-K, 10-D and 8-K with respect to the Trust as required pursuant to Section 10.04, Section 10.05,
Section 10.06 and Section 10.07, and all parties’ obligations under this Article X shall recommence.
 


Article
XI



MISCELLANEOUS PROVISIONS
 


Section
11.01     Counterparts. This Agreement may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one
and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of
this Agreement.
 


Section
11.02     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 representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or
winding up of the Trust Fund, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of
them.
 


No Certificateholder
shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, 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 Certificateholder be under any liability to any third person by reason of any action taken by the parties to this
Agreement pursuant to any provision hereof.
 


No Certificateholder
shall have any right to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement,
any Mortgage Loan or


 






    	-386-



    	 



    

 


Serviced Loan Combination, unless such Holder previously shall have given to the Trustee a written notice
of default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of at least 25% of the Voting
Rights of any Class of Certificates affected thereby (considering each Class of the Class A-S, Class B and Class C Certificates
together with the Class PEZ Component of the same alphabetical designation as a single “Class” for such purpose) shall
have made written request upon the Trustee (with a copy to the Certificate Administrator) 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 is understood
and intended, and expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one
or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue of any provision of this Agreement
to affect, disturb or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority
over or preference to any other such Holder, or to enforce any right under this Agreement, except in the manner herein provided
and for the equal, ratable and common benefit of all Holders of Certificates of such Class. For the protection and enforcement
of the provisions of this Section, each and every Certificateholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.
 


Section
11.03     Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER
OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF
THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND
THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.
 


Section
11.04     Notices. Unless otherwise specifically provided in this Agreement, any
communications provided for or permitted hereunder shall be in writing and, unless otherwise expressly provided herein, shall
be deemed to have been duly given if (a) personally delivered, (b) mailed by registered mail, postage prepaid (except for
notices to the Trustee or the Certificate Administrator which shall be deemed to have been duly given only when received),
(c) sent by nationally recognized express courier delivery service and received by the addressee, to the applicable party at
the following address(es), to: (i) in the case of the Depositor, Citigroup Commercial Mortgage Securities Inc., 390 Greenwich
Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, fax number (212) 723-8599, and 390
Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, fax number (646) 328-2943, and
388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, fax number (646) 862-8988, and
with an electronic copy e-mailed to Richard Simpson at richard.simpson@citi.com and to Ryan M. O’Connor at ryan.m.oconnor@citi.com;
(ii) in the case of the Master Servicer, Wells Fargo Bank, National Association, Commercial Mortgage Servicing, MAC D1086,
550 South Tryon Street, 14th Floor, Charlotte, North Carolina 28202, Attention: CGCMT 2015-P1 Asset Manager, fax number:


 






    	-387-



    	 



    

 


(704) 715-0036, with
a copy to Wells Fargo Bank, National Association, Legal Department, 301 South College Street, TW-30, D1053-300, Charlotte, North
Carolina 28202-6000, Attention: Commercial Mortgage Servicing Legal Support, fax number: (704) 383-3663, with a copy to Mayer
Brown LLP, 214 North Tryon Street, Suite 3800, Charlotte, North Carolina 28202, Attention: Christopher J. Brady, Esq., fax number:
(704) 377-2033, and with respect to e-mail pursuant to Section 11.06 and Section 11.13 of this Agreement, at RAInvRequest@wellsfargo.com,
and with respect to any investor inquiry, at REAM_InvestorRelations@wellsfargo.com; (iii) in the case of the Special
Servicer, LNR Partners, LLC, 1601 Washington Avenue, Suite 700, Miami Beach, Florida 33139, Attention: Thomas F. Nealon III, Esq.,
Steven A. Rivers, Esq. and Job Warshaw, fax number: (305) 695-5601, email: tnealon@lnrproperty.com, srivers@lnrproperty.com
and jwarshaw@lnrproperty.com, or with respect solely to emails required pursuant to Section 11.06 and Section
11.13 of this Agreement to Inquiries@lnrproperty.com; (iv) in the case of the Certificate Administrator, Citibank,
N.A., 388 Greenwich Street, 14th Floor, New York, New York 10013, Attention: Citibank Agency & Trust - CGCMT 2015-P1,
fax number: (212) 816-5527, and with respect to e-mail pursuant to this Agreement, at ratingagencynotice@citi.com;
(v) in the case of the Trustee, Deutsche Bank Trust Company Americas, 1761 East St. Andrew Place, Santa Ana, California, 92705-4934,
Attention: Trust Administration – CI15P1, fax number (714) 247-6022, and with respect to e-mail pursuant to Section 11.06
and Section 11.13 of this Agreement, at holder.inquiry@db.com and with respect to any notice or delivery of
information under Article X of this Agreement, by facsimile to (714) 656-2631 and by e-mail to dbsec.notifications@db.com;
(vi) in the case of the Operating Advisor, Park Bridge Lender Services LLC, 560 Lexington Avenue, 17th floor, New York, New York
10022, Attention: CGCMT 2015-P1 -- Surveillance Manager, with copies sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com,
and with respect to e-mail pursuant to Section 11.13 of this Agreement, at cmbs.notices@parkbridgefinancial.com;
(vii) in the case of the Custodian, Wells Fargo Bank, National Association, 1055 10th Avenue SE, Minneapolis, Minnesota
55414, Attention: CGCMT 2015-P1; (viii) in the case of the Rating Agencies: (a) Moody’s Investors Service, Inc., 7 World
Trade Center, New York, New York 10007, Attention: Commercial Mortgage Surveillance Group, fax number: (212) 553 0300, (b) Kroll
Bond Rating Agency, Inc., 845 Third Avenue, 4th Floor, New York, New York 10022, Attention: CMBS Surveillance, fax number: (646)
731 2395, and (c) Fitch Ratings, Inc., One State Street Plaza, 31st Floor, New York, New York 10004, Attention: Commercial Mortgage
Surveillance Group, fax number: (212) 635 0295; (viii) in the case of the Mortgage Loan Sellers, (a) Citigroup Global Markets
Realty Corp., 390 Greenwich Street, 5th Floor, New York, New York 10013, to the attention of Paul Vanderslice, fax number (212)
723-8599, and 390 Greenwich Street, 7th Floor, New York, New York 10013, to the attention of Richard Simpson, fax number (646)
328-2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com, Ryan M. O’Connor at ryan.m.oconnor@citi.com
and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com, (b) Wells Fargo Bank, National Association, 301
South College St., Charlotte, North Carolina 28288, to the attention of Citigroup Commercial Mortgage Trust 2015-P1 (with a copy
to Jeff. D. Blake Esq., Senior Counsel, Wells Fargo Law Department, D1053 300, 301 South College St., Charlotte, North Carolina
28288, and a copy to A. J. Sfarra, Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, New York, New York 10152,
fax number 212-214-8790, email: Anthony.sfarra@wellsfargo.com), and (c) Macquarie US Trading LLC d/b/a Principal Commercial Capital,
125 West 55th Street, New York, New York 10019, to the attention of


 






    	-388-



    	 



    

 


Joshua Karlin; (ix) in the case of the Underwriters, (a) Citigroup
Global Markets Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, fax number:
(212) 723-8599, and 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, fax number: (646)
328-2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com and Ryan M. O’Connor at ryan.m.oconnor@citi.com;
(b) Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York, New York 10152-023, Attention: A.J. Sfarra,
fax number: (212) 214-8970, with a copy to: Wells Fargo Law Department, D1053-300, 301 South College St., Charlotte, North
Carolina 28288, Attention: Jeff D. Blake, Esq., fax number: (704) 715-8608; (c) Deutsche Bank Securities Inc., 60 Wall
Street, New York, New York 10005, Attention: Lainie Kaye, e-mail: lainie.kaye@db.com, facsimile number: (212) 797-4487; and
(d) Drexel Hamilton, LLC, 77 Water Street, New York, New York 10005, Attention: John D. Kerin, Director of Debt Syndicate,
fax number: (646) 412-1500; (x) in the case of the Initial Purchasers, (a) Citigroup Global Markets Inc., 390 Greenwich
Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, fax number: (212) 723-8599, and 390 Greenwich
Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, fax number: (646) 328-2943, with copies by
electronic mail to Richard Simpson at richard.simpson@citi.com and Ryan M. O’Connor at ryan.m.oconnor@citi.com;
(b) Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York, New York 10152-023, Attention: A.J. Sfarra,
fax number: (212) 214-8970, with a copy to: Wells Fargo Law Department, D1053-300, 301 South College St., Charlotte, North
Carolina 28288, Attention: Jeff D. Blake, Esq., fax number: (704) 715-8608; (c) Deutsche Bank Securities Inc., 60 Wall
Street, New York, New York 10005, Attention: Lainie Kaye, e-mail: lainie.kaye@db.com, facsimile number: (212) 797-4487; and
(d) Drexel Hamilton, LLC, 77 Water Street, New York, New York 10005, Attention: John D. Kerin, Director of Debt Syndicate,
fax number: (646) 412-1500; and (xi) in the case of the initial Controlling Class Representative, Raith Capital Partners,
LLC, 280 Park Avenue, 35th Floor West, New York, New York 10017, fax number: (212) 938-6995, email:
michael.suchy@raithcapital.com, Attention: Nelson Hioe; Michael Suchy; or as to each such Person such other address or e-mail
address as may hereafter be furnished by such Person to the parties hereto in writing. Any communication required or
permitted to be delivered to a Certificateholder shall be deemed to have been duly given when mailed first class, postage
prepaid, to the address of such Holder as shown in the Certificate Register. Any communication required or permitted to be
delivered to a Beneficial Owner shall be deemed to have been duly given to the extent delivered through the Depository. Any
notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether
or not the Certificateholder receives such notice. Notwithstanding anything contained in this Section 11.04 to the
contrary, nothing in this Section 11.04 shall constitute consent by any party hereto to service of process upon such
party by facsimile transmission, electronic mail or any other type of electronic transmission.
 


Section
11.05     Severability of Provisions. If any one or more of the covenants, agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then, to the extent permitted by
applicable law, such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or 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.
 






    	-389-



    	 



    

 



Section
11.06     Notice to the Rule 17g-5 Information Provider, Depositor and Each Rating Agency.


 


(a)        The
Certificate Administrator shall use its best efforts to promptly prepare a written notice, and provide such notice by e-mail to
the Rule 17g-5 Information Provider (if the Certificate Administrator is for any reason not the Rule 17g-5 Information Provider)
and the Depositor, with respect to each of the following items of which a Responsible Officer of the Certificate Administrator
has actual knowledge, and the Rule 17g-5 Information Provider shall upload such notice to the Rule 17g-5 Information Provider’s
Website on the same Business Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day
by 12:00 p.m. and shall, promptly following the posting of such notice to the Rule 17g-5 Information Provider’s Website,
notify, or cause the notification of, each Registered Rating Agency (other than any Registered Rating Agency that has indicated
to the Rule 17g-5 Information Provider of its election to not receive such notification) by electronic mail of the posting of
such notice, which electronic mail may be automatically generated by the Rule 17g-5 Information Provider’s Website:


 


(i)        any
material change or amendment to this Agreement;


 


(ii)       the
occurrence of any Servicer Termination Event that has not been cured;


 


(iii)      the
merger, consolidation, resignation or termination of the Master Servicer, Special Servicer, the Trustee, the Custodian or the
Certificate Administrator or any Outside Servicer, Outside Special Servicer or Outside Trustee;


 


(iv)       the
repurchase of, or substitution of, Mortgage Loans pursuant to Section 2.03;


 


(v)        the
final payment to any Class of Certificateholders;


 


(vi)       any
change in the location of the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution
Account, the Excess Interest Distribution Account or any Distribution Account;


 


(vii)      any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer; and


 


(viii)     any
change in the lien priority of a Mortgage Loan.


 


(b)        The
Master Servicer or the Special Servicer shall promptly furnish by e-mail (or any other form of electronic delivery reasonably
acceptable to the Master Servicer or the Special Servicer, as applicable, and the Rule 17g-5 Information Provider) to the Rule
17g-5 Information Provider and the Depositor copies of the following (to the extent not already delivered or made available pursuant
to the terms of this Agreement), and the Rule 17g-5 Information Provider shall upload such documents to the Rule 17g-5 Information
Provider’s Website on the same Business Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the
next Business Day by 12:00 p.m., and the Rule 17g-5 Information Provider shall, promptly following the posting of such documents
to the Rule 17g-5 Information Provider’s


 






    	-390-



    	 



    

 


Website,
notify, or cause the notification of, each Registered Rating Agency (other than any Registered Rating Agency that has indicated
to the Rule 17g-5 Information Provider of its election to not receive such notification) by electronic mail of the posting of
such documents, which electronic mail may be automatically generated by the Rule 17g-5 Information Provider’s Website:


 


(i)        each
of its annual statements as to compliance described in Section 10.09 of this Agreement;


 


(ii)       each
of its annual independent public accountants’ servicing reports described in Section 10.10 of this Agreement;


 


(iii)      a
copy of each operating and other financial statements, rent rolls, occupancy reports, and sales reports to the extent such information
is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 4.02; and


 


(iv)       upon
request, each inspection report prepared in connection with any inspection conducted pursuant to Section 3.18 of this Agreement.


 


(c)        The
Certificate Administrator shall promptly furnish by e-mail (or any other form of electronic delivery reasonably acceptable to
the Certificate Administrator and the Rule 17g-5 Information Provider) to the Rule 17g-5 Information Provider (if the Certificate
Administrator is for any reason not the Rule 17g-5 Information Provider) and the Depositor copies of the items set forth in Section
8.11(b) of this Agreement (to the extent not already delivered or made available pursuant to the terms of this Agreement and
to the extent such items were prepared by or delivered to the Certificate Administrator in electronic format), and the Rule 17g-5
Information Provider shall upload such documents to the Rule 17g-5 Information Provider’s Website on the same Business Day
of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m..


 


(d)        After
any notice, document or item has been posted by the Rule 17g-5 Information Provider to the Rule 17g-5 Information Provider’s
Website pursuant to Sections 11.06(a), 11.06(b) or 11.06(c), the Rule 17g-5 Information Provider may send
such posted notice, document or item to a Registered Rating Agency.


 


Section
11.07     Amendment. This Agreement may be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the
consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:


 


(i)        to
cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;


 


(ii)       to
correct or supplement any of its provisions which may be inconsistent with any other provisions of this Agreement or with the
description thereof in the Prospectus or the Prospectus Supplement or to correct any error;


 






    	-391-



    	 



    

 


(iii)      to
change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable
Distribution Account, any Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date
and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by
an opinion of counsel (at the expense of the party requesting the amendment);


 


(iv)       to
modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC
as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund,
provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at the expense of the
party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such qualification or
to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests of any holder
of the Certificates, (B) 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 or (C) to the extent necessary to comply with the Investment Company
Act, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations;


 


(v)        to
make any other provisions with respect to matters or questions arising under this Agreement or any other change, provided
that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an
opinion of counsel;


 


(vi)       to
modify the procedures herein relating to Rule 17g-5; provided that such modification does not increase the obligations
of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such
party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party
or materially increase such party’s obligations under this Agreement); provided, further that notice of such
modification is provided to all parties to this Agreement;


 


(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 of the Rating Agencies, provided that the amendment will not adversely affect in any material respect
the interests of any Certificateholder; and


 


(viii)     in
the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of this Agreement (A) to the extent
necessary to effect the qualification of this Agreement under the TIA or under any similar federal statute hereafter enacted and
to add to this Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions
of this Agreement to the


 






    	-392-



    	 



    

 


extent
necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);


 


provided,
further that no amendment pursuant to any of clauses (i)-(viii) above may be made that 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) reduce the consultation rights or the right to
receive information under this Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in
any manner the obligations or rights of any Mortgage Loan Seller under this Agreement or the applicable Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


This
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders
of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
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 the Certificateholders; provided, however, that no such amendment shall:


 


(i)        reduce
in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed
on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that
Certificate or that Serviced Companion Loan Holder, as applicable;


 


(ii)       reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the
consent of the Holders of all Certificates of that Class then outstanding;


 


(iii)      change
in any manner the obligations or rights of any Mortgage Loan Seller under this Agreement or the related Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller;


 


(iv)       change
the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2)
Rating Agency Confirmation;


 


(v)        without
the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the
percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under this Agreement,
(b) the right of the Certificateholders to remove the Special Servicer pursuant to this Agreement or (c) the right of the Certificateholders
to terminate the Operating Advisor pursuant to this Agreement;


 






    	-393-



    	 



    

 


(vi)       adversely
affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders;


 


(vii)      adversely
affect a Serviced Companion Loan Holder in its capacity as such without its consent; or


 


(viii)     change
in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter
or Initial Purchaser.


 


In
the event that neither the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 11.07
shall be effective with the consent of the Trustee, the Operating Advisor, the Certificate Administrator, the Custodian, the
Special Servicer, the Master Servicer, in writing, and to the extent required by this Section, the Certificateholders, the Serviced
Companion Loan Holders, the Mortgage Loan Sellers, the Underwriters and/or the Initial Purchasers, as applicable. Promptly after
the execution of any amendment, the Master Servicer shall forward a copy thereof to the Trustee, the Operating Advisor, the Certificate
Administrator, the Custodian, the Special Servicer, each Serviced Companion Loan Holder, each Mortgage Loan Seller, each Underwriter,
each Initial Purchaser and the Certificate Administrator and shall furnish written notification of the substance of such amendment
to each Certificateholder, as applicable, and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to
Section 11.13 of this Agreement, the Rule 17g-5 Information Provider. It shall not be necessary for the consent of Certificateholders
or the Serviced Companion Loan Holders, the Mortgage Loan Sellers, Underwriters or the Initial Purchasers, as applicable, under
this Section 11.07 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent
shall approve the substance thereof. The method of obtaining such consents and of evidencing the authorization of the execution
thereof by Certificateholders or the Serviced Companion Loan Holders, the Mortgage Loan Sellers, Underwriters or the Initial Purchasers,
as applicable, shall be subject to such reasonable regulations as the Trustee may prescribe; provided, however,
that such method shall always be by affirmation and in writing.


 


Notwithstanding
any contrary provision of this Agreement, no amendment shall be made to this Agreement unless, if requested by the Master Servicer,
the Special Servicer, the Trustee, the Custodian and/or the Certificate Administrator, such party shall have received an Opinion
of Counsel, at the expense of the party requesting such amendment (or, if such amendment is required by any Rating Agency to maintain
the rating issued by it or requested by the Trustee or the Certificate Administrator for any purpose described in clause (i) or
(ii) of the first sentence of this Section, then at the expense of the Trust Fund), to the effect that such amendment will not
cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust for federal
income tax purposes at any time that any Certificates are outstanding, and will not cause a tax to be imposed on the Trust Fund
(other than a tax at the highest marginal corporate tax rate on net income from foreclosure property pursuant to Code Section
860G(c)). Prior to the execution of any amendment to this Agreement, the Trustee, the Certificate Administrator, the Custodian,
the Special Servicer and the Master Servicer may request and shall be entitled to rely conclusively upon an Opinion of Counsel,
at the expense of the party requesting such amendment (or, if such amendment is required by any Rating Agency to maintain the
rating issued by it or requested by the Trustee or the Certificate


 






    	-394-



    	 



    

 


Administrator
for any purpose described in clause (i), (ii), (iii) or (v) (which do not modify or otherwise relate solely to the obligations,
duties or rights of the Trustee or the Certificate Administrator, as applicable) of the first sentence of this Section, then at
the expense of the Trust Fund) stating that the execution of such amendment is authorized or permitted by this Agreement, and
that all conditions precedent to such amendment are satisfied. Each of the Trustee, the Custodian and the Certificate Administrator
may, but shall not be obligated to, enter into any such amendment which affects the Trustee’s, the Custodian’s or
the Certificate Administrator’s, as applicable, own rights, duties or immunities under this Agreement. The party requesting
an amendment to this Agreement shall provide to the Rule 17g-5 Information Provider, for posting on the Rule 17g-5 Information
Provider’s Website pursuant to Section 11.13 of this Agreement, prior written notice of such proposed amendment.


 


Section
11.08     Confirmation of Intent. The Depositor intends that the conveyance of the Depositor’s
right, title and interest in and to the Mortgage Loans pursuant to this Agreement shall constitute a sale and not a pledge of
security for a loan. If such conveyance is deemed to be a pledge of security for a loan, however, the Depositor intends that the
rights and obligations of the parties to such loan shall be established pursuant to the terms of this Agreement. The Depositor
also intends and agrees that, in such event, (i) the Depositor shall be deemed to have granted to the Trustee (in such capacity)
a first priority security interest in the Depositor’s entire right, title and interest in and to the assets comprising the
Trust Fund, including without limitation, the Mortgage Loans, all principal and interest received or receivable with respect to
the Mortgage Loans (other than principal and interest payments due and payable prior to the Cut-Off Date and Principal Prepayments
received prior to the Cut-Off Date), all amounts held from time to time in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and, if established,
the Excess Liquidation Proceeds Reserve Account and the REO Account, and all reinvestment earnings on such amounts, and all of
the Depositor’s right, title and interest in and to any Insurance Proceeds related to such Mortgage Loans and (ii) this
Agreement shall constitute a security agreement under applicable law. This Section 11.08 shall constitute notice to the
Trustee pursuant to any of the requirements of the applicable UCC.


 


Section
11.09     Third-Party Beneficiaries. Except as provided in the next sentence, no Persons other
than a party to this Agreement, any Serviced Companion Loan Holder (unless it is the Mortgagor under the applicable Serviced Companion
Loan or an Affiliate thereof) and any Certificateholder, shall have any rights with respect to the enforcement of any of the rights
or obligations hereunder. Any Underwriter or Initial Purchaser (with respect to its rights to receive any documents, certifications,
information and/or indemnification hereunder and its rights under Section 2.02, Section 5.03 and Section 11.07
of this Agreement), any Serviced Companion Loan Holder, any Mortgage Loan Seller (with respect to its rights under Section
2.03(a), Section 2.03(b), Section 2.03(c), Section 3.09(d)(i), Section 11.07 and Section 11.16
of this Agreement and its rights as a Privileged Person), any Other Depositor and Other Exchange Act Reporting Party (with
respect to its rights under Article X of this Agreement) and, subject to Section 11.02 of this Agreement, any Certificateholder
(which are intended third-party beneficiaries of this Agreement) shall have the right to enforce their respective rights and obligations
hereunder (in the case of any Serviced Companion Loan Holder, to the extent they affect the related Serviced Companion Loan and
provided that such Serviced Companion Loan


 






    	-395-



    	 



    

 


Holder
is not the Mortgagor under the related Companion Loan or an Affiliate thereof) as if each such Person was a party hereto.


 


Without
limiting the foregoing, the parties to this Agreement specifically state that no Mortgagor, property manager or other party to
a Mortgage Loan is an intended third-party beneficiary of this Agreement.


 


Section
11.10     Request by Certificateholders or the Serviced Companion Loan Holder. Where information
or reports are required to be delivered to a Certificateholder or a Serviced Companion Loan Holder, as applicable, upon request
pursuant to the terms of this Agreement, such request can be in the form of a single blanket request by a Certificateholder or
a Serviced Companion Loan Holder, as applicable, to the Certificate Administrator, the Master Servicer or the Special Servicer,
as applicable, and, with respect to such Certificateholder or a Serviced Companion Loan Holder, as applicable, such request shall
be deemed to relate to each date such report or information may be requested. The notice shall set forth the applicable Sections
where such reports and information are requested.


 


Section
11.11     Waiver of Jury Trial. 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
11.12     Submission to Jurisdiction. EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE
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 SUCH ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT
IN ANY SUCH 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
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.


 


Section
11.13     Exchange Act Rule 17g-5 Procedures.


 


(a)        Except
as otherwise provided in Section 11.06 of this Agreement or this Section 11.13 or otherwise in this Agreement or
as required by law, none of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor or the Custodian shall provide any information directly to, or communicate with, either orally or in writing, any Rating
Agency regarding the Certificates or the Mortgage Loans relevant to the Rating Agencies’ surveillance of the Certificates
or the Mortgage Loans, including, but not


 






    	-396-



    	 



    

 


limited
to, providing responses to inquiries from a Rating Agency regarding the Certificates or the Mortgage Loans relevant to such Rating
Agency’s surveillance of the Certificates. To the extent that a Rating Agency makes an inquiry or initiates communications
with the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian
regarding the Certificates or the Mortgage Loans relevant to such Rating Agency’s surveillance of the Certificates, all
responses to such inquiries or communications from such Rating Agency shall be made in writing by the responding party and shall
be provided to the Rule 17g-5 Information Provider as provided in Section 11.13(h), whereupon the Rule 17g-5 Information
Provider shall post such written response to the Rule 17g-5 Information Provider’s Website on the same Business Day of receipt
of such response if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. (or, if the
responding party is the Rule 17g-5 Information Provider, on the same Business Day of preparation of such response if prepared
by 2:00 p.m. or, if prepared after 2:00 p.m., on the next Business Day by 12:00 p.m.), and the Rule 17g-5 Information Provider
shall, promptly after such response has been posted to the Rule 17g-5 Information Provider’s Website, notify, or cause the
notification of, each Registered Rating Agency by electronic mail of the posting of such response.


 


(b)        To
the extent that any of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor
or the Custodian is required to provide any information to, or communicate with, any Rating Agency in accordance with its obligations
under this Agreement, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor
or the Custodian, as applicable, shall do so in writing and shall provide such written information or communication to the Rule
17g-5 Information Provider electronically as provided in Section 11.13(h), whereupon the Rule 17g-5 Information Provider
shall upload such information or communication to the Rule 17g-5 Information Provider’s Website on the same Business Day
of receipt of such response if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. (or,
if the applicable party is the Rule 17g-5 Information Provider, on the same Business Day of preparation of such response if prepared
by 2:00 p.m. or, if prepared after 2 p.m., on the next Business Day by 12:00 p.m.), and the Rule 17g-5 Information Provider shall,
promptly after such written information or communication has been uploaded to the Rule 17g-5 Information Provider’s Website,
notify, or cause the notification of, each Registered Rating Agency by electronic mail of the posting of such written information
or communication. 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.


 


(c)        Notwithstanding
the provisions of Section 11.13(a) or Section 11.13(b) of this Agreement, any of the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian shall be permitted (but are not required)
to orally communicate with the Rating Agencies in accordance with their respective obligations under this Agreement, under the
following circumstances: (i) such party provides a written summary of the information provided to the Rating Agencies during such
communication to the 17g-5 Information Provider electronically as provided in Section 11.13(h) on the same day such oral
communication takes place (provided that the summary of such oral communications shall not be attributed to the Rating
Agency the communication was with); or (ii) the Depositor, in its


 






    	-397-



    	 



    

 


sole
discretion, provides a written authorization (which may be by electronic email) from the Depositor to the Master Servicer, the
Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian, as applicable, to orally
communicate with such Rating Agency (including, but not limited to, providing responses to inquiries from such Rating Agency);
provided, that any such authorization shall set forth the procedures that such party shall follow if it elects (in its
sole discretion) to orally communicate with the applicable Rating Agency, which procedures shall be reasonable and customary as
is necessary to allow compliance with Rule 17g-5. The 17g-5 Information Provider shall post any summary, communication or other
information provided to it in accordance with this paragraph on the 17g-5 Information Provider’s Website in accordance with
the procedures set forth in Section 11.13(h).


 


(d)        Each
of the Rule 17g-5 Information Provider, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Operating Advisor and the Custodian (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 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 11.06, Section 11.13(a), Section 11.13(b), Section 11.13(c), Section
11.13(g) or Section 11.13(h) of this Agreement 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. The Depositor shall notify each of the Master Servicer and the Special
Servicer in writing of any change in the identity or contact information of the Rule 17g-5 Information Provider (if it is not
also the Certificate Administrator).


 


(e)        None
of the Master Servicer, the Special Servicer, the Certificate Administrator (unless the Certificate Administrator is acting in
the capacity of the Rule 17g-5 Information Provider), the Trustee, the Operating Advisor or the Custodian shall have any liability
for (i) the Rule 17g-5 Information Provider’s failure to post information provided by the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian in accordance with the terms of this Agreement,
(ii) any malfunction or disabling of the Rule 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 Rule 17g-5 Information Provider posts the related information or communication if the Rule
17g-5 Information Provider fails to notify such party that it has posted such information or communication on the Rule 17g-5 Information
Provider’s Website.


 






    	-398-



    	 



    

 


(f)        None
of the foregoing restrictions in this Section 11.13 prohibit or restrict oral or written communications, or providing information,
between the Master 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 Master Servicer or the Special Servicer, as applicable,
(ii) such Rating Agency’s approval of the Master 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 Master Servicer’s or the Special
Servicer’s, as applicable, servicing operations in general; provided, however, that the Master Servicer or
the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans 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) the Master Servicer or the Special Servicer, as applicable, has in fact previously provided such
information to the Rule 17g-5 Information Provider and does not provide such information to such Rating Agency until the earlier
of (a) receipt of notification from the Rule 17g-5 Information Provider that such information has been posted to the Rule 17g-5
Information Provider’s Website and (b) after 12:00 p.m. on the first Business Day following the date it has provided such
information to the Rule 17g-5 Information Provider; or (z) such Rating Agency has confirmed in writing to the Master Servicer
or 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 written request, certify
to the Depositor that it received the confirmation described in this clause (z)).


 


(g)        The
Rule 17g-5 Information Provider shall establish and maintain the Rule 17g-5 Information Provider’s Website in the form of
a password-protected Internet Website in accordance with this Section 11.13 and Section 11.06 of this Agreement.


 


(h)        The
Rule 17g-5 Information Provider shall post on the Rule 17g-5 Information Provider’s Website and make available solely to
the Rating Agencies and other NRSROs, the following items, to the extent such items are delivered to it in an electronic document
format suitable for website posting (and the parties required to deliver the following information to the Rule 17g-5 Information
Provider agree to do so in such format) via electronic mail at ratingagencynotice@citi.com, specifically with a subject reference
of “CGCMT 2015-P1” and an identification of the type of information being provided in the body of such electronic
mail (or via any alternative electronic mail address following notice to the parties hereto or any other delivery method established
or approved by the Rule 17g-5 Information Provider if or as may be necessary or beneficial):


 


(A)        all
items delivered to the Rule 17g-5 Information Provider pursuant to Section 11.06;


(B)        all
information and communications delivered to the Rule 17g-5 Information Provider pursuant to Sections 11.13(a), 11.13(b)
and 11.13(c);


(C)        any
Form ABS Due Diligence-15E delivered to the Rule 17g-5 Information Provider pursuant to Section 11.13(l) or by the Depositor;
and


 






    	-399-



    	 



    




(D)        any
other information delivered to the Rule 17g-5 Information Provider pursuant to this Agreement.


The
17g-5 Information Provider shall post the foregoing items on the 17g-5 Information Provider’s Website on the same Business
Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m., and shall, promptly
following the posting of such item to the 17g-5 Information Provider’s Website, notify, or cause the notification of, (i)
each Registered Rating Agency and (ii) upon request, the party that delivered such item to the 17g-5 Information Provider for
posting on the 17g-5 Information Provider’s Website, in each case by electronic mail, of the posting of such item on the
17g-5 Information Provider’s Website (provided that if the Master Servicer or Special Servicer has registered for access
to the 17g-5 Information Provider’s Website, such party will automatically receive notification when such item has been
posted and no request shall be required).


The
Rule 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. If any information is delivered or posted in error, the Rule 17g-5 Information Provider may remove it from the Rue 17g-5
Information Provider’s Website. The Certificate Administrator and the Rule 17g-5 Information Provider have not obtained
and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to the Rule 17g-5 Information
Provider’s Website. Access will be provided by the Rule 17g-5 Information Provider to (i) the Rating Agencies upon registration
at the Rule 17g-5 Information Provider’s Website as a user thereof and (ii) other NRSROs upon registration at the Rule 17g-5
Information Provider’s Website as a user thereof and receipt by the Rule 17g-5 Information Provider of an NRSRO Certification
(which certification may be submitted via e-mail to the Rule 17g-5 Information Provider). If a NRSRO (including any Rating Agency)
requests access to the 17g-5 Information Provider’s Website, access will be granted by the 17g-5 Information Provider on
the same Business Day provided such request is made (and, in the case of a NRSRO that is not a Rating Agency, a NRSRO Certification
is submitted to the Rule 17g-5 Information Provider) prior to 2:00 p.m., New York time on such Business Day, or if received after
2:00 p.m., New York City time, on the following Business Day. The 17g-5 Information Provider shall permit each Rating Agency to
submit multiple email addresses for receipt of notices, including a general email address; provided, that each email address
so provided shall be associated with a registered user of the Rule 17g-5 Information Provider’s Website. Questions regarding
delivery of information to the Rule 17g-5 Information Provider may be directed to (800) 422-2066 and ratingagencynotice@citi.com
(or to such other telephone number or e-mail address as the Rule 17g-5 Information Provider may designate).


The
17g-5 Information Provider shall provide a mechanism to promptly notify each Person that has signed up for access to the 17g-5
Information Provider’s Website in respect of the transaction governed by this Agreement each time an additional document
is posted thereto. In connection with providing access to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5
Information Provider may require registration and the acceptance of a disclaimer. The Rule 17g-5 Information Provider shall not
be liable for the dissemination of information in accordance with the terms of this Agreement, makes no representations or warranties
as to the accuracy or completeness of such information being made available, and assumes no





    	-400-



    	 



    



 


responsibility
for such information. The Rule 17g-5 Information Provider shall not be liable for its failure to make any information available
to the Rating Agencies or other NRSROs unless such information was delivered to the Rule 17g-5 Information Provider at the e-mail
address set forth herein (or by any other form of electronic delivery reasonably acceptable to Rule 17g-5 Information Provider
pursuant to the terms of this Agreement), with a subject heading of “CGCMT 2015-P1” and sufficient detail to indicate
that such information is required to be posted on the Rule 17g-5 Information Provider’s Website. In connection with notifying
a Registered Rating Agency of any information posted to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5 Information
Provider shall only be responsible for sending such notices to the electronic mail address(es) of such Registered Rating Agency
as provided by such Registered Rating Agency upon its registration as user of the Rule 17g-5 Information Provider’s Website
or upon any subsequent update of such electronic mail address(es) made by such Registered Rating Agency through the Rule 17g-5
Information Provider’s Website, and the Rule 17g-5 Information Provider shall not be responsible for sending any notices
to any electronic mail address(es) of any Registered Rating Agency that is not provided to the Rule 17g-5 Information in the manner
described in this sentence.


 


(i)        In
connection with the delivery by the Master Servicer or the Special Servicer, as applicable, to the Rule 17g-5 Information Provider
of any information, report, notice or document for posting to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5
Information Provider shall, upon request, notify the Master Servicer or the Special Servicer, as applicable, of when such information,
report, notice or other document has been posted to the Rule 17g-5 Information Provider’s Website, and the Master Servicer
or the Special Servicer, as applicable, may (but is not obligated to) send such information, report, notice or other document
to the applicable Rating Agency promptly following the earlier of (a) receipt of notification from the Rule 17g-5 Information
Provider that such information, report, notice or other document has been posted to the Rule 17g-5 Information Provider’s
Website and (b) after 12:00 p.m. on the first Business Day following the date it has provided such information, report, notice
or other document to the Rule 17g-5 Information Provider (provided that if the Master Servicer or Special Servicer has registered
for access to the 17g-5 Information Provider’s Website, such party will automatically receive notification when such information,
report, notice or other document has been posted and no request shall be required).


 


(j)        With
respect to each Outside Serviced Trust Loan, each of the Master Servicer, the Certificate Administrator and the Trustee shall
provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt
from an Outside Service Provider, all reports, statements, documents, notices and other information it receives in respect of
such Outside Serviced Trust Loan that would otherwise have been required to be submitted to the 17g-5 Information Provider under
this Agreement for posting had such Outside Serviced Trust Loan been a Serviced Mortgage Loan. The 17g-5 Information Provider
shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this Agreement.


 


(k)        The
Master Servicer or the Special Servicer may, but shall not be obligated to, provide information to the 17g-5 Information Provider
that is neither specifically required hereunder nor requested by any Rating Agency. Any such information shall be posted


 






    	-401-



    	 



    

 


by
the 17g-5 Information Provider in accordance with the timeframe provided in Section 11.13(b).


 


(l)        If
any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any Person in connection with any third-party
“due diligence services” (as defined in Rule 17g-10 under the Exchange Act) provided by such Person with respect to
the Mortgage Loans (“Due Diligence Service Provider”), 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 in accordance
with Section 11.13(h). The 17g-5 Information Provider 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,
in accordance with the timeframe provided in Section 11.13(h).


 


Section
11.14     Precautionary Trust Indenture Act Provisions.


 


In
the event that the Depositor, upon consultation with the Trustee, notifies the parties to this Agreement that it has determined
that the TIA applies to this Agreement or that that qualification under the Trust Indenture Act of 1939, as amended (the “TIA”),
or any similar federal statute hereafter enacted is required (any such determination by the Depositor, a “TIA Applicability
Determination”), then, (i) in the case of the TIA, pursuant to Section 318 of the TIA (assuming such section is then
in effect), the provisions of Sections 310 to and including Section 317 of the TIA that impose duties on any person shall be part
of and govern this Agreement, whether or not physically contained herein, as and to the extent provided in Section 318 of the
TIA; provided, however, that it shall be deemed that the parties to this Agreement have agreed that, to the extent
permitted under the TIA, this Agreement shall expressly exclude any non-mandatory provisions that (x) conflict with the provisions
of this Agreement or would otherwise alter the provisions of this Agreement or (y) increase the obligations, liabilities or scope
of responsibility of any party hereto; (ii) the parties agree to cooperate in good faith with the Depositor to make such amendments
to modify, eliminate or add to the provisions of this Agreement to such extent as shall be necessary to effect the qualification
of this Agreement under the TIA or such similar statute and to add to this Agreement such other provisions as may be expressly
required by the TIA or as may be determined by the parties to be beneficial for compliance with the TIA; and (iii) upon the direction
of the Depositor, the Trustee shall file a Form T-1 or such other form as the Depositor informs the Trustee is required, with
the Commission or other appropriate institution.


 


Section
11.15     Cooperation with the Mortgage Loan Sellers with Respect to Rights Under the Loan Agreements.


 


It
is expressly agreed and understood that, notwithstanding the assignment of the Loan Documents, it is expressly intended that the
Mortgage Loan Sellers are entitled to the benefit of any securitization indemnification provisions that specifically run to the
benefit of the lenders in the Loan Documents. Therefore, the Depositor, Master Servicer, Special Servicer and Trustee hereby agree
to reasonably cooperate with any Mortgage Loan Seller, at the sole expense of such Mortgage Loan Seller, with respect to obtaining
the benefits of the provisions of any section of a Loan Agreement or securitization cooperation agreement providing for indemnification
of the lender and/or its loan seller affiliates with respect to the current


 






    	-402-



    	 



    

 


securitization
of the related Mortgage Loan, including, without limitation, reassignment to the related Mortgage Loan Seller of such sections,
but no other portion, of the Loan Documents, to permit the related Mortgage Loan Seller to enforce such provisions for its benefit;
provided, that none of the Depositor, Master Servicer, Special Servicer or Trustee shall be required to take any action that is
inconsistent with the Servicing Standard, would violate applicable law, the terms and provisions of this Agreement or the Loan
Documents, would adversely affect any Certificateholder, would cause either Trust REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust for federal income tax purposes, or would result in the imposition of a “prohibited
transaction” or “prohibited contribution” tax under the REMIC Provisions. To the extent that the Trustee is
required to execute any document facilitating an assignment under this Section 11.15, such document shall be in form and
substance reasonably acceptable to the Trustee. 


 


[Signature
Pages Follow]


  



    	-403-



    	 



    




 


IN
WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized
all as of the day and year first above written.


	 	 	 
	 	CITIGROUP COMMERCIAL MORTGAGE
	 	 	SECURITIES INC., as Depositor
	 	 	 
	 	By:	/s/ Richard W. Simpson
	 	 	Name: Richard W. Simpson
	 	 	Title: Authorized Signatory
	 	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION, as Master Servicer
	 	 	 
	 	By:	/s/ Cynthia L. Schwartz
	 	 	Name: Cynthia L. Schwartz
	 	 	Title: Director
	 	 	 
	 	LNR PARTNERS, LLC, as Special Servicer
	 	 	 
	 	By:	/s/ Steven A. Rivers
	 	 	Name: Steven A. Rivers
	 	 	Title: General Counsel
	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC
	 	 	as Operating Advisor
	 	 	 
	 	By:	Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 
	 	 	By:  Park Bridge Financial LLC
	 	 	Its Sole Member
	 	 	 
	 	By:	/s/ David M. Rodgers
	 	 	Name: David M. Rodgers
	 	 	Title: Managing Member



 


CGCMT
2015-P1 - Pooling and Servicing Agreement


 






    	 



    	 



    

 


   


	 	 	 
	 	CITIBANK, N.A.,
	 	 	as Certificate Administrator
	 	 	 
	 	By:	/s/ John Hannon
	 	 	Name: John Hannon
	 	 	Title: Vice President
	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY
	 	 	AMERICAS, as Trustee
	 	 	 
	 	By:	/s/ Amy McNulty
	 	 	Name: Amy McNulty
	 	 	Title: Associate
	 	 	 
	 	By:	/s/ Hang Luu
	 	 	Name: Hang Luu
	 	 	Title: Assistant Vice President
	 	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION, as Custodian 
	 	 	 
	 	By:	/s/ Kathleen Marshall
	 	 	Name: Kathleen Marshall
	 	 	Title: Vice President





CGCMT
2015-P1 - Pooling and Servicing Agreement 






    	 



    	 



    

 


	STATE OF NEW YORK	)
	 	) ss:
	COUNTY OF NEW YORK	)







On
this 18 day of August 2015, before me, the undersigned, a Notary Public in and for the State of NY, duly commissioned and sworn,
personally appeared ____________________, to me known who, by me duly sworn, did depose and acknowledge before me and say that
he is the VP of CCMSI, a NYS LLC, the entity described in and that executed the foregoing instrument; and that s/he signed her/his
name thereto under authority of said entity and on behalf of such entity.


 


WITNESS
my hand and seal hereto affixed the day and year first above written.


 


	 	      /s/
    Chantal J. Lapice
	 	Notary Public in and for
    the	 
	 	State of New York




 


My
Commission expires:



[NOTARIAL SEAL] 


Chantal
J. Lapice


Notary Public,
State of New York


No. 01LA6285764


Qualified
in New York County


Commission
Expires July 15, 2017


 


CGCMT
2015-P1 - Pooling and Servicing Agreement 


 






    	 



    	 



    

 


	STATE
                                       OF NORTH CAROLINA   	)
	 	)         ss:
	COUNTY OF MECKLENBURG	)



 





On
this 10 day of August 2015, before me, the undersigned, a Notary Public in and for the State of North Carolina, duly commissioned
and sworn, personally appeared Cynthia Schwartz, to me known who, by me duly sworn, did depose and acknowledge before me and say
that s/he is the Director of Wells Fargo Bank, National Association, s NFA, the entity described in and that executed the foregoing
instrument; and that s/he signed her/his name thereto under authority of said entity and on behalf of such entity.


 


WITNESS
my hand and seal hereto affixed the day and year first above written.


 


	 	       /s/ Erica
    L. Smith
	 	 	 
	 	Notary Public in and for
    the
	 	State of North Carolina




 


My
Commission expires: July 15, 2017


 


ERICA
L. SMITH


NOTARY PUBLIC

Gaston County


North Carolina


My Commission
Expires 7/15/2017


 


CGCMT
2015-P1 - Pooling and Servicing Agreement


 






    	 



    	 



    

 


	STATE OF FLORIDA   	)
	 	)         ss.:
	COUNTY OF MIAMI DADE	)







On
this 13th day of August 2015, before me, the undersigned, a Notary Public in and for the State of Florida, duly commissioned and
sworn, personally appeared Steven Rivers, to me known who, by me duly sworn, did depose and acknowledge before me and say that
s/he is the General Counsel of LNR Partners, LLC, a Florida limited liability company, the entity described in and that executed
the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity and on behalf of such entity. 


 




WITNESS
my hand and seal hereto affixed the day and year first above written.


	 	       
	 	         /s/
    Stelia Herauf	 
	 	Notary Public in and for
    the
	 	State of _Florida





 


My Commission expires:  Stelia Herauf


              Commission
# FF052993


              Expires:
Sept. 10, 2017


              www.aaronnotary.com

 

[NOTARIAL SEAL]


 


CGCMT
2015-P1 - Pooling and Servicing Agreement


 






    	 



    	 



    

 


	STATE OF NEW YORK	)
	 	)         ss.:
	COUNTY OF NEW YORK	)



  



On
this 10th day of August 2015, before me, the undersigned, a Notary Public in and for the State of New York duly commissioned
and sworn, personally appeared David M. Rodgers, to me known who, by me duly sworn, did depose and acknowledge before me and say
that s/he is the s/he is the Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC,
which in turn is the sole member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument;
and that he signed his name thereto under authority of said entity and on behalf of such entity, the entity described in and that
executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity and on behalf of such
entity.


WITNESS
my hand and seal hereto affixed the day and year first above written.


	 	       
	 	        /s/
    Kyle R. Raffo	 
	 	Notary Public in and for
    the
	 	State of New York





 


My
Commission expires:



[NOTARIAL SEAL]





KYLE R.
RAFFO


Notary Public,
State of New York


Registration
#01RA6287067


Qualified
in New York County


Commission
Expires August 5, 2017


 


CGCMT
2015-P1 - Pooling and Servicing Agreement


 






    	 



    	 



    

 


	STATE OF NEW YORK	)
	 	)         ss.:
	COUNTY OF NEW YORK	)



 








On
this 10th day of August 2015, before me, the undersigned, a Notary Public in and for the State of New York duly commissioned and
sworn, personally appeared John Hannon, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
is the Vice President of Citibank, N.A., 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 said entity and on behalf of such entity.


WITNESS
my hand and seal hereto affixed the day and year first above written.


	 	       
	 	        /s/
    Michael Wood	 
	 	Notary Public in and for
    the
	 	State of New York
	 	 





My
Commission expires: 10/15/17



[NOTARIAL SEAL]


 


MICHAEL
WOOD


Notary Public,
State of New York


No. 01W06291121


Qualified
in New York County


Commission
Expires Oct. 15, 2017


 


CGCMT
2015-P1 - Pooling and Servicing Agreement


 






    	 



    	 



    







	  CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT	CIVIL CODE
    §1189 





	 	A
    notary public or other officer completing this certificate verifies only the identity of the individual who signed the document
    to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.	 


 


 


STATE
OF CALIFORNIA

COUNTY OF ORANGE


 


On
Aug 10, 2015, before me, a Suzanne C. Patten, Notary Public in and for the State of personally appeared HANG LUU & AMY MCNULTY
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) are subscribed to the within instrument
and acknowledged to me that they executed the same in their authorized capacit(ies), and that by their signature(s) on the instrument
the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument 


	 	 	 	 
	 	I certify
    under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
	 	 	 
	 	WITNESS
    my hand and official seal.
	 	 	 
	 	/s/
    Suzanne C. Patten	 
	 	Signature of Notary Public	 









[NOTARIAL SEAL]



Suzanne
C. Patten


Commission
# 2075460


Notary Public
– California


Orange County


My Comm.
Expires Jul 21, 2018


 


CGCMT
2015-P1 - Pooling and Servicing Agreement


 






    	 



    	 



    

 


	STATE OF MINNESOTA	)
	 	)         ss.:
	COUNTY OF	)



  





On
this 12 day of August 2015, before me, the undersigned, a Notary Public in and for the State of Minnesota, duly commissioned and
sworn, personally appeared Kathleen Marshall, to me known who, by me duly sworn, did depose and acknowledge before me and say
that s/he is the Vice President of Wells Fargo Bank, N.A., a _____________________________, the entity described in and that executed
the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity and on behalf of such entity.


WITNESS
my hand and seal hereto affixed the day and year first above written.


	 	       
	 	        /s/
    Brian Patrick Keenan	 
	 	Notary Public in and for
    the
	 	State of Minnesota
	 	 





My
Commission expires: 1/31/18



[NOTARIAL SEAL]



Brian
Patrick Keenan


Notary
public Minnesota


My
commission expires 01/31/18


 


CGCMT
2015-P1 - Pooling and Servicing Agreement


 






    	 



    	 



    

 






 





EXHIBIT
A-1


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-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.]1


 


[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 





 



 


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



 


		2	Global Certificate legend.




  


    	A-1-1



    	 



    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-1


 


	Pass-Through Rate:  1.648% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-1 Certificates:  $35,065,000	 	Scheduled Final Distribution Date: the Distribution Date in April 2020


  


	
        CUSIP:  17324D AQ7

          
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN: US17324DAQ79

         

        Common Code: 127824231

        

         
	 	 
	No.:  [1]	 	 


 


This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class A-1 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-2, Class A-3,
Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class A-1 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


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


 






    	A-1-2



    	 



    

 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-1
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-1 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related


 






    	A-1-3



    	 



    

 


REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 



 






    	A-1-4



    	 



    

 


			provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing


 






    	A-1-5



    	 



    

 


Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in


 






    	A-1-6



    	 



    

 


respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 


    	A-1-7



    	 



    




 


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


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Dated: August 19, 2015


 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: August 19, 2015


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-1-8



    	 



    




 


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 Class A-1 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class A-1 Certificate of the entire Percentage Interest represented
by the within Class A-1 Certificates to the above-named Assignee(s) and to deliver such Class A-1 Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 



    	A-1-9



    	 



    




 


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


 



    	A-1-10



    	 



    

 



EXHIBIT
A-2


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-2


 


[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3


 


[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


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.


 





 



 


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



 


		4	Global Certificate legend.





 




    	A-2-1



    	 



    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-2


 


	Pass-Through Rate:  3.039% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-2 Certificates:  $55,289,000	 	Scheduled Final Distribution Date: the Distribution Date in June 2020


  


	
        CUSIP:  17324D
AR5 

         
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN:      US17324DAR52

          

        Common Code: 127824398

          
	 	 
	No.:  [1]	 	 


 


This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class A-2 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-3,
Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class A-2 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


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


 






    	A-2-2



    	 



    

 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-2
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-2 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related


 






    	A-2-3



    	 



    

 


REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 



 






    	A-2-4



    	 



    

 


			provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing


 



    	A-2-5



    	 



    




 


Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in


 






    	A-2-6



    	 



    

 


respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 


    	A-2-7



    	 



    




 


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


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Dated: August 19, 2015


 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: August 19, 2015


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-2-8



    	 



    




 


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 Class A-2 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class A-2 Certificate of the entire Percentage Interest represented
by the within Class A-2 Certificates to the above-named Assignee(s) and to deliver such Class A-2 Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 



    	A-2-9



    	 



    




 


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


 



    	A-2-10



    	 



    

 





EXHIBIT
A-3


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-3


 


[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.]5


 


[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]6


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


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.


 





 



 


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



 


		6	Global Certificate legend.





 




    	A-3-1



    	 



    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-3


 


	Pass-Through Rate:  3.098% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-3 Certificates:  $2,198,000	 	Scheduled Final Distribution Date: the Distribution Date in August 2022
	 	 	 


  


	
        CUSIP:  17324D AS3

          
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN:      US17324DAS36

          

        Common Code: 127824401

 
	 	 
	No.:  [1]	 	 


 


This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class A-3 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class A-3 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


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


 






    	A-3-2



    	 



    

 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-3
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-3 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related


 






    	A-3-3



    	 



    

 


REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 



 



    	A-3-4



    	 



    




 


			provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing


 






    	A-3-5



    	 



    

 


Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in


 






    	A-3-6



    	 



    

 


respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 




    	A-3-7



    	 



    

  


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


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Dated: August 19, 2015


 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class A-3 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: August 19, 2015


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-3-8



    	 



    




 


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 Class A-3 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class A-3 Certificate of the entire Percentage Interest represented
by the within Class A-3 Certificates to the above-named Assignee(s) and to deliver such Class A-3 Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 



    	A-3-9



    	 



    




 


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


 



    	A-3-10



    	 



    

  


EXHIBIT
A-4


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-4


 


[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.]7


 


[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]8


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


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.


 


 



 


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



 


		8	Global Certificate legend.





  




    	A-4-1



    	 



    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-4


 


	Pass-Through Rate:  3.462% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-4 Certificates:  $200,000,000	 	Scheduled Final Distribution Date: the Distribution Date in June 2025


  


	
        CUSIP:  17324D AT1

          
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN:      US17324DAT19

          

        Common Code: 127824240

        

         
	 	 
	
        No.: [1] 
	 	 


 


This certifies that [           ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-4 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event
that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement,
such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S,
Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G and Class R Certificates (together
with the Class A-4 Certificates, the “Certificates”; the Holders of Certificates are collectively referred
to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


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


 






    	A-4-2



    	 



    

 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-4
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-4 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related


 






    	A-4-3



    	 



    

 


REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 



 






    	A-4-4



    	 



    

 


			provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing


 






    	A-4-5



    	 



    

 


Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in


 






    	A-4-6



    	 



    

 


respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 


    	A-4-7



    	 



    

 


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


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Dated: August 19, 2015


 


CERTIFICATE
OF AUTHENTICATION


 


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


 


Dated: August 19, 2015


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-4-8



    	 



    




 


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 Class A-4 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class A-4 Certificate of the entire Percentage Interest represented
by the within Class A-4 Certificates to the above-named Assignee(s) and to deliver such Class A-4 Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 



    	A-4-9



    	 



    




 


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


 



    	A-4-10



    	 



    

  


EXHIBIT
A-5


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-5


 


[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.]9


 


[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]10


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


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.


 


 






 


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



 


		10	Global Certificate legend.





 


    	A-5-1



    	 



    

 



CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-5


 


	Pass-Through Rate:  3.717% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-5 Certificates:  $398,935,000	 	Scheduled Final Distribution Date: the Distribution Date in July 2025


 


	
        CUSIP:  17324D AU8

          
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN:      US17324DAU81

         

        Common Code: 127824347

 
	 	 
	
        No.: [1] 

         
	 	 


This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class A-5 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class A-5 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


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


 






    	A-5-2



    	 



    

 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-5
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-5 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related


 






    	A-5-3



    	 



    

 


REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 



  



    	A-5-4



    	 



    




 


			provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing


 






    	A-5-5



    	 



    

 


Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in


 






    	A-5-6



    	 



    

 


respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 




    	A-5-7



    	 



    

  


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


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Dated: August 19, 2015


 


CERTIFICATE
OF AUTHENTICATION


 


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


 


Dated: August 19, 2015


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-5-8



    	 



    




 


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 Class A-5 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class A-5 Certificate of the entire Percentage Interest represented
by the within Class A-5 Certificates to the above-named Assignee(s) and to deliver such Class A-5 Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 



    	A-5-9



    	 



    




 


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


 



    	A-5-10



    	 



    

 



EXHIBIT
A-6


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-AB


 


[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.]11


 


[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]12


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


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.


 





 



 


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



 


		12	Global Certificate legend.





 






    	A-6-1



    	 



    

 







CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-AB


 


	Pass-Through Rate: 3.470% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-AB Certificates: $75,556,000	 	Scheduled Final Distribution Date: the Distribution Date in April 2025


 


	
        CUSIP: 17324D AV6 

         
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	
        ISIN: US17324DAV64 

         

        Common Code: 127824258

        

        
	 	 
	No.: [1]	 	 


 


This certifies that
[ ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-AB Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class
C, Class D, Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class A-AB Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


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


 






    	A-6-2



    	 



    

 


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-AB Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-AB Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related


 






    	A-6-3



    	 



    

  


REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 





		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund,



 






    	A-6-4



    	 



    

  


	 	 	provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);








 





provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing


 






    	A-6-5



    	 



    

  


Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall: 


 





		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in


 






    	A-6-6



    	 



    

  


respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    	A-6-7



    	 



    

  





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


 


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory



  


Dated: August 19, 2015


 


CERTIFICATE
OF AUTHENTICATION


 


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


 


Dated: August 19, 2015 





	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory





  



    	A-6-8



    	 



    







  




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 Class A-AB Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct the Certificate Registrar to issue a new Class A-AB Certificate of the entire
Percentage Interest represented by the within Class A-AB Certificates to the above-named Assignee(s) and to deliver such Class A-AB
Certificate to the following address:


 


Date: _________________ 


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number



 






    	A-6-9



    	 



    

  





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


   






    	A-6-10



    	 



    

  








EXHIBIT
A-7


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS X-A


 


[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1


 


[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 PRINCIPAL AMOUNTS OF THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS
A-4, CLASS A-5 AND CLASS A-AB CERTIFICATES AND THE CLASS A-S REGULAR INTEREST. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.


 


THIS CLASS X-A CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.


 


THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. 


 


 






 


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



 


		2	Global Certificate legend.





 




    	A-7-1



    	 



    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS X-A


 


	Pass-Through Rate: Variable IO3	 	
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-A Certificates: $838,269,000	 	Scheduled Final Distribution Date: the Distribution Date in August 2025


 


	
        CUSIP: 17324D BA1 

         
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN: US17324DBA19

          
	 	 
	Common Code: 127824428	 	 
	 	 	 
	

        No.: [1]
	 	 


 


This certifies that
[           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class A-S, Class X-B, Class B, Class PEZ,
Class C, Class D, Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class X-A Certificates, the
“Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 





 



 


3
The initial approximate Pass-Through Rate as of the Closing Date is 0.957% per annum. 


 



    	A-7-2



    	 



    




 


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


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-A Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be
entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-A Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto;


 






    	A-7-3



    	 



    

  


(ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 






    	A-7-4



    	 



    

  


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate


 






    	A-7-5



    	 



    

  


Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination,


 






    	A-7-6



    	 



    

  


minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    	A-7-7



    	 



    

 







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





	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


  


Dated: August 19, 2015 


 


CERTIFICATE
OF AUTHENTICATION


 


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


 


Dated: August 19, 2015 





	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 






    	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 Class X-A Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class X-A Certificate of the entire Percentage Interest represented by the within Class
X-A Certificates to the above-named Assignee(s) and to deliver such Class X-A Certificate to the following address:


 





	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number





 






    	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





 






    	A-7-10



    	 



    

  





EXHIBIT
A-8


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS X-B


 


[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1


 


[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 PRINCIPAL AMOUNT OF THE CLASS B CERTIFICATES. ACCORDINGLY,
THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.


 


THIS CLASS X-B CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.


 


THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 





 






 


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



 


		2	Global
                                         Certificate legend.




 


 






    	A-8-1



    	 



    

   


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS X-B


 


	Pass-Through Rate: Variable IO3	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-B Certificates: $58,898,000	 	Scheduled Final Distribution Date: the Distribution Date in August 2025


 


	
        CUSIP: 17324D BB9 
	 	Initial Notional Amount of this Certificate: $[_____]
	 	 	 
	
        ISIN:     US17324DBB91 
	 	
	 	 	 
	Common Code: 127824436	 	 
	 	 	 
	

        No.: [1]
	 	 


 


This certifies that
[ ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class A-S, Class X-A, Class B, Class PEZ,
Class C, Class D, Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class X-B Certificates, the
“Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.





 





 






 


		3	The initial approximate
Pass-Through Rate as of the Closing Date is 0.053% per annum




  






    	A-8-2



    	 



    

  


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


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-B Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be
entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-B Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto;


 






    	A-8-3



    	 



    

  


(ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 






    	A-8-4



    	 



    

  


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate


 






    	A-8-5



    	 



    

  


Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination,


 






    	A-8-6



    	 



    

  


minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    	A-8-7



    	 



    

  





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





	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory





 





Dated: August 19, 2015 


 


CERTIFICATE
OF AUTHENTICATION


 


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


 


Dated: August 19, 2015 





	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 






    	A-8-8



    	 



    

  





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 Class X-B Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class X-B Certificate of the entire Percentage Interest represented by the within Class
X-B Certificates to the above-named Assignee(s) and to deliver such Class X-B Certificate to the following address:


 





	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number





 






    	A-8-9



    	 



    

  


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





 






    	A-8-10



    	 



    

  


EXHIBIT
A-9


 


CITIGROUP
COMMERCIAL MORTAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-S


 


[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1


 


[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES SET FORTH
IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS PEZ CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN
THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).


 


DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.


 


THIS CERTIFICATE REPRESENTS BENEFICIAL
OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 





 



 





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



 


		2	Global Certificate legend.




   




    	A-9-1



    	 



    

 


CITIGROUP
COMMERCIAL MORTAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS A-S


 


	Pass-Through Rate: The lesser of 4.033% per annum and the WAC Rate3	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class A-S Certificates: $71,226,000. The Aggregate Initial Certificate Principal Amount of the Class A-S Certificates represents the maximum aggregate Certificate Principal Amount of the Class A-S Certificates (without giving effect to any exchanges for other Exchangeable Certificates or any issuance of the Class PEZ Certificates).	 	Scheduled Final Distribution Date: the Distribution Date in August 2025
	 	 	 


 


	
        CUSIP: 17324D AW4

         
	 	Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)
	
        ISIN: US17324DAW48 

         

        Common Code: 127824274 

         
	 	 
	No.: [1]	 	 


 


This certifies that
[           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-S Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class B, Class PEZ,
Class C, Class D, Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class A-S Certificates, the
“Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial





 


 






 


3
The initial approximate Pass-Through Rate as of the Closing Date is 4.003% per annum.


 






    	A-9-2



    	 



    

  


Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
beneficial ownership of 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.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-S Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-S Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to


 






    	A-9-3



    	 



    

  


surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


Subject to the conditions
set forth in the Pooling and Servicing Agreement, this Certificate, together with certain other Exchangeable Certificates set forth
in the Pooling and Servicing Agreement, may be exchanged for the Class PEZ Certificates, pursuant to the procedures set forth in
the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 






    	A-9-4



    	 



    

  


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the


 






    	A-9-5



    	 



    

  


Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if


 






    	A-9-6



    	 



    

  


applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    	A-9-7



    	 



    

  





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





	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Dated: August 19, 2015


 


 CERTIFICATE
OF AUTHENTICATION


 


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


 


Dated: August 19, 2015 


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory





 






    	A-9-8



    	 



    

  








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 Class A-S Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class A-S Certificate of the entire Percentage Interest represented by the within Class
A-S Certificates to the above-named Assignee(s) and to deliver such Class A-S Certificate to the following address: 





 





	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number





 






    	A-9-9



    	 



    

  


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




 






    	A-9-10



    	 



    

 




EXHIBIT
A-10


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS B


 


[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1


 


[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES SET FORTH
IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS PEZ CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN
THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).


 


DISTRIBUTIONS OF PRINCIPAL AND INTEREST
ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.


 


THIS CERTIFICATE REPRESENTS BENEFICIAL
OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


 



 


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


 


2     Global Certificate legend.


 


    	A-10-1



    	 



    
 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS B


 


	Pass-Through Rate:  The WAC Rate less 0.053% per annum3	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class B Certificates:  $58,898,000.  The Aggregate Initial Certificate Principal Amount of the Class B Certificates represents the maximum aggregate Certificate Principal Amount of the Class B Certificates (without giving effect to any exchanges for other Exchangeable Certificates or any issuance of the Class PEZ Certificates).	 	Scheduled Final Distribution Date: the Distribution Date in August 2025
	 	 	 
	CUSIP:  17324D AX2	 	Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchange for Exchangeable Certificates on or after the Closing Date)
	
        ISIN:      US17324DAX21

         

        Common Code: 127824355

	 	 
	 	 	 
	No.:  [1]	 	 


 


This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class B Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class PEZ, Class C, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class B Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners,


 


 



 


3   The initial approximate Pass-Through Rate as of the Closing Date is 4.432% per annum.

 


    	A-10-2



    	 



    

 

LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
beneficial ownership of 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.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class B
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class B Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


    	A-10-3



    	 



    
 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


Subject to the conditions
set forth in the Pooling and Servicing Agreement, this Certificate, together with certain other Exchangeable Certificates set forth
in the Pooling and Servicing Agreement, may be exchanged for the Class PEZ Certificates, pursuant to the procedures set forth in
the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


    	A-10-4



    	 



    

 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement


 


    	A-10-5



    	 



    
 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan


 


    	A-10-6



    	 



    
 

Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 


    	A-10-7



    	 



    

 


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


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


		Dated:	August 19, 2015




 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class B Certificates referred to in the Pooling and Servicing Agreement.


 



		Dated:	August 19, 2015




	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-10-8



    	 



    




 


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 Class B Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class B Certificate of the entire Percentage Interest represented
by the within Class B Certificates to the above-named Assignee(s) and to deliver such Class B Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 



    	A-10-9



    	 



    




 


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


 


    	A-10-10



    	 



    
 


EXHIBIT
A-11


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS PEZ


 


[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1


 


[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


SUBJECT TO THE CONDITIONS SET FORTH IN
THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY BE EXCHANGED FOR OTHER EXCHANGEABLE CERTIFICATES, PURSUANT TO THE PROCEDURES
SET FORTH IN THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).


 


DISTRIBUTIONS OF PRINCIPAL AND INTEREST
ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.


 


THIS CERTIFICATE REPRESENTS BENEFICIAL
OWNERSHIP OF MULTIPLE “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


 



 

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


 


2     Global Certificate legend.


 


    	A-11-1



    	 



    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS PEZ


 


	Pass-Through Rate:  The Class PEZ Certificates will be entitled to receive the sum of the interest distributable on the percentage interests of the Class A-S, Class B and Class C Regular Interests represented by the Class PEZ Certificates.  	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class PEZ Certificates: $182,173,000.  The Aggregate Initial Certificate Principal Amount of the Class PEZ Certificates is equal to the aggregate of the maximum initial Certificate Principal Amounts of the Class A-S, Class B and Class C Certificates (without giving effect to any exchanges for other Exchangeable Certificates), representing the maximum Certificate Principal Amount of the Class PEZ Certificates that could be issued in an exchange.	 	Scheduled Final Distribution Date: the Distribution Date in August 2025


 


	
        CUSIP:  17324D AZ7

	 	Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)
	
        ISIN:      US17324DAZ78

         


        Common Code: 127824304

	 	 
	 	 	 
	No.:  [1]	 	 


 


This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class PEZ Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class C, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class PEZ Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


    	A-11-2



    	 



    
 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
beneficial ownership of multiple “regular interests” 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.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class PEZ Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class PEZ Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall


 


    	A-11-3



    	 



    

 


accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


Subject to the conditions
set forth in the Pooling and Servicing Agreement, this Certificate may be exchanged for other Exchangeable Certificates, pursuant
to the procedures set forth in the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange
fee).


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


    	A-11-4



    	 



    
 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the


 


    	A-11-5



    	 



    

 


Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if


 


    	A-11-6



    	 



    
 

applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 



    	A-11-7



    	 



    

 


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


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


		Dated:	August 19, 2015




 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class PEZ Certificates referred to in the Pooling and Servicing Agreement.


 



		Dated:	August 19, 2015




	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-11-8



    	 



    




 


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 Class PEZ Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class PEZ Certificate of the entire Percentage Interest represented
by the within Class PEZ Certificates to the above-named Assignee(s) and to deliver such Class PEZ Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 



    	A-11-9



    	 



    




 


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


 


    	A-11-10



    	 



    


 


EXHIBIT
A-12


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS C


 


[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1


 


[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES SET FORTH
IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS PEZ CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN
THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).


 


DISTRIBUTIONS OF PRINCIPAL AND INTEREST
ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 



THIS CERTIFICATE REPRESENTS BENEFICIAL
OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 


 



 

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


 


2     Global Certificate legend.

 



    	A-12-1



    	 



    


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS C


 


	Pass-Through Rate:  The WAC Rate3	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class C Certificates:  $52,049,000.  The Aggregate Initial Certificate Principal Amount of the Class C Certificates represents the maximum aggregate Certificate Principal Amount of the Class C Certificates (without giving effect to any exchanges for other Exchangeable Certificates or any issuance of the Class PEZ Certificates).	 	Scheduled Final Distribution Date: the Distribution Date in August 2025
	 	 	 
	CUSIP:  17324D AY0	 	Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchange for Exchangeable Certificates on or after the Closing Date)
	
        ISIN:     US17324DAY04

         


        Common Code: 127824282

	 	 
	 	 	 
	No.:  [1]	 	 


 


This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class C Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class D,
Class X-D, Class E, Class F, Class G and Class R Certificates (together with the Class C Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate


 


 



 

3   The initial approximate Pass-Through Rate as of the Closing Date is 4.485% per annum.

 


    	A-12-2



    	 



    
 

Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
beneficial ownership of 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.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class C
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class C Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


    	A-12-3



    	 



    
 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


Subject to the conditions
set forth in the Pooling and Servicing Agreement, this Certificate, together with certain other Exchangeable Certificates set forth
in the Pooling and Servicing Agreement, may be exchanged for the Class PEZ Certificates, pursuant to the procedures set forth in
the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


    	A-12-4



    	 



    
 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day
prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement


 


    	A-12-5



    	 



    
 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of
the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan


 


    	A-12-6



    	 



    
 

Holder provided for in the related
Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the
Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage
Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each
REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall
be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master
Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage
Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or
Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the
Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 



    	A-12-7



    	 



    

 


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


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


		Dated:	August 19, 2015




 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class C Certificates referred to in the Pooling and Servicing Agreement.


 



		Dated:	August 19, 2015




	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-12-8



    	 



    




 


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 Class C Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class C Certificate of the entire Percentage Interest represented
by the within Class C Certificates to the above-named Assignee(s) and to deliver such Class C Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 



    	A-12-9



    	 



    




 


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


 


    	A-12-10



    	 



    

 



EXHIBIT
A-13


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, 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 POOLING 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 POOLING 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.


 


 






 


		1	Temporary
Regulation S Global Certificate legend.



 


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



 


		3	Global
Certificate legend.





 






    	A-13-1



    	 



    

 


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) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, 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, OR IN WHICH ALL
THE EQUITY OWNERS COME 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 FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


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.


 






    	A-13-2



    	 



    

 



CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS D


 


	Pass-Through Rate: 3.225% per annum	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class D Certificates: $56,159,000	 	Scheduled Final Distribution Date: the Distribution Date in May 2026


 


	CUSIP:    [17324D AA2]4

                [U1744B AA9]5

                [17324D AB0]6

	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	 	 	 
	
        ISIN:       [US17324DAA28]7

                        [USU1744BAA99]8

                        [US17324DAB01]9


        	 	 
	 	 	 
	Common Code: 127825432	 	 
	 	 	 
	No.: [1]	 	 


 


This certifies that
[          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B,
Class PEZ, Class C, Class X-D, Class F, Class G and Class



 


 






 


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



 






    	A-13-3



    	 



    

 


R Certificates (together with the Class D Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


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


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class D Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class D Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If


 






    	A-13-4



    	 



    

 


within
two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay
to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or be payable to
any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 






    	A-13-5



    	 



    

 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided
that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the


 






    	A-13-6



    	 



    

 


Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if


 






    	A-13-7



    	 



    

 


applicable,
the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan
Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on
such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain
rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust
Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property
acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash,
equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included
in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined
by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket
expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless
the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with
respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such
purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable,
together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such
Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed
to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    	A-13-8



    	 



    

  


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


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Dated: August 19, 2015


 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class D Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: August 19, 2015


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 






    	A-13-9



    	 



    

 


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 Class D Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class D Certificate of the entire Percentage Interest represented
by the within Class D Certificates to the above-named Assignee(s) and to deliver such Class D Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 






    	A-13-10



    	 



    

 



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


 






    	A-13-11



    	 



    

 


EXHIBIT
A-14


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS X-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 POOLING 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 POOLING 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 PRINCIPAL AMOUNT OF THE CLASS D CERTIFICATES. ACCORDINGLY,
THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.


 


THIS CLASS X-D 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



 


 






 


		1	Temporary
Regulation S Global Certificate legend.



 


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



 


		3	Global
Certificate legend.




 






    	A-14-1



    	 



    

 


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) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, 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, OR IN WHICH ALL
THE EQUITY OWNERS COME 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 FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


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.



 






    	A-14-2



    	 



    

 



CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS X-D


 


	Pass-Through Rate: Variable IO4	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-D Certificates: $56,159,000	 	Scheduled Final Distribution Date: the Distribution Date in May 2026


  


	
        CUSIP:    17324D AL85


                        U1744B AF86


                        17324D AM67

         
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN:       US17324DAL828


                         USU1744BAF869

                         US17324DAM6510

         
	 	 
	Common Code: 127826005	 	 
	

         

        No.: [1]

         
	 	 


This certifies that
[          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class B, Class A-S,
Class B, Class PEZ, Class C, Class D, Class E, Class F,



 


 






 


4 The initial approximate Pass-Through Rate as of the Closing Date is 1.260% per annum.


 


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 S Certificates




 







    	A-14-3



    	 



    

 


Class
G and Class R Certificates (together with the Class X-D Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


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


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-D Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-D Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying


 






    	A-14-4



    	 



    

 


Agent
shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or be payable
to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 






    	A-14-5



    	 



    

 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided
that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement


 






    	A-14-6



    	 



    

 


without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan


 






    	A-14-7



    	 



    

 


Holder
provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of
the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust
Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase
Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s
portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause
(i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless
the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser
of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus
(ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of
unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued
and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing
Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed
to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    	A-14-8



    	 



    

 


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


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Dated: August 19, 2015


 


CERTIFICATE
OF AUTHENTICATION


 


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


 


Dated: August 19, 2015


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 






    	A-14-9



    	 



    

 


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 Class X-D Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class X-D Certificate of the entire Percentage Interest represented
by the within Class X-D Certificates to the above-named Assignee(s) and to deliver such Class X-D Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 






    	A-14-10



    	 



    

 



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


 






    	A-14-11



    	 



    




 





EXHIBIT A-15


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS E


[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 POOLING 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 POOLING 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


DISTRIBUTIONS OF
PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES
OF THE SAME SERIES.


 


 





	 	 	 
	1	Temporary Regulation S Global
Certificate legend.
	 	 	 



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



	3	Global Certificate legend.








    	A-15-1



    	 



    



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) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, 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, OR IN WHICH ALL
THE EQUITY OWNERS COME 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 FEDERAL SECURITIES LAWS AND 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 (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS
SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION 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
(“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH,
A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER
U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A 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 SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.






    	A-15-2



    	 



    





CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS E 


	 	 	 
	Pass-Through Rate:  The WAC Rate4	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class E Certificates:  $23,285,000	 	Scheduled Final Distribution Date: the Distribution Date in May 2026


 


	CUSIP:    [17324D AE4]5

                [U1744B AC5]6

                [17324D AF1]7

	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	 	 	 
	
        ISIN:      [US17324DAE40]8

 [USU1744BAC55]9

 [US17324DAF15]10 
	 	 
	 	 	 
	Common Code: 127825599	 	 
	 	 	 
	No.:  [1]	 	 


This certifies
that [           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class E Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5,





 



4
The initial approximate Pass-Through Rate as of the Closing Date is 4.485% per annum.


5
For Rule 144A Certificates


6
For Regulation S Certificates


7
For IAI Certificates


8
For Rule 144A Certificates


9
For Regulation S Certificates


10
For IAI Certificates






    	A-15-3



    	 



    




Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C,
Class D, Class X-D, Class F, Class G and Class R Certificates (together with the Class E Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


This Certificate
is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


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


The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under
the Pooling and Servicing Agreement.


Pursuant to the
terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each
such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class E
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.


Interest accrued
on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class E Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If






    	A-15-4



    	 



    



 


within
two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay
to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or be payable to
any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as
more specifically set forth herein and in the Pooling and Servicing Agreement.


As provided in
the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


This Certificate
does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement
for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties
and immunities of the Certificate Administrator and Trustee.


As provided in
the Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


The Pooling and
Servicing Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the
Certificateholders or, as applicable, any Companion Loan Holder:


	 	 	 
		(i)	to cure any ambiguity to the extent that it does not adversely
affect any holders of Certificates;



 






    	A-15-5



    	 



    

 


	 	 	 



		(ii)	to correct or supplement any of its provisions which may
be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus
or the Prospectus Supplement or to correct any error;
	 	 	 



		(iii)	to change the timing and/or nature of deposits in the
Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest
Distribution Account, the Distribution Account or any REO Account, provided that (A) the Master Servicer Remittance Date
shall in no event be later than the Business Day prior to the related Distribution Date and (B) the change would not adversely
affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of
the party requesting the amendment);
	 	 	 



		(iv)	to modify, eliminate or add to any of its provisions (A)
to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator
have received an opinion of counsel (at the expense of the party requesting the amendment) to the effect that (1) the
action is necessary or desirable to maintain such qualification or to avoid or minimize such risk and (2) the action will not
adversely affect in any material respect the interests of any holder of the Certificates, (B) 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
or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB and/or any regulatory actions and/or interpretations;
	 	 	 



		(v)	to make any other provisions with respect to matters or
questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely
affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;
	 	 	 



		(vi)	to modify the procedures in the Pooling and Servicing
Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee,
the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent
(which consent may not be withheld unless such modification would materially adversely affect such party or materially increase
such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such
modification is provided to all parties to the Pooling and Servicing Agreement;
	 	 	 



		(vii)	to amend or supplement any provision of the Pooling and
Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating
Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder;
and
	 	 	 



		(viii)	in the event of a TIA Applicability Determination, to
modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification
of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the
Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions
of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications
made pursuant to the preceding clause (A);



provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the






    	A-15-6



    	 



    

Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


The Pooling and
Servicing Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders
of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


	 	 	 
		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced
Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder,
as applicable,
	 	 	 



		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of
that Class then outstanding,
	 	 	 



		(iii)	change in any manner the obligations or rights of any
Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the
affected Mortgage Loan Seller,
	 	 	 



		(iv)	change the definition of “Servicing Standard”
without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,
	 	 	 



		(v)	without the consent of 100% of the Certificateholders
of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders
which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders
to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate
the Operating Advisor pursuant to the Pooling and Servicing Agreement,
	 	 	 



		(vi)	adversely affect the Controlling Class Representative
without the consent of 100% of the Controlling Class Certificateholders,
	 	 	 



		(vii)	adversely affect a Serviced Companion Loan Holder in its
capacity as such without its consent, or
	 	 	 



		(viii)	change in any manner the obligations or rights of any
Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.



The Holders of
the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such
Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither
such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater
than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’
prior notice given to the parties (or, if






    	A-15-7



    	 



    

 


applicable,
the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan
Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on
such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain
rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust
Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property
acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash,
equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer)
and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such
Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the
Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian,
the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy,
the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


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 Pooling and Servicing Agreement or
be valid for any purpose.






    	A-15-8



    	 



    






 


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


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Dated:  August 19, 2015


 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class E Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:  August 19, 2015


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-15-9



    	 



    




 


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 Class E Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class E Certificate of the entire Percentage Interest represented
by the within Class E Certificates to the above-named Assignee(s) and to deliver such Class E Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 



    	A-15-10



    	 



    




 


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


 



    	A-15-11



    	 



    

 







EXHIBIT
A-16


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS F


 


[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 POOLING 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 POOLING 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.


 





 



 


		1	Temporary Regulation S Global
                                         Certificate legend.



 


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



 


		3	Global Certificate legend.



 



    	A-16-1



    	 



    




 


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) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, 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, OR IN WHICH ALL
THE EQUITY OWNERS COME 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 FEDERAL SECURITIES LAWS AND 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 (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION 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
(“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH,
A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER
U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A 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 SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 



    	A-16-2



    	 



    




 





CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS F


 


	Pass-Through Rate: The WAC Rate4	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class F Certificates: $10,958,000	 	Scheduled Final Distribution Date: the Distribution Date in May 2026
	 	 	 





	
        CUSIP: [17324D
AG9]5

        

        [U1744B AD3]6 

        [17324D AH7]7
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	 	 	 
	
        ISIN:     [US17324DAG97]8

[USU1744BAD39]9

[US17324DAH70]10

        
	 	 
	 	 	 
	Common Code: 127825793	 	 
	 	 	 
	No.: [1]	 	 


 


This certifies that
[          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,


 


 



 




4
The initial approximate Pass-Through Rate as of the Closing Date is 4.485% per annum.


 


5
For Rule 144A Certificates


 


6
For Regulation S Certificates


 


7
For IAI Certificates


 


8
For Rule 144A Certificates


 


9
For Regulation S Certificates


 


10 For
IAI Certificates


 








    	A-16-3



    	 



    




 


Class A-AB, Class X-A, Class X-B, Class A-S, Class B,
Class PEZ, Class C, Class D, Class X-D, Class E, Class G and Class R Certificates (together with the Class F Certificates, the
“Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


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


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class F Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class F Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If


 



    	A-16-4



    	 



    




 


within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 



    	A-16-5



    	 



    




 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the


 



    	A-16-6



    	 



    




 


Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if


 



    	A-16-7



    	 



    




 


applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 



    	A-16-8



    	 



    







 


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





	 	 	 
	 	CITIBANK, N.A.,
	 	not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory




 





Dated: August 19, 2015 


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class F Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: August 19, 2015





	 	 	 
	 	CITIBANK, N.A.,
	 	not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory













 



    	A-16-9



    	 



    




 


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 Class F Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class F Certificate of the entire Percentage Interest represented
by the within Class F Certificates to the above-named Assignee(s) and to deliver such Class F Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 









    	A-16-10



    	 



    

 


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


   



    	A-16-11



    	 



    







 


EXHIBIT
A-17


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS G


 


[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 POOLING 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 POOLING 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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 POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.


 


DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.


 


 






 





		1	Temporary Regulation S Global
                                         Certificate legend.



 


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



 


		3	Global Certificate legend.



 



    	A-17-1



    	 



    




 


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) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S.
PERSON”, 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, OR IN WHICH ALL THE EQUITY OWNERS COME
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 FEDERAL SECURITIES LAWS AND 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 (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION 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
(“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH,
A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER
U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A 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 SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 



    	A-17-2



    	 



    







 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS G


 


	Pass-Through Rate: The WAC Rate4	 	 
	 	 	 
	First Distribution Date: September 17, 2015	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Principal Amount of the Class G Certificates: $56,158,641	 	Scheduled Final Distribution Date: the Distribution Date in May 2026
	 	 	 





	
        CUSIP: [17324D AJ3]5

[U1744B AE1]6

[17324D AK0]7
	 	Initial Certificate Principal Amount of this Certificate: $[_____]
	 	 	 
	
        ISIN:     [US17324DAJ37]8

[USU1744BAE12]9

[US17324DAK00]10
	 	 
	 	 	 
	Common Code: 127825882	 	 
	 	 	 
	No.: [1]	 	 


 


This certifies that
[          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class G Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B,
Class PEZ, Class C, Class D, Class X-D, Class E, Class F


 


 



 


4 The initial approximate
Pass-Through Rate as of the Closing Date is 4.485% per annum.


 


5 For Rule 144A Certificates


 


6 For Regulation S
Certificates


 


7 For IAI Certificates


 


8 For Rule 144A Certificates


 


9 For Regulation S
Certificates


 


10 For
IAI Certificates


 



    	A-17-3



    	 



    






 


and Class R Certificates (together with the Class G Certificates, the
“Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


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


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class G Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class G Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying


 



    	A-17-4



    	 



    




 


Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 



    	A-17-5



    	 



    




 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement


 



    	A-17-6



    	 



    




 


without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan


 



    	A-17-7



    	 



    




 


Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 



    	A-17-8



    	 



    







 


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


	 	 	 
	 	CITIBANK, N.A.,
	 	not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory



 


Dated: August 19, 2015


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class G Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: August 19, 2015


	 	 	 
	 	CITIBANK, N.A.,
	 	not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory





 



    	A-17-9



    	 



    







 


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 Class G Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class G Certificate of the entire Percentage Interest represented
by the within Class G Certificates to the above-named Assignee(s) and to deliver such Class G Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 



    	A-17-10



    	 



    







 


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


 







    	A-17-11



    	 



    

 





EXHIBIT
A-18


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS R


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
the custodian, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING
CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE MORTGAGE LOANS 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, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS CERTIFICATE MAY
ONLY BE TRANSFERRED TO AND OWNED BY A QIB.


 


THIS CERTIFICATE MAY
NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION 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 (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS
UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (INCLUDING AN INSURANCE COMPANY THAT
IS USING THE ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR SIMILAR LAW TO INCLUDE ASSETS OF PLANS)), OR OTHER 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 CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS,
NON-U.S. PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTIONS 5.02 AND 5.03 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL
BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS,
(A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN 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


 



    	A-18-1



    	 



    




 


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. THIS
CERTIFICATE REPRESENTS MULTIPLE “NONECONOMIC RESIDUAL INTERESTS,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c),
AND THEREFORE, 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.


 


TRANSFERS OF THIS CERTIFICATE
AND/OR INTERESTS HEREIN ARE SUBJECT TO THE DELIVERY OF SUCH CERTIFICATIONS, OPINIONS, AND OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE
TRANSFER RESTRICTIONS, AND ARE FURTHER SUBJECT TO SUCH DEEMED REPRESENTATIONS AND WARRANTIES ON THE PART OF THE TRANSFEROR AND/OR
TRANSFEREE, AS ARE SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.








 



    	A-18-2



    	 



    




 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2015-P1

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-P1, CLASS R


 


	Percentage Interest: [     ]%	 	 
	 	 	 
	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in August 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in September 2015, the date that would have been its Due Date in August 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).	 	 
	 	 	 





	
        CUSIP:  17324D
AN4 
	 	 
	 	 	 
	
        ISIN:      US17324DAN49
	 	 
	 	 	 
	No.: [1]	 	 


 


This certifies that
[          ] is the registered owner of an interest in a Trust Fund, including the distributions to be made with respect to the Class R
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and, other than in the
case of the Outside Serviced Trust Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created,
and the Mortgage Loans (other than the Outside Serviced Trust Loans) are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any
provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall
be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class
A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class
X-D, Class E, Class F and Class G Certificates (together with the Class R Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and Wells Fargo Bank,
National Association, as Custodian. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.


 


This Certificate represents
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.


 


The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 



    	A-18-3



    	 



    




 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in September 2015 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of the aggregate amount, if any, with respect to the Class R Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business
Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Certificateholders of such final distribution.


 


Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the
Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case
of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property);
(v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights


 



    	A-18-4



    	 



    




 


under the Loan Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; and (xi) the Lower-Tier Regular Interests.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.


 


As provided in the
Pooling 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 Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, 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 Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct
any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) 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 or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;



 



    	A-18-5



    	 



    




 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless
such modification would materially adversely affect such party or materially increase such party’s obligations under the
Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to
the Pooling and Servicing Agreement;



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder; and



 


		(viii)	in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions
of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement
under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other
provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement
to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding
clause (A);



 


provided that
no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any
Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect
any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee with the consent of the Holders of
Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:


 



    	A-18-6



    	 



    




 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders
nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase).


 



    	A-18-7



    	 



    




 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans
and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders
in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its
Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto)
of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 



    	A-18-8



    	 



    






 


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


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Dated:  August 19, 2015


 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: August 19, 2015


	 	 	 
	 	CITIBANK, N.A., 

not in its individual capacity but
    solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 



    	A-18-9



    	 



    




 


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 Class R Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class R Certificate of the entire Percentage Interest represented
by the within Class R Certificates to the above-named Assignee(s) and to deliver such Class R Certificate to the following
address:


 


	Date: 	 	 	 	 
	 	 	 	 	 
	 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	Taxpayer Identification Number


 



    	A-18-10



    	 



    




 


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


 



    	A-18-11



    	 



    



 






EXECUTION VERSION

 

EXHIBIT B



MORTGAGE LOAN SCHEDULE






    	B-1



    	 



    






	CGCMT 2015-P1 Mortgage Loan Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Original	 	Remaining	 	 	 	Remaining	 	 	 	 
	Control	 	 	 	Loan	 	 	 	 	 	 	 	 	 	 	 	Cut-Off Date	 	Mortgage	 	Term To	 	 	 	Amortization Term	 	Servicing	 	Subservicing
	Number	 	Footnotes	 	Number	 	Property Name	 	Address	 	City	 	State	 	Zip Code	 	Balance ($)	 	Rate	 	Maturity Date	 	Maturity Date	 	(Mos.)	 	Fee Rate (%)	 	Fee Rate (%)
	1	 	(1)	 	9957	 	The Decoration & Design Building	 	979 Third Avenue	 	New York	 	New York	 	10022	 	100,000,000	 	4.11000%	 	129	 	5/6/2026	 	360	 	0.0050%	 	0.0000%
	2	 	(2)	 	9922	 	Eden Roc	 	4525 Collins Avenue	 	Miami Beach	 	Florida	 	33140	 	95,000,000	 	4.34000%	 	119	 	7/6/2025	 	0	 	0.0025%	 	0.0026%
	3	 	(3)	 	10040	 	Kaiser Center	 	300 Lakeside Drive	 	Oakland	 	California	 	94612	 	90,000,000	 	4.39000%	 	118	 	6/6/2025	 	360	 	0.0050%	 	0.0000%
	4	 	(4)	 	610930148	 	Hilton Nashville	 	121 Fourth Avenue South	 	Nashville	 	Tennessee	 	37201	 	75,000,000	 	4.62000%	 	120	 	8/11/2025	 	360	 	0.0050%	 	0.0100%
	5	 	 	 	757676	 	Piazza Carmel	 	3875-3885 Valley Centre Drive and 3804-3890 Valley Centre Drive	San Diego	 	California	 	92130	 	64,000,000	 	4.37000%	 	120	 	8/1/2025	 	0	 	0.0025%	 	0.0100%
	6	 	 	 	8268	 	Weston Portfolio	 	 	 	 	 	 	 	 	 	60,000,000	 	4.46000%	 	119	 	7/6/2025	 	360	 	0.0025%	 	0.0300%
	6.01	 	 	 	8268-1	 	Weston Town Center	 	1675 Market Place	 	Weston	 	Florida	 	33326	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8268-3	 	2000 Main Street	 	2000 Main Street	 	Weston	 	Florida	 	33326	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8268-2	 	1760 Bell Tower Lane	 	1760 Bell Tower Lane	 	Weston	 	Florida	 	33326	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	757643	 	University Town Centre	 	3000, 4000,4001,4031, 4041, 4051, 4061, 4071, 4081, 4091, 4101, 4121, 4131, 4141, 4151, 4171, 4181, 4191, 4201, 4211, 4500, 5010 University Town Centre Drive; 267, 1047, 1219 Target Way; 1001 Mountaineer Drive; 596 Giant Street	Morgantown 	 	West Virginia	 	26501	 	55,000,000	 	4.60000%	 	119	 	7/1/2025	 	360	 	0.0025%	 	0.0400%
	8	 	(5)	 	8625	 	Ascentia MHC Portfolio	 	 	 	 	 	 	 	 	 	44,945,461	 	4.42500%	 	119	 	7/6/2025	 	359	 	0.0025%	 	0.0025%
	8.01	 	 	 	10478	 	Aloha Vegas	 	500 Miller Avenue	 	North Las Vegas	 	Nevada	 	89030	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	10479	 	Buckingham Village	 	2910 Pat Booker Road	 	Universal City	 	Texas	 	78148	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.03	 	 	 	10480	 	Cedar Village	 	15814 East Colfax Avenue	 	Aurora	 	Colorado	 	80011	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.04	 	 	 	10481	 	Country Oaks	 	7510 Talley Road	 	San Antonio	 	Texas	 	78253	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.05	 	 	 	10482	 	Countryside Estates	 	2400 North 1st Street	 	Lincoln	 	Nebraska	 	68521	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.06	 	 	 	10483	 	Dream Island	 	1315 Dream Island Plaza	 	Steamboat Springs	 	Colorado	 	80487	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.07	 	 	 	10484	 	Eagle River	 	32700 Highway 6	 	Edwards	 	Colorado	 	81632	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.08	 	 	 	10485	 	Foxridge Farm	 	26900 East Colfax Avenue	 	Aurora	 	Colorado	 	80018	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.09	 	 	 	10486	 	Gaslight Village	 	2801 Northwest 1st Street	 	Lincoln	 	Nebraska	 	68521	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.10	 	 	 	10487	 	Golden Eagle	 	1016 Harshman Street	 	Rawlins	 	Wyoming	 	82301	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.11	 	 	 	10488	 	Hillside	 	300 Harshman Street	 	Rawlins	 	Wyoming	 	82301	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.12	 	 	 	10489	 	Kingswood Estates	 	2323 Bellwood Drive	 	Grand Island	 	Nebraska	 	68801	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.13	 	 	 	10490	 	Lake Fork	 	150 State Highway 300	 	Leadville	 	Colorado	 	80461	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.14	 	 	 	10491	 	Mountain Springs	 	701 Antelope Drive	 	Rock Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.15	 	 	 	10492	 	North Breeze	 	8360 Eckhert Road	 	San Antonio	 	Texas	 	78240	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.16	 	 	 	10493	 	Rancho Bridger	 	5020 Springs Drive	 	Rock Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.17	 	 	 	10494	 	River Valley	 	10910 Turner Boulevard	 	Longmont	 	Colorado	 	80504	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.18	 	 	 	10495	 	Riviera de Sandia	 	12145 State Highway 14 North, Lot J3	 	Cedar Crest	 	New Mexico	 	87008	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.19	 	 	 	10496	 	Sheltered Valley	 	1700 Wilson Street	 	Green River	 	Wyoming	 	82935	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.20	 	 	 	10497	 	Skyline Village	 	1700 Swanson Drive	 	Rock Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.21	 	 	 	10498	 	Sugar Creek	 	211 Monroe Street	 	Rawlins	 	Wyoming	 	82301	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.22	 	 	 	10499	 	Trails End	 	1925 East Murray Street	 	Rawlins	 	Wyoming	 	82301	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.23	 	 	 	10500	 	Valle Grande	 	8900 2nd Street Northwest	 	Albuquerque	 	New Mexico	 	87114	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.24	 	 	 	10501	 	Valley Ridge	 	8671 Southwest Loop 410	 	San Antonio	 	Texas	 	78242	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.25	 	 	 	10502	 	Vals	 	125 Clinton Road	 	Cibolo	 	Texas	 	78108	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.26	 	 	 	10503	 	W bar K	 	3800 Sunset Drive	 	Rock Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.27	 	 	 	10504	 	West Park Plaza	 	129 Melody Lane	 	Grand Island	 	Nebraska	 	68803	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.28	 	 	 	10505	 	West Winds	 	505 Williams Street	 	Cheyenne	 	Wyoming	 	82007	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.29	 	 	 	10506	 	Western Hills	 	45 Purple Sage Road	 	Rock Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.30	 	 	 	10507	 	Windgate	 	2800 Windgate Drive	 	New Braunfels	 	Texas	 	78130	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.31	 	 	 	10508	 	Woodlawn Estates	 	2720 North 2nd Street	 	Lincoln	 	Nebraska	 	68521	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.32	 	 	 	10509	 	Woodview	 	1301 West Oltorf Street	 	Austin	 	Texas	 	78704	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	(6)	 	7941	 	US StorageMart Portfolio	 	 	 	 	 	 	 	 	 	43,694,500	 	3.79788%	 	56	 	4/6/2020	 	0	 	0.0025%	 	0.0050%
	9.01	 	 	 	7941-1	 	50 Wallabout Street	 	50 Wallabout Street	 	Brooklyn	 	New York	 	11249	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	250 Flanagan Way	 	250 Flanagan Way	 	Secaucus	 	New Jersey	 	07094	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	6700 River Road	 	6700 River Road	 	West New York	 	New Jersey	 	07093	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	1015 North Halsted Street	 	1015 North Halsted Street	 	Chicago	 	Illinois	 	60642	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	7536 Wornall Road	 	7536 Wornall Road	 	Kansas City	 	Missouri	 	64114	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	640 Southwest 2nd Avenue	 	640 Southwest 2nd Avenue	 	Miami	 	Florida	 	33130	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	4920 Northwest 7th Street	 	4920 Northwest 7th Street	 	Miami	 	Florida	 	33126	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	9925 Southwest 40th Street	 	9925 Southwest 40th Street	 	Miami	 	Florida	 	33165	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	9220 West 135th Street	 	9220 West 135th Street	 	Overland Park	 	Kansas	 	66221	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	980 4th Avenue	 	980 4th Avenue	 	Brooklyn	 	New York	 	11232	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	405 South Federal Highway	 	405 South Federal Highway	 	Pompano Beach	 	Florida	 	33062	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	11001 Excelsior Boulevard	 	11001 Excelsior Boulevard	 	Hopkins	 	Minnesota	 	55343	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	11325 Lee Highway	 	11325 Lee Highway	 	Fairfax	 	Virginia	 	22030	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	2021 Griffin Road	 	2021 Griffin Road	 	Fort Lauderdale	 	Florida	 	33312	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	400 West Olmos Drive	 	400 West Olmos Drive	 	San Antonio	 	Texas	 	78212	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	14151 Wyandotte Street	 	14151 Wyandotte Street	 	Kansas City	 	Missouri	 	64145	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	5979 Butterfield Road	 	5979 Butterfield Road	 	Hillside	 	Illinois	 	60162	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	115 Park Avenue	 	115 Park Avenue	 	Basalt	 	Colorado	 	81621	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	3500 Southwest 160th Avenue	 	3500 Southwest 160th Avenue	 	Miramar	 	Florida	 	33027	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	2445 Crain Highway	 	2445 Crain Highway	 	Waldorf	 	Maryland	 	20601	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	100 West North Avenue	 	100 West North Avenue	 	Lombard	 	Illinois	 	60148	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	2727 Shermer Road	 	2727 Shermer Road	 	Northbrook	 	Illinois	 	60062	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	15201 Antioch Road	 	15201 Antioch Road	 	Overland Park	 	Kansas	 	66221	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	2450 Mandela Parkway	 	2450 Mandela Parkway	 	Oakland	 	California	 	94607	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	184-02 Jamaica Avenue	 	184-02 Jamaica Avenue	 	Hollis	 	New York	 	11423	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	9012 Northwest Prairie View Road	 	9012 Northwest Prairie View Road	 	Kansas City	 	Missouri	 	64153	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	16101 West 95th Street	 	16101 West 95th Street	 	Lenexa	 	Kansas	 	66219	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	3100 North Mannheim	 	3100 North Mannheim	 	Franklin Park	 	Illinois	 	60131	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	9580 Potranco Road	 	9580 Potranco Road	 	San Antonio	 	Texas	 	78251	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	18025 Monterey Street	 	18025 Monterey Street	 	Morgan Hill	 	California	 	95037	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	9N 004 Route 59	 	9N 004 Route 59	 	Elgin	 	Illinois	 	60120	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	5115 Clayton Road	 	5115 Clayton Road	 	Concord	 	California	 	94521	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	9702 West 67th Street	 	9702 West 67th Street	 	Merriam	 	Kansas	 	66203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	794 Scenic Highway	 	794 Scenic Highway	 	Lawrenceville	 	Georgia	 	30046	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	12430 Bandera Road	 	12430 Bandera Road	 	Helotes	 	Texas	 	78023	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	4000 South Providence Road	 	4000 South Providence Road	 	Columbia	 	Missouri	 	65203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	2743 San Pablo Avenue	 	2743 San Pablo Avenue	 	Oakland	 	California	 	94612	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	819 North Eola Road	 	819 North Eola Road	 	Aurora	 	Illinois	 	60502	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	2506 West Worley Street	 	2506 West Worley Street	 	Columbia	 	Missouri	 	65203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	15601 FM 1325	 	15601 FM 1325	 	Austin	 	Texas	 	78728	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	10700 West 159th Street	 	10700 West 159th Street	 	Orland Park	 	Illinois	 	60467	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	2403 Rangeline Street	 	2403 Rangeline Street	 	Columbia	 	Missouri	 	65202	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	Chicago	 	Illinois	 	60637	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	 	 	7941-44	 	2277 Walters Road	 	2277 Walters Road	 	Fairfield	 	California	 	94533	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	1575 Thousand Oaks Drive	 	1575 Thousand Oaks Drive	 	San Antonio	 	Texas	 	78232	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	7460 Frontage Road	 	7460 Frontage Road	 	Merriam	 	Kansas	 	66203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	6401 Third Street	 	6401 Third Street	 	Key West	 	Florida	 	33040	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	2816 Eaton Road	 	2816 Eaton Road	 	Kansas City	 	Kansas	 	66103	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	3985 Atlanta Highway	 	3985 Atlanta Highway	 	Athens	 	Georgia	 	30606	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	11510 North Main Street	 	11510 North Main Street	 	Kansas City	 	Missouri	 	64155	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	750 Winchester Road	 	750 Winchester Road	 	Lexington	 	Kentucky	 	40505	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	3401 Broadway Boulevard	 	3401 Broadway Boulevard	 	Kansas City	 	Missouri	 	64111	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	1720 Grand Boulevard	 	1720 Grand Boulevard	 	Kansas City	 	Missouri	 	64108	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	1310 South Enterprise Street	 	1310 South Enterprise Street	 	Olathe	 	Kansas	 	66061	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	2420 St Mary’s Boulevard	 	2420 St Mary’s Boulevard	 	Jefferson City	 	Missouri	 	65109	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	3500 I-70 Drive Southeast	 	3500 I-70 Drive Southeast	 	Columbia	 	Missouri	 	65201	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	195 Southwest Boulevard	 	195 Southwest Boulevard	 	Kansas City	 	Kansas	 	66103	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	8900 Northwest Prairie View Road	 	8900 Northwest Prairie View Road	 	Kansas City	 	Missouri	 	64153	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	1601 Twilight Trail	 	1601 Twilight Trail	 	Frankfort	 	Kentucky	 	40601	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	1515 Church Street	 	1515 Church Street	 	Lake Charles	 	Louisiana	 	70601	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	1891 North Columbia Street	 	1891 North Columbia Street	 	Milledgeville	 	Georgia	 	31061	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	1200 US #1	 	1200 US #1	 	Key West	 	Florida	 	33040	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	251 Collins Industrial Boulevard	 	251 Collins Industrial Boulevard	 	Athens	 	Georgia	 	30601	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	2310 Paris Road	 	2310 Paris Road	 	Columbia	 	Missouri	 	65202	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	1820 West Business Loop 70	 	1820 West Business Loop 70	 	Columbia	 	Missouri	 	65202	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	1723 East Florida	 	1723 East Florida	 	Springfield	 	Missouri	 	65803	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	310930142	 	Charles Point Apartments	 	171 Lowry Lane	 	Medford	 	Oregon	 	97501	 	35,250,000	 	4.55000%	 	120	 	8/11/2025	 	360	 	0.0050%	 	0.0000%
	11	 	 	 	8716	 	Tanglewood Apartments	 	1880-2020 Cowell Boulevard	 	Davis	 	California	 	95618	 	35,057,884	 	4.47000%	 	119	 	7/6/2025	 	359	 	0.0025%	 	0.0300%
	12	 	 	 	757657	 	Davis Ford Crossing	 	9860 Liberia Avenue	 	Manassas	 	Virginia	 	20110	 	33,750,000	 	4.34000%	 	119	 	7/1/2025	 	360	 	0.0025%	 	0.0200%
	13	 	 	 	757655	 	Le Meridien Dallas by the Galleria	 	13402 Noel Road	 	Dallas	 	Texas	 	75240	 	31,000,000	 	4.48000%	 	119	 	7/1/2025	 	360	 	0.0025%	 	0.0100%
	14	 	 	 	757638	 	Lewis Self Storage & Industrial	 	 	 	 	 	 	 	 	 	30,024,334	 	4.50000%	 	118	 	6/5/2025	 	358	 	0.0025%	 	0.0100%
	14.01	 	 	 	 	 	Boca Self Storage	 	3600 NW Boca Raton Boulevard	 	Boca Raton	 	Florida	 	33431	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	 	 	Deerfield Self Storage	 	950 South Powerline Road	 	Deerfield Beach	 	Florida	 	33442	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	 	 	Lewis Industrial	 	1000 & 1050 Northwest 1st Avenue & 2920 & 2960 Northwest Boca Raton Boulevard	Boca Raton	 	Florida	 	Various	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	(7), (8)	 	8472	 	Alderwood Mall	 	3000 184th Street Southwest	 	Lynnwood	 	Washington	 	98037	 	24,382,577	 	3.47875%	 	118	 	6/1/2025	 	358	 	0.0025%	 	0.0050%
	16	 	 	 	757649	 	Birch Street Promenade	 	110, 215-275, and 260-330 West Birch Street	 	Brea	 	California	 	92821	 	24,125,000	 	4.56000%	 	120	 	8/5/2025	 	360	 	0.0025%	 	0.0100%
	17	 	 	 	757630	 	Courtyard by Marriott Fort Lauderdale	 	400 Gulf Stream Way	 	Dania Beach	 	Florida	 	33004	 	22,941,246	 	4.42000%	 	118	 	6/1/2025	 	358	 	0.0025%	 	0.0100%
	18	 	 	 	757644	 	Ryders Crossing Shopping Center	 	300-402 Ryders Lane  	 	Milltown	 	New Jersey	 	08850	 	20,300,000	 	4.20000%	 	120	 	8/1/2025	 	360	 	0.0025%	 	0.0300%
	19	 	 	 	757640	 	Monarch Crossing Apartments 	 	420 Wint Lane, 360 Reeveston Drive and 3265 McKinley Avenue	Columbus	 	Indiana	 	47201	 	19,310,000	 	4.47000%	 	120	 	8/5/2025	 	360	 	0.0025%	 	0.0400%
	20	 	 	 	757621	 	Beltway Plaza II	 	9302-9340 South Eastern Avenue  	 	Henderson	 	Nevada	 	89014	 	18,500,000	 	4.18000%	 	117	 	5/1/2025	 	360	 	0.0025%	 	0.0100%
	21	 	 	 	310928527	 	4400 Florin Perkins Road	 	4400, 4450 and 4700 Florin Perkins Road	 	Sacramento	 	California	 	95826	 	15,400,000	 	4.43000%	 	119	 	7/11/2025	 	360	 	0.0050%	 	0.0000%
	22	 	 	 	757619	 	Bethany Village Office	 	15188-15285 Northwestern Central Drive and 15160-15220 Northwestern Laidlaw Road	Portland	 	Oregon	 	97229	 	13,247,875	 	4.24000%	 	117	 	5/1/2025	 	357	 	0.0025%	 	0.0100%
	23	 	 	 	757636	 	240 N Ashland 	 	240 North Ashland  Avenue	 	Chicago	 	Illinois	 	60607	 	12,500,000	 	4.37000%	 	119	 	7/1/2025	 	360	 	0.0025%	 	0.0400%
	24	 	 	 	757585	 	Mediterranean Inn	 	425 Queen Anne Avenue North  	 	Seattle	 	Washington	 	98109	 	10,762,335	 	3.80000%	 	116	 	4/1/2025	 	356	 	0.0025%	 	0.0400%
	25	 	 	 	757637	 	Waterway Shoppes I	 	2210-2282 Weston Road	 	Weston	 	Florida	 	33326	 	10,400,000	 	4.26000%	 	118	 	6/1/2025	 	360	 	0.0025%	 	0.0100%
	26	 	 	 	757635	 	Promontory Point	 	2420 and 2500 Ridgepointe Drive  	 	Austin	 	Texas	 	78754	 	10,218,320	 	4.69000%	 	119	 	7/1/2025	 	359	 	0.0025%	 	0.0100%
	27	 	 	 	757647	 	One Industrial Way	 	One Industrial Way West	 	Eatontown	 	New Jersey	 	07724	 	10,000,000	 	4.52000%	 	119	 	7/5/2025	 	360	 	0.0025%	 	0.0100%
	28	 	 	 	757612	 	Best Plaza	 	20020-20140 Hawthorne Boulevard  	 	Torrance	 	California	 	90503	 	9,971,974	 	3.95000%	 	58	 	6/1/2020	 	358	 	0.0025%	 	0.0100%
	29	 	 	 	310929658	 	Amplify on Main	 	30 McFerrin Avenue	 	Nashville	 	Tennessee	 	37206	 	9,870,000	 	4.53000%	 	120	 	8/11/2025	 	360	 	0.0050%	 	0.0000%
	30	 	 	 	610929595	 	Valley Ridge Apartments	 	1650 George Dieter Drive	 	El Paso	 	Texas	 	79936	 	9,255,623	 	4.28000%	 	118	 	6/11/2025	 	358	 	0.0050%	 	0.0300%
	31	 	 	 	8606	 	CSS Pacific	 	1913 Sherman Street	 	Alameda	 	California	 	94501	 	9,000,000	 	4.30000%	 	119	 	7/6/2025	 	0	 	0.0050%	 	0.0000%
	32	 	 	 	757614	 	Courtyard E Associates	 	1570, 1574 and 1630 Gateway Boulevard	 	Fairfield	 	California	 	94533	 	9,000,000	 	4.80000%	 	120	 	8/1/2025	 	360	 	0.0025%	 	0.0100%
	33	 	 	 	8732	 	9299 College Parkway	 	9299 College Parkway	 	Fort Myers	 	Florida	 	33919	 	6,400,000	 	4.38000%	 	119	 	7/6/2025	 	360	 	0.0050%	 	0.0300%
	34	 	 	 	757623	 	Austin Bluffs Shopping Center	 	3605, 3607, 3609, 3659 & 3665 Austin Bluffs Parkway	 	Colorado Springs	 	Colorado	 	80918	 	6,284,417	 	4.58000%	 	118	 	6/1/2025	 	358	 	0.0025%	 	0.0400%
	35	 	 	 	410928722	 	Walgreens - Longmont	 	1770 Hover Street	 	Longmont	 	Colorado	 	80501	 	3,895,279	 	4.43000%	 	119	 	7/11/2025	 	359	 	0.0050%	 	0.0000%
	36	 	 	 	8741	 	LockTite Deer Park and Pasadena Self Storage	 	 	 	 	 	 	 	3,750,000	 	4.70000%	 	119	 	7/6/2025	 	360	 	0.0050%	 	0.0000%
	36.01	 	 	 	8741-1	 	LockTite Deer Park Self Storage	 	4013 Center Street	 	Deer Park	 	Texas	 	77536	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	8741-2	 	LockTite Pasadena Self Storage	 	5035 Burke Road	 	Pasadena	 	Texas	 	77504	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	Mini U Storage - Highlands Ranch	 	6678 East County Line Road	 	Highlands Ranch	 	Colorado	 	80126	 	3,700,000	 	4.55000%	 	119	 	7/11/2025	 	360	 	0.0050%	 	0.0000%
	38	 	 	 	410929362	 	Security Self Storage - Orlando	 	12280 East Colonial Drive	 	Orlando	 	Florida	 	32826	 	3,595,255	 	4.67000%	 	119	 	7/11/2025	 	335	 	0.0050%	 	0.0000%
	39	 	 	 	410929829	 	675 Mall Ring	 	675 Mall Ring Circle	 	Henderson	 	Nevada	 	89014	 	3,100,000	 	4.97000%	 	120	 	8/11/2025	 	360	 	0.0050%	 	0.0000%
	40	 	 	 	410928483	 	Allen Avenue Self Storage-Pasadena	 	234 Allen Avenue	 	Pasadena	 	California	 	91106	 	2,600,000	 	4.29000%	 	119	 	7/11/2025	 	0	 	0.0050%	 	0.0000%
	41	 	 	 	410929917	 	US Bank - Pacific Palisades	 	15305 West Sunset Boulevard	 	Pacific Palisades	 	California	 	90272	 	2,500,000	 	4.69000%	 	84	 	8/11/2022	 	360	 	0.0050%	 	0.0000%
	42	 	 	 	410929419	 	Atwater Commons	 	305 South Broadway Street	 	Lake Orion	 	Michigan	 	48362	 	2,292,345	 	4.81000%	 	118	 	6/11/2025	 	298	 	0.0050%	 	0.0000%
	43	 	 	 	610929887	 	The Summit	 	7721-7741 East Gray Road	 	Scottsdale	 	Arizona	 	85260	 	2,272,473	 	4.81000%	 	119	 	7/11/2025	 	359	 	0.0050%	 	0.0400%
	44	 	 	 	8631	 	SpaceSavers Saraland	 	700 Industrial Parkway	 	Saraland	 	Alabama	 	36571	 	2,244,744	 	4.86000%	 	118	 	6/6/2025	 	358	 	0.0025%	 	0.0800%
	45	 	 	 	410929522	 	Village Center of Livonia	 	15003-15399 Merriman Road	 	Livonia	 	Michigan	 	48154	 	1,235,000	 	5.28000%	 	120	 	8/11/2025	 	300	 	0.0050%	 	0.0000%


 



    	 



    	 



    




 


CGCMT 2015-P1 Mortgage Loan Schedule


 


		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Serviced Companion Loan	 	 	 	Serviced Companion Loan	 	 
	 	 	 	 	 	 	 	 	 	 	Crossed With	 	 	 	 	 	 	 	 	 	 	 	 	 	Remaining	 	Serviced Companion Loan	 	Remaining	 	Serviced Companion Loan
	Control	 	 	 	Loan	 	 	 	Mortgage 	 	Other Loans	 	ARD	 	Final	 	ARD	 	Serviced Companion Loan	 	Serviced Companion Loan	 	Serviced Companion Loan	 	Term To	 	Maturity	 	Amortization Term	 	Servicing
	Number	 	Footnotes	 	Number	 	Property Name	 	Loan Seller	 	(Crossed Group)	 	(Yes/No)	 	Maturity Date	 	Revised Rate	 	Flag	 	Cut-off Balance	 	Interest Rate	 	Maturity	 	Date	 	(Mos.)	 	Fees
	1	 	(1)	 	9957	 	The Decoration & Design Building	 	CGMRC	 	NAP	 	No	 	 	 	 	 	Yes	 	65,000,000	 	4.11000%	 	129	 	5/6/2026	 	360	 	0.0025%
	2	 	(2)	 	9922	 	Eden Roc	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	(3)	 	10040	 	Kaiser Center	 	CGMRC	 	NAP	 	No	 	 	 	 	 	Yes	 	50,000,000	 	4.39000%	 	118	 	6/6/2025	 	360	 	0.0025%
	4	 	(4)	 	610930148	 	Hilton Nashville	 	WFB	 	NAP	 	No	 	 	 	 	 	Yes	 	50,000,000	 	4.62000%	 	120	 	8/11/2025	 	360	 	0.0025%
	5	 	 	 	757676	 	Piazza Carmel	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	 	 	8268	 	Weston Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.01	 	 	 	8268-1	 	Weston Town Center	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8268-3	 	2000 Main Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8268-2	 	1760 Bell Tower Lane	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	757643	 	University Town Centre	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8	 	(5)	 	8625	 	Ascentia MHC Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.01	 	 	 	10478	 	Aloha Vegas	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	10479	 	Buckingham Village	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.03	 	 	 	10480	 	Cedar Village	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.04	 	 	 	10481	 	Country Oaks	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.05	 	 	 	10482	 	Countryside Estates	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.06	 	 	 	10483	 	Dream Island	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.07	 	 	 	10484	 	Eagle River	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.08	 	 	 	10485	 	Foxridge Farm	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.09	 	 	 	10486	 	Gaslight Village	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.10	 	 	 	10487	 	Golden Eagle	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.11	 	 	 	10488	 	Hillside	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.12	 	 	 	10489	 	Kingswood Estates	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.13	 	 	 	10490	 	Lake Fork	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.14	 	 	 	10491	 	Mountain Springs	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.15	 	 	 	10492	 	North Breeze	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.16	 	 	 	10493	 	Rancho Bridger	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.17	 	 	 	10494	 	River Valley	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.18	 	 	 	10495	 	Riviera de Sandia	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.19	 	 	 	10496	 	Sheltered Valley	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.20	 	 	 	10497	 	Skyline Village	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.21	 	 	 	10498	 	Sugar Creek	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.22	 	 	 	10499	 	Trails End	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.23	 	 	 	10500	 	Valle Grande	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.24	 	 	 	10501	 	Valley Ridge	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.25	 	 	 	10502	 	Vals	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.26	 	 	 	10503	 	W bar K	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.27	 	 	 	10504	 	West Park Plaza	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.28	 	 	 	10505	 	West Winds	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.29	 	 	 	10506	 	Western Hills	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.30	 	 	 	10507	 	Windgate	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.31	 	 	 	10508	 	Woodlawn Estates	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.32	 	 	 	10509	 	Woodview	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	(6)	 	7941	 	US StorageMart Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.01	 	 	 	7941-1	 	50 Wallabout Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	250 Flanagan Way	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	6700 River Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	1015 North Halsted Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	7536 Wornall Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	640 Southwest 2nd Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	4920 Northwest 7th Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	9925 Southwest 40th Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	9220 West 135th Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	980 4th Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	405 South Federal Highway	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	11001 Excelsior Boulevard	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	11325 Lee Highway	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	2021 Griffin Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	400 West Olmos Drive	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	14151 Wyandotte Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	5979 Butterfield Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	115 Park Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	3500 Southwest 160th Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	2445 Crain Highway	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	100 West North Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	2727 Shermer Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	15201 Antioch Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	2450 Mandela Parkway	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	184-02 Jamaica Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	9012 Northwest Prairie View Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	16101 West 95th Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	3100 North Mannheim	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	9580 Potranco Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	18025 Monterey Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	9N 004 Route 59	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	5115 Clayton Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	9702 West 67th Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	794 Scenic Highway	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	12430 Bandera Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	4000 South Providence Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	2743 San Pablo Avenue	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	819 North Eola Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	2506 West Worley Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	15601 FM 1325	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	10700 West 159th Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	2403 Rangeline Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	 	 	7941-44	 	2277 Walters Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	1575 Thousand Oaks Drive	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	7460 Frontage Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	6401 Third Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	2816 Eaton Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	3985 Atlanta Highway	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	11510 North Main Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	750 Winchester Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	3401 Broadway Boulevard	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	1720 Grand Boulevard	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	1310 South Enterprise Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	2420 St Mary’s Boulevard	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	3500 I-70 Drive Southeast	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	195 Southwest Boulevard	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	8900 Northwest Prairie View Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	1601 Twilight Trail	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	1515 Church Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	1891 North Columbia Street	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	1200 US #1	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	251 Collins Industrial Boulevard	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	2310 Paris Road	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	1820 West Business Loop 70	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	1723 East Florida	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	310930142	 	Charles Point Apartments	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11	 	 	 	8716	 	Tanglewood Apartments	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12	 	 	 	757657	 	Davis Ford Crossing	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13	 	 	 	757655	 	Le Meridien Dallas by the Galleria	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14	 	 	 	757638	 	Lewis Self Storage & Industrial	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.01	 	 	 	 	 	Boca Self Storage	 	PCC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	 	 	Deerfield Self Storage	 	PCC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	 	 	Lewis Industrial	 	PCC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	(7), (8)	 	8472	 	Alderwood Mall	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16	 	 	 	757649	 	Birch Street Promenade	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17	 	 	 	757630	 	Courtyard by Marriott Fort Lauderdale	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18	 	 	 	757644	 	Ryders Crossing Shopping Center	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	19	 	 	 	757640	 	Monarch Crossing Apartments 	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	20	 	 	 	757621	 	Beltway Plaza II	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	21	 	 	 	310928527	 	4400 Florin Perkins Road	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22	 	 	 	757619	 	Bethany Village Office	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	23	 	 	 	757636	 	240 N Ashland 	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24	 	 	 	757585	 	Mediterranean Inn	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25	 	 	 	757637	 	Waterway Shoppes I	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26	 	 	 	757635	 	Promontory Point	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27	 	 	 	757647	 	One Industrial Way	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	28	 	 	 	757612	 	Best Plaza	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29	 	 	 	310929658	 	Amplify on Main	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	30	 	 	 	610929595	 	Valley Ridge Apartments	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	31	 	 	 	8606	 	CSS Pacific	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32	 	 	 	757614	 	Courtyard E Associates	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33	 	 	 	8732	 	9299 College Parkway	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	34	 	 	 	757623	 	Austin Bluffs Shopping Center	 	PCC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35	 	 	 	410928722	 	Walgreens - Longmont	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36	 	 	 	8741	 	LockTite Deer Park and Pasadena Self Storage	 	CGMRC	 	NAP	 	No	 	 	 		 		 		 	 	 	 	 	 	 	 	 	 
	36.01	 	 	 	8741-1	 	LockTite Deer Park Self Storage	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	8741-2	 	LockTite Pasadena Self Storage	 	CGMRC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	Mini U Storage - Highlands Ranch	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	38	 	 	 	410929362	 	Security Self Storage - Orlando	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	39	 	 	 	410929829	 	675 Mall Ring	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40	 	 	 	410928483	 	Allen Avenue Self Storage-Pasadena	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41	 	 	 	410929917	 	US Bank - Pacific Palisades	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42	 	 	 	410929419	 	Atwater Commons	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43	 	 	 	610929887	 	The Summit	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	44	 	 	 	8631	 	SpaceSavers Saraland	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	45	 	 	 	410929522	 	Village Center of Livonia	 	WFB	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 



    	 



    	 



    




 


	 	 
	(1)	The Cut-off Date Balance of $100,000,000 represents the note A-1 of a $165,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $65,000,000 as of the Cut-off Date and is expected to be contributed to one or more future securitizations. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $165,000,000.
	 	 
	(2)	The Cut-off Date Balance of $95,000,000 represents the note A-3 and note A-4 of a $190,000,000 loan combination evidenced by four pari passu notes. The companion loan has a principal balance of $95,000,000 as of the Cut-off Date and is expected to be contributed the COMM 2015-CCRE24 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $190,000,000.
	 	 
	(3)	The Cut-off Date Balance of $90,000,000 represents the note A-1 of a $140,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $50,000,000 as of the Cut-off Date and is expected to be contributed to the GSMS 2015-GC32 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $140,000,000.
	 	 
	(4)	The Cut-off Date Balance of $75,000,000 represents the note A-1 of a $125,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $50,000,000 as of the Cut-off Date and is expected to be contributed to a future securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $125,000,000.
	 	 
	(5)	The Cut-off Date Balance of $44,945,461 represents the note A-2 of a $145,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $99,878,803 as of the Cut-off Date and is expected to be contributed to the GSMS 2015-GC32 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $144,824,264.
	 	 
	(6)	The Cut-off Date Balance of $43,694,500 represents the note A-1E of a $412,500,000 loan combination evidenced by six senior pari passu notes and two junior pari passu notes. The pari passu senior companion loans are evidenced by (i) (a) Note A-1A, Note A-1B and Note A-1C, which had an aggregate outstanding principal balance as of the Cut-off Date of $89,000,000 and contributed to the CGBAM 2015-SMRT transaction, (b) Note A-1D, which has an aggregate outstanding principal balance as of the Cut-off Date of $25,000,000 and is expected to be contributed to the GSMS 2015-GC32 securitization transaction and (c) Note A-1F which had an outstanding principal balance as of the Cut-off Date of $31,231,500 and was contributed to the MSBAM 2015-C23 transaction. The two pari passu junior notes (Note A-2A and Note A-2B) have an aggregate outstanding principal balance as of the Cut-off Date of $223,574,000 and were contributed to the CGBAM 2015-SMRT transaction. Unless otherwise indicated, all LTV Ratio, DSCR, Debt Yield and Cut-off Date Balance per SF/Unit calculations are calculated based upon the six senior pari passu notes only.
	 	 
	(7)	The Cut-off Date Balance of $24,382,577 represents the note A-1-4-2 of a $355,000,000 loan combination evidenced by five senior pari passu notes and two junior pari passu notes. The pari passu senior companion loans are evidenced by (i) (a) Note A-1-1 and Note A-1-2, which have an aggregate principal balance of $127,187,485 as of the Cut-off Date and were contributed to the MSCCG 2015-ALDR transaction, (b) Note A-1-3, which has a principal balance of $50,158,445 as of the Cut-off Date and was contributed to the MSC 2015-MS1 securitization transaction and (c) Note A-1-4-1 which had a principal balance of $24,382,577 as of the Cut-off Date and is expected to be contributed to the GSMS 2015-GC32 securitization transaction. The two pari passu junior notes (Note A-2-1 and Note A-2-2) have an aggregate principal balance of $127,800,000 as of the Cut-off Date and were contributed to the MSCCG 2015-ALDR transaction. Unless otherwise indicated, all LTV Ratio, DSCR, Debt Yield and Cut-off Date Balance per SF/Unit calculations are calculated based upon the five senior pari passu notes only.
	 	 
	(8)	The mortgage loan amortizes based on a non-standard amortization schedule and the Underwritten NCF DSCR is calculated based on the Average Debt Service of the five senior notes totaling $227,200,000 for the 12-month period starting September 1, 2015. See Annex G in the Free Writing Prospectus for the related amortization schedule.


 



    	 



    	 



    




 






 


EXHIBIT
C


 


FORM OF REQUEST FOR RELEASE

(for Custodian/Trustee)


Loan Information:

Name of Mortgagor: __________________

Master Servicer Loan No.: __________________

Custodian

Name: __________________


	Address:	 	 
	 	 	 
	 	 	 






Custodian Mortgage File No.: __________________

[Seller]

Name: __________________

Address: __________________


	 	 	 



 


	Certificates:	 	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]






The undersigned [Master
Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] hereby requests delivery from Wells Fargo Bank, National
Association, as Custodian, for the Holders of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates,
Series 2015-P1, 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 Pooling and Servicing Agreement, dated as of August
1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services
LLC, as Operating Advisor, Citibank, N.A., as Certificate Administrator, Deutsche Bank Trust Company Americas, as Trustee, and
Wells Fargo Bank, National Association, as Custodian.


(  )         Note
dated _________, _____, in the original principal sum of $_____, made by _______, payable to, or endorsed to the order of, the
Trustee.


(  )         Mortgage
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 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.






    	C-1



    	 



    

 


(  )         Assignment
of Mortgage or deed of trust to the Trustee, 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 Note or Mortgage.


(  )         ___________________________


(  )         ___________________________


(  )         ___________________________


(  )         ___________________________


The undersigned [Master
Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] hereby acknowledges and agrees as follows:


(i)           The [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall hold and retain possession of
the Documents in trust for the benefit of the Trustee, solely for the purposes provided in the Agreement.


 


(ii)          The [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall not cause or permit the Documents
to become subject to, or encumbered by, any claim, liens, security interest, charges, writs of attachment or other impositions
nor shall the [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] assert or seek to assert any claims
or rights of set-off to or against the Documents or any proceeds thereof.


 


(iii)         The [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall return the Documents to the Custodian
when the need therefor no longer exists, unless the Mortgage Loan relating to the Documents has been liquidated and the proceeds
thereof have been remitted to the Collection Account and except as expressly provided in the Agreement.


 


(iv)         The Documents and any proceeds thereof, including any proceeds of proceeds, coming into the possession or control of the
[Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall at all times be earmarked for the account
of the Trustee, and the [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall keep the Documents
and any proceeds separate and distinct from all other property in the [Master Servicer][Special Servicer][Outside Servicer][Outside
Special Servicer]’s possession, custody or control.






    	C-2



    	 



    

 





	 	 	 
	 	[MASTER SERVICER/SPECIAL SERVICER] [OUTSIDE SERVICER/ OUTSIDE SPECIAL SERVICER]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:










cc:
Deutsche Bank Trust Company Americas


 


Dated:





    	C-3



    	 



    




EXHIBIT D



FORM OF DISTRIBUTION DATE STATEMENT






    	D-1



    	 



    










	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-P1

    Commercial Mortgage Pass-Through Certificates

    Series 2015-P1	



	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	CONTACT
    INFORMATION	 	 	CONTENTS	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Depositor	Citigroup Commercial Mortgage
    Securities Inc.	 	Distribution Summary	2	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Distribution Summary
    (Factors)	3	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Interest Distribution
    Detail	4	 	 
	 	 	 	 	 	 	 	 
	 	Master Servicer	Wells Fargo Bank, National Association	 	Principal Distribution
    Detail	5	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Reconciliation
    Detail	6	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Stratification
    Detail	7	 	 
	 	Operating Advisor	Park Bridge Lender Services LLC	 	 	 	 	 
	 	 	 	 	Mortgage Loan
    Detail	11	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	NOI Detail	12	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Delinquency Loan
    Detail	13	 	 
	 	Trustee	Deutsche Bank Trust Company
    Americas	 	 	 	 	 
	 	 	 	 	Appraisal Reduction
    Detail	15	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Loan Modification
    Detail	17	 	 
	 	Special Servicer	LNR Partners, LLC	 	 	 	 	 
	 	 	 	 	Specially Serviced
    Loan Detail	19	 	 
	 			 	 	 	 	 
	 	 	 	 	Unscheduled Principal
    Detail	21	 	 
	 	Certificate Administrator	Citibank, N.A. 	 	 	 	 	 
	 	 	 	 	Liquidated Loan
    Detail	23	 	 
	 	 	 	 	 	 	 	 
	 	Custodian	Wells Fargo Bank, NAtional Association	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 



	 	 	 	 	 
	 	 	 	 	 
	 	Deal Contact:	John Hannon	 	Citibank, N.A.
	 	 	john.hannon@citi.com	 	Agency and Trust
	 	 	Tel: (212) 816-5693	 	388 Greenwich Street,
    14th Floor
	 	 	Fax: (212) 816-5527	 	New York, NY 10013
	 	 	 	 	 





 



    	Reports Available at www.sf.citidirect.com	Page 1 of 24	 © Copyright 2015 Citigroup



    	 



    

 


	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-P1

    Commercial Mortgage Pass-Through Certificates

    Series 2015-P1	


 


Distribution
Summary


	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION
    IN DOLLARS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Prior	Pass-	Accrual	 	 	 	Yield	Prepayment	 	 	 	Current
	 	Original	Principal	Through	Day Count	Accrual	Interest	Principal	Maintenance	Penalties	Total	Deferred	Realized	Principal
	Class	Balance	Balance	Rate	Fraction	Dates	Distributed	Distributed	Distributed	Distributed	Distributed	Interest	Loss	Balance
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)=(7+8+9+10)	(12)	(13)	(14)=(3-8+12-13)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Notional Classes	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




 






    	Reports Available at www.sf.citidirect.com	Page 2 of 24	 © Copyright 2015 Citigroup



    	 



    

 



	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-P1

    Commercial Mortgage Pass-Through Certificates

    Series 2015-P1	



	 	 	 	 	 	 	 	 	 	 	 	 
	PER
    $1,000 OF ORIGINAL BALANCE	 	 	 	 	 	 	 
	Class	CUSIP	Record

    Date	Prior

    Principal

    Balance

    (3/2 x 1000)	Interest

    Distributed

    (7/2 x 1000)	Principal

    Distributed

    (8/2 x 1000)	Yield

    Maintenance

    Distributed

    (9)/(2) x 1000	Prepayment

    Penalties

    Distributed

    (10)/(2) x 1000	Total

    Distributed

    (11/2 x 1000)	Deferred

    Interest

    (12/2 x 1000)	Realized

    Loss

    (13/2 x 1000)	Current

    Principal

    Balance

    (142 x 1000)
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 




 



    	Reports Available at www.sf.citidirect.com	Page 3 of 24	 © Copyright 2015 Citigroup



    	 



    


 

	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-P1

    Commercial Mortgage Pass-Through Certificates

    Series 2015-P1	




Interest Distribution
Detail


	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION IN DOLLARS	 	 	 	 	 	 	 
	 	Prior	Pass-	Next Pass-	Accrual	Optimal	Prior	Interest on	Non-Recov.	 	 	 	Current
	 	Principal	Through	Through	Day Count	Accrued	Unpaid	Prior Unpaid	Interest	Interest	Deferred	Interest	Unpaid
	Class	Balance	Rate	Rate	Fraction	Interest	Interest	Interest	Shortfall	Due	Interest	Distributed	Interest
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)=(6)+(7)+(8)-(9)	(11)	(12)	(13)=(10)-(11)-(12)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Notional
    Classes	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 




 



    	Reports Available at www.sf.citidirect.com	Page 4 of 24	 © Copyright 2015 Citigroup



    	 



    


 


	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-P1

    Commercial Mortgage Pass-Through Certificates

    Series 2015-P1	



Principal Distribution
Detail


	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION
    IN DOLLARS 
	 	 	Prior	Scheduled	Unscheduled	 	Current	Current	Current	Cumulative	Original	Current	Original	Current
	 	Original	Principal	Principal	Principal	Accreted	Realized	Principal	Principal	Realized	Class	Class	Credit	Credit
	Class	Balance	Balance	Distribution	Distribution	Principal	Loss	Recoveries	Balance	Loss	(%)	(%)	Support	Support
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)=(3)-(4)-(5)+(6)-(7)+(8)	(10)	(11)	(12)	(13)	(14)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 




 



    	Reports Available at www.sf.citidirect.com	Page 5 of 24	 © Copyright 2015 Citigroup



    	 



    


 


	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2015-P1

    Commercial Mortgage Pass-Through Certificates

    Series 2015-P1	


Reconciliation Detail


	 	 	 	 	 	 	 	 	 
	 	 	 	 
	SOURCE
    OF FUNDS	 	ALLOCATION
    OF FUNDS	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Interest Funds Available	 	 	 	 	Scheduled Fees	 	 	 
	 	Scheduled Interest	 	 	 	 	Sub-Servicing
    Fee	 	 	 
	 	Prepayment Interest
    Shortfall	 	 	 	 	Master Servicing
    Fee	 	 	 
	 	Interest Adjustments	 	 	 	 	Trustee Fee	 	 	 
	 	Realized Loss
    in Excess of Principal Balance	 	 	 	 	Operating Advisor
    Fee	 	 	 
	 	Total Interest
    Funds Available:	 	 	 	 	Total Scheduled
    Fees:	 	 	 
	 	 	 	 	 	 	Additional Fees, Expenses, etc.	 	 	 
	 	Principal Funds Available	 	 	 	 	Special Servicing
    Fee	 	 	 
	 	Scheduled Principal	 	 	 	 	Workout Fee	 	 	 
	 	Curtailments	 	 	 	 	Liquidation Fee	 	 	 
	 	Principal Prepayments	 	 	 	 	Additional Trust
    Fund Expenses	 	 	 
	 	Net Liquidation
    Proceeds	 	 	 	 	Reimbursement
    for Interest on Advances	 	 	 
	 	Repurchased Principal	 	 	 	 	Other Expenses	 	 	 
	 	Substitution Principal	 	 	 	 	Total Additional
    Fees, Expenses, etc.:	 	 	 
	 	Other Principal	 	 	 	 	Distribution to Certificateholders	 	 	 
	 	Total Principal
    Funds Available:	 	 	 	 	Interest Distribution	 	 	 
	 	Other Funds Available	 	 	 	 	Principal Distribution	 	 	 
	 	Yield Maintenance
    Charges	 	 	 	 	Yield Maintenance
    Charges Distribution	 	 	 
	 	Prepayment Premiums	 	 	 	 	Prepayment Premiums
    Distribution	 	 	 
	 	Other Charges	 	 	 	 	Total Distribution
    to Certificateholders:	 	 	 
	 	Total Other Funds
    Available:	 	 	 	 	Total Funds Allocated	 	 	 
	 	Total Funds Available	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 




 



    	Reports Available at www.sf.citidirect.com	Page 6 of 24	 © Copyright 2015 Citigroup



    	 



    


 


	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	Stratification
    Detail


 


	Ending
    Scheduled Balance	 	 	 	State
	
Ending
    Scheduled

    Balance	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	State	#
    of

    Properties	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 





 



    	Reports Available at www.sf.citidirect.com	Page 7 of 24	 © Copyright 2015 Citigroup



    	 



    




	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	Stratification
    Detail



 

	Seasoning	 	Property
    Type
	Seasoning	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	Property
    Type	#
    of

    Properties	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 





 





    	Reports Available at www.sf.citidirect.com	Page 8 of 24	 © Copyright 2015 Citigroup



    	 



    



	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	Stratification
    Detail


 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Debt
    Service Coverage Ratio	 	Loan
    Rate
	Debt
    Service

    Coverage Ratio	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	Loan
    Rate	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 





 






    	Reports Available at www.sf.citidirect.com	Page 9 of 24	 © Copyright 2015 Citigroup



    	 



    



	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	Stratification
    Detail



 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Anticipated
    Remaining Term	 	Remaining
    Amortization Term
	Anticipated

    Remaining Term	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	Remaining

    Amortization Term	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 





 






    	Reports Available at www.sf.citidirect.com	Page 10 of 24	 © Copyright 2015 Citigroup



    	 



    
	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1


 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mortgage
    Loan Detail
	 
	Loan	OMCR	Property

    Type	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Maturity

    Date	

Neg

    Am

    Flag	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Through

    Date	Apprasial

    Reduction

    Date	Apprasial

    Reduction

    Amount	Payment

    Status of

    Loan (1)	Workout

    Strategy

    (2)	Mod.

    Code

    (3)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


	Payment Status of Loan (1)	 	Workout Strategy (2)	 	Mod. Code (3)	 
	 	 	 	 	 	 	 
	A. In Grace Period	3. 90+ Days Delinquent	1. Modification	7. REO	13. Other or TBD	1. Maturity Date Extension	7. Capitalization of Taxes
	B. Late, but less than 30 Days	4. Performing Matured Balloon	2. Foreclosure	8. Resolved	98. Not Provided By Servicer	2. Amortization Change	8. Other
	0. Current	5. Non Performing Matured Balloon	3. Bankruptcy	9. Pending Return to Master Servicer	 	3. Principal Write-Off	9. Combination
	1. 30-59 Days Delinquent	7. Foreclosure	4. Extension	10. Deed In Lieu of Foreclosure	 	4. Blank (formerly Combination)	 
	2. 60-89 Days Delinquent	9. REO	5. Note Sale	11. Full Payoff	 	5. Temporary Rate Reduction	 
	 	 	6. DPO	12. Reps and Warranties	 	6. Capitalization of Interest	 





 





    	Reports Available at www.sf.citidirect.com	Page 11 of 24	 © Copyright 2015 Citigroup



    	 



    



	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1



NOI Detail



	 	 	 	 	 	 	 	 	 	 
	 
	Loan

    Number	OMCR	Property
    Type	City	State	

Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI	Most

    Recent

    NOI	Most Recent

    NOI

    Start Date	Most
    Recent

    NOI

    End Date
	 	 	 	 	 	 	 
     
	 	 	 
	Totals	 	 	 	 	 	 	 	 	 







    	Reports Available at www.sf.citidirect.com	Page 12 of 24	 © Copyright 2015 Citigroup



    	 



    

 



	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	 
	 	Delinquency Loan
    Detail


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Actual	Paid	Current P & I	Total P & I	Cumulative	Other Expense	Payment	Workout	Most Recent	 	 	 
	Loan	 	# of Months	Principal	Through	Advances (Net	Advances	Accrued Unpaid	Advance	Status of	Strategy	Special Serv	Foreclosure	Bankruptcy	REO
	Number	OMCR	Delinq	Balance	Date	of ASER)	Outstanding	Advance Interest	Outstanding	Loan (1)	(2)	Transfer Date	Date	Date	Date
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no Delinquency Loan Detail for the current distribution period.
	 
	   Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 




	Payment Status of Loan (1)	 	Workout Strategy (2)	 
	 	 	 	 	 
	A. In Grace Period	3. 90+ Days Delinquent	1. Modification	7. REO	13. Other or TBD
	B. Late, but less than 30 Days	4. Performing Matured Balloon	2. Foreclosure	8. Resolved	98. Not Provided By Servicer
	0. Current	5. Non Performing Matured Balloon	3. Bankruptcy	9. Pending Return to Master Servicer	 
	1. 30-59 Days Delinquent	7. Foreclosure	4. Extension	10. Deed In Lieu of Foreclosure	 
	2. 60-89 Days Delinquent	9. REO	5. Note Sale	11. Full Payoff	 
	 	 	6. DPO	12. Reps and Warranties	 


 


 






    	Reports Available at www.sf.citidirect.com	Page 13 of 24	 © Copyright 2015 Citigroup



    	 



    

 






	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	 
	 	Historical Delinquency
    Information





	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Less Than 1 Month	1 Month	2 Month	3+ Month	Bankruptcy	Foreclosure	REO
	Distribution	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Date	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  
	 	0.00	0  	0.00	0  	0.00	0  	0.00	0  	0.00	0  	0.00	0  	0.00	0  
	 	0.000%   	0.0%  	0.000%   	0.0%  	0.000%   	0.0%  	0.000%   	0.0%  	0.000%   	0.0%  	0.000%   	0.0%  	0.000%   	0.0%  


 


 






    	Reports Available at www.sf.citidirect.com	Page 14 of 24	 © Copyright 2015 Citigroup



    	 



    

   



	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	 
	 	Appraisal Reduction
    Detail




	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	Appraisal	Appraisal	Most Recent	Cumulative
	Loan Number	OMCR	Property Name	Reduction Amount	Reduction Date	ASER Amount	ASER Amount
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	There
    is no Appraisal Reduction activity for the current distribution period.
	 
	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 




 


 






    	Reports Available at www.sf.citidirect.com	Page 15 of 24	 © Copyright 2015 Citigroup



    	 



    




  



	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	 
	 	Historical Appraisal
    Reduction Detail



	 	 	 	 	 	 	 	 
	Distribution	 	 	 	Appraisal	Appraisal	Most Recent	Cumulative
	Date	Loan Number	OMCR	Property
    Name	Reduction
    Amount	Reduction
    Date	ASER Amount	ASER
    Amount
	 	 	 	 	There is no historical
    Appraisal Reduction activity.	 	 
	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 


 






 






    	Reports Available at www.sf.citidirect.com	Page 16 of 24	 © Copyright 2015 Citigroup



    	 



    




 



	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	 
	 	Loan Modification
    Detail




	 	 	 	 	 	 
	 	 	 	Modification	Modification	Modification
	Loan Number	OMCR	Property Name	Date	Code (1)	Description
	 	 	 	 	 	 
	There
    is no Loan Modification activity for the current distribution period.
	 	 	 	 	 	 
	Totals	 	 	 	 	 




	Modification Code (1)	 
	 	 
	1. Maturity Date Extension	7. Capitalization of Taxes
	2. Amortization Change	8. Other
	3. Principal Write-Off	9. Combination
	4. Blank (formerly Combination)	 
	5. Temporary Rate Reduction	 
	6. Capitalization of Interest	 


 





 



    	Reports Available at www.sf.citidirect.com	Page 17 of 24	 © Copyright 2015 Citigroup



    	 



    




  



	 	 	 
	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2015-P1	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2015-P1
	 	 
	 	Historical Loan
    Modification Detail




	 	 	 	 	 	 	 
	Distribution	 	 	 	Modification	Modification	Modification
	Date	Loan	OMCR	Property
    Name	Date	Code (1)	Description
	 

                                                                               There
                                         is no historical Loan Modification activity.

	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 




	Modification Code (1)	 
	 	 
	1. Maturity Date Extension	7. Capitalization of Taxes
	2. Amortization Change	8. Other
	3. Principal Write-Off	9. Combination
	4. Blank (formerly Combination)	 
	5. Temporary Rate Reduction	 
	6. Capitalization of Interest	 


 


 






    	Reports Available at www.sf.citidirect.com	Page 18 of 24	 © Copyright 2015 Citigroup



    	 



    

 



	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-P1	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates

    Series 2015-P1


    Specially Serviced Loan Detail


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	OMCR	 	Workout

Strategy

(1)	 	Most Recent

Inspection

Date	 	Most Recent

Specially Serviced

Transfer Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Other REO

Property Value	 	Comment from Special Servicer
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no Specially Serviced Loan activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




	 	 	 	 	 	 
	 	Workout Strategy (1)	 	 
	 	 	 	 
	 	1. Modification	 	7. REO	 	13. Other or TBD
	 	2. Foreclosure	 	8. Resolved	 	98. Not Provided By Servicer
	 	3. Bankruptcy	 	9. Pending Return to Master Servicer	 	 
	 	4. Extension	 	10. Deed In Lieu of Foreclosure	 	 
	 	5. Note Sale	 	11. Full Payoff	 	 
	 	6. DPO	 	12. Reps and Warranties	 	 





 



    	Reports Available at www.sf.citidirect.com	Page 19 of 24	 © Copyright 2015 Citigroup



    	 



    

 


	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-P1	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-P1

 Historical
    Specially Serviced Loan Detail



 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	Loan

Number	 	OMCR	 	Spec.

Serviced

Transfer Date	 	Workout

Strategy

(1)	 	Spec.

Serviced

Loan to MS	 	Scheduled

Balance	 	Actual

Balance	 	Property

Type

(2)	 	State	 	Interest

Rate	 	Note

Date	 	Net

Operating

Income	 	Net

Operating

Income Date	 	DSC

Ratio	 	DSC

Date	 	Maturity

Date	 	WART
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

There is no historical Specially Serviced Loan activity.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




	 	 	 	 	 	 
	 	Workout Strategy (1)	 	 
	 	 	 	 
	 	1. Modification	 	7. REO	 	13. Other or TBD
	 	2. Foreclosure	 	8. Resolved	 	98. Not Provided By Servicer
	 	3. Bankruptcy	 	9. Pending Return to Master Servicer	 	 
	 	4. Extension	 	10. Deed In Lieu of Foreclosure	 	 
	 	5. Note Sale	 	11. Full Payoff	 	 
	 	6. DPO	 	12. Reps and Warranties	 	 




 






    	Reports Available at www.sf.citidirect.com	Page 20 of 24	 © Copyright 2015 Citigroup



    	 



    

 


	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-P1	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-P1

 Unscheduled
    Principal Detail


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan Number	 	OMCR	 	Liquidation /

Prepayment Date	 	Liquidation /

Prepayment Code	 	Unscheduled

Principal Collections	 	Unscheduled

Principal Adjustments	 	Other

Interest Adjustment	 	Prepayment Interest

Excess (Shortfall)	 	Prepayment

Penalties	 	Yield Maintenance

Charges
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



	 	 	 	 	 	 
	 	Liquidation / Prepayment Code
(1)	 	 
	 	 	 	 	 	 
	 	1. Partial Liquidation (Curtailment)	 	7. Not Used	 	 
	 	2. Payoff Prior To Maturity	 	8. Payoff With Penalty	 	 
	 	3. Disposition / Liquidation	 	9. Payoff With Yield Maintenance	 	 
	 	4. Repurchase / Substitution	 	10. Curtailment With Penalty	 	 
	 	5. Full Payoff At Maturity	 	11. Curtailment With Yield	 	 
	 	6. DPO	 	Maintenance	 	 


 







    	Reports Available at www.sf.citidirect.com	Page 21 of 24	 © Copyright 2015 Citigroup



    	 



    

 


	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-P1	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-P1

 Historical
    Unscheduled Principal Detail


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	   Loan

Number       OMCR	 	Liquidation /

Prepayment Date	 	Liquidation /

Prepayment Code	 	Unscheduled

Principal Collections	 	Unscheduled

Principal Adjustments	 	Other

Interest Adjustment	 	Prepayment Interest

Excess (Shortfall)	 	Prepayment

Penality	 	Yield Maintenance

Premium
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




	 	 	 	 	 	 
	 	Liquidation / Prepayment Code (1)	 	 
	 	 	 	 
	 	1. Partial Liquidation (Curtailment)	 	7. Not Used	 	 
	 	2. Payoff Prior To Maturity	 	8. Payoff With Penalty	 	 
	 	3. Disposition / Liquidation	 	9. Payoff With Yield Maintenance	 	 
	 	4. Repurchase / Substitution	 	10. Curtailment With Penalty	 	 
	 	5. Full Payoff At Maturity	 	11. Curtailment With Yield	 	 
	 	6. DPO	 	Maintenance	 	 


 







    	Reports Available at www.sf.citidirect.com	Page 22 of 24	 © Copyright 2015 Citigroup



    	 



    




	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-P1	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-P1

 Liquidated
    Loan Detail


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan

Number	 	OMCR	 	Final Recovery

Determ Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Actual

Balance	 	Gross

Proceeds	 	Proceeds

as a % of Act Bal	 	Liquidation

Expenses	 	Net Liquidation

Proceeds	 	Net Proceeds

as a % of Act Bal	 	Realized

Loss	 	Repurchased by

Seller (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no Liquidated Loan activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 





 






    	Reports Available at www.sf.citidirect.com	Page 23 of 24	 © Copyright 2015 Citigroup



    	 



    

 


	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2015-P1	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2015-P1

 Historical
    Liquidated Loan Detail


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	Loan

Number	 	OMCR	 	Final Recovery

Determ Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Actual

Balance	 	Gross

Proceeds	 	Gross Proceeds

as a % of Act Bal	 	Liquidation

Expenses	 	Net Liquidation

Proceeds	 	Net Proceeds

as a % of Act Bal	 	Realized

Loss	 	Repurchased by

Seller (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no historical Liquidated Loan activity.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 








    	Reports Available at www.sf.citidirect.com	Page 24 of 24	© Copyright 2015 Citigroup



    	 



    

  


EXHIBIT E


FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE


(Exchanges or transfers pursuant to

Section 5.03(c) of the Pooling and Servicing Agreement)


Citibank, N.A.,

    as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1




		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]









Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


This letter relates
to US $[______] aggregate [Certificate Balance] [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 Pooling 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 person in the “United States” (as defined in Regulation S);


 


 






 


*   Select appropriate depository.


 






    	E-1



    	 



    

 


[(2)       
at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person
acting on its behalf reasonably believed and believes that the transferee was outside the United States;]**


[(2)        the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States;]**


(3)         no “directed
selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or 904(b)
of Regulation S, as applicable;


(4)         the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act; and


(5)         the transferee
is an institution.


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, Trustee, Operating Advisor, Certificate Administrator, Master
Servicer, Special Servicer and the Underwriters.


	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






Dated: _______


cc: Citigroup Commercial Mortgage Securities Inc.




 



 


**   Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.






    	E-2



    	 



    

  


EXHIBIT F


FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE 

TO REGULATION S GLOBAL CERTIFICATE


(Exchange or transfers pursuant to

Section 5.03(d) of the Pooling and Servicing Agreement)


Citibank, N.A.,

              as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1

		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]


  


Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


This letter relates
to US $[______] aggregate [Certificate Balance] [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 Pooling and Servicing Agreement and, (i) with respect to transfers
made in reliance on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), the Transferor does hereby certify that:


(1)         the offer of
the Certificates was not made to a person in the “United States” (as defined in Regulation S),






    	F-1



    	 



    

 


[(2)        at the time
the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf
reasonably believed and believes that the transferee was outside the United States,]*


[(2)        the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States,] *


(3)         no “directed
selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or 904(b)
of Regulation S, as applicable,


(4)         the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act; and


(5)         the transferee
is an institution.


or (ii) with respect to transfers
made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates are being transferred
in a transaction permitted by Rule 144 under 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, Trustee, Operating Advisor, Certificate Administrator, Master
Servicer, Special Servicer and the Underwriters.


	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Dated:
________


 


cc: Citigroup Commercial Mortgage Securities Inc.


 


 






*    Insert one of these
two provisions, which come from the definition of “offshore transaction” in Regulation S.


**  Select (i) or (ii),
as applicable.


 







    	F-2



    	 



    

 


EXHIBIT G


FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE 

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD


(Exchange or transfers pursuant to

Section 5.03(e) of the Pooling and Servicing Agreement) 


Citibank, N.A.,

    as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1




		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]





Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


This letter relates
to US $[______] aggregate [Certificate Balance] [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





 



 


*     Select appropriate depository.


 






    	G-1



    	 



    

 





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. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master
Servicer, Special Servicer and the Underwriters.


	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Dated:
_______


 


cc: Citigroup Commercial Mortgage Securities Inc.






    	G-2



    	 



    

  


EXHIBIT H


FORM OF CERTIFICATION TO BE GIVEN
BY

BENEFICIAL OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE


(Exchanges pursuant to

Section 5.03(f) of the Pooling and Servicing Agreement)


 


Citibank, N.A.,

    as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1





		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]


 


Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling 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 Pooling and Servicing Agreement certifies that it is an institution that is not a “U.S. person” as
defined by 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


 





 



 


*     Select, as applicable.




 





    	H-1



    	 



    

 


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, Trustee, Operating Advisor, Certificate Administrator, Master Servicer, Special Servicer
and the Underwriters.





	 	 	 
	 	Dated:______________
	 	 
	 	By:	 
	 	 	as, or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.


 






    	H-2



    	 



    

 


EXHIBIT I


FORM OF TRANSFER CERTIFICATE 

FOR NON-BOOK ENTRY CERTIFICATE 

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE


(Exchanges or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)


 


Citibank, N.A.,

    as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1


		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]


 


Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


This letter relates
to US $[______] aggregate [Certificate Balance] [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 Pooling 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 person in the “United States” (as defined in Regulation S);





 



 


*     Select appropriate depository.


 






    	I-1



    	 



      


[(2)        at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States;]**


[(2)        the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States;] **


(3)         no “directed
selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or
904(b) of Regulation S, as applicable;


(4)         the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act; and


(5)         the transferee
is an institution.


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, Trustee, Operating Advisor, Certificate Administrator, Master
Servicer, Special Servicer and the Underwriters.





	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






Dated: _______


cc: Citigroup Commercial Mortgage Securities Inc.




 



 


**  
Insert one of these two provisions, which come from the definition of “offshore transaction” in
Regulation S.


 



    	I-2



    	 



    

  


EXHIBIT J


FORM OF TRANSFER CERTIFICATE 

FOR NON-BOOK ENTRY CERTIFICATE 

TO REGULATION S GLOBAL CERTIFICATE


(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)


 


Citibank, N.A.,

    as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1


		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]





Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


This letter relates
to US $[______] aggregate [Certificate Balance] [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 Pooling 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 person in the “United States” (as defined in Regulation S);






    	J-1



    	 



    

 


[(2)         at the time
the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf
reasonably believed and believes that the transferee was outside the United States;]*


[(2)        the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States;] *


(3)         no “directed
selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or
904(b) of Regulation S, as applicable;


(4)         the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act; and


(5)         the transferee
is an institution.


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, Trustee, Operating Advisor, Certificate Administrator, Master
Servicer, Special Servicer and the Underwriters.





	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






Dated: _______


cc: Citigroup Commercial Mortgage Securities Inc.


 




 



 


**  
Insert one of these two provisions, which come from the definition of “offshore transaction” in
Regulation S.


 



    	J-2



    	 



    

 


EXHIBIT K


FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE 

TO RULE 144A GLOBAL CERTIFICATE


(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)


 


Citibank, N.A.,

    as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1


		Re:	Citigroup Commercial Mortgage Trust
    2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1, Class [__]





Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator. Capitalized
terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


This letter relates
to US $[______] aggregate [Certificate Balance] [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






    	K-1



    	 



    

 


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, Trustee, Operating Advisor, Certificate Administrator, Master Servicer, Special Servicer
and the Underwriters.





	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






Dated: _______


cc: Citigroup Commercial Mortgage Securities Inc.










    	K-2



    	 



    


 


EXHIBIT L-1


 


FORM OF AFFIDAVIT PURSUANT TO

SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF

THE INTERNAL REVENUE CODE OF 1986, AS AMENDED




 


Citibank, N.A.,

          as Certificate Administrator

388 Greenwich Street, 14th Floor 


New York, New York 10013 


Attention:Global Transaction Services –

                  CGCMT Commercial Mortgage Trust 2015-P1


 


		Re:	Citigroup Commercial Mortgage Trust
                                         2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1 (the “Certificates”)
                                         issued pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the
                                         “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage
                                         Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
                                         LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating
                                         Advisor, Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National
                                         Association, as Custodian, and Citibank, N.A., as Certificate Administrator.



	 






	STATE OF  	 ) 	 
	 	 )  	ss.:
	COUNTY OF 	 ) 	 



 






Capitalized terms not
defined herein shall have the meaning ascribed to them in the Pooling 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 or has been 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


 






    	L-1-1



    	 



    

 





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 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.


 


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:


 






    	L-1-2



    	 



    

 





(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 Treasury Regulations 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.


 






    	L-1-3



    	 



    

 


 


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 5.03 of the Pooling 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 Upper-Tier REMIC pursuant to Section 4.04 of the Pooling and Servicing Agreement.


 


Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.


 






    	L-1-4



    	 



    




 





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:	 






 


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:	 	 
	 	 	 



 






    	L-1-5



    	 



    

  





EXHIBIT L-2


 


FORM OF TRANSFEROR LETTER


 


[Date]


 


Citibank, N.A.,

           as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1


  


	Re:		Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through
Certificates, Series 2015-P1, 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 Pooling and Servicing Agreement, dated as of
August 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc.,
as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as
Custodian, and Citibank, N.A., as Certificate Administrator. All capitalized terms used but not otherwise defined herein shall
have the respective meanings set forth in the Pooling 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
Pooling and Servicing Agreement as Exhibit L-1. 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 clause (9) of 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


 






    	L-2-1



    	 



    

  


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:



 






    	L-2-2



    	 



    

  








EXHIBIT L-3


 


FORM OF TRANSFEREE LETTER


 


[Date]




 


Citibank, N.A.,

           as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1





 


Citibank, N.A., 


           as
Certificate Administrator 


388 Greenwich Street, 14th Floor 


New York, New York 10013 


Attention: Global Transaction Services –

                 CGCMT Commercial Mortgage Trust 2015-P1 


 


Deutsche Bank Trust Company Americas, as Trustee

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1 


 


Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor,

New York, New York 10013

Attention: Paul Vanderslice 


 


[Transferor] 


[______] 


[______] 


Attention: [______]


 


	Re:		Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through
Certificates, Series 2015-P1



 


Ladies and Gentlemen:


 


The undersigned (the
“Purchaser”) proposes to purchase [$_____________ initial aggregate [principal amount] [notional amount]] [_____%
Percentage Interest] of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1,
Class [_], CUSIP No. [____], in certificated fully registered form (such registered interest, the “Certificate”),
issued pursuant to that certain pooling and servicing agreement, dated as of August 1, 2015 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association,
as Master


 






    	L-3-1



    	 



    

  


Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank
Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator.
Capitalized terms used and not otherwise defined herein have the respective meanings ascribed to such terms in the Pooling and
Servicing Agreement.


 


[FOR TRANSFERS OF CLASS
E, CLASS F OR CLASS G CERTIFICATES: In connection with such transfer, the Purchaser hereby represents and warrants to you that
the Purchaser (A) either (i) is not and will not be an employee benefit plan or other plan subject to the fiduciary responsibility
or prohibited transaction 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”, and any such employee benefit
plan or other plan, a “Plan”) or an entity or collective investment fund the assets of which are considered
Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA, or other person acting
on behalf of any such Plan or using assets of any such Plan, or (ii) (1) is an insurance company, (2) the source of funds used
to acquire or hold the Certificate or an interest therein is an “insurance company general account,” as such term is
defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60 and (3) the conditions in Sections I and III of PTCE
95-60 have been satisfied and (B) is not and will not be a governmental plan (as defined in Section 3(32) of ERISA) subject to
any federal, state or local law that is, to a material extent, similar to the fiduciary responsibility or prohibited transaction
provisions of ERISA or Code Section 4975 (“Similar Law”) or any Person acting on behalf of any such governmental
plan or using the assets of such governmental plan to acquire the Certificate unless its acquisition, holding and disposition of
the Certificate would not constitute or otherwise result in a non-exempt violation of Similar Law.]


 


[FOR TRANSFERS OF CLASS
R CERTIFICATES: In connection with such transfer, the Purchaser hereby represents and warrants to you that the Purchaser (A) is
not and will not be an employee benefit plan or other plan subject to the fiduciary responsibility or prohibited transaction 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”, and any such employee benefit plan or other plan, a “Plan”)
or an entity or collective investment fund the assets of which are considered Plan assets under U.S. Department of Labor Reg. Section
2510.3-101, as modified by Section 3(42) of ERISA, or other person acting on behalf of any such Plan or using assets of any such
Plan and (B) is not and will not be a governmental plan subject to any federal, state or local law that is, to a material extent,
similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Code Section 4975 (“Similar Law”)
or any Person acting on behalf of any such governmental plan or using the assets of such governmental plan to acquire the Certificate.]


 


[FOR TRANSFERS OF CLASS
R CERTIFICATES: The Purchaser hereby represents and warrants to you that the Purchaser is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as amended.]


 






    	L-3-2



    	 



    

  





IN WITNESS WHEREOF, the
Purchaser hereby executes this Representation Letter on the ___ day of _____, ____.


 


	 	Very truly yours,
	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:



 






    	L-3-3



    	 



    

  





EXHIBIT L-4


 


FORM OF INVESTMENT REPRESENTATION
LETTER


 


[Date]


 


Citibank, N.A.,

           as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1


 


Citibank, N.A., 


           as
Certificate Administrator 


388 Greenwich Street, 14th Floor 


New York, New York 10013 


Attention: Global Transaction Services –

                 CGCMT Commercial Mortgage Trust 2015-P1 


 


Deutsche Bank Trust Company Americas, as Trustee

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1 


 


Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series
                                         2015-P1, Class [__] (the “Class [__] Certificates”) 

	 




   


Ladies and Gentlemen:


 


This letter is delivered
pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association,
as master servicer, LNR Partners, LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Deutsche Bank
Trust Company Americas, as trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as certificate administrator,
on behalf of the holders of Commercial Mortgage Pass Through Certificates, Series 2015-P1 (the “Certificates”),
in connection with the transfer by [               ] (the “Seller”) to the undersigned (the “Purchaser”)
of $______ aggregate [Certificate Principal Amount] [Notional Amount] of Class [ ] Certificates [representing a ___% Percentage
Interest in the related Class], in


 






    	L-4-1



    	 



    

  


certificated fully registered form (such registered interest, the “Transferred Certificate”).
Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Pooling and Servicing Agreement.


 


In connection with such
transfer, the undersigned hereby represents and warrants to you as follows:


 


1.          The
Purchaser is an “institutional accredited investor” (an “Institutional Accredited Investor”), (i.e. an
entity meeting, or in which all of the equity owners meet, the requirements 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 Transferred
Certificate, and the Purchaser and any accounts for which the Purchaser is acting are each able to bear the economic risk of our
or its investment. The Purchaser is acquiring the Transferred Certificate for its own account or for one or more accounts (each
of which is an Institutional Accredited Investor) as to each of which the Purchaser exercises sole investment discretion. [FOR
TRANSFERS OF CLASS R CERTIFICATES: Furthermore, the Purchaser and any such account are each a “qualified institutional buyer”
(within the meaning of Rule 144A under the Securities Act).]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 Transferred Certificate (a) for investment for the Purchaser’s own account
or (b) for resale to (i) “qualified institutional buyers” in transactions complying with Rule 144A[,FOR TRANSFERS OF
ANY CERTIFICATES OTHER THAN CLASS R: or (ii) Institutional Accredited Investors under the Securities Act, pursuant to any other
exemption from the registration requirements of the Securities Act, subject in the case of this clause (ii) to (a) the receipt
by the Certificate Registrar of a letter substantially in the form hereof, (b) the receipt by the Certificate Registrar of an opinion
of counsel acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities
Act, (c) the receipt by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer,
resale, pledge or transfer is in compliance with the Securities Act and other applicable laws (including applicable state and foreign
securities laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed
transfer.] It understands that the Transferred 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 Transferred 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 Transferred
Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder or unless
an exemption from such registration or qualification is available.


 






    	L-4-2



    	 



    

  


4.          The
Purchaser has reviewed the applicable Offering Circular dated August [6], 2015, relating to the Private 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 Pooling 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 Transferred Certificate, except in compliance with Section 5.03
of the Pooling and Servicing Agreement.


 


7.          Check
one of the following:


 


☐         The
Purchaser is a “U.S. Tax Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9
(or successor form).


 


☐         The
Purchaser is not a “U.S. Tax Person” and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Administrator (or its agent) with respect to Distributions to be made on the Transferred Certificate(s).
The Purchaser has attached hereto (i) a duly executed IRS Form W-8BEN or W-8 BEN-E, as applicable (or successor form), which identifies
such Purchaser as the beneficial owner of the Transferred 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 Transferred Certificate(s) and state
that interest and original issue discount on the Transferred Certificate(s) is, or is expected to be, effectively connected with
a U.S. trade or business. The Purchaser agrees to provide to the Certificate Administrator an updated IRS Form W-8BEN, IRS Form
W-8 BEN-E, IRS Form W-8IMY or IRS Form W-8ECI, as the case may be, any applicable successor IRS forms, or such other certifications
as the Certificate Administrator 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 Administrator.


 


For the purposes of this
paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership (except
to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of the United
States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal
income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source, or a trust
if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more
such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable
Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).


 






    	L-4-3



    	 



    

  


Please make all payments
due on the Transferred 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:


 


______________________________________________


 





______________________________________________


 


______________________________________________


 


	 	Very truly yours,
	 	 	 
	 	[Insert Name of Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:








 


Dated: ________________, 20__


 


 






 


**Please select (a) or (b).


 






    	L-4-4



    	 



    

  





EXHIBIT M-1A



FORM OF INVESTOR CERTIFICATION FOR OBTAINING

INFORMATION AND NOTICES

(FOR PERSONS OTHER THAN THE CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)


 


[Date]


 


	
        Wells Fargo Bank, National
Association 

        Commercial Mortgage
Servicing 

        MAC D1086 

        550 South Tryon Street,
14th Floor 

        Charlotte, North Carolina 28202

        Attention: CGCMT 2015-P1 Asset Manager

        

        
	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida 33139

        Attention: Thomas F. Nealon, Esq., Steven A. Rivers, Esq. and Job Warshaw

	Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services – CGCMT 2015-P1	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1
	 	 
	Park Bridge Lender Services LLC 

560 Lexington Avenue

17th floor, New York

New York 10022

Attention: CGCMT 2015-P1 -- Surveillance Manager	 






		Re:	Citigroup
Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1



  




In accordance with
the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator, 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][Serviced Companion
Loan Holder][Companion Loan Holder Representative], and is neither the Controlling Class Representative nor a Controlling Class
Certificateholder..


 






    	M-1A-1



    	 



    

  


2.          The
undersigned has received a copy of the Prospectus Supplement and the Prospectus.1


 


3.          The
undersigned is not a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent, principal,
partner, member, joint venturer, limited partner, employee, representative, director, trustee, advisor or investor in or of any
of the foregoing.


 


4.          The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
[Master Servicer’s website][Certificate Administrator’s Website] and/or is requesting the information identified on
the schedule attached hereto (also, the “Information”) pursuant to the provisions of the Agreement.


 


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 or the related Companion Loan (as and if applicable), from its accountants and attorneys, and otherwise from
such governmental or banking authorities or agencies to which the undersigned is subject and, if they execute and deliver a certification
substantially similar to this, except from holders, beneficial owners and prospective purchasers of any related Companion Loan
Securities (if applicable)), 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.


 


5.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Operating Advisor, the Certificate Administrator, the Trustee, the Master 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.          The
undersigned agrees that each time it accesses the [Master Servicer’s website][Certificate Administrator’s Website],
the undersigned is deemed to have recertified that the representations and covenants contained herein remain true and correct.


 


7.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.


 


BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the day and year written above.





 


 






 


1
Only required for a Certificateholder or a Beneficial Owner.


 






    	M-1A-2



    	 



    

         





		 	 
	 	Certificateholder][Beneficial
Owner][Prospective Purchaser][Serviced Companion Loan Holder][Companion Loan Holder Representative]
	 	 	 
	 	By:	 




	 	 	 
	 	Name:	 




	 	 	 
	 	Title:	 




	 	 	 
	 	Company:	 




 


	 	Phone:	 





 



 






    	M-1A-3



    	 



    

 


EXHIBIT M-1B



FORM OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTY

(FOR THE CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)


 


[Date]


 





	 	
        Wells Fargo Bank,
National Association 

        Commercial Mortgage
Servicing 

        MAC D1086 

        550 South Tryon Street,
14th Floor 

        Charlotte, North Carolina 28202

        Attention: CGCMT 2015-P1 Asset Manager

        

         
	 	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida 33139

Attention: Thomas F. Nealon, Esq.,

        Steven A. Rivers, Esq. and Job Warshaw 

	 	Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –

CGCMT 2015-P1	 	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1
	 	 	 	 
	 	Park Bridge Lender Services LLC 

560 Lexington Avenue

17th floor, New York

New York 10022

Attention: CGCMT 2015-P1 -- Surveillance 

Manager	 	 




 






		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1





 


In accordance with
the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator, with respect
to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.            The undersigned
is [the Controlling Class Representative][a Controlling Class Certificateholder].


 


2.            The undersigned
is not a Borrower Party.


 



    	M-1B-1



    	 



    




 


3.            The undersigned
is requesting access pursuant to the Agreement to certain information (the “Information”) on the Certificate
Administrator’s Website.


 


In consideration of
the disclosure to the undersigned of the Information, or the access thereto, (i) 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; and (ii) notwithstanding anything to the contrary
in clause (i) above, the undersigned will not disclose any Excluded Information to any Borrower Party or an Excluded Controlling
Class Holder.


 


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 Representatives and shall indemnify the Depositor,
the Operating Advisor, the Certificate Administrator, the Trustee, the Master 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 Party with respect to any Mortgage Loan, the undersigned shall deliver the certification attached
as Exhibit M-1C to the Agreement and shall deliver to the applicable parties the notice attached as Exhibit M-1D to the Agreement.


 


7.            The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.


 


8.            The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.


 


9.            Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.


 


BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the day and year written above.


 


		[The Controlling Class Representative][a Controlling Class Certificateholder]



 



    	M-1B-2



    	 



    




 





	 	 	 	 
	 	By:	 	 
	 	 	 	 
		Name: 	 



 


		Title:	 



 


		Company:	 



 



    	M-1B-3



    	 



    




 


EXHIBIT M-1C



FORM OF INVESTOR CERTIFICATION FOR BORROWER PARTY

(FOR THE CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)


 


[Date]


 


	 	
        Wells Fargo Bank,
National Association 

        Commercial Mortgage
Servicing 

        MAC D1086 

        550 South Tryon Street,
14th Floor 

        Charlotte, North Carolina 28202

        Attention: CGCMT 2015-P1 Asset Manager

         
	 	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida 33139

        Attention: Thomas F. Nealon, Esq.,

        Steven A. Rivers, Esq. and Job Warshaw

         

	 	Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –

CGCMT 2015-P1	 	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1
	 	 	 	 
	 	Park Bridge Lender Services LLC 

560 Lexington Avenue

17th floor, New York

New York 10022

Attention: CGCMT 2015-P1 -- Surveillance 

Manager	 	 



 


		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1



 


In accordance with
the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator, with respect
to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.            The undersigned
is [the Controlling Class Representative][a Controlling Class Certificateholder].


 



    	M-1C-1



    	 



    




 


2.            The undersigned
is a Borrower Party with respect to the following Excluded Controlling Class Mortgage Loans:


 


[IDENTIFY EXCLUDED
CONTROLLING CLASS MORTGAGE LOANS] (the “Excluded Controlling Class Mortgage Loans”)


 


3.            Except with respect
to the Excluded Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Agreement to certain information
(the “Information”) on the Certificate Administrator’s Website.


 


In consideration of
the disclosure to the undersigned of the Information, or the access thereto, the undersigned 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.


 


4.            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 Excluded Controlling Class Mortgage Loans to the extent the undersigned receives access to such Excluded
Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information in connection
with its duties, or exercise of its rights pursuant to the Agreement.


 


5.            The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Operating Advisor, the Certificate Administrator, the Trustee, the Master 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.            To the extent
the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise receives
access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly
provide such Excluded Information to the related Mortgagor or (A) any employees or personnel of the undersigned or any Affiliate
involved in the management of any investment in the related Mortgagor or the related Mortgaged Property or (B) to its actual knowledge,
any non-Affiliate that holds a direct or indirect ownership interest in the related Mortgagor, 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.


 



    	M-1C-2



    	 



    




 


7.            The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.


 


8.            The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.


 


9.            Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.


 


BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the day and year written above.


 


		[The Controlling Class Representative][a Controlling Class Certificateholder]









	 	 	 	 
	 	By:	 	 
	 	 	 	 
		Name: 	 



 


		Title:	 



 


		Company:	 










 



    	M-1C-3



    	 



    




 


EXHIBIT M-1D


 


FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER


 


[Date]


 


	 	
        Wells Fargo Bank,
National Association

        Commercial Mortgage
Servicing

        MAC D1086

        550 South Tryon Street,
14th Floor

        Charlotte, North Carolina 28202

        Attention: CGCMT 2015-P1 Asset Manager

         
	 	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida 33139

        Attention: Thomas F. Nealon, Esq.,

        Steven A. Rivers, Esq. and Job Warshaw

         

	 	Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –

CGCMT 2015-P1	 	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1
	 	 	 	 
	 	
        Park Bridge Lender Services LLC

560 Lexington Avenue

17th floor, New York

New York 10022

Attention: CGCMT 2015-P1 -- Surveillance 

Manager
	 	 


 


		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1



 


THIS NOTICE IDENTIFIES AN “EXCLUDED
CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-P1, COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2015-P1, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 4.02(A) OF THE POOLING AND SERVICING
AGREEMENT.


 


In accordance with Section 4.02(a) of the
Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”), between Citigroup Commercial
Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special
Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo
Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator, with respect to the above-referenced
certificates (the “Certificates”), the undersigned (the “Excluded Controlling Class Holder”)
hereby certifies and agrees as follows:


 



    	M-1D-1



    	 



    




 


1.           The undersigned is [the Controlling
Class Representative] [a Controlling Class Certificateholder] as of the date hereof.


 


2.           The undersigned has become an Excluded
Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded Controlling Class Mortgage Loans”):


 


	Mortgage Loan Number	Loan Name	Borrower Name
	 	 	 
	 	 	 
	 	 	 


 


3.           The undersigned hereby requests termination
of access to any Excluded Information relating to such Excluded Controlling Class Mortgage Loans. The undersigned acknowledges
that it is not permitted to access and shall not access any Excluded Information relating to the Excluded Controlling Class Mortgage
Loans unless and until it (i) is no longer an Excluded Controlling Class Holder with respect to such Excluded Controlling Class
Mortgage Loans, (ii) has delivered notice of the termination of the related Excluded Controlling Class Holder status and (iii)
has submitted a new Investor Certification in accordance with Section 4.02(a) of the Agreement.


 


4.           The undersigned agrees to indemnify
and hold harmless each party to the Agreement, the Underwriters, the Initial Purchasers and the Trust Fund from any damage, loss,
cost or liability (including legal fees and expenses and the cost of enforcing this indemnity) arising out of or resulting from
any unauthorized access by the undersigned or any agent, employee, representative or person acting on its behalf of any Excluded
Information relating to the Excluded Controlling Class Mortgage Loans listed in Paragraph 2 above.


 


Capitalized terms used but not defined herein
have the respective meanings given to them in the Agreement.


 


IN WITNESS WHEREOF, 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.


	 	 	 
	 	[Controlling Class Representative] [a Controlling
Class Certificateholder]
	 	 	 
	 	By: 	 
			Name:

Title:

Phone:

Email:

Address:



 



    	M-1D-2



    	 



    







 


EXHIBIT M-1E


 


Form
of Certification of the Controlling Class Representative


 


	 	
        Wells Fargo Bank,
National Association 

        Commercial Mortgage
Servicing 

        MAC D1086 

        550 South Tryon Street,
14th Floor 

        Charlotte, North Carolina 28202

        Attention: CGCMT 2015-P1 Asset Manager

         
	 	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida 33139

        Attention: Thomas F. Nealon, Esq.,

        Steven A. Rivers, Esq. and Job Warshaw

         

	 	Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –

CGCMT 2015-P1	 	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1
	 	 	 	 
	 	Park Bridge Lender Services LLC 

560 Lexington Avenue

17th floor, New York

New York 10022

Attention: CGCMT 2015-P1 -- Surveillance 

Manager	 	 


 





		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1



 


In accordance with
Section 6.09(d) of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator, 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 Party.


 


3.           If the undersigned
becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification attached
as Exhibit M-1C to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notice attached as Exhibit
M-1D to the Pooling and Servicing Agreement.


 



    	M-1E-1



    	 



    




 


4.           The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.


 


5.           Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.


 


[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]





	 	 	 
	 	[The Controlling Class Representative][a Controlling Class Certificateholder]
	 	 
	 	By: 	 
			Title:

Company:

Phone:



 



    	M-1E-2



    	 



    




 





EXHIBIT M-2A


 


FORM OF INVESTOR CERTIFICATION FOR
EXERCISING VOTING RIGHTS FOR NON-BORROWER PARTY


 


[Date]


 


Citibank, N.A., as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-P1


 


	Attention:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1



 


In accordance with
the requirements for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015
(the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor,
Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as
Certificate Administrator, 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 Prospectus Supplement and the Prospectus.


 


3.           The undersigned
is not a Borrower Party.


 


4.           The undersigned
intends to exercise Voting Rights under the Agreement and certifies that (please check one of the following):


 


		___	The undersigned is the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Custodian,
the Certificate Administrator or the Operating Advisor.



 


		___	The undersigned is an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Custodian, the Certificate Administrator or the Operating Advisor and hereby certifies to the existence of an Affiliate
Ethical Wall between it and the Depositor, the Master Servicer, the Special Servicer, the 



 



    	M-2B-1



    	 



    




 


			Trustee, the Custodian, the Certificate Administrator or the Operating Advisor, as applicable.




 


		___	The undersigned is not the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Custodian, the Certificate Administrator, the Operating Advisor or an Affiliate of any of the foregoing.



 


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 Operating Advisor,
the Certificate Administrator, the Trustee, the Custodian, the Master 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.           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 day and year written above.


	 	 	 	 
	 	[Certificateholder] [Beneficial
Owner]
	 	 	 	 
	 	By:	 	 
	 	 	 	 
		Name: 	 



 


		Title:	 



 


		Company:	 










 


		Phone:	 



 



    	M-2B-2



    	 



    




 





EXHIBIT M-2B


 


FORM OF INVESTOR CERTIFICATION FOR
EXERCISING VOTING RIGHTS FOR BORROWER PARTY


 


[Date]


 


Citibank, N.A., as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-P1 


 


	Attention:	Citigroup Commercial Mortgage Trust 2015-P1,
Commercial Mortgage Pass-Through Certificates, Series 2015-P1



 


In accordance with
the requirements for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015
(the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor,
Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as
Certificate Administrator, 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 Prospectus Supplement and the Prospectus.


 


3.           The undersigned
is a Borrower Party.


 


4.           The undersigned
intends to exercise Voting Rights under the Agreement and certifies that (please check one of the following):


 


		___	The undersigned is an Excluded Controlling Class Holder. The undersigned is an Excluded Controlling
Class Holder with respect to the following Mortgage Loan(s):



 



    	M-2B-1



    	 



    




 


			



 


	Mortgage Loan 

Number	Loan Name	Borrower Name
	 	 	 
	 	 	 
	 	 	 


 


		___	The undersigned is the Special Servicer and is a Borrower Party with respect to the following Excluded
Special Servicer Mortgage Loans:



 


	Mortgage Loan 

Number	Loan Name	Borrower Name
	 	 	 
	 	 	 
	 	 	 


 


		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 Operating Advisor, the Certificate Administrator, the Trustee, the Custodian, the Master 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.           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 day and year written above.





	 	 	 	 
	 	[Certificateholder] [Beneficial
Owner]
	 	 	 	 
	 	By:	 	 
	 	 	 	 
		Name: 	 



 


		Title:	 



 



    	M-2B-2



    	 



    




 


		Company:	 










 


		Phone:	 



 



    	M-2B-3



    	 



    




 





EXHIBIT M-3


 


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
[the Certificate Administrator’s customer service desk at 866-252-4360]


 


In connection with
the Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates Series 2015-P1 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:


 


1.            The undersigned
is an employee or agent of Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management Inc., Markit Group
Limited or a market data provider that has been given access to the Distribution Date Statements, CREFC reports and supplemental
notices on [www.sf.citidirect.com (“CitiDirect”)] by request of the Depositor.


 


2.            The undersigned
agrees that each time it accesses [CitiDirect], 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 [CitiDirect] 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 Rule 17g-5
Information Provider’s Website shall also be applicable to information obtained from [CitiDirect].


 


4.            Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement, dated as
of August 1, 2015, between Citigroup Commercial Mortgage Securities Inc., as depositor (the “Depositor”), Wells
Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer, Park Bridge Lender Services LLC,
as operating advisor, Citibank, N.A., as certificate administrator, Wells Fargo Bank, National Association, as Custodian, and Deutsche
Bank Trust Company Americas, as trustee.


 



    	M-3-1



    	 



    




 


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.





	 	 	 	 
	 	[                              ] 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
		Name: 	 



 


		Title:	 



 


		Company:	 










 


		Phone:	 





 



    	M-3-2



    	 



    




 





EXHIBIT M-4



FORM OF CONFIDENTIALITY AGREEMENT


 


[Wells Fargo Bank, National
Association 


Commercial Mortgage Servicing 


MAC D1086 


550 South Tryon Street, 14th
Floor 


Charlotte, North Carolina
28202 


Attention: CGCMT 2015-P1 Asset
Manager] 


 


[LNR Partners, LLC 


1601 Washington Avenue, Suite 700 


Miami Beach, Florida 33139 


Attention: Thomas F. Nealon, Esq., Steven A. Rivers, Esq. and
Job Warshaw]


 


Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention: Trust Administration – CI1531


 


Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice


 


		Re:	Citigroup Commercial Mortgage Trust 2015-P1 Commercial
Mortgage Pass-Through Certificates, Series 2015-P1



 


Ladies and Gentlemen:


 


In connection with the
Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series 2015-P1 (the “Certificates”),
we acknowledge that we will be furnished by Wells Fargo Bank, National Association, as Master Servicer, and LNR Partners, LLC,
as Special Servicer (and may have been previously furnished) with certain information (the “Information”). For
the purposes of this letter agreement (this “Agreement”), “Representative” of a Person refers
to such Person’s directors, officers, employees, and agents; and “Person” refers to any individual, group
or entity.


 


In connection with and
in consideration of our being provided with Information, we hereby acknowledge and agree that we are requesting and will use the
Information solely for purposes of making investment decisions and/or exercising the rights of the Directing Holder with respect
to the above-referenced Certificates and the related Mortgage Loans and will not disclose such Information to any Person other
than (i) our Representatives, (ii) our auditors and regulators and (iii) any Person contemplating the purchase of any Certificate
held by the undersigned or of an interest therein (or such outside Persons as are assisting it in making an


 



    	M-4-1



    	 



    




 


evaluation in connection
with purchasing the related Certificates (but only if such Persons confirm in writing such contemplation of a prospective ownership
interest and agree in writing to keep such Information confidential)), (iv) our accountants and attorneys, and (v) 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 Master Servicer or the Special Servicer, as applicable, and the Trustee, be otherwise disclosed by the undersigned
or by its Representatives in any manner whatsoever, in whole or in part, unless required to do so by law.


 


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
Operating Advisor, the Certificate Administrator, the Trustee, the Master 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.


 


This Agreement shall
not apply to any of the Information which: (i) is or becomes generally available and known to the public other than as a result
of a disclosure directly or indirectly by us or any of our Representatives; (ii) becomes lawfully available to us on a non-confidential
basis from a source other than you or one of your Representatives, which source is not bound by a contractual or other obligation
of confidentiality to any Person; or (iii) was lawfully known to us on a non-confidential basis prior to its disclosure to us by
you.


 


Capitalized terms used
but not defined herein shall have the meanings assigned thereto in that certain Pooling and Servicing Agreement, dated as of August
1, 2015, between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Citibank, N.A., as Certificate
Administrator, Wells Fargo Bank, National Association, as Custodian, and Deutsche Bank Trust Company Americas, as Trustee.


 


This Agreement, when
signed by us, will constitute our agreement with respect to the subject matter contained herein.





	 	 	 	 
	 	Very truly yours,
	 	 
	 	[NAME OF ENTITY]
	 	 	 	 
	 	By:	 	 
		Name: 	 






		Title:	 






		Company:	 






		Phone:	 








 


		cc:	Citigroup Commercial Mortgage Securities Inc.

Trustee



 



    	M-4-2



    	 



    







 


EXHIBIT M-5


 


FORM OF NRSRO CERTIFICATION


  


Citibank, N.A., as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-P1


 


		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1



 


Ladies and Gentlemen:


 


In accordance with the requirements for
obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor,
Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as
Certificate Administrator, with respect to the Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates,
Series 2015-P1 (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.            The undersigned, a
nationally recognized statistical rating organization, has provided the Depositor with the appropriate certifications under Exchange
Act Rule 17g-5(e); and


 


2.            The undersigned has
access to the Depositor’s Rule 17g-5 website relating to the Certificates.


 


3.            The undersigned is
requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Rule 17g-5 Information Provider’s Website pursuant to the provisions of the Pooling and Servicing Agreement.


  


			In consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep
the Information confidential, and such Information will not, without the prior written consent of the Certificate Administrator,
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.




 



    	M-5-1



    	 



    




 


4.            The undersigned agrees
that each time it accesses the Rule 17g-5 Information Provider’s Website, it is deemed to have recertified that the representations
herein contained remain true and correct.


 


Capitalized terms used but not defined
herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.


 


BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused, its name to be signed hereto by its
duly authorized signatory, as of the day and year first written above.


	 	 	 	 
	 	Very truly yours,	 
	 	 	 	 
	 	[NRSRO Name]	 
	 	 	 	 
	 	By: 	 	 
	 	Name:


Title:


Phone:


Email:


	 
	 	 	 	 
	Dated:	 	 	 






 



    	M-5-2



    	 



    


 





EXHIBIT N






 


CUSTODIAN CERTIFICATION


 


[DATE]


 


[All Parties to Pooling and Servicing Agreement]

[Applicable Mortgage Loan Seller]

[Each Underwriter]

[Each Initial Purchaser]


[The related Serviced Companion Loan Holder (upon request, in
the case of a Serviced Loan Combination)]




 


		Re:	Pooling and Servicing Agreement (“Pooling and
Servicing Agreement”) relating to Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2015-P1



 


Ladies and Gentlemen:


 


In accordance with the provisions of Section
2.02(b) of the Pooling and Servicing Agreement, the undersigned hereby certifies that, with respect to each Mortgage Loan, and
subject to the exceptions noted in the schedule of exceptions attached hereto, (i) all documents specified in clauses (1),
(2), (3), (4) (other than with respect to an Outside Serviced Trust Loan), (5), (7), (15) and (20) (for any Mortgage Loan that
is part of a Loan Combination) of the definition of “Mortgage File” are in its possession or the related Mortgage Loan
Seller has otherwise satisfied the delivery requirements in accordance with the related Loan Purchase Agreement; (ii) the
recordation/filing contemplated by Section 2.01(c) of the Pooling and Servicing Agreement has been completed (based solely
on receipt by the undersigned of the particular recorded/filed documents); (iii) all documents received by the undersigned
with respect to such Mortgage Loan have been reviewed by the undersigned and (A) appear regular on their face (handwritten
additions, changes or corrections shall not constitute irregularities if initialed by the Mortgagor), (B) appear to have been
executed (where appropriate) and (C) purport to relate to such Mortgage Loan; and (iv) based on the examinations
referred to in Section 2.02(a) and Section 2.02(b) of the Pooling and Servicing Agreement and only as to the foregoing
documents (together with any Loan Agreement that has been delivered by the related Mortgage Loan Seller), the information set forth
in the Mortgage Loan Schedule with respect to the items specified in clauses (iv) and (v)(B) of the definition of “Mortgage
Loan Schedule” accurately reflects the information set forth in the Mortgage File.


 


The undersigned makes no representations as
to: (i) the validity, legality, sufficiency, enforceability or genuineness of any such documents contained in each Mortgage File
or any of the Mortgage Loans identified in the Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness
or suitability of any such Mortgage Loan.


 






    	N-1



    	 



    

 


Capitalized words and phrases used herein
and not otherwise defined herein shall have the respective meanings assigned to them in the Pooling and Servicing Agreement. This
Certificate is subject in all respects to the terms of the Pooling and Servicing Agreement.





 


	 	Wells Fargo Bank, National Association, as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






 






    	N-2



    	 



    




 




SCHEDULE OF EXCEPTIONS


 


[          ]


 






    	N-3



    	 



    

 




EXHIBIT O


 


SERVICING CRITERIA TO BE ADDRESSED
IN ASSESSMENT OF COMPLIANCE


 


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 O, other than with respect to Item 1122(d)(2)(iii), references to Master Servicer below shall include any Sub-Servicer
engaged by a Master 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.	Master
    Servicer

    Special Servicer
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Master
                                         Servicer

                                         Special Servicer


        Certificate
        Administrator



        
	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
    Servicer

    Special Servicer

    Custodian (in the case of the Custodian, if such entity is not also the Trustee)
	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.1	Master
                                         Servicer


        Special
        Servicer


        Certificate
        Administrator

        
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Master
                                         Servicer

                                         Special Servicer


        Certificate
        Administrator

        
	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator

     
	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.	Master
    Servicer

    Trustee (in the case of the Trustee, to the extent the Trustee was required to make an advance during the applicable calendar
    year)



 





 



 


1 The
servicing criteria in Item 1122(d)(1)(v) of Regulation AB shall be applicable on and after November 23, 2015.


 






    	O-1



    	 



    

 


	Servicing
    Criteria 	applicable

    Servicing

    Criteria
	Reference	Criteria	 
	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.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	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.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	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.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	 	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.	Certificate
    Administrator

    Operating Advisor (excluding clauses (C) and (D) in the case of the Operating Advisor))
	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.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Reporting Servicer’s investor records, or such other
    number of days specified in the transaction agreements.	Certificate
    Administrator
	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.	Certificate
    Administrator
	 	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.	Master
    Servicer

    Special Servicer

    Custodian
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master
    Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified
    in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related
    mortgage loan documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Master Servicer’s records regarding the mortgage loans agree with the Master 	Master
    Servicer



 






    	O-2



    	 



    

 


	Servicing
    Criteria 	applicable

    Servicing

    Criteria
	Reference	Criteria	 
	 	Servicer’s
    records with respect to an obligor’s unpaid principal balance.	 
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master
    Servicer

    Special Servicer
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer

    Operating Advisor
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master
    Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Master
    Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the
    obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements;
    (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and
    state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage
    loans, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	 Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
    is maintained as set forth in the transaction agreements.	N/A






 






    	O-3



    	 



    




 




EXHIBIT P



SUPPLEMENTAL SERVICER SCHEDULE


 



    	P-1



    	 



    









	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGCMT 2015-P1 Supplemental Servicer Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Original	 	Remaining	 	 	 	 	 	 
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	 	 	General	 	 Original 	 	Origination	 	Amortization Term	 	Amortization Term	 	 	 	Letter of 	 	Upfront RE  
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Borrower Name	 	Property Type	 	 Balance ($) 	 	Date	 	(Mos.)	 	(Mos.)	 	Carve-out Guarantor	 	Credit	 	Tax Reserve ($)
	1	 	1, 2	 	9957	 	CGMRC	 	The Decoration & Design Building	 	D&D Building Company LLC	 	Office	 	100,000,000.00	 	7/15/2015	 	360	 	360	 	Charles S. Cohen	 	No	 	2,128,973.35
	2	 	3, 4	 	9922	 	CGMRC	 	Eden Roc	 	Eden Roc, LLLP	 	Hospitality	 	95,000,000.00	 	6/25/2015	 	0	 	0	 	Diego Ardid; Jose Ardid; Inigo Ardid; Roberto Chapur Zahoul; Key International Holdings, Inc.; Key International II, LLC	 	No	 	1,575,000.00
	3	 	5	 	10040	 	CGMRC	 	Kaiser Center	 	SIC-Lakeside Drive, LLC	 	Office	 	90,000,000.00	 	6/3/2015	 	360	 	360	 	Swig Investment Company, LLC	 	No	 	1,491,822.80
	4	 	6, 7, 8	 	610930148	 	WFB	 	Hilton Nashville	 	Nashville Downtown Hotel, LLC	 	Hospitality	 	75,000,000.00	 	7/22/2015	 	360	 	360	 	Jeffrey Soffer	 	No	 	651,449.00
	5	 	 	 	757676	 	PCC	 	Piazza Carmel	 	Piazza Carmel, LLC and CDM Retail, LLC	 	Retail	 	64,000,000.00	 	7/16/2015	 	0	 	0	 	Alfred E. Baldwin	 	No	 	107,059.89
	6	 	 	 	8268	 	CGMRC	 	Weston Portfolio	 	Weston TC LLC	 	 	 	60,000,000.00	 	6/11/2015	 	360	 	360	 	Barry J. Belmont and Barry J. Belmont Revocable Trust DTD March 25, 2008	 	No	 	829,675.22
	6.01	 	 	 	8268-1	 	 	 	Weston Town Center	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8268-3	 	 	 	2000 Main Street	 	 	 	Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8268-2	 	 	 	1760 Bell Tower Lane	 	 	 	Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	9	 	757643	 	PCC	 	University Town Centre	 	UTC, LP	 	Retail	 	55,000,000.00	 	7/1/2015	 	360	 	360	 	J. Brent Roswall, J. Michael Nidiffer	 	No	 	187,480.42
	8	 	10, 11	 	8625	 	CGMRC	 	Ascentia MHC Portfolio	 	Cedar Village MHC, LLC, Cheyenne MHP, LLC, Country Oaks MHC, LLC, Countryside Mobile Home Park, LLC Dream Island Mobile Home Park, LLC, Grand Island Mobile Home Community, LLC, Lincoln Mobile Home Parks, LLC, Aloha Vegas MHC, LLC, Rancho Bridger MHC, LLC, Valle Grande MHC, LLC, River Valley Mobile Home Park, LLC, Hillside MHC, LLC, West Park Plaza Mobile Home Park, LLC, Western Hills MHP, LLC, Buckingham Woodview, LLC, Woodview MHC, LLC, Eagle River Mobile Home Park, LLC, Windgate MHC, LLC, Golden Eagle MHC, LLC, Leadville MHC, LLC, Foxridge Mobile Home Park Associates, LLC, North Breeze MHC, LLC, Riviera De Sandia MHC, LLC, Valley Ridge MHC, LLC, Val’s MHC, LLC, Mountain Springs MHC-WK, LLC, Sugar Creek MHC, LLC, Trails End MHC-WK, LLC, Skyline MHC, LLC and W Bar K MHC-WK, LLC	 	 	 	45,000,000.00	 	7/1/2015	 	360	 	359	 	John J. Eberle, Boris B Vukovich and Ascentia Real Estate Holding Company, LLC	 	No	 	344,296.05
	8.01	 	 	 	10478	 	 	 	Aloha Vegas	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	10479	 	 	 	Buckingham Village	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.03	 	 	 	10480	 	 	 	Cedar Village	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.04	 	 	 	10481	 	 	 	Country Oaks	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.05	 	 	 	10482	 	 	 	Countryside Estates	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.06	 	 	 	10483	 	 	 	Dream Island	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.07	 	 	 	10484	 	 	 	Eagle River	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.08	 	 	 	10485	 	 	 	Foxridge Farm	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.09	 	 	 	10486	 	 	 	Gaslight Village	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.10	 	 	 	10487	 	 	 	Golden Eagle	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.11	 	 	 	10488	 	 	 	Hillside	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.12	 	 	 	10489	 	 	 	Kingswood Estates	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.13	 	 	 	10490	 	 	 	Lake Fork	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.14	 	 	 	10491	 	 	 	Mountain Springs	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.15	 	 	 	10492	 	 	 	North Breeze	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.16	 	 	 	10493	 	 	 	Rancho Bridger	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.17	 	 	 	10494	 	 	 	River Valley	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.18	 	 	 	10495	 	 	 	Riviera de Sandia	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.19	 	 	 	10496	 	 	 	Sheltered Valley	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.20	 	 	 	10497	 	 	 	Skyline Village	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.21	 	 	 	10498	 	 	 	Sugar Creek	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.22	 	 	 	10499	 	 	 	Trails End	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.23	 	 	 	10500	 	 	 	Valle Grande	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.24	 	 	 	10501	 	 	 	Valley Ridge	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.25	 	 	 	10502	 	 	 	Vals	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.26	 	 	 	10503	 	 	 	W bar K	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.27	 	 	 	10504	 	 	 	West Park Plaza	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.28	 	 	 	10505	 	 	 	West Winds	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.29	 	 	 	10506	 	 	 	Western Hills	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.30	 	 	 	10507	 	 	 	Windgate	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.31	 	 	 	10508	 	 	 	Woodlawn Estates	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.32	 	 	 	10509	 	 	 	Woodview	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	12, 13, 14	 	7941	 	CGMRC	 	US StorageMart Portfolio	 	TKG-StorageMart Partners Portfolio, LLC and New TKG-StorageMart Partners Portfolio, LLC	 	 	 	43,694,500.00	 	3/26/2015	 	0	 	0	 	E. Stanley Kroenke	 	No	 	0.00
	9.01	 	 	 	7941-1	 	 	 	50 Wallabout Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	 	 	250 Flanagan Way	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	 	 	6700 River Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	 	 	1015 North Halsted Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	 	 	7536 Wornall Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	 	 	640 Southwest 2nd Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	 	 	4920 Northwest 7th Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	 	 	9925 Southwest 40th Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	 	 	9220 West 135th Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	 	 	980 4th Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	 	 	405 South Federal Highway	 	 	 	Mixed Use	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	 	 	11001 Excelsior Boulevard	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	 	 	11325 Lee Highway	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	 	 	2021 Griffin Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	 	 	400 West Olmos Drive	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	 	 	14151 Wyandotte Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	 	 	5979 Butterfield Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	 	 	115 Park Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	 	 	3500 Southwest 160th Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	 	 	2445 Crain Highway	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	 	 	100 West North Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	 	 	2727 Shermer Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	 	 	15201 Antioch Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	 	 	2450 Mandela Parkway	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	 	 	184-02 Jamaica Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	 	 	9012 Northwest Prairie View Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	 	 	16101 West 95th Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	 	 	3100 North Mannheim	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	 	 	9580 Potranco Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	 	 	18025 Monterey Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	 	 	9N 004 Route 59	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	 	 	5115 Clayton Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	 	 	9702 West 67th Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	 	 	794 Scenic Highway	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	 	 	12430 Bandera Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	 	 	4000 South Providence Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	 	 	2743 San Pablo Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	 	 	819 North Eola Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	 	 	2506 West Worley Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	 	 	15601 FM 1325	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	 	 	10700 West 159th Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	 	 	2403 Rangeline Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	 	 	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	 	 	7941-44	 	 	 	2277 Walters Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	 	 	1575 Thousand Oaks Drive	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	 	 	7460 Frontage Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	 	 	6401 Third Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	 	 	2816 Eaton Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	 	 	3985 Atlanta Highway	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	 	 	11510 North Main Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	 	 	750 Winchester Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	 	 	3401 Broadway Boulevard	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	 	 	1720 Grand Boulevard	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	 	 	1310 South Enterprise Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	 	 	2420 St Mary’s Boulevard	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	 	 	3500 I-70 Drive Southeast	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	 	 	195 Southwest Boulevard	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	 	 	8900 Northwest Prairie View Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	 	 	1601 Twilight Trail	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	 	 	1515 Church Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	 	 	1891 North Columbia Street	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	 	 	1200 US #1	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	 	 	251 Collins Industrial Boulevard	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	 	 	2310 Paris Road	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	 	 	1820 West Business Loop 70	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	 	 	1723 East Florida	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	310930142	 	WFB	 	Charles Point Apartments	 	Charles Point 2015, LLC	 	Multifamily	 	35,250,000.00	 	7/17/2015	 	360	 	360	 	Charles E. Smith; Milo C. Smith; Philip C. Smith	 	No	 	234,293.00
	11	 	 	 	8716	 	CGMRC	 	Tanglewood Apartments	 	Tanglewood Apts, LLC	 	Multifamily	 	35,100,000.00	 	6/26/2015	 	360	 	359	 	Thomas J. Tomanek, Angelita Floro Tomanek, Robert Floro Gonzalez, Larissa Tomanek and Tomanek 1998 Declaration of Trust	 	No	 	298,259.50
	12	 	 	 	757657	 	PCC	 	Davis Ford Crossing	 	Davis Ford Crossing, LLC	 	Retail	 	33,750,000.00	 	6/19/2015	 	360	 	360	 	Gary D. Rappaport, The Gary D. Rappaport Revocable Trust	 	No	 	73,975.50
	13	 	15	 	757655	 	PCC	 	Le Meridien Dallas by the Galleria	 	NB Hotels Dallas LLC	 	Hospitality	 	31,000,000.00	 	6/10/2015	 	360	 	360	 	Nadir Badruddin	 	No	 	337,019.67
	14	 	16	 	757638	 	PCC	 	Lewis Self Storage & Industrial	 	Lewis Rental Properties Limited Partnership	 	 	 	30,100,000.00	 	6/4/2015	 	360	 	358	 	Timothy Lewis	 	No	 	306,723.84
	14.01	 	 	 	 	 	 	 	Boca Self Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	 	 	 	 	Deerfield Self Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	 	 	 	 	Lewis Industrial	 	 	 	Industrial	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	17, 18	 	8472	 	CGMRC	 	Alderwood Mall	 	Alderwood Mall L.L.C.	 	Retail	 	24,500,000.00	 	5/5/2015	 	360	 	358	 	GGP/Homart II L.L.C.	 	No	 	0.00
	16	 	19	 	757649	 	PCC	 	Birch Street Promenade	 	110 W. Birch St., LLC, Birch Street Food Court, LLC, and 260/330 W. Birch St., LLC	 	Mixed Use	 	24,125,000.00	 	7/8/2015	 	360	 	360	 	Dwight Manley	 	No	 	117,709.01
	17	 	20	 	757630	 	PCC	 	Courtyard by Marriott Fort Lauderdale	 	Fort Lauderdale CY, LLC	 	Hospitality	 	23,000,000.00	 	5/29/2015	 	360	 	358	 	Robert Finvarb	 	No	 	0.00
	18	 	21, 22, 23	 	757644	 	PCC	 	Ryders Crossing Shopping Center	 	Morel Operating Co., L.L.C.	 	Retail	 	20,300,000.00	 	7/8/2015	 	360	 	360	 	Mordechai Lipkis	 	No	 	19,571.85
	19	 	 	 	757640	 	PCC	 	Monarch Crossing Apartments 	 	MC Columbus, LLC	 	Multifamily	 	19,310,000.00	 	7/16/2015	 	360	 	360	 	Richard B. Freeman, II	 	No	 	62,780.48
	20	 	 	 	757621	 	PCC	 	Beltway Plaza II	 	Beltway Plaza III LLC	 	Retail	 	18,500,000.00	 	5/1/2015	 	360	 	360	 	CNA Enterprises, Inc.	 	No	 	22,618.72
	21	 	 	 	310928527	 	WFB	 	4400 Florin Perkins Road	 	RI Florin Perkins, LLC	 	Industrial	 	15,400,000.00	 	7/8/2015	 	360	 	360	 	Read Seven, LLC	 	No	 	86,985.00
	22	 	 	 	757619	 	PCC	 	Bethany Village Office	 	Bethany Village Offices, LLC	 	Office	 	13,300,000.00	 	4/30/2015	 	360	 	357	 	Roy I. Kim	 	No	 	72,065.24
	23	 	 	 	757636	 	PCC	 	240 N Ashland 	 	Peppercorn 240, LLC	 	Office	 	12,500,000.00	 	6/3/2015	 	360	 	360	 	Philip F. Denny	 	No	 	119,397.32
	24	 	24	 	757585	 	PCC	 	Mediterranean Inn	 	425 Queen Anne, LLC	 	Hospitality	 	10,825,000.00	 	3/12/2015	 	360	 	356	 	Kenneth C. Winslow, J Thomas Wells 	 	No	 	0.00
	25	 	25	 	757637	 	PCC	 	Waterway Shoppes I	 	Waterway Ventures LLC	 	Retail	 	10,400,000.00	 	5/29/2015	 	360	 	360	 	Camil Torbay, Henry Torbay	 	No	 	113,461.95
	26	 	26, 27, 28	 	757635	 	PCC	 	Promontory Point	 	TLO TX1 Investments, LLC	 	Office	 	10,230,000.00	 	6/26/2015	 	360	 	359	 	TLO TX1 Investments, LLC	 	Yes	 	78,994.40
	27	 	 	 	757647	 	PCC	 	One Industrial Way	 	West Ridge - Eatontown LLC	 	Office	 	10,000,000.00	 	7/1/2015	 	360	 	360	 	James M. Bollerman	 	No	 	18,611.97
	28	 	29	 	757612	 	PCC	 	Best Plaza	 	Escondido Mission Village, a California Limited Partnership	 	Retail	 	10,000,000.00	 	5/4/2015	 	360	 	358	 	Ricardo G. Rosa	 	No	 	61,549.58
	29	 	 	 	310929658	 	WFB	 	Amplify on Main	 	Champion Amplify, LLC	 	Multifamily	 	9,870,000.00	 	7/15/2015	 	360	 	360	 	Robert Champion; The Robert and Marjorie Champion Trust	 	No	 	92,127.00
	30	 	 	 	610929595	 	WFB	 	Valley Ridge Apartments	 	EPT Valley Ridge Apartments, LP	 	Multifamily	 	9,280,000.00	 	6/1/2015	 	360	 	358	 	Richard Aguilar	 	No	 	120,402.00
	31	 	 	 	8606	 	CGMRC	 	CSS Pacific	 	CSS Alameda Self-Storage LLC	 	Self Storage	 	9,000,000.00	 	6/25/2015	 	0	 	0	 	Robert J. Dailey, Neil A. Sims	 	No	 	49,852.00
	32	 	30, 31	 	757614	 	PCC	 	Courtyard E Associates	 	Courtyard E Associates, LLC	 	Retail	 	9,000,000.00	 	7/7/2015	 	360	 	360	 	OCP Investors, LLC; Pinole R.O.W. Partnership, L.P.	 	No	 	49,041.73
	33	 	 	 	8732	 	CGMRC	 	9299 College Parkway	 	9299 College Parkway, LLC	 	Office	 	6,400,000.00	 	6/24/2015	 	360	 	360	 	John D. Murphy. Jr, A. John Merola, Jeffrey Foster and Stephen Cicci	 	No	 	26,465.61
	34	 	 	 	757623	 	PCC	 	Austin Bluffs Shopping Center	 	Austin Bluffs Limited Liability Company	 	Retail	 	6,300,000.00	 	5/14/2015	 	360	 	358	 	Meyer Saltzman, Jorge Topelson, Alejandro Tobelson	 	No	 	11,524.24
	35	 	32	 	410928722	 	WFB	 	Walgreens - Longmont	 	Giffra Ranch Longmont, LLC	 	Retail	 	3,900,000.00	 	6/30/2015	 	360	 	359	 	Giffra Ranch, LLC	 	No	 	0.00
	36	 	33	 	8741	 	CGMRC	 	LockTite Deer Park and Pasadena Self Storage	4013 Deer Park Storage, LLC and 5035 Pasadena Storage, LLC	 	 	 	3,750,000.00	 	6/30/2015	 	360	 	360	 	Paul Rasplicka and George McCanse	 	No	 	128,259.51
	36.01	 	 	 	8741-1	 	 	 	LockTite Deer Park Self Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	8741-2	 	 	 	LockTite Pasadena Self Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	WFB	 	Mini U Storage - Highlands Ranch	 	Mini U Storage Highlands Ranch, Ltd.	 	Self Storage	 	3,700,000.00	 	7/6/2015	 	360	 	360	 	Dahn Corporation	 	No	 	22,368.00
	38	 	 	 	410929362	 	WFB	 	Security Self Storage - Orlando	 	Storaway Self Storage of Orlando, LLC	 	Self Storage	 	3,600,000.00	 	7/1/2015	 	336	 	335	 	Stephen L. Clark; Robert N. Baker; Stephen L. Clark Trust; Robert N. Baker Trust	 	No	 	33,066.00
	39	 	 	 	410929829	 	WFB	 	675 Mall Ring	 	PCM Mall Ring, LLC; RH Mall Ring, LLC	 	Retail	 	3,100,000.00	 	7/13/2015	 	360	 	360	 	Bobby Khorshidi; Robert Hanasab; East Meets West Family Trust; Robert Hanasab Trust	 	No	 	7,752.00
	40	 	 	 	410928483	 	WFB	 	Allen Avenue Self Storage-Pasadena	 	Allen Avenue Self Storage, LLC	 	Self Storage	 	2,600,000.00	 	7/1/2015	 	0	 	0	 	Richard D. Biggar	 	No	 	0.00
	41	 	 	 	410929917	 	WFB	 	US Bank - Pacific Palisades	 	Hunt-Palisades, LLC	 	Retail	 	2,500,000.00	 	7/17/2015	 	360	 	360	 	Vard Stephen Hunt	 	No	 	0.00
	42	 	34	 	410929419	 	WFB	 	Atwater Commons	 	Aspen Group/Atwater SPE, LLC	 	Retail	 	2,300,000.00	 	6/10/2015	 	300	 	298	 	John P. Damico; Richard D. Rosin	 	No	 	25,898.00
	43	 	 	 	610929887	 	WFB	 	The Summit	 	7721-7741 Gray, LLC	 	Industrial	 	2,275,000.00	 	7/1/2015	 	360	 	359	 	Lolly S. Werner; Barry L. Werner; The Werner Family Trust	 	No	 	17,640.00
	44	 	 	 	8631	 	CGMRC	 	SpaceSavers Saraland	 	Forest Cove Exchange Properties LLC	 	Self Storage	 	2,250,000.00	 	6/2/2015	 	360	 	358	 	Plato Foufas	 	No	 	14,408.33
	45	 	35	 	410929522	 	WFB	 	Village Center of Livonia	 	VCL Associates, L.L.C.	 	Retail	 	1,235,000.00	 	7/13/2015	 	300	 	300	 	Robert D. Goldman	 	No	 	4,090.00


 



    	 



    	 



    




 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGCMT 2015-P1 Supplemental Servicer Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	Ongoing RE 	 	Upfront	 	Ongoing	 	Upfront	 	Ongoing	 	Replacement 	 	Upfront	 	Ongoing	 	 	 	Upfront Debt
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Tax Reserve ($)	 	 Insurance Reserve ($)	 	 Insurance Reserve ($)	 	Replacement Reserve ($)	 	Replacement Reserve ($)	 	Reserve Caps ($)	 	TI/LC Reserve ($)	 	TI/LC Reserve ($)	 	TI/LC Caps ($)	 	Service Reserve ($)
	1	 	1, 2	 	9957	 	CGMRC	 	The Decoration & Design Building	 	1,064,486.68	 	0.00	 	0.00	 	0.00	 	10,543.33	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	2	 	3, 4	 	9922	 	CGMRC	 	Eden Roc	 	175,000.00	 	331,772.00	 	156,143.00	 	0.00	 	Greater of (i) 1/12 of 3% of Gross Income from Operations for the preceding calendar year, (ii) 1/12 of 3% of Gross Income from Operations for the succeeding calendar year in the budget, or (iii) amount of FF&E required under the management agreement	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	3	 	5	 	10040	 	CGMRC	 	Kaiser Center	 	248,637.13	 	0.00	 	0.00	 	0.00	 	16,551.00	 	595,836.00	 	0.00	 	0.00	 	0.00	 	0.00
	4	 	6, 7, 8	 	610930148	 	WFB	 	Hilton Nashville	 	108,575.00	 	0.00	 	0.00	 	0.00	 	121,140.83	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	5	 	 	 	757676	 	PCC	 	Piazza Carmel	 	21,411.97	 	0.00	 	0.00	 	0.00	 	3,855.33	 	138,791.88	 	0.00	 	12,048.00	 	400,000.00	 	0.00
	6	 	 	 	8268	 	CGMRC	 	Weston Portfolio	 	82,967.52	 	146,584.55	 	36,646.14	 	0.00	 	2,359.00	 	141,516.00	 	0.00	 	15,724.00	 	300,000.00	 	0.00
	6.01	 	 	 	8268-1	 	 	 	Weston Town Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8268-3	 	 	 	2000 Main Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8268-2	 	 	 	1760 Bell Tower Lane	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	9	 	757643	 	PCC	 	University Town Centre	 	37,496.06	 	44,562.70	 	6,366.10	 	0.00	 	9,400.58	 	0.00	 	372,775.77	 	16,735.00	 	393,000.00	 	0.00
	8	 	10, 11	 	8625	 	CGMRC	 	Ascentia MHC Portfolio	 	86,074.01	 	284,343.75	 	25,849.43	 	0.00	 	21,960.84	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	8.01	 	 	 	10478	 	 	 	Aloha Vegas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	10479	 	 	 	Buckingham Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.03	 	 	 	10480	 	 	 	Cedar Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.04	 	 	 	10481	 	 	 	Country Oaks	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.05	 	 	 	10482	 	 	 	Countryside Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.06	 	 	 	10483	 	 	 	Dream Island	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.07	 	 	 	10484	 	 	 	Eagle River	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.08	 	 	 	10485	 	 	 	Foxridge Farm	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.09	 	 	 	10486	 	 	 	Gaslight Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.10	 	 	 	10487	 	 	 	Golden Eagle	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.11	 	 	 	10488	 	 	 	Hillside	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.12	 	 	 	10489	 	 	 	Kingswood Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.13	 	 	 	10490	 	 	 	Lake Fork	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.14	 	 	 	10491	 	 	 	Mountain Springs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.15	 	 	 	10492	 	 	 	North Breeze	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.16	 	 	 	10493	 	 	 	Rancho Bridger	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.17	 	 	 	10494	 	 	 	River Valley	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.18	 	 	 	10495	 	 	 	Riviera de Sandia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.19	 	 	 	10496	 	 	 	Sheltered Valley	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.20	 	 	 	10497	 	 	 	Skyline Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.21	 	 	 	10498	 	 	 	Sugar Creek	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.22	 	 	 	10499	 	 	 	Trails End	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.23	 	 	 	10500	 	 	 	Valle Grande	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.24	 	 	 	10501	 	 	 	Valley Ridge	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.25	 	 	 	10502	 	 	 	Vals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.26	 	 	 	10503	 	 	 	W bar K	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.27	 	 	 	10504	 	 	 	West Park Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.28	 	 	 	10505	 	 	 	West Winds	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.29	 	 	 	10506	 	 	 	Western Hills	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.30	 	 	 	10507	 	 	 	Windgate	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.31	 	 	 	10508	 	 	 	Woodlawn Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.32	 	 	 	10509	 	 	 	Woodview	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	12, 13, 14	 	7941	 	CGMRC	 	US StorageMart Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	9.01	 	 	 	7941-1	 	 	 	50 Wallabout Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	 	 	250 Flanagan Way	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	 	 	6700 River Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	 	 	1015 North Halsted Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	 	 	7536 Wornall Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	 	 	640 Southwest 2nd Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	 	 	4920 Northwest 7th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	 	 	9925 Southwest 40th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	 	 	9220 West 135th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	 	 	980 4th Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	 	 	405 South Federal Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	 	 	11001 Excelsior Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	 	 	11325 Lee Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	 	 	2021 Griffin Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	 	 	400 West Olmos Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	 	 	14151 Wyandotte Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	 	 	5979 Butterfield Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	 	 	115 Park Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	 	 	3500 Southwest 160th Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	 	 	2445 Crain Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	 	 	100 West North Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	 	 	2727 Shermer Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	 	 	15201 Antioch Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	 	 	2450 Mandela Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	 	 	184-02 Jamaica Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	 	 	9012 Northwest Prairie View Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	 	 	16101 West 95th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	 	 	3100 North Mannheim	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	 	 	9580 Potranco Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	 	 	18025 Monterey Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	 	 	9N 004 Route 59	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	 	 	5115 Clayton Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	 	 	9702 West 67th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	 	 	794 Scenic Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	 	 	12430 Bandera Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	 	 	4000 South Providence Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	 	 	2743 San Pablo Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	 	 	819 North Eola Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	 	 	2506 West Worley Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	 	 	15601 FM 1325	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	 	 	10700 West 159th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	 	 	2403 Rangeline Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	 	 	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	 	 	7941-44	 	 	 	2277 Walters Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	 	 	1575 Thousand Oaks Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	 	 	7460 Frontage Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	 	 	6401 Third Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	 	 	2816 Eaton Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	 	 	3985 Atlanta Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	 	 	11510 North Main Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	 	 	750 Winchester Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	 	 	3401 Broadway Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	 	 	1720 Grand Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	 	 	1310 South Enterprise Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	 	 	2420 St Mary’s Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	 	 	3500 I-70 Drive Southeast	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	 	 	195 Southwest Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	 	 	8900 Northwest Prairie View Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	 	 	1601 Twilight Trail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	 	 	1515 Church Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	 	 	1891 North Columbia Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	 	 	1200 US #1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	 	 	251 Collins Industrial Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	 	 	2310 Paris Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	 	 	1820 West Business Loop 70	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	 	 	1723 East Florida	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	310930142	 	WFB	 	Charles Point Apartments	 	26,033.00	 	0.00	 	0.00	 	8,710.00	 	8,710.00	 	522,600.00	 	0.00	 	0.00	 	0.00	 	0.00
	11	 	 	 	8716	 	CGMRC	 	Tanglewood Apartments	 	59,651.90	 	22,397.03	 	3,732.84	 	406,500.00	 	1,184.50	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	12	 	 	 	757657	 	PCC	 	Davis Ford Crossing	 	36,987.73	 	5,819.00	 	1,454.75	 	0.00	 	2,311.33	 	0.00	 	1,248,462.00	 	9,524.44	 	342,880.00	 	0.00
	13	 	15	 	757655	 	PCC	 	Le Meridien Dallas by the Galleria	 	56,169.94	 	0.00	 	0.00	 	0.00	 	41,109.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	14	 	16	 	757638	 	PCC	 	Lewis Self Storage & Industrial	 	43,817.70	 	103,377.58	 	22,839.55	 	0.00	 	8,876.04	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	14.01	 	 	 	 	 	 	 	Boca Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	 	 	 	 	Deerfield Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	 	 	 	 	Lewis Industrial	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	17, 18	 	8472	 	CGMRC	 	Alderwood Mall	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	16	 	19	 	757649	 	PCC	 	Birch Street Promenade	 	23,541.81	 	10,786.44	 	2,157.28	 	0.00	 	1,714.42	 	0.00	 	0.00	 	5,000.00	 	180,000.00	 	0.00
	17	 	20	 	757630	 	PCC	 	Courtyard by Marriott Fort Lauderdale	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	18	 	21, 22, 23	 	757644	 	PCC	 	Ryders Crossing Shopping Center	 	19,571.85	 	52,274.30	 	7,467.76	 	0.00	 	3,486.75	 	0.00	 	710,583.00	 	6,250.00	 	225,000.00	 	0.00
	19	 	 	 	757640	 	PCC	 	Monarch Crossing Apartments 	 	15,695.12	 	0.00	 	0.00	 	0.00	 	4,833.34	 	174,000.24	 	0.00	 	0.00	 	0.00	 	0.00
	20	 	 	 	757621	 	PCC	 	Beltway Plaza II	 	7,539.57	 	0.00	 	0.00	 	0.00	 	1,573.83	 	0.00	 	0.00	 	12,142.86	 	350,000.00	 	0.00
	21	 	 	 	310928527	 	WFB	 	4400 Florin Perkins Road	 	17,397.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	22	 	 	 	757619	 	PCC	 	Bethany Village Office	 	12,010.88	 	0.00	 	0.00	 	0.00	 	1,354.18	 	0.00	 	81,251.00	 	6,771.00	 	243,753.00	 	0.00
	23	 	 	 	757636	 	PCC	 	240 N Ashland 	 	19,899.55	 	14,823.51	 	1,347.59	 	0.00	 	1,323.67	 	0.00	 	0.00	 	6,618.33	 	238,260.00	 	0.00
	24	 	24	 	757585	 	PCC	 	Mediterranean Inn	 	17,473.57	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	25	 	25	 	757637	 	PCC	 	Waterway Shoppes I	 	16,208.85	 	7,002.88	 	3,501.44	 	150,000.00	 	598.30	 	21,538.80	 	75,000.00	 	4,487.25	 	161,541.00	 	0.00
	26	 	26, 27, 28	 	757635	 	PCC	 	Promontory Point	 	13,157.40	 	0.00	 	0.00	 	0.00	 	1,641.26	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	27	 	 	 	757647	 	PCC	 	One Industrial Way	 	18,612.01	 	3,604.50	 	1,802.26	 	0.00	 	1,434.45	 	0.00	 	0.00	 	7,172.25	 	172,134.00	 	0.00
	28	 	29	 	757612	 	PCC	 	Best Plaza	 	20,516.53	 	8,996.56	 	2,249.13	 	0.00	 	2,684.73	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	29	 	 	 	310929658	 	WFB	 	Amplify on Main	 	13,161.00	 	4,136.00	 	2,068.00	 	0.00	 	1,233.00	 	29,592.00	 	0.00	 	0.00	 	0.00	 	0.00
	30	 	 	 	610929595	 	WFB	 	Valley Ridge Apartments	 	20,067.00	 	0.00	 	0.00	 	0.00	 	5,000.00	 	180,000.00	 	0.00	 	0.00	 	0.00	 	0.00
	31	 	 	 	8606	 	CGMRC	 	CSS Pacific	 	7,121.68	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	32	 	30, 31	 	757614	 	PCC	 	Courtyard E Associates	 	9,808.35	 	0.00	 	0.00	 	0.00	 	792.65	 	0.00	 	178,015.75	 	1,745.00	 	63,000.00	 	0.00
	33	 	 	 	8732	 	CGMRC	 	9299 College Parkway	 	2,646.56	 	5,203.19	 	2,601.59	 	0.00	 	805.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	34	 	 	 	757623	 	PCC	 	Austin Bluffs Shopping Center	 	5,762.11	 	10,253.74	 	932.16	 	400,000.00	 	2,461.14	 	0.00	 	0.00	 	4,166.67	 	125,000.00	 	0.00
	35	 	32	 	410928722	 	WFB	 	Walgreens - Longmont	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	36	 	33	 	8741	 	CGMRC	 	LockTite Deer Park and Pasadena Self Storage	12,825.95		0.00		0.00		40,914.00		795.42		0.00		0.00		0.00		0.00		0.00
	36.01	 	 	 	8741-1	 	 	 	LockTite Deer Park Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	8741-2	 	 	 	LockTite Pasadena Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	WFB	 	Mini U Storage - Highlands Ranch	 	7,456.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	38	 	 	 	410929362	 	WFB	 	Security Self Storage - Orlando	 	3,674.00	 	0.00	 	0.00	 	0.00	 	621.00	 	20,097.00	 	0.00	 	0.00	 	0.00	 	0.00
	39	 	 	 	410929829	 	WFB	 	675 Mall Ring	 	1,292.00	 	2,848.00	 	407.00	 	0.00	 	214.33	 	7,715.88	 	0.00	 	1,036.92	 	100,000.00	 	0.00
	40	 	 	 	410928483	 	WFB	 	Allen Avenue Self Storage-Pasadena	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	41	 	 	 	410929917	 	WFB	 	US Bank - Pacific Palisades	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	42	 	34	 	410929419	 	WFB	 	Atwater Commons	 	4,327.00	 	862.00	 	862.00	 	0.00	 	316.00	 	11,372.00	 	0.00	 	2,132.00	 	127,940.00	 	0.00
	43	 	 	 	610929887	 	WFB	 	The Summit	 	4,410.00	 	4,576.00	 	572.00	 	19,836.00	 	551.00	 	19,836.00	 	40,000.00	 	1,753.00	 	40,000.00	 	0.00
	44	 	 	 	8631	 	CGMRC	 	SpaceSavers Saraland	 	2,058.33	 	3,281.25	 	1,640.63	 	0.00	 	421.92	 	10,126.00	 	0.00	 	0.00	 	0.00	 	0.00
	45	 	35	 	410929522	 	WFB	 	Village Center of Livonia	 	4,090.00	 	2,426.00	 	1,213.00	 	0.00	 	466.00	 	0.00	 	0.00	 	971.00	 	0.00	 	0.00


 



    	 



    	 



    




 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGCMT 2015-P1 Supplemental Servicer Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Grace	 	Grace
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	Ongoing Debt  	 	Upfront Deferred	 	Ongoing Deferred	 	Upfront	 	Ongoing	 	Upfront	 	Ongoing	 	Other Reserve	 	Period-	 	Period-
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Service Reserve ($)	 	 Maintenance Reserve ($)	 	 Maintenance Reserve ($)	 	Environmental Reserve ($)	 	Environmental Reserve ($)	 	 Other Reserve ($)	 	 Other Reserve ($)	 	Description	 	Default	 	Late Fee
	1	 	1, 2	 	9957	 	CGMRC	 	The Decoration & Design Building	 	0.00	 	165,850.00	 	0.00	 	0.00	 	0.00	 	318,750.00	 	106,250.00	 	Ground Lease Reserve	 	0	 	0
	2	 	3, 4	 	9922	 	CGMRC	 	Eden Roc	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0
	3	 	5	 	10040	 	CGMRC	 	Kaiser Center	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	5,706,695.00	 	0.00	 	Unfunded Obligations Reserve	 	0	 	0
	4	 	6, 7, 8	 	610930148	 	WFB	 	Hilton Nashville	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	Condominium Reserve - $19,959	 	0.00	 	Condominium / Springing Parking Rent Reserve	 	0	 	5
	5	 	 	 	757676	 	PCC	 	Piazza Carmel	 	0.00	 	14,625.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	5
	6	 	 	 	8268	 	CGMRC	 	Weston Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	394,811.83	 	0.00	 	Assessment Reserve ($226,173); Free Rent Reserve ($141,888.83); Unfunded Obligations Reserve ($26,750)	 	0	 	0
	6.01	 	 	 	8268-1	 	 	 	Weston Town Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.02	 	 	 	8268-3	 	 	 	2000 Main Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.03	 	 	 	8268-2	 	 	 	1760 Bell Tower Lane	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	9	 	757643	 	PCC	 	University Town Centre	 	0.00	 	25,750.00	 	0.00	 	0.00	 	0.00	 	554,390.00	 	0.00	 	Lane Bryant Construction	 	5	 	0
	8	 	10, 11	 	8625	 	CGMRC	 	Ascentia MHC Portfolio	 	0.00	 	775,342.50	 	0.00	 	0.00	 	0.00	 	3,000.00	 	0.00	 	Capped Well Work Reserve	 	0	 	0
	8.01	 	 	 	10478	 	 	 	Aloha Vegas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	10479	 	 	 	Buckingham Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.03	 	 	 	10480	 	 	 	Cedar Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.04	 	 	 	10481	 	 	 	Country Oaks	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.05	 	 	 	10482	 	 	 	Countryside Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.06	 	 	 	10483	 	 	 	Dream Island	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.07	 	 	 	10484	 	 	 	Eagle River	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.08	 	 	 	10485	 	 	 	Foxridge Farm	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.09	 	 	 	10486	 	 	 	Gaslight Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.10	 	 	 	10487	 	 	 	Golden Eagle	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.11	 	 	 	10488	 	 	 	Hillside	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.12	 	 	 	10489	 	 	 	Kingswood Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.13	 	 	 	10490	 	 	 	Lake Fork	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.14	 	 	 	10491	 	 	 	Mountain Springs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.15	 	 	 	10492	 	 	 	North Breeze	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.16	 	 	 	10493	 	 	 	Rancho Bridger	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.17	 	 	 	10494	 	 	 	River Valley	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.18	 	 	 	10495	 	 	 	Riviera de Sandia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.19	 	 	 	10496	 	 	 	Sheltered Valley	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.20	 	 	 	10497	 	 	 	Skyline Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.21	 	 	 	10498	 	 	 	Sugar Creek	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.22	 	 	 	10499	 	 	 	Trails End	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.23	 	 	 	10500	 	 	 	Valle Grande	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.24	 	 	 	10501	 	 	 	Valley Ridge	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.25	 	 	 	10502	 	 	 	Vals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.26	 	 	 	10503	 	 	 	W bar K	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.27	 	 	 	10504	 	 	 	West Park Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.28	 	 	 	10505	 	 	 	West Winds	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.29	 	 	 	10506	 	 	 	Western Hills	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.30	 	 	 	10507	 	 	 	Windgate	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.31	 	 	 	10508	 	 	 	Woodlawn Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.32	 	 	 	10509	 	 	 	Woodview	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	12, 13, 14	 	7941	 	CGMRC	 	US StorageMart Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0
	9.01	 	 	 	7941-1	 	 	 	50 Wallabout Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	 	 	250 Flanagan Way	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	 	 	6700 River Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	 	 	1015 North Halsted Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	 	 	7536 Wornall Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	 	 	640 Southwest 2nd Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	 	 	4920 Northwest 7th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	 	 	9925 Southwest 40th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	 	 	9220 West 135th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	 	 	980 4th Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	 	 	405 South Federal Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	 	 	11001 Excelsior Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	 	 	11325 Lee Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	 	 	2021 Griffin Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	 	 	400 West Olmos Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	 	 	14151 Wyandotte Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	 	 	5979 Butterfield Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	 	 	115 Park Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	 	 	3500 Southwest 160th Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	 	 	2445 Crain Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	 	 	100 West North Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	 	 	2727 Shermer Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	 	 	15201 Antioch Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	 	 	2450 Mandela Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	 	 	184-02 Jamaica Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	 	 	9012 Northwest Prairie View Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	 	 	16101 West 95th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	 	 	3100 North Mannheim	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	 	 	9580 Potranco Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	 	 	18025 Monterey Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	 	 	9N 004 Route 59	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	 	 	5115 Clayton Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	 	 	9702 West 67th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	 	 	794 Scenic Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	 	 	12430 Bandera Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	 	 	4000 South Providence Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	 	 	2743 San Pablo Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	 	 	819 North Eola Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	 	 	2506 West Worley Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	 	 	15601 FM 1325	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	 	 	10700 West 159th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	 	 	2403 Rangeline Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	 	 	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	 	 	7941-44	 	 	 	2277 Walters Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	 	 	1575 Thousand Oaks Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	 	 	7460 Frontage Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	 	 	6401 Third Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	 	 	2816 Eaton Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	 	 	3985 Atlanta Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	 	 	11510 North Main Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	 	 	750 Winchester Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	 	 	3401 Broadway Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	 	 	1720 Grand Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	 	 	1310 South Enterprise Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	 	 	2420 St Mary’s Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	 	 	3500 I-70 Drive Southeast	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	 	 	195 Southwest Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	 	 	8900 Northwest Prairie View Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	 	 	1601 Twilight Trail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	 	 	1515 Church Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	 	 	1891 North Columbia Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	 	 	1200 US #1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	 	 	251 Collins Industrial Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	 	 	2310 Paris Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	 	 	1820 West Business Loop 70	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	 	 	1723 East Florida	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	310930142	 	WFB	 	Charles Point Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	11	 	 	 	8716	 	CGMRC	 	Tanglewood Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0
	12	 	 	 	757657	 	PCC	 	Davis Ford Crossing	 	0.00	 	498,613.00	 	0.00	 	0.00	 	0.00	 	265,303.00	 	0.00	 	Krispy Kreme Rent Escrow ($210,000) Rikko’s Rent Escrow ($7,240) Phenix Rent Escrow ($48,063)	 	5	 	7
	13	 	15	 	757655	 	PCC	 	Le Meridien Dallas by the Galleria	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	90,212.00	 	PIP Reserve	 	5	 	0
	14	 	16	 	757638	 	PCC	 	Lewis Self Storage & Industrial	 	0.00	 	31,570.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	14.01	 	 	 	 	 	 	 	Boca Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	 	 	 	 	Deerfield Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	 	 	 	 	Lewis Industrial	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	17, 18	 	8472	 	CGMRC	 	Alderwood Mall	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	2 days grace, once per trailing 12-month period	 	0
	16	 	19	 	757649	 	PCC	 	Birch Street Promenade	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	17	 	20	 	757630	 	PCC	 	Courtyard by Marriott Fort Lauderdale	 	0.00	 	11,495.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	5
	18	 	21, 22, 23	 	757644	 	PCC	 	Ryders Crossing Shopping Center	 	0.00	 	45,625.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	19	 	 	 	757640	 	PCC	 	Monarch Crossing Apartments 	 	0.00	 	25,982.50	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	20	 	 	 	757621	 	PCC	 	Beltway Plaza II	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	21	 	 	 	310928527	 	WFB	 	4400 Florin Perkins Road	 	0.00	 	368,912.00	 	0.00	 	0.00	 	0.00	 	209,956.00	 	0.00	 	Existing TILC Reserve	 	0	 	5
	22	 	 	 	757619	 	PCC	 	Bethany Village Office	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	23	 	 	 	757636	 	PCC	 	240 N Ashland 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	24	 	24	 	757585	 	PCC	 	Mediterranean Inn	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	25	 	25	 	757637	 	PCC	 	Waterway Shoppes I	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	112,606.02	 	0.00	 	Cash Management Set Up Holdback	 	5	 	5
	26	 	26, 27, 28	 	757635	 	PCC	 	Promontory Point	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	52,878.65	 	0.00	 	Tangoe Rent Reserve ($2,878.65) Tangoe Security Deposit ($50,000)	 	5	 	4
	27	 	 	 	757647	 	PCC	 	One Industrial Way	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	28	 	29	 	757612	 	PCC	 	Best Plaza	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	18,700.00	 	0.00	 	Planet Fitness	 	5	 	0
	29	 	 	 	310929658	 	WFB	 	Amplify on Main	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	30	 	 	 	610929595	 	WFB	 	Valley Ridge Apartments	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	31	 	 	 	8606	 	CGMRC	 	CSS Pacific	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0
	32	 	30, 31	 	757614	 	PCC	 	Courtyard E Associates	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	504,000.00	 	0.00	 	Party City Rents	 	5	 	3
	33	 	 	 	8732	 	CGMRC	 	9299 College Parkway	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0
	34	 	 	 	757623	 	PCC	 	Austin Bluffs Shopping Center	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	5	 	0
	35	 	32	 	410928722	 	WFB	 	Walgreens - Longmont	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	36	 	33	 	8741	 	CGMRC	 	LockTite Deer Park and Pasadena Self Storage	0.00		0.00		0.00		0.00		0.00		250,000.00		0.00		Economic Holdback		0		0
	36.01	 	 	 	8741-1	 	 	 	LockTite Deer Park Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	8741-2	 	 	 	LockTite Pasadena Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	WFB	 	Mini U Storage - Highlands Ranch	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	38	 	 	 	410929362	 	WFB	 	Security Self Storage - Orlando	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	39	 	 	 	410929829	 	WFB	 	675 Mall Ring	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	40	 	 	 	410928483	 	WFB	 	Allen Avenue Self Storage-Pasadena	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	41	 	 	 	410929917	 	WFB	 	US Bank - Pacific Palisades	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	42	 	34	 	410929419	 	WFB	 	Atwater Commons	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	150,000.00	 	0.00	 	Hop Hog TILC Reserve 	 	0	 	5
	43	 	 	 	610929887	 	WFB	 	The Summit	 	0.00	 	15,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5
	44	 	 	 	8631	 	CGMRC	 	SpaceSavers Saraland	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0
	45	 	35	 	410929522	 	WFB	 	Village Center of Livonia	 	0.00	 	16,288.00	 	0.00	 	0.00	 	0.00	 	61,000.00	 	0.00	 	Premier Pet Supply Reserve	 	0	 	5


 



    	 



    	 



    




 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGCMT 2015-P1 Supplemental Servicer Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Monthly	 	Interest	 	 	 	 	 	 	 	 	 	Serviced Companion Loan	 	Serviced Companion Loan
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	Residual Value	 	Lease Enhancement	 	Environmental	 	O&M	 	Cash	 	 	 	Units, Pads,	 	Unit	 	Debt	 	Accrual	 	Administrative	 	Ground	 	 	 	Serviced Companion	 	Monthly Debt	 	Interest Accrual
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Insurance	 	Insurance	 	Insurance	 	Required	 	Management	 	Lockbox	 	Rooms, Sq Ft	 	Description	 	Service ($)	 	Method	 	Fee Rate (%)	 	Lease Y/N	 	Prepayment Provision	 	Loan Flag	 	Service ($)	 	Method
	1	 	1, 2	 	9957	 	CGMRC	 	The Decoration & Design Building	 	No	 	No	 	No	 	ACM	 	Springing	 	Hard	 	588,512	 	sf	 	483,779	 	Actual/360	 	0.01033%	 	Yes	 	Lockout/24_Defeasance/101_0%/4	 	Yes	 	314,456.12	 	Actual/360
	2	 	3, 4	 	9922	 	CGMRC	 	Eden Roc	 	No	 	No	 	No	 	ACM	 	Springing	 	Hard	 	631	 	Rooms	 	348,355	 	Actual/360	 	0.01043%	 	No	 	Lockout/25_Defeasance or >YM or 1%/91_0%/4	 	 	 	 	 	 
	3	 	5	 	10040	 	CGMRC	 	Kaiser Center	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	811,005	 	sf	 	450,153	 	Actual/360	 	0.01033%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	Yes	 	250,085.19	 	Actual/360
	4	 	6, 7, 8	 	610930148	 	WFB	 	Hilton Nashville	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	330	 	Rooms	 	385,380	 	Actual/360	 	0.02033%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	Yes	 	256,920.16	 	Actual/360
	5	 	 	 	757676	 	PCC	 	Piazza Carmel	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	144,576	 	sf	 	236,304	 	Actual/360	 	0.01783%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	6	 	 	 	8268	 	CGMRC	 	Weston Portfolio	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	188,688	 	sf	 	302,587	 	Actual/360	 	0.03783%	 	No	 	Lockout/25_Defeasance or >YM or 1%/92_0%/3	 	 	 	 	 	 
	6.01	 	 	 	8268-1	 	 	 	Weston Town Center	 	No	 	No	 	No	 	NAP	 	 	 	 	 	158,287	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	6.02	 	 	 	8268-3	 	 	 	2000 Main Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	19,945	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	6.03	 	 	 	8268-2	 	 	 	1760 Bell Tower Lane	 	No	 	No	 	No	 	NAP	 	 	 	 	 	10,456	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	7	 	9	 	757643	 	PCC	 	University Town Centre	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	391,864	 	sf	 	281,954	 	Actual/360	 	0.04783%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	8	 	10, 11	 	8625	 	CGMRC	 	Ascentia MHC Portfolio	 	No	 	No	 	No	 	Various	 	Springing	 	Springing	 	4,965	 	Pads	 	226,007	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	8.01	 	 	 	10478	 	 	 	Aloha Vegas	 	No	 	No	 	No	 	NAP	 	 	 	 	 	213	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.02	 	 	 	10479	 	 	 	Buckingham Village	 	No	 	No	 	No	 	NAP	 	 	 	 	 	127	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.03	 	 	 	10480	 	 	 	Cedar Village	 	No	 	No	 	No	 	NAP	 	 	 	 	 	43	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.04	 	 	 	10481	 	 	 	Country Oaks	 	No	 	No	 	No	 	ACM	 	 	 	 	 	131	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.05	 	 	 	10482	 	 	 	Countryside Estates	 	No	 	No	 	No	 	NAP	 	 	 	 	 	164	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.06	 	 	 	10483	 	 	 	Dream Island	 	No	 	No	 	No	 	NAP	 	 	 	 	 	86	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.07	 	 	 	10484	 	 	 	Eagle River	 	No	 	No	 	No	 	ACM	 	 	 	 	 	381	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.08	 	 	 	10485	 	 	 	Foxridge Farm	 	No	 	No	 	No	 	ACM	 	 	 	 	 	481	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.09	 	 	 	10486	 	 	 	Gaslight Village	 	No	 	No	 	No	 	NAP	 	 	 	 	 	437	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.10	 	 	 	10487	 	 	 	Golden Eagle	 	No	 	No	 	No	 	NAP	 	 	 	 	 	51	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.11	 	 	 	10488	 	 	 	Hillside	 	No	 	No	 	No	 	NAP	 	 	 	 	 	23	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.12	 	 	 	10489	 	 	 	Kingswood Estates	 	No	 	No	 	No	 	NAP	 	 	 	 	 	213	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.13	 	 	 	10490	 	 	 	Lake Fork	 	No	 	No	 	No	 	NAP	 	 	 	 	 	151	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.14	 	 	 	10491	 	 	 	Mountain Springs	 	No	 	No	 	No	 	NAP	 	 	 	 	 	40	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.15	 	 	 	10492	 	 	 	North Breeze	 	No	 	No	 	No	 	ACM	 	 	 	 	 	36	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.16	 	 	 	10493	 	 	 	Rancho Bridger	 	No	 	No	 	No	 	NAP	 	 	 	 	 	75	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.17	 	 	 	10494	 	 	 	River Valley	 	No	 	No	 	No	 	NAP	 	 	 	 	 	210	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.18	 	 	 	10495	 	 	 	Riviera de Sandia	 	No	 	No	 	No	 	ACM	 	 	 	 	 	80	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.19	 	 	 	10496	 	 	 	Sheltered Valley	 	No	 	No	 	No	 	NAP	 	 	 	 	 	55	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.20	 	 	 	10497	 	 	 	Skyline Village	 	No	 	No	 	No	 	NAP	 	 	 	 	 	304	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.21	 	 	 	10498	 	 	 	Sugar Creek	 	No	 	No	 	No	 	NAP	 	 	 	 	 	33	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.22	 	 	 	10499	 	 	 	Trails End	 	No	 	No	 	No	 	NAP	 	 	 	 	 	62	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.23	 	 	 	10500	 	 	 	Valle Grande	 	No	 	No	 	No	 	NAP	 	 	 	 	 	71	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.24	 	 	 	10501	 	 	 	Valley Ridge	 	No	 	No	 	No	 	NAP	 	 	 	 	 	308	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.25	 	 	 	10502	 	 	 	Vals	 	No	 	No	 	No	 	ACM	 	 	 	 	 	90	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.26	 	 	 	10503	 	 	 	W bar K	 	No	 	No	 	No	 	NAP	 	 	 	 	 	51	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.27	 	 	 	10504	 	 	 	West Park Plaza	 	No	 	No	 	No	 	NAP	 	 	 	 	 	227	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.28	 	 	 	10505	 	 	 	West Winds	 	No	 	No	 	No	 	ACM	 	 	 	 	 	295	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.29	 	 	 	10506	 	 	 	Western Hills	 	No	 	No	 	No	 	NAP	 	 	 	 	 	143	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.30	 	 	 	10507	 	 	 	Windgate	 	No	 	No	 	No	 	NAP	 	 	 	 	 	55	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.31	 	 	 	10508	 	 	 	Woodlawn Estates	 	No	 	No	 	No	 	NAP	 	 	 	 	 	258	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.32	 	 	 	10509	 	 	 	Woodview	 	No	 	No	 	No	 	NAP	 	 	 	 	 	71	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9	 	12, 13, 14	 	7941	 	CGMRC	 	US StorageMart Portfolio	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	4,519,664	 	sf	 	140,209	 	Actual/360	 	0.01283%	 	Various	 	Lockout/28_Defeasance/28_0%/4	 	 	 	 	 	 
	9.01	 	 	 	7941-1	 	 	 	50 Wallabout Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	87,513	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	 	 	250 Flanagan Way	 	No	 	No	 	No	 	NAP	 	 	 	 	 	94,971	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	 	 	6700 River Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	82,023	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	 	 	1015 North Halsted Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	99,615	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	 	 	7536 Wornall Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	86,390	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	 	 	640 Southwest 2nd Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	45,922	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	 	 	4920 Northwest 7th Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	81,195	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	 	 	9925 Southwest 40th Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	92,015	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	 	 	9220 West 135th Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	98,800	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	 	 	980 4th Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	39,949	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	 	 	405 South Federal Highway	 	No	 	No	 	No	 	NAP	 	 	 	 	 	111,125	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	 	 	11001 Excelsior Boulevard	 	No	 	No	 	No	 	NAP	 	 	 	 	 	162,995	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	 	 	11325 Lee Highway	 	No	 	No	 	No	 	NAP	 	 	 	 	 	44,418	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	 	 	2021 Griffin Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	99,519	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	 	 	400 West Olmos Drive	 	No	 	No	 	No	 	NAP	 	 	 	 	 	71,225	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	 	 	14151 Wyandotte Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	87,028	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	 	 	5979 Butterfield Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	107,220	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	 	 	115 Park Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	80,923	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	 	 	3500 Southwest 160th Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	84,248	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	 	 	2445 Crain Highway	 	No	 	No	 	No	 	NAP	 	 	 	 	 	65,246	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	 	 	100 West North Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	81,166	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	 	 	2727 Shermer Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	89,302	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	 	 	15201 Antioch Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	88,650	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	 	 	2450 Mandela Parkway	 	No	 	No	 	No	 	NAP	 	 	 	 	 	47,361	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	 	 	184-02 Jamaica Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	41,072	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	 	 	9012 Northwest Prairie View Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	91,535	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	 	 	16101 West 95th Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	81,710	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	 	 	3100 North Mannheim	 	No	 	No	 	No	 	NAP	 	 	 	 	 	90,571	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	 	 	9580 Potranco Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	69,778	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	 	 	18025 Monterey Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	48,564	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	 	 	9N 004 Route 59	 	No	 	No	 	No	 	NAP	 	 	 	 	 	92,350	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	 	 	5115 Clayton Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	48,120	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	 	 	9702 West 67th Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	75,220	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	 	 	794 Scenic Highway	 	No	 	No	 	No	 	NAP	 	 	 	 	 	75,320	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	 	 	12430 Bandera Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	69,275	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	 	 	4000 South Providence Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	70,949	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	 	 	2743 San Pablo Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	51,764	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	 	 	819 North Eola Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	69,450	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	 	 	2506 West Worley Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	77,100	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	 	 	15601 FM 1325	 	No	 	No	 	No	 	NAP	 	 	 	 	 	74,975	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	 	 	10700 West 159th Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	53,758	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	 	 	2403 Rangeline Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	141,775	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	 	 	6714 South Cottage Grove Avenue and 6932 South South Chicago Avenue	 	No	 	No	 	No	 	NAP	 	 	 	 	 	53,175	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 
	9.44	 	 	 	7941-44	 	 	 	2277 Walters Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	57,475	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	 	 	1575 Thousand Oaks Drive	 	No	 	No	 	No	 	NAP	 	 	 	 	 	59,650	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	 	 	7460 Frontage Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	66,115	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	 	 	6401 Third Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	29,550	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	 	 	2816 Eaton Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	61,995	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	 	 	3985 Atlanta Highway	 	No	 	No	 	No	 	NAP	 	 	 	 	 	64,085	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	 	 	11510 North Main Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	76,085	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	 	 	750 Winchester Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	55,000	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	 	 	3401 Broadway Boulevard	 	No	 	No	 	No	 	NAP	 	 	 	 	 	41,608	 	sf	 	 	 	 	 	 	 	Yes	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	 	 	1720 Grand Boulevard	 	No	 	No	 	No	 	NAP	 	 	 	 	 	46,307	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	 	 	1310 South Enterprise Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	63,325	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	 	 	2420 St Mary’s Boulevard	 	No	 	No	 	No	 	NAP	 	 	 	 	 	58,075	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	 	 	3500 I-70 Drive Southeast	 	No	 	No	 	No	 	NAP	 	 	 	 	 	42,483	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	 	 	195 Southwest Boulevard	 	No	 	No	 	No	 	NAP	 	 	 	 	 	28,510	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	 	 	8900 Northwest Prairie View Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	43,765	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	 	 	1601 Twilight Trail	 	No	 	No	 	No	 	NAP	 	 	 	 	 	54,250	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	 	 	1515 Church Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	63,280	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	 	 	1891 North Columbia Street	 	No	 	No	 	No	 	NAP	 	 	 	 	 	50,900	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	 	 	1200 US #1	 	No	 	No	 	No	 	NAP	 	 	 	 	 	15,389	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	 	 	251 Collins Industrial Boulevard	 	No	 	No	 	No	 	NAP	 	 	 	 	 	45,150	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	 	 	2310 Paris Road	 	No	 	No	 	No	 	NAP	 	 	 	 	 	36,854	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	 	 	1820 West Business Loop 70	 	No	 	No	 	No	 	NAP	 	 	 	 	 	21,700	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	 	 	1723 East Florida	 	No	 	No	 	No	 	NAP	 	 	 	 	 	32,834	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	10	 	 	 	310930142	 	WFB	 	Charles Point Apartments	 	No	 	No	 	No	 	NAP	 	Springing	 	Soft	 	399	 	Units	 	179,655	 	Actual/360	 	0.01033%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	11	 	 	 	8716	 	CGMRC	 	Tanglewood Apartments	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	216	 	Beds	 	177,221	 	Actual/360	 	0.03783%	 	No	 	Lockout/25_Defeasance/92_0%/3	 	 	 	 	 	 
	12	 	 	 	757657	 	PCC	 	Davis Ford Crossing	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	155,061	 	sf	 	167,813	 	Actual/360	 	0.02783%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	13	 	15	 	757655	 	PCC	 	Le Meridien Dallas by the Galleria	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	258	 	Rooms	 	156,704	 	Actual/360	 	0.01783%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	14	 	16	 	757638	 	PCC	 	Lewis Self Storage & Industrial	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	398,396	 	sf	 	152,512	 	Actual/360	 	0.01783%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	14.01	 	 	 	 	 	 	 	Boca Self Storage	 	 	 	 	 	No	 	 	 	 	 	 	 	138,439	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	14.02	 	 	 	 	 	 	 	Deerfield Self Storage	 	 	 	 	 	No	 	 	 	 	 	 	 	149,747	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	14.03	 	 	 	 	 	 	 	Lewis Industrial	 	 	 	 	 	No	 	 	 	 	 	 	 	110,210	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	15	 	17, 18	 	8472	 	CGMRC	 	Alderwood Mall	 	No	 	No	 	No	 	NAP	 	Springing	 	Hard	 	575,704	 	sf	 	130,829	 	Actual/360	 	0.01283%	 	No	 	Lockout/26_Defeasance/87_0%/7	 	 	 	 	 	 
	16	 	19	 	757649	 	PCC	 	Birch Street Promenade	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	62,193	 	sf	 	123,099	 	Actual/360	 	0.01783%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	17	 	20	 	757630	 	PCC	 	Courtyard by Marriott Fort Lauderdale	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	174	 	Rooms	 	115,447	 	Actual/360	 	0.01783%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	18	 	21, 22, 23	 	757644	 	PCC	 	Ryders Crossing Shopping Center	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	160,927	 	sf	 	99,270	 	Actual/360	 	0.03783%	 	Yes	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	19	 	 	 	757640	 	PCC	 	Monarch Crossing Apartments 	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	232	 	Units	 	97,497	 	Actual/360	 	0.04783%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	20	 	 	 	757621	 	PCC	 	Beltway Plaza II	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	85,845	 	sf	 	90,252	 	Actual/360	 	0.01783%	 	No	 	Lockout/27_Defeasance/89_0%/4	 	 	 	 	 	 
	21	 	 	 	310928527	 	WFB	 	4400 Florin Perkins Road	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	461,608	 	sf	 	77,390	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	22	 	 	 	757619	 	PCC	 	Bethany Village Office	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	81,251	 	sf	 	65,350	 	Actual/360	 	0.01783%	 	No	 	Lockout/27_Defeasance/89_0%/4	 	 	 	 	 	 
	23	 	 	 	757636	 	PCC	 	240 N Ashland 	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	79,420	 	sf	 	62,374	 	Actual/360	 	0.04783%	 	No	 	Lockout/25_Defeasance/88_0%/7	 	 	 	 	 	 
	24	 	24	 	757585	 	PCC	 	Mediterranean Inn	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	180	 	Rooms	 	50,440	 	Actual/360	 	0.04783%	 	No	 	Lockout/28_Defeasance/88_0%/4	 	 	 	 	 	 
	25	 	25	 	757637	 	PCC	 	Waterway Shoppes I	 	No	 	No	 	Yes	 	NAP	 	Springing	 	Soft	 	35,898	 	sf	 	51,223	 	Actual/360	 	0.01783%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	26	 	26, 27, 28	 	757635	 	PCC	 	Promontory Point	 	No	 	No	 	No	 	NAP	 	None	 	None	 	93,786	 	sf	 	52,995	 	Actual/360	 	0.01783%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	27	 	 	 	757647	 	PCC	 	One Industrial Way	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	114,756	 	sf	 	50,787	 	Actual/360	 	0.01783%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	28	 	29	 	757612	 	PCC	 	Best Plaza	 	No	 	No	 	Yes	 	ACM	 	Springing	 	Springing	 	94,755	 	sf	 	47,454	 	Actual/360	 	0.01783%	 	No	 	Lockout/0_>YM or 1%/56_0%/4	 	 	 	 	 	 
	29	 	 	 	310929658	 	WFB	 	Amplify on Main	 	No	 	No	 	No	 	NAP	 	None	 	None	 	74	 	Units	 	50,186	 	Actual/360	 	0.01033%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	30	 	 	 	610929595	 	WFB	 	Valley Ridge Apartments	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	240	 	Units	 	45,815	 	Actual/360	 	0.04033%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	31	 	 	 	8606	 	CGMRC	 	CSS Pacific	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	71,776	 	sf	 	32,698	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	32	 	30, 31	 	757614	 	PCC	 	Courtyard E Associates	 	No	 	No	 	No	 	NAP	 	Springing	 	Soft	 	38,047	 	sf	 	47,220	 	Actual/360	 	0.01783%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	33	 	 	 	8732	 	CGMRC	 	9299 College Parkway	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	38,639	 	sf	 	31,973	 	Actual/360	 	0.04033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	34	 	 	 	757623	 	PCC	 	Austin Bluffs Shopping Center	 	No	 	No	 	Yes	 	ACM	 	Springing	 	Springing	 	50,057	 	sf	 	32,221	 	Actual/360	 	0.04783%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	35	 	32	 	410928722	 	WFB	 	Walgreens - Longmont	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	14,810	 	sf	 	19,599	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	36	 	33	 	8741	 	CGMRC	 	LockTite Deer Park and Pasadena Self Storage	No		No		No		NAP		Springing		Springing		90,920		sf		19,449		Actual/360		0.01033%		No		Lockout/25_Defeasance/88_0%/7		 	 	 	 	 
	36.01	 	 	 	8741-1	 	 	 	LockTite Deer Park Self Storage	 	No	 	No	 	No	 	NAP	 	 	 	 	 	61,120	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	36.02	 	 	 	8741-2	 	 	 	LockTite Pasadena Self Storage	 	No	 	No	 	No	 	NAP	 	 	 	 	 	29,800	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	37	 	 	 	310929478	 	WFB	 	Mini U Storage - Highlands Ranch	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	50,440	 	sf	 	18,857	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	38	 	 	 	410929362	 	WFB	 	Security Self Storage - Orlando	 	No	 	No	 	No	 	NAP	 	None	 	None	 	67,794	 	sf	 	19,222	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	39	 	 	 	410929829	 	WFB	 	675 Mall Ring	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	7,564	 	sf	 	16,585	 	Actual/360	 	0.01033%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	40	 	 	 	410928483	 	WFB	 	Allen Avenue Self Storage-Pasadena	 	No	 	No	 	No	 	ACM	 	None	 	None	 	69,050	 	sf	 	9,424	 	Actual/360	 	0.01033%	 	No	 	Lockout/25_Defeasance/88_0%/7	 	 	 	 	 	 
	41	 	 	 	410929917	 	WFB	 	US Bank - Pacific Palisades	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	3,845	 	sf	 	12,951	 	Actual/360	 	0.01033%	 	No	 	Lockout/24_Defeasance/56_0%/4	 	 	 	 	 	 
	42	 	34	 	410929419	 	WFB	 	Atwater Commons	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	18,954	 	sf	 	13,192	 	Actual/360	 	0.01033%	 	No	 	Lockout/26_Defeasance/87_0%/7	 	 	 	 	 	 
	43	 	 	 	610929887	 	WFB	 	The Summit	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	36,730	 	sf	 	11,950	 	Actual/360	 	0.05033%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	44	 	 	 	8631	 	CGMRC	 	SpaceSavers Saraland	 	No	 	No	 	No	 	NAP	 	Springing	 	Springing	 	50,625	 	sf	 	11,887	 	Actual/360	 	0.08783%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	45	 	35	 	410929522	 	WFB	 	Village Center of Livonia	 	No	 	No	 	No	 	ACM	 	Springing	 	Springing	 	23,312	 	sf	 	7,423	 	Actual/360	 	0.01033%	 	No	 	Lockout/24_Defeasance/89_0%/7	 	 	 	 	 	 


 



    	 



    	 



    




 


	DS Partial I/O:	 	The monthly debt service shown for Mortgage Loans with a partial interest-only period reflects the amount payable after the expiration of the interest-only period. 
	Admin Fee Rate:	 	The Administrative Fee Rate includes the Servicing Fee Rate, the
    Operating Advisor Fee Rate, the Trustee/Certificate Administrator Fee Rate and the CREFC® Intellectual Property
    Royalty License Fee Rate applicable to each Mortgage Loan.
	Open Period:	 	The open period is inclusive of the Maturity Date.
	(1)	 	The Cut-off Date Balance of $100,000,000 represents the note A-1 of a $165,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $65,000,000 as of the Cut-off Date and is expected to be contributed to one or more future securitizations. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $165,000,000.
	(2)	 	The lockout period will be at least 24 payment dates beginning with and including the first payment date of September 6, 2015. For the purposes of this free writing prospectus, the assumed lockout period of 24 payment dates is based on the expected CGCMT 2015-P1 securitization closing date in August 2015. The actual lockout period may be longer.
	(3)	 	The Cut-off Date Balance of $95,000,000 represents the note A-3 and note A-4 of a $190,000,000 loan combination evidenced by four pari passu notes. The companion loan has a principal balance of $95,000,000 as of the Cut-off Date and is expected to be contributed the COMM 2015-CCRE24 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $190,000,000.
	(4)	 	The Ongoing Replacement Reserve will be an FF&E equal to the greater of (i) one-twelfth of 3% of gross income from operations for the preceding calendar year, (ii) one-twelfth of 3% of gross income from operations for the succeeding calendar year in the budget, or (iii) the amount of FF&E required under the management agreement. 
	(5)	 	The Cut-off Date Balance of $90,000,000 represents the note A-1 of a $140,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $50,000,000 as of the Cut-off Date and is expected to be contributed to the GSMS 2015-GC32 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $140,000,000.
	(6)	 	The Cut-off Date Balance of $75,000,000 represents the note A-1 of a $125,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $50,000,000 as of the Cut-off Date and is expected to be contributed to a future securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $125,000,000.
	(7)	 	The lockout period will be at least 24 payment dates beginning with and including the first payment date of September 11, 2015. For the purposes of this free writing prospectus, the assumed lockout period of 24 payment dates is based on the expected CGCMT 2015-P1 securitization closing date in August 2015. The actual lockout period may be longer.
	(8)	 	The Monthly Replacement Reserve will be adjusted to an amount equal the greater of: (i) the then-existing Monthly Replacement Reserve; (ii) 1/12th of 4% of total revenue for the prior fiscal year; and (iii) the amount required under the franchise agreement.
	(9)	 	Upon the occurrence of a Giant Eagle Trigger Event, and continuing until a Giant Eagle Cure Event, a monthly amount equal to all Excess Cash Flow (as such term is defined in the Cash Management Agreement) shall be deposited into the Giant Eagle Escrow.  $1,307,000 Cap amount
	(10)	 	The Cut-off Date Balance of $44,945,461 represents the note A-2 of a $145,000,000 loan combination evidenced by two pari passu notes. The companion loan has a principal balance of $99,878,803 as of the Cut-off Date and is expected to be contributed to the GSMS 2015-GC32 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten NOI, Debt Yield on Underwritten NCF and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $144,824,264.
	(11)	 	The Appraised Value is the “as-is” bulk portfolio value.  The combined “as-is” individual appraised values are $212,530,000.  The Cut-off Date LTV Ratio and Maturity Date LTV Ratio are based on the “as-is” bulk portfolio value of $228,370,000.  The Cut-off Date LTV Ratio and Maturity Date LTV Ratio based on the combined “as-is” individual appraised value of $212,530,000 are 68.1% and 55.0% respectively.
	(12)	 	The Cut-off Date Balance of $43,694,500 represents the note A-1E of a $412,500,000 loan combination evidenced by six senior pari passu notes and two junior pari passu notes. The pari passu senior companion loans are evidenced by (i) (a) Note A-1A, Note A-1B and Note A-1C, which had an aggregate outstanding principal balance as of the Cut-off Date of $89,000,000 and contributed to the CGBAM 2015-SMRT transaction, (b) Note A-1D, which has an aggregate outstanding principal balance as of the Cut-off Date of $25,000,000 and is expected to be contributed to the GSMS 2015-GC32 securitization transaction and (c) Note A-1F which had an outstanding principal balance as of the Cut-off Date of $31,231,500 and was contributed to the MSBAM 2015-C23 transaction. The two pari passu junior notes (Note A-2A and Note A-2B) have an aggregate outstanding principal balance as of the Cut-off Date of $223,574,000 and were contributed to the CGBAM 2015-SMRT transaction. Unless otherwise indicated, all LTV Ratio, DSCR, Debt Yield and Cut-off Date Balance per SF/Unit calculations are calculated based upon the six senior pari passu notes only.
	(13)	 	The Appraised Value is the “as-is” bulk portfolio value.  The combined “as-is” individual appraised values are $598,440,000.  The Cut-off Date LTV Ratio and Maturity Date LTV Ratio are based on the “as-is” bulk portfolio value.  The Cut-off Date LTV Ratio and Maturity Date LTV Ratio based on the combined “as-is” individual appraised value of $598,440,000 are both 31.6%.
	(14)	 	Occupancy is presented as a weighted average of the Occupancy of the individual properties, weighted by the Allocated Cut-off Date Loan Amount.
	(15)	 	The Monthly Replacement Reserve will be adjusted based on Borrower’s Annual Budget for the mortgaged property and will be the greater of: (a) the annual amount required for FF&E Replacements pursuant to the terms of the Franchise Agreement currently in existence or generated during the term of the loan; or (b) four percent of the estimated Total Gross Revenues pursuant to Borrower’s Annual Budget.
	(16)	 	The total sf includes 288,186 sf of self storage space (2,336 units) and 110,210 sf of industrial space.
	(17)	 	The Cut-off Date Balance of $24,382,577 represents the note A-1-4-2 of a $355,000,000 loan combination evidenced by five senior pari passu notes and two junior pari passu notes. The pari passu senior companion loans are evidenced by (i) (a) Note A-1-1 and Note A-1-2, which have an aggregate principal balance of $127,187,485 as of the Cut-off Date and were contributed to the MSCCG 2015-ALDR transaction, (b) Note A-1-3, which has a principal balance of $50,158,445 as of the Cut-off Date and was contributed to the MSC 2015-MS1 securitization transaction and (c) Note A-1-4-1 which had a principal balance of $24,382,577 as of the Cut-off Date and is expected to be contributed to the GSMS 2015-GC32 securitization transaction. The two pari passu junior notes (Note A-2-1 and Note A-2-2) have an aggregate principal balance of $127,800,000 as of the Cut-off Date and were contributed to the MSCCG 2015-ALDR transaction. Unless otherwise indicated, all LTV Ratio, DSCR, Debt Yield and Cut-off Date Balance per SF/Unit calculations are calculated based upon the five senior pari passu notes only.
	(18)	 	The mortgage loan amortizes based on a non-standard amortization schedule and the Underwritten NCF DSCR is calculated based on the Average Debt Service of the five senior notes totaling $227,200,000 for the 12-month period starting September 1, 2015. See Annex G in the Free Writing Prospectus for the related amortization schedule.
	(19)	 	The total sf includes 22,135 sf of apartment space (30 units) and 40,058 sf of retail shop space.
	(20)	 	Borrower to deposit with Manager an amount equal to 1/12 of the greater of: (a) the annual amount required for FF&E replacements pursuant to the terms of the Management Agreement (and/or as addressed in the Management Agreement and/or other agreement) currently in existence or generated during the term of the loan; or (b) five percent of the estimated Total Gross Revenues pursuant to Borrower’s current fiscal year budget for the Premises approved by Lender.
	(21)	 	Upon the occurrence of a Cash Sweep Trigger Event related to American Stores Properties, Inc. (ACME), Lender shall require Borrower and any Manager to deposit all Rents from the Premises directly into the Clearing Account.  After payment of the Monthly Payment, the remaining deposits shall be held to cover the cost of TI/LC’s for ACME Space.  So long as no Event of Default has occurred and is continuing under any of the Loan Documents, such deposits shall be suspended upon the earlier to occur of : (a) the monthly deposits made by Borrower accumulating such that Lender holds an amount pursuant to said deposits equal to or exceeding $825,000; or (b) Borrower has renewed the ACME Lease or released the ACME Space and Satisfied disbursement requirements
	(22)	 	Dollar Tree (3rd largest tenant, 9,744 sf) is anticipated to be in occupancy and open for business by November 2015, with rent commencement by the end of Q4 2015.  If the space is not delivered within 10 days of 12/1/2015, Tenant can terminate (if tenant doesn’t terminate, they can charge the borrower $1,000/day).  At closing, Lender is holding $467,262 for Dollar Tree’s annual rent, reimbursements and outstanding TI/LC costs.
	(23)	 	American Stores Properties, Inc., the largest tenant (55,000 sf), leases the collateral pad site.  The improvements built on the pad site are owned by the tenant. In the event the tenant does not renew its lease, the ownership of the improvements will revert to the borrower.
	(24)	 	Upon a Cash Sweep Trigger Event the Monthly Replacement Reserve will be equal to the greater of 1/12 of: the annual amount required for FF&E Replacements pursuant to the terms of the Management Agreement currently in existence or generated during the term of the Loan; or four percent of the estimated Total Gross Revenues pursuant to Borrower’s current fiscal year budget for the Premises approved by Lender.
	(25)	 	Baru (Largest tenant, 6,000 sf) was not in occupancy as of loan closing.  Baru’s rent was scheduled to commence on 6/15/2015; however, they have free rent until 9/15/2015 at which time they are scheduled to begin paying $177,000 on an annual basis.  Lender is holding $75,000 at closing until Baru’s free rent period expires on 9/15/2015.
	(26)	 	On or before November 1, 2018, Borrower shall deposit with Lender Six Hundred Thousand and 00/100 Dollars ($600,000) to cover the cost of Tenant Improvements and Leasing Commissions for the space currently occupied by Tangoe, unless Lender shall have received a fully executed lease extension from Tangoe (or replacement tenant) by such date.  If Borrower does not deposit said funds by November 1, 2018, then this shall be considered a Cash Sweep Trigger Event, and Servicer shall deposit all available funds from the Premises into the Cash Management Account to be applied Tenant Improvements and Leasing Commissions escrow; In lieu of a cash deposit for Tenant Improvements and Leasing Commissions above, Borrower shall have the option to deposit with Lender by October 1, 2018, a $600,000 Letter of Credit in form and substance acceptable to Lender and issued by a United States Bank acceptable to Lender.



On or before November 1, 2020, Borrower shall deposit with Lender Six Hundred Thousand and 00/100 Dollars ($600,000) to cover the cost of Tenant Improvements and Leasing Commissions for the space currently occupied by Hostgator, unless Lender shall have received a fully executed lease extension from Hostgator (or replacement tenant) by such date.  If Borrower does not deposit said funds by November 1, 2020, then this shall be considered a Cash Sweep Trigger Event, and Servicer shall deposit all available funds from the Premises into the Tenant Improvements and Leasing Commissions escrow; In lieu of a cash deposit for Tenant Improvements and Leasing Commissions above, Borrower shall have the option to deposit with Lender by October 1, 2020, a $600,000 Letter of Credit in form and substance acceptable to Lender and issued by a United States Bank acceptable to Lender.
	(27)	 	The Borrower shall immediately notify and advise each tenant of the Premises (collectively, the “Tenants”) under each Lease(s) to send directly to the Servicer all payments of Rent payable to the Borrower under such Lease(s)  pursuant to an instruction letter in the form previously provided by the Lender (a “Tenant Direction Letter”) 
	(28)	 	The Borrower has assigned to Lender all of Borrower’s rights to receive proceeds of a Tenant Letter of Credit in the amount of $250,000 from Hostgator.com as additional security for the Loan
	(29)	 	The Fourth Largest Tenant, Anna’s Linens, Inc. has filed for Chapter 11 Bankruptcy on June 14, 2015.  Rent was current through July 2015.
	(30)	 	Upon the occurrence of a Party City Trigger Event, the cash flow sweep from the Collection Account shall be deposited into an escrow to be used for the reimbursement of tenant improvements and leasing commissions associated with the space currently occupied by Party City (the “Party City Escrow”).  At such time as the deposits have accumulated to $10.00 psf ($183,470) of the Party City space (the “Party City Sweep Cap”), the sweep shall be temporarily suspended, assuming no other Trigger Event is in existence.  In the event the DSCR is below 1.10x, Borrower may utilize up to $5 psf of the Party City Escrow for debt service shortfall.
	(31)	 	Party City Corporation (largest tenant, 18,347 sf) has accepted their space and is anticipated to commence payment of rent in the annual amount of $252,000 in July 2015.  Lender is holding back 24 months of rent plus outstanding tenant improvement obligations until Party City is in occupancy, open for business and paying rent.
	(32)	 	The sole tenant (14,810 square feet), representing 100% of net rentable square feet, may terminate its lease on July 31, 2030 and every five years thereafter, upon providing six months’ written notice. 
	(33)	 	The Cut-off Date LTV Ratio is calculated net of the $250,000 economic holdback reserve.  The Cut-off Date LTV Ratio calculated based upon the fully funded Mortgage Loan amount of $3,750,000 and “as-is” Appraised Value of $5,700,000 is 65.8%.
	(34)	 	The second largest tenant (4,738 square feet), representing 25.0% of net rentable square feet, has executed a lease but is not in occupancy or paying rent.  The second largest tenant is anticipated to begin paying rent in October 2015.  There is a $150,000 reserve representing outstanding tenant improvements related to the second largest tenant.
	(35)	 	The largest tenant (10,880 square feet), representing 46.7% of net rentable square feet, has executed a lease but is not in occupancy or paying rent.  The tenant is anticipated to be in occupancy by July 2016.  There is a $61,000 reserve representing outstanding tenant improvements and leasing commissions related to the largest tenant.


 



    	 



    	 



    




 






 




EXHIBIT Q 


 


[RESERVED]


 


    	Q-1



    	 



    

 




EXHIBIT R


 


FORM OF OPERATING ADVISOR ANNUAL REPORT1


  


Report Date: Report will be delivered annually (after
the occurrence and during the continuance of a Control Termination Event) no later than [INSERT DATE]. 


Transaction: Citigroup Commercial Mortgage Securities
Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-P1 


Operating Advisor: [                    ]


Special Servicer: [                    ]


Directing Holder: [                    ]


  


I.                   Population
of Mortgage Loans that Were Considered in Compiling This Report


 


[  ] Specially
Serviced Loans were transferred to special servicing in the prior calendar year [INSERT YEAR].


 


(a)     [  ]
of those Specially Serviced Loans are still being analyzed by the Special Servicer as part of the development of an Asset Status
Report.


 


(b)     [  ]
of such Specially Serviced Loans had executed Final Asset Status Reports. This report is based only on the Specially Serviced Loans
in respect of which a Final Asset Status Report has been issued. The Final Asset Status Reports may not yet be fully implemented.


 


II.                 Executive
Summary


 


Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association,
as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank
Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator,
as well as the items listed below, the Operating Advisor has undertaken a limited review of the Special Servicer’s operational
activities to service certain Specially Serviced Loans in accordance with the Servicing Standard in accordance with the Operating
Advisor’s requirements outlined in the Pooling and Servicing Agreement. Based on such review, the Operating Advisor [believes,
does not believe] there are material deviations [(i)] from the Servicing Standard [and/or (ii)] from the Special Servicer’s
obligations under the


 





 



 


1     This report is an indicative
report and does not reflect the final form of annual report to be used in any particular year. The Operating Advisor will have
the ability to modify or alter the organization and content of any particular report, subject to compliance with the terms of the
Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged Information.




 






    	R-1



    	 



    

 


Pooling and Servicing Agreement with respect to the resolution or liquidation of Specially Serviced Loans.
In addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].


 


In connection with the
assessment set forth in this report, the Operating Advisor:


 


Reviewed any assessment
of compliance and/or attestation report delivered to the Operating Advisor pursuant to the Pooling and Servicing Agreement with
respect to the Special Servicer, and the Asset Status Reports, net present value calculations and Appraisal Reduction calculations
and [LIST OTHER REVIEWED INFORMATION] for the following [  ] Specially Serviced Loans: [LIST APPLICABLE MORTGAGE LOANS]


 


III.               Specific
Items of Review


 


1.        The Operating Advisor
reviewed the following items in connection with the generation of this report: [LIST MATERIAL ITEMS].


 


2.        During the prior
year, the Operating Advisor consulted with the Special Servicer regarding its strategy plan for a limited number of issues related
to the following Specially Serviced Loans: [LIST]. The Operating Advisor participated in discussions and made strategic observations
and recommended alternative courses of action to the extent it deemed such observations and recommendations appropriate. The Special
Servicer [agreed with/did not agree with] the recommendations made by the Operating Advisor. Such recommendations generally included
the following: [LIST].


 


3.        Appraisal Reduction
calculations and net present value calculations:


 


(a)       The
Operating Advisor [received/did not receive] information necessary to recalculate and verify the accuracy of the mathematical calculations
and the corresponding application of the non-discretionary portions of the applicable formulas required to be utilized in connection
with any Appraisal Reduction or net present value calculations used in the Special Servicer’s determination of the course
of action to be taken in connection with the workout or liquidation of a Specially Serviced Loan prior to the utilization by the
Special Servicer.


 


(b)      The
Operating Advisor [agrees/does not agree] with the [mathematical calculations] [and/or] [the application of the applicable non-discretionary
portions of the formula] required to be utilized for such calculation.


 


(c)       After
consultation with the Special Servicer to resolve any inaccuracy in the mathematical calculations or the application of the non
discretionary portions of the related formula in arriving at those mathematical calculations, such inaccuracy [has been/ has not
been] resolved.


 


4.        The following is
a general discussion of certain concerns raised by the Operating Advisor discussed in this report: [LIST CONCERNS].


 






    	R-2



    	 



    

 


5.        In addition to
the other information presented herein, the Operating Advisor notes the following additional items: [LIST ADDITIONAL ITEMS].


 


IV.              Qualifications
Related to the Work Product Undertaken and Opinions Related to this Report


 


1.        In accordance with
the terms of the Pooling and Servicing Agreement, the Operating Advisor did not participate in, or have access to, the Special
Servicer’s and the applicable Directing Holder’s discussion(s) regarding any Specially Serviced Loan. The Operating
Advisor does not have authority to speak with the applicable Directing Holder directly pursuant to the Pooling and Servicing Agreement.
As such, the Operating Advisor generally relied upon its interaction with the Special Servicer in gathering the relevant information
to generate this report.


 


2.        The Special Servicer
has the legal authority and responsibility to service the Specially Serviced Loans pursuant to the Pooling and Servicing Agreement.
The Operating Advisor has no responsibility or authority to alter the standards set forth therein.


 


3.        Confidentiality
and other contractual limitations limit the Operating Advisor’s ability to outline the details or substance of certain information
it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may not reflect all
the relevant information that the Operating Advisor is given access to by the Special Servicer.


 


4.        The Operating Advisor
is not empowered to directly communicate with investors pursuant to the Pooling and Servicing Agreement. If investors have questions
regarding this report, they should address such questions to the Certificate Administrator through the Certificate Administrator’s
Website.


 


Terms used but not defined
herein have the meaning set forth in the Pooling and Servicing Agreement.


 


[                         ] 


 





	By:	 	 
	Name:	 
	Title:	 



 






    	R-3



    	 



    

 


EXHIBIT S


 


SUBSERVICING AGREEMENTS


  


	Mortgage Loan/Property Name	Sub-Servicer Name
	Weston Portfolio	Berkadia Commercial Mortgage LLC
	Tanglewood Apartments	Berkadia Commercial Mortgage LLC
	SpaceSavers Saraland	Berkadia Commercial Mortgage LLC
	Piazza Carmel	Principal Global Investors, LLC
	University Town Centre	Principal Global Investors, LLC
	Davis Ford Crossing	Principal Global Investors, LLC
	Le Meridien Dallas by the Galleria	Principal Global Investors, LLC
	Lewis Self Storage & Industrial	Principal Global Investors, LLC
	Birch Street Promenade	Principal Global Investors, LLC
	Courtyard by Marriott Fort Lauderdale	Principal Global Investors, LLC
	Ryders Crossing Shopping Center	Principal Global Investors, LLC
	Monarch Crossing Apartments 	Principal Global Investors, LLC
	Beltway Plaza II	Principal Global Investors, LLC
	Bethany Village Office	Principal Global Investors, LLC
	240 N Ashland 	Principal Global Investors, LLC
	Mediterranean Inn	Principal Global Investors, LLC
	Waterway Shoppes I	Principal Global Investors, LLC
	Promontory Point	Principal Global Investors, LLC
	One Industrial Way	Principal Global Investors, LLC
	Best Plaza	Principal Global Investors, LLC



 






    	S-1



    	 



    

 


	Courtyard E Associates	Principal Global Investors, LLC
	Austin Bluffs Shopping Center	Principal Global Investors, LLC
	Hilton Nashville	Holliday Fenoglio Fowler, L.P.
	9299 College Parkway	Holliday Fenoglio Fowler, L.P.
	The Summit	The Alison Company
	Valley Ridge Apartments	GEMSA Loan Services, L.P.




 






    	S-2



    	 



    

 


EXHIBIT T


  


FORM OF RECOMMENDATION OF SPECIAL SERVICER
TERMINATION





 


Deutsche Bank Trust Company Americas,


as Trustee

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI15P1 


 


Citibank, N.A.,


as Certificate Administrator


388 Greenwich Street, 14th Floor


New York, NY 10013


Attention:Global Transaction Services –


CGCMT 2015-P1 


 


LNR Partners, LLC


1601 Washington Avenue,
Suite 700


Miami Beach, Florida 33139


Attention: Thomas F. Nealon, Esq.,

Steven A. Rivers, Esq. and Job Warshaw


 


		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1



 


Ladies and Gentlemen:


 


This letter is delivered
pursuant to Section 6.08(b) of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and
Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor,
Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as
Certificate Administrator, on behalf of the holders of Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through
Certificates, Series 2015-P1 (the “Certificates”) regarding the replacement of the Special Servicer. Capitalized
terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Pooling and Servicing
Agreement.


 


Based upon our review
of the operational practices of the Special Servicer [[with respect to the Serviced Loans other than any Serviced Outside Controlled
Loan Combination] [with respect to the [NAME OF SERVICED OUTSIDE CONTROLLED LOAN COMBINATION] Loan Combination]] conducted pursuant
to and in accordance with the Pooling and Servicing Agreement, it is our assessment that [________], in its current capacity as
Special Servicer [[with respect to the Serviced Loans other than any Serviced Outside Controlled Loan Combination] [with respect
to the [NAME OF SERVICED OUTSIDE CONTROLLED


 






    	T-1



    	 



    

 


LOAN COMBINATION] Loan Combination]], is not [performing its duties under the Pooling
and Servicing Agreement][acting in accordance with the Servicing Standard]. The following factors support our assessment: [________].


 






    	T-2



    	 



    

 






Based upon such assessment,
we further hereby recommend that [_______] be removed as Special Servicer and that [________] be appointed its successor in such
capacity.





	 	Very truly yours,
	 	 	 
	 	 	[The Operating Advisor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



  


Dated:


 






    	T-3



    	 



    

 




EXHIBIT U



ADDITIONAL FORM 10-D DISCLOSURE


 


The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.04 of the Pooling
and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other Depositor and Other Exchange Act
Reporting Party to which such Additional Form 10-D Disclosure 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, financial statements, budgets and/or rent rolls required to be
provided in connection with Item 6 below, possession) (in each case, after complying with its affirmative obligations, if any,
under the Pooling and Servicing Agreement to obtain such information) of such information (other than information as to such party
itself which such party is obligated to provide). Each of the Certificate Administrator, the Trustee, the Master Servicer and
the Special Servicer shall be entitled to rely on the accuracy of the Prospectus Supplement (other than information with respect
to itself that is set forth in or omitted from the Prospectus Supplement), in the absence of specific written notice to the contrary
from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor”
other than a party identified as such in the Prospectus Supplement. For this CGCMT 2015-P1 Pooling and Servicing Agreement, each
of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be
entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of
Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus Supplement.


 


	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


        Master Servicer (only with respect to Item
        1121(a)(12) of Regulation AB as to Performing Serviced Loans)


        Special Servicer (only with respect to Item
        1121(a)(12) of Regulation AB as to Specially Serviced Loans)

        Each Mortgage Loan Seller (only with respect to Item 1121(c)(2) of Regulation AB as to itself)

        
	
        Item 2: Legal Proceedings


         

         

        per Item 1117 of Regulation AB

        	(i) All parties to the Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, in each case as to the Trust (in the case of the 



 






    	U-1



    	 



    

 


	Item on Form 10-D	Party Responsible 
	 	Master Servicer and the Special Servicer, to be reported by the party controlling such litigation), (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator with respect to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts
	Item 3:  Sale of Securities and Use of Proceeds	Depositor
	Item 4:  Defaults Upon Senior Securities	Certificate Administrator
	Item 5:  Submission of Matters to a Vote of Security Holders1	
        Certificate Administrator


        Trustee

        
	Item 6:  Significant Obligors of Pool Assets	
        Master Servicer (excluding information for
        which the Special Servicer is the “Party Responsible”)


        Special Servicer (as to REO Properties)

        
	[Item 7: Change in Sponsor Interest in the Securities]*	[Each Mortgage Loan Seller as to itself and its affiliates]*
	[Item 7][Item 8]*:  Significant Enhancement Provider Information	Depositor
	[Item 8][Item 9]*:  Other Information	Any party responsible for disclosure items on Form 8-K to the extent of such items
	[Item 9][Item 10]**:  Exhibits	
        Certificate Administrator


        Depositor

        


 


* Effective from and after November 23, 2015.


 





 



 


1 No disclosure is required
for so long as Item 5 of Form 10-D requires the inclusion of information related to mine safety disclosures.


 






    	U-2



    	 



    




 


EXHIBIT V



ADDITIONAL FORM 10-K DISCLOSURE


 


The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.05 of the Pooling
and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other Depositor and Other Exchange Act
Reporting Party to which such Additional Form 10-K Disclosure 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, financial statements, budgets and/or rent rolls required to be
provided in connection with the Additional Item below consisting of disclosure per Item 1112(b) of Regulation AB, possession)
(in each case, after complying with its affirmative obligations, if any, under the Pooling and Servicing Agreement to obtain such
information) of such information (other than information as to such party itself which such party is obligated to provide). Each
of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer shall be entitled to
rely on the accuracy of the Prospectus Supplement (other than information with respect to itself that is set forth in or omitted
from the Prospectus Supplement), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan
Sellers. Each of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer (in its
capacity as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party
identified as such in the Prospectus Supplement. For this CGCMT 2015-P1 Pooling and Servicing Agreement, each of the Certificate
Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled
to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114
or 1115 of Regulation AB other than a party identified as such in the Prospectus Supplement. 


 


	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 Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Master Servicer, the Depositor and the Special Servicer, in each case as to the Trust (in the case of the Master Servicer, the Depositor and the Special Servicer, to be 



 






    	V-1



    	 



    

 


	Item on Form 10-K	Party Responsible 
	 	reported by the party controlling such litigation), (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator with respect to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts
	
        Additional Item:


        Disclosure per Item 1119 of Regulation AB

        	
        (i) All parties to the Pooling and Servicing
        Agreement as to themselves (in the case of the Master Servicer, only as to 1119(a) affiliations with Significant Obligors identified
        in the Pooling and Servicing Agreement, the Trustee, the Custodian, 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 Pooling and Servicing Agreement, the Trustee, the Custodian, the Certificate Administrator, the Master


        Servicer or a sub-servicer described in
        1108(a)(3)), (ii) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator with respect
        to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or
        retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts, (iii) the Depositor as to the enhancement
        or support provider

        
	
        Additional Item:


        Disclosure per Item 1112(b) of Regulation
        AB

        	
        Master 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


 



    	V-2



    	 



    
 



EXHIBIT W



FORM OF ADDITIONAL DISCLOSURE NOTIFICATION


 


**SEND VIA FAX TO [           ]
AND VIA EMAIL TO [                                                    ]
AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**


 


Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-P1


 


Citigroup Commercial Mortgage Securities Inc. 


390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice


 


RE: **Additional Form [10-D][10-K][8-K]
Disclosure** Required


 


Ladies and Gentlemen:


 


In accordance with Section [  ]
of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer,
LNR Partners, LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Deutsche Bank Trust Company Americas,
as trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as certificate administrator, 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: [                       ]. 


 






    	W-1



    	 



    

 





	 	 	 
	 	[NAME OF PARTY],
	 	 	as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:







 






    	W-2



    	 



    

 





EXHIBIT X



FORM OF CERTIFICATION TO BE PROVIDED WITH FORM 10-K


 


CERTIFICATIONS


 


I, [identifying the certifying
individual], certify that:


 


		1.	I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in
respect of the period covered by this report on Form 10-K, of Citigroup Commercial Mortgage Trust 2015-P1 (the “Exchange
Act Periodic Reports”);



 


		2.	Based on my knowledge, the Exchange Act Periodic Reports, taken as a whole, do not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;



 


		3.	Based on my knowledge, all of the distribution, servicing and other information required to be
provided under Form 10-D for the period covered by this report is included in the Exchange Act Periodic Reports;



 


		4.	Based on my knowledge and the servicer compliance statement(s) required in this report under Item
1123 of Regulation AB, and except as disclosed in the Exchange Act Periodic Reports, the servicers have fulfilled their obligations
under the servicing agreement(s) in all material respects; and



 


		5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities
and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required
to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described
in such reports have been disclosed in this report on Form 10-K.



 


In giving the certifications above, I have
reasonably relied on information provided to me by the following unaffiliated parties: [Master Servicer][Special Servicer][Certificate
Administrator][Trustee][Custodian][Operating Advisor][Outside Servicer][Outside Special Servicer]


 


Date:_________________________


 


	 	
 
	[Signature]

[Title]	 








 






    	X-1



    	 



    

  





EXHIBIT Y-1



FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE CERTIFICATE ADMINISTRATOR


 


		Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”),
Commercial Mortgage Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the
Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), between
Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners,
LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Citibank, N.A., as certificate administrator
(the “Certificate Administrator”), Wells Fargo Bank, National Association, as custodian, and Deutsche Bank
Trust Company Americas, as trustee.



  


I, [identifying the certifying
individual], a [title] of [CERTIFICATE ADMINISTRATOR], certify to Citigroup Commercial Mortgage Securities Inc. and its officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:


 


1.        I
have reviewed the annual report on Form 10-K for the fiscal year 20__, and all reports on Form 10-D required to be filed in respect
of periods covered by that annual report on Form 10-K, of the Trust (the “Exchange
Act Periodic Reports”);


 


2.        Based
on my knowledge, the distribution information in Exchange Act Periodic Reports, taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by that report on Form 10-K;


 


3.        Based
on my knowledge, all of the distribution, servicing and other information required to be provided by the Certificate
Administrator pursuant to the Pooling and Servicing Agreement for inclusion in the Exchange Act Periodic Reports is included
in such reports; and


 


4.        The
report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment
of compliance with servicing criteria for asset-backed securities required to be delivered by the Certificate
Administrator in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material
instances of noncompliance with the Relevant Servicing Criteria.


 






    	Y-1-1



    	 



    

  


In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].


  


Date:_________________________


  


[                          ]


 


	By:	 	 
		[Name]	



  






    	Y-1-2



    	 



    

 







 


EXHIBIT Y-2



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE MASTER SERVICER


 





	 	Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”), Commercial Mortgage
    Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the Pooling and Servicing
    Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial
    Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
    LNR Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
    advisor, Citibank, N.A., as certificate administrator (the “Certificate Administrator”), Wells Fargo Bank,
    National Association, as custodian, and Deutsche Bank Trust Company Americas, as trustee	 



  


I, [identify the certifying
individual], a [title] of [MASTER SERVICER], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the certification required
by the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


	(1)	I have (or a Servicing Officer under my supervision has) reviewed the servicing reports relating
to the Trust delivered by the Master Servicer to the Certificate Administrator covering the fiscal year 20__;
	 	 



	(2)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Master Servicer), the servicing information in these reports, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these servicing reports;
	 	 



	(3)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Master Servicer), the servicing information required to be provided in these servicing reports to the Certificate Administrator
by the Master Servicer under the Pooling and Servicing Agreement is included in the servicing reports delivered by the Master Servicer
to the Certificate Administrator;
	 	 



	(4)	I am, or an employee under my supervision is, responsible for reviewing the activities performed
by the Master Servicer under the Pooling and Servicing Agreement and based






 



    	Y-2-1



    	 



    




 


		upon my knowledge and the compliance review conducted
in preparing the servicer compliance statement required under Section 10.08 of the Pooling and Servicing Agreement with respect
to the Master Servicer, and except as disclosed in such compliance statement delivered by the Master Servicer under Section 10.08
of the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the Pooling and Servicing Agreement
in all material respects in the year to which such review applies; and



	 	 



	(5)	The report on assessment of compliance with servicing criteria for asset-backed securities and
the related attestation report on assessment of compliance with servicing criteria for asset-backed securities required to be delivered
in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance
with the Relevant Servicing Criteria.



 


Further, notwithstanding
the foregoing certifications, the Master Servicer does not make any certification under the foregoing clauses 1 through 5 that
is in turn dependent upon information required to be provided by any sub-servicer acting under a sub-servicing agreement that the
Master Servicer entered into in connection with the issuance of the Certificates, or upon the performance by any such sub-servicer
of its obligations pursuant to any such sub-servicing agreement, in each case beyond the respective backup certifications actually
provided by such sub-servicer to the Master Servicer with respect to the information that is subject of such certification.


 





	Date:	 	 



 


[                                    ]


 


	By:	 	 
	[Name]	 



 












    	Y-2-2



    	 



    

 


EXHIBIT Y-3



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE SPECIAL SERVICER


 


	 	Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”), Commercial Mortgage
    Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the Pooling and Servicing
    Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial
    Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
    LNR Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
    advisor, Citibank, N.A., as certificate administrator (the “Certificate Administrator”), Wells Fargo Bank,
    National Association, as custodian, and Deutsche Bank Trust Company Americas, as trustee	 




 





I, [identify the certifying
individual], a [title] of [SPECIAL SERVICER], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the certification required
by the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


1.Based on my knowledge,
the servicing information in the servicing reports or information relating to the Trust delivered by the Special Servicer to the
Master Servicer covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by these servicing reports;


 


2.Based on my knowledge,
the servicing information required to be provided to the Master Servicer by the Special Servicer under the Pooling and Servicing
Agreement for inclusion in the reports to be filed by the Certificate Administrator is included in the servicing reports delivered
by the Special Servicer to the Master Servicer;


 


3.I am, or an employee
under my supervision is, responsible for reviewing the activities performed by the Special Servicer under the Pooling and Servicing
Agreement and based upon my knowledge and the compliance review conducted in preparing the servicer compliance statement required
under Section 10.08 of the Pooling and Servicing Agreement with respect to the Special Servicer, and except as disclosed in such
compliance statement delivered by the Special Servicer under Section 10.08 of the Pooling and Servicing Agreement, the Special
Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects in the year to which
such review applies; and


 






    	Y-3-1



    	 



    




 


4.The report on
assessment of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment
of compliance with servicing criteria for asset-backed securities required to be delivered in accordance with Section 10.09 and
Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing
Criteria. 


 





	Date:	 	 



 


[                                    ]


 


	By:	 	 
	[Name]	 
	[Title]	 



 






    	Y-3-2



    	 



    





 


EXHIBIT Y-4



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE OPERATING ADVISOR


 


	 	Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”), Commercial Mortgage
    Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the Pooling and Servicing
    Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial
    Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
    LNR Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
    advisor (the “Operating Advisor”), Citibank, N.A., as certificate administrator (the “Certificate
    Administrator”), Wells Fargo Bank, National Association, as custodian, and Deutsche Bank Trust Company Americas,
    as trustee	 



  





I, [identify the certifying
individual], a [title] of [OPERATING ADVISOR], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley
Certification required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms
used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


1.Based on my knowledge,
the information required by the Pooling and Servicing Agreement to be provided to the Certificate Administrator by the Operating
Advisor covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by these reports;


 


2.Based on my knowledge,
the information required to be provided to the Certificate Administrator by the Operating Advisor under the Pooling and Servicing
Agreement for inclusion in the Exchange Act reports to be filed by the Certificate Administrator is included in the reports delivered
by the Operating Advisor to the Certificate Administrator;


 


3.I am, or an officer
under my supervision is, responsible for reviewing the activities performed by the Operating Advisor under the Pooling and Servicing
Agreement and based upon my knowledge the Operating Advisor has, except as described in any information provided to the Certificate
Administrator by the Operating Advisor covering the fiscal year 20[__], fulfilled its obligations under the Pooling and Servicing
Agreement in all material respects in the year to which such review applies; and


 


4.The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing criteria for asset-backed securities required to be delivered in accordance with Section 10.09 and


 






    	Y-4-1



    	 



    

 


Section 10.10
of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.


 


[In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].] 


 





	Date:	 	 



 


[                                    ]


 


	By:	 	 
	[Name]	 
	[Title]	 










 






    	Y-4-2



    	 



    




 


EXHIBIT Y-5



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE CUSTODIAN


 


	 	Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”), Commercial Mortgage
    Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the Pooling and Servicing
    Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial
    Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
    LNR Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
    advisor (the “Operating Advisor”), Citibank, N.A., as certificate administrator (the “Certificate
    Administrator”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), and Wells Fargo
    Bank, National Association, as custodian (the “Custodian”)	 




 






I, [identify the certifying
individual], a [title] of [CUSTODIAN], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley Certification
required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


1.Based on my knowledge,
the information required by the Pooling and Servicing Agreement to be provided to the Certificate Administrator by the Custodian
covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by these reports;


 


2.Based on my knowledge,
the information required to be provided to the Certificate Administrator by the Custodian under the Pooling and Servicing Agreement
for inclusion in the Exchange Act reports to be filed by the Certificate Administrator is included in the reports delivered by
the Custodian to the Certificate Administrator;


 


3.I am, or an officer
under my supervision is, responsible for reviewing the activities performed by the Custodian under the Pooling and Servicing Agreement
and based upon my knowledge the Custodian has, except as described in any information provided to the Certificate Administrator
by the Custodian covering the fiscal year 20[__], fulfilled its obligations under the Pooling and Servicing Agreement in all material
respects in the year to which such review applies; and


 


4.The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing


 






    	Y-5-1



    	 



    

 


criteria for asset-backed securities required to be delivered in accordance with Section 10.09 and Section 10.10
of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.


 


In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].


  





	Date:	 	 



 


[                                    ]


 


	By:	 	 
	[Name]	 
	[Title]	 
















 






    	Y-5-2



    	 



    




 


EXHIBIT Y-6



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE TRUSTEE


 


	 	Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”), Commercial Mortgage
    Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the Pooling and Servicing
    Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial
    Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
    LNR Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
    advisor (the “Operating Advisor”), Citibank, N.A., as certificate administrator (the “Certificate
    Administrator”), Wells Fargo Bank, National Association, as custodian, and Deutsche Bank Trust Company Americas,
    as trustee (the “Trustee”)	 




 





I, [identify the certifying
individual], a [title] of [TRUSTEE], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley Certification
required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


1.Based on my knowledge,
the information required by the Pooling and Servicing Agreement to be provided to the Certificate Administrator by the Trustee
covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by these reports;


 


2.Based on my knowledge,
the information required to be provided to the Certificate Administrator by the Trustee under the Pooling and Servicing Agreement
for inclusion in the Exchange Act reports to be filed by the Certificate Administrator is included in the reports delivered by
the Trustee to the Certificate Administrator;


 


3.I am, or an officer
under my supervision is, responsible for reviewing the activities performed by the Trustee under the Pooling and Servicing Agreement
and based upon my knowledge the Trustee has, except as described in any information provided to the Certificate Administrator by
the Trustee covering the fiscal year 20[__], fulfilled its obligations under the Pooling and Servicing Agreement in all material
respects in the year to which such review applies; and


 


4.The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing criteria for asset-backed securities required to be delivered in accordance with Section 10.09 and


 






    	Y-6-1



    	 



    

 


Section 10.10
of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.


 


In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].


  





	Date:	 	 



 


[                                    ]


 


	By:	 	 
	[Name]	 
	[Title]	 
















 






    	Y-6-2



    	 



    




 


EXHIBIT Y-7



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY A SUB-SERVICER


 


	 	Re:	Citigroup Commercial Mortgage Trust 2015-P1 (the “Trust”), Commercial Mortgage
    Pass-Through Certificates, Series 2015-P1 (the “Certificates”), issued pursuant to the Pooling and Servicing
    Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial
    Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
    LNR Partners, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC, as operating
    advisor, Citibank, N.A., as certificate administrator (the “Certificate Administrator”), Wells Fargo Bank,
    National Association, as custodian, and Deutsche Bank Trust Company Americas, as trustee

and

Sub-servicing agreement,
    dated as of August 1, 2015 (the “Sub-Servicing Agreement”) between Wells Fargo Bank, National Association
    and [SUB-SERVICER], as sub-servicer (the “Sub-Servicer”),

    	 










 


I, [identify the certifying
individual], a [title] of [SUB-SERVICER] , certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the certification required
by the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


	(1)	I have (or a Servicing Officer under my supervision has) reviewed the servicing reports submitted
by the Sub-Servicer to the Master Servicer and/or the Certificate Administrator pursuant to the Sub-Servicing Agreement (the “Sub-Servicer
Reports”) for inclusion in the annual report on Form 10-K or any report on Form 10-D with respect to the Trust covering
the fiscal year 20__ ;
	 	 



	(2)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Sub-Servicer), the servicing information in the Sub-Servicer Reports, taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by the Sub-Servicer Reports;



 






    	Y-7-1



    	 



    

 




	(3)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Sub-Servicer), the servicing information required to be provided in the Sub-Servicer Reports to the Master Servicer and/or
the Certificate Administrator by the Sub-Servicer under the Sub-Servicing Agreement is included in the Sub-Servicer Reports delivered
by the Sub-Servicer to the Master Servicer and/or the Certificate Administrator;
	 	 



	(4)	I am, or an employee under my supervision is, responsible for reviewing the activities performed
by the Sub-Servicer under the Sub-Servicing Agreement and based upon my knowledge and the compliance review conducted in preparing
the servicer compliance statement required under Section 10.08 of the Pooling and Servicing Agreement with respect to the Sub-Servicer,
and except as disclosed in such compliance statement delivered by the Sub-Servicer under Section 10.08 of the Pooling and Servicing
Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material respects in the year
to which such review applies; and
	 	 



	(5)	The report on assessment of compliance with servicing criteria for asset-backed securities and
the related attestation report on assessment of compliance with servicing criteria for asset-backed securities required to be delivered
in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance
with the Relevant Servicing Criteria.
	 	 



In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of third parties (including the Special Servicer, but other than a Sub-Servicer, Additional Servicer or any other party
retained by the Master Servicer that is not a Mortgage Loan Seller Sub-Servicer or a Sub-Servicer appointed pursuant to [Section
3.01(c)] of the Pooling and Servicing Agreement)]. Further, notwithstanding the foregoing certifications, neither I nor the Sub-Servicer
makes any certification under the foregoing clauses 1 through 5 that is in turn dependent upon information required to be provided
by the Special Servicer under the Pooling and Servicing Agreement or any other sub-servicer acting under any other sub-servicing
agreement that the Master Servicer entered into in connection with the issuance of the Certificates, or upon the performance by
any such other sub-servicer of its obligations pursuant to any such other sub-servicing agreement, in each case beyond the respective
backup certifications actually provided by such other sub-servicer to the Master Servicer with respect to the information that
is subject of such certification. Solely with respect to the completeness of information and reports, I do not certify anything
other than that all fields of information called for in written reports prepared by the Sub-Servicer have been properly completed
and that any fields that have been left blank on their face have been done so in accordance with the CREFC procedures for such
report.


 








	Date:	 	 



 


[                                    ]


 






    	Y-7-2



    	 



    





 





	By:	 	 
	[Name]	 
















 



    	Y-7-3



    	 



    




  


EXHIBIT Z



FORM 8-K DISCLOSURE INFORMATION


 


The parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.07
of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other Depositor and Other
Exchange Act Reporting Party to which such Form 8-K Disclosure 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 (after complying with its affirmative obligations, if any, under the Pooling and Servicing
Agreement to obtain such information) of such information (other than information as to such party itself which such party is obligated
to provide). Each of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer shall
be entitled to rely on the accuracy of the Prospectus Supplement (other than information with respect to itself that is set forth
in or omitted from the Prospectus Supplement), in the absence of specific written notice to the contrary from the Depositor or
Mortgage Loan Sellers. Each of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer
(in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor” other than
a party identified as such in the Prospectus Supplement. For this CGCMT 2015-P1 Pooling and Servicing Agreement, each of the Certificate
Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled
to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114
or 1115 of Regulation AB other than a party identified as such in the Prospectus Supplement.


 


	Item on Form 8-K	Party Responsible 
	Item 1.01- Entry into a Material Definitive Agreement	
        Master Servicer, Special Servicer, Custodian
        and the Trustee (in the case of the Master Servicer, Special Servicer, the Custodian 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 Pooling and Servicing
        Agreement) is a party)

        Depositor

	Item 1.02- Termination of a Material Definitive Agreement	
        Master Servicer, Special Servicer, Custodian
        and the Trustee (in the case of the Master Servicer, Special Servicer, Custodian 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 Pooling and Servicing 




 






    	Z-1



    	 



    

 


	Item on Form 8-K	Party Responsible 
	 	Agreement) is a party)

        Depositor
	Item 1.03- Bankruptcy or Receivership	Depositor

Each Mortgage Loan Seller as to itself

Each other party to the Pooling and Servicing Agreement (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 to Articles of Incorporation or Bylaws; Change in Fiscal Year	Depositor
	Item 5.07:  Submission of Matters to a Vote of Security Holders	
        Certificate Administrator

        Trustee

	Item 6.01- ABS Informational and Computational Material	Depositor
	Item 6.02- Change of Master Servicer, Special Servicer or Trustee	
        Master 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 Other 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 – Other Events	Depositor
	Item 9.01 – Financial Statements and Exhibits	Depositor


 



    	Z-2



    	 



    




 




EXHIBIT AA-1



FORM OF POWER OF ATTORNEY FOR MASTER SERVICER


 


LIMITED POWER OF ATTORNEY


 


KNOW ALL MEN BY THESE PRESENTS, that Deutsche
Bank Trust Company Americas, a New York banking corporation, incorporated and existing under the laws of the State of New York,
having its usual place of business at 1761 East St. Andrew Place, Santa Ana, California, 92705, as Trustee (the “Trustee”)
for Citigroup Commercial Mortgage Trust 2015-P1 pursuant to that Pooling and Servicing Agreement, dated as of August 1, 2015 (the
“Agreement”) by and among Citigroup Commercial Mortgage Securities Inc. as depositor, Wells Fargo Bank, National
Association, as master servicer, LNR Partners, LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor,
Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as
certificate administrator, hereby constitutes and appoints Wells Fargo Bank, National Association (the “Servicer”),
by and through the Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name,
place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage Loans”)
serviced by the Servicer and all properties (“Properties”) administered by the Servicer pursuant to the Agreement,
to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate
to effectuate the enumerated transactions described in items (1) through (12) below with respect to the Mortgage Loans and Properties;
provided however, that the documents described below may only be executed and delivered by such Attorneys-in-Fact if such documents
are required or permitted under the Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings
set forth in the Agreement.


 


		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
made payable to the Trustee and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing
any Mortgage Loan.



 


		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting such Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct
title errors discovered after such title insurance was issued; provided that said modification or re-recording, in
either instance, (i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms
to the provisions of the Agreement.



 


		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company or a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution of requests to trustees to accomplish same.



 






    	AA-1-1



    	 



    




 


		4.	The conveyance of any property to the mortgage insurer, or the closing of title to any mortgaged property (a “Mortgaged
Property”) to be acquired as Property, or conveyance of title to any Property.



 


		5.	The completion of loan assumption agreements and transfers of interest in borrower entities.



 


		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related promissory note.



 


		7.	The assignment of any Mortgage or deed of trust and the related promissory note and other loan documents, in connection with
the purchase or repurchase of the Mortgage Loan secured and evidenced thereby.



 


		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction with
the refinancing thereof, including, without limitation, the assignment of the related promissory note and other loan documents.



 


		9.	The full enforcement of and preservation of the Trustee’s interests in any Mortgage or deed of trust or the related promissory
note, and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed-in-lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:



 


		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and such deed of trust;



 


		b.	the preparation and issuance of statements of breach or non-performance;



 


		c.	the preparation and filing of notices of default and/or notices of sale;



 


		d.	the cancellation/rescission of notices of default and/or notices of sale;



 


		e.	the filing, prosecution and defense of claims, and the appearance on behalf of the Trustee, in bankruptcy cases affecting any
Mortgage or deed of trust or the related promissory note;



 






    	AA-1-2



    	 



    




 


		f.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;



 


		g.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions; and



 


		h.	the preparation and execution of such other documents and the performance of such other actions as may be necessary under the
terms of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.



 


		10.	The sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation, the execution
of the following documentation:



 


		a.	listing agreements;



		b.	purchase and sale agreements;



		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase
same;



		d.	escrow instructions; and



		e.	any and all documents necessary to effect the transfer of property.



 


		11.	The modification or amendment of escrow agreements established for repairs to any Mortgaged Property or reserves for replacement
of personal property.



 


		12.	The execution and delivery of the following:



 


		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage, deed of trust or other security document in the related mortgage file or the related
Mortgaged Property and other related collateral;



 


		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments; and



 


		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property,
consents to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application
of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, or otherwise,
documents relating to the management, operation, maintenance, repair, 



 






    	AA-1-3



    	 



    

 


			leasing and marketing of the related Mortgaged Properties
(including agreements and requests by any borrower with respect to modifications of the standards of operation and management of
such Mortgaged Properties or the replacement of asset managers), documents exercising any or all of the rights, powers and privileges
granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance
and attornment agreements or other leasing or rental arrangements, any easements, covenants, conditions, restrictions, equitable
servitudes, or land use or zoning requirements with respect to the Mortgaged Properties, instruments relating to the custody of
any collateral that now secures or hereafter may secure any Mortgage Loan and any other consents.



 


The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of [EXECUTION DATE OF POA].


 


This appointment is to be construed and
interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to,
nor does it give rise to, and it is not to be construed as a general power of attorney.


 


Solely to the extent that the Servicer
has the power to delegate its rights or obligations under the Agreement, the Servicer also has the power to delegate the authority
given to it by Deutsche Bank Trust Company Americas, as Trustee, under this Limited Power of Attorney, for purposes of performing
its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are necessary for
such purpose. The Servicer's attorneys-in-fact shall have no greater authority than that held by the Servicer.


 


Nothing contained herein shall: (i) limit
in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections
afforded the Trustee under the Agreement, or (iii) be construed to grant the Servicer the power to initiate or defend any
suit, litigation or proceeding in the name of Deutsche Bank Trust Company Americas except as specifically provided for herein.
If the Servicer receives any notice of suit, litigation or proceeding in the name of Deutsche Bank Trust Company Americas, then
the Servicer shall promptly forward a copy of same to the Trustee.


 


This limited power of attorney is not intended
to extend the powers granted to the Servicer under the Agreement or to allow the Servicer to take any action with respect to Mortgages,
Deeds of Trust or the related promissory notes not authorized by the Agreement.


 


The Servicer hereby agrees to indemnify
and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred
by reason or result of or in connection with the exercise by the


 






    	AA-1-4



    	 



    

 


Servicer, or its attorneys-in-fact, of the powers granted to it
hereunder. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier
resignation or removal of the Trustee under the Agreement.


 


This Limited Power of Attorney is entered
into and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such state.


 


Third parties without actual notice may
rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power
of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has been made in
writing by the undersigned.


 


IN WITNESS WHEREOF, Deutsche Bank Trust
Company Americas, as Trustee for Citigroup Commercial Mortgage Trust 2015-P1 has caused its corporate seal to be hereto affixed
and these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________
day of ____________. 





	 	 	 	 
	 	Deutsche Bank Trust Company Americas,
 as Trustee for Citigroup Commercial Mortgage Trust 2015-P1
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Prepared by:	 
	 	 	 	 
	 	 	Name:	 



  


Witness:





	 	 	 
	 	 	 
	Witness:	 	 
	 	 	 



 





	A notary public or other officer completing this certificate
verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness,
accuracy, or validity of that document.



  


State of California}


County of Orange}


 


On ________________________, before
me, _________________________________Notary


 






    	AA-1-5



    	 



    

 


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 California that the foregoing paragraph is true and correct.


 


Witness my hand and official seal. 


	 	 	 






 


Notary
signature 


 



    	AA-1-6



    	 



    




 





EXHIBIT AA-2



FORM OF POWER OF ATTORNEY FOR SPECIAL SERVICER


LIMITED POWER OF ATTORNEY


 


KNOW ALL MEN BY THESE PRESENTS, that Deutsche
Bank Trust Company Americas, a New York banking corporation, incorporated and existing under the laws of the State of New York,
having its usual place of business at 1761 East St. Andrew Place, Santa Ana, California, 92705, as Trustee (the “Trustee”)
pursuant to that Pooling and Servicing Agreement dated as of August 1, 2015 (the “Agreement”) by and among Citigroup
Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC,
as Special Servicer (the “Servicer”), Citibank, N.A., as Certificate Administrator, Wells Fargo Bank, National Association,
as Custodian, Park Bridge Lender Services LLC, as Operating Advisor, and Deutsche Bank Trust Company Americas, as Trustee, relating
to the Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass Through Certificates, Series 2015-P1, hereby constitutes
and appoints the Servicer, by and through the Servicer’s officers and authorized employees, the Trustee’s true and
lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection with all
mortgage loans (the “Mortgage Loans”) serviced by the Servicer and all properties (“REO Properties”) administered
by the Servicer pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily
and reasonably necessary and appropriate to effectuate the enumerated transactions described in items (1) through (13) below with
respect to the Mortgage Loans and REO Properties; provided however, that the documents described below may only be executed and
delivered by such Attorneys-in-Fact if such documents are required or permitted under the terms of the Agreement. Capitalized terms
used herein and not otherwise defined herein have the meanings set forth in the Agreement.


 


		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
made payable to the Trustee and to draw upon, replace, substitute, release or amend letters of credit standing as collateral securing
any Mortgage Loan.



 


		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting such Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct
title errors discovered after such title insurance was issued; provided that said modification or re-recording, in either instance,
(i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions
of the Agreement.



 


		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company or a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.



 






    	AA-2-1



    	 



    

 


		4.	The conveyance of any property to the mortgage insurer, or the closing of title to any mortgaged property (a “Mortgaged
Property”) to be acquired as REO Property, or conveyance of title to any REO Property.



 

		5.	The completion of loan assumption agreements and transfers of interest in borrower entities.



 


		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related promissory note.



 


		7.	The assignment of any Mortgage or deed of trust and the related promissory note and other loan documents, in connection with
the purchase or repurchase of the Mortgage Loan secured and evidenced thereby.



 


		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction with
the refinancing thereof, including, without limitation, the assignment of the related promissory note and other loan documents.



 


		9.	The full enforcement of and preservation of the Trustee’s interests in any Mortgage or deed of trust or the related promissory
note, and in the proceeds thereof, by way of, including but not limited to, taking title to any Mortgaged Property on behalf of
the Trust, foreclosure, the taking of a deed-in-lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
and/or any related litigation, including without limitation, guaranty or receivership litigation, or litigation on the note, or
the termination, cancellation or rescission of any such foreclosure, the initiation, prosecution and completion of eviction actions
or proceedings with respect to, or the termination, cancellation or rescission of any such eviction actions or proceedings, the
initiation or defense of any litigation related to the ownership of any REO Property, and the pursuit of title insurance, hazard
insurance and claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:



 


		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and such deed of trust;



 


		b.	the preparation and issuance of statements of breach or non-performance;



 


		c.	the preparation and filing of notices of default and/or notices of sale;



 


		d.	the cancellation/rescission of notices of default and/or notices of sale;



 






    	AA-2-2



    	 



    

 


		e.	the filing, prosecution and defense of claims, and the appearance on behalf of the Trustee, in bankruptcy cases affecting any
Mortgage or the related promissory note;



 


		f.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;



 


		g.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions;



 


		h.	the creation of a wholly-owned entity of the Trust for purposes of holding foreclosed property; and



 


		i.	the preparation and execution of such other documents and the performance of such other actions as may be necessary under the
terms of the Mortgage or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.



 


		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:



 


		a.	listing agreements;



 


		b.	purchase and sale agreements;



 


		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase
same;



 


		d.	escrow instructions; and



 


		e.	any and all documents necessary to effect the transfer of property.



 


		11.	The modification or amendment of escrow agreements established for repairs to the Mortgaged Property or reserves for replacement
of personal property



 


		12.	Execute and/or file such documents and take such other action as is proper and necessary to defend the Trustee, solely in its
capacity as Trustee, in litigation and to resolve such litigation, provided that such resolution shall not include any admission
of fault or wrongdoing by the Trustee or, without the Trustee’s consent, subject the Trustee to any form of injunctive relief.



 


		13.	The execution and delivery of the following:



 






    	AA-2-3



    	 



    

 


		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage or other security document in the related Mortgage File or the related Mortgaged Property
and other related collateral;



 


		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments;



 


		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property,
consents to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application
of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, REO Property
or otherwise, documents relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged
Properties (including agreements and requests by any borrower with respect to modifications of the standards of operation and management
of such Mortgaged Properties or the replacement of asset managers) or REO Properties, documents exercising any or all of the rights,
powers and privileges granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination
agreements, non-disturbance and attornment agreements or other leasing or rental arrangements, management agreements, any easements,
covenants, conditions, restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties
or REO Properties, instruments relating to the custody of any collateral that now secures or hereafter may secure any Mortgage
Loan and any other consents; and



 


		d.	any and all documents, instruments and certifications as are reasonably necessary to complete or
accomplish the Special Servicer’s duties and responsibilities under the Agreement.



 





The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below.


 


This appointment is to be construed and interpreted
as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it
give rise to, and it is not to be construed as a general power of attorney.


 






    	AA-2-4



    	 



    

 


Solely to the extent that the Servicer has
the power to delegate its rights or obligations under the Agreement, the Servicer also has the power to delegate the authority
given to it by Deutsche Bank Trust Company Americas, as Trustee, under this Limited Power of Attorney, for purposes of performing
its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are necessary for
such purpose. The Servicer’s attorneys-in-fact shall have no greater authority than that held by the Servicer.


 


Nothing contained herein shall: (i) limit in
any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections
afforded the Trustee under the Agreement, or (iii) be construed to grant the Servicer the power to initiate or defend any suit,
litigation or proceeding in the name of Deutsche Bank Trust Company Americas except as specifically provided for herein or in the
Agreement. If the Servicer receives any notice of suit, litigation or proceeding in the name of Deutsche Bank Trust Company Americas,
then the Servicer shall promptly forward a copy of same to the Trustee.


 


This limited power of attorney is not intended
to extend or limit the powers granted to the Servicer under the Agreement or to allow the Servicer to take any action with respect
to Mortgages, deeds of trust or the related promissory notes not authorized by the Agreement.


 


The Servicer hereby agrees to indemnify and
hold the Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred
by the Trustee by reason or result of or in connection with the negligent use, or negligent or willful misuse, of this Limited
Power of Attorney by the Servicer, or its attorneys-in-fact, of the powers granted to it hereunder. The foregoing indemnity shall
survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal of the Trustee
under the Agreement.


 


This Limited Power of Attorney is entered into
and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such state.


 


Third parties without actual notice may rely
upon the exercise of the power granted under this Limited Power of Attorney.


 


IN WITNESS WHEREOF, Deutsche Bank Trust Company
Americas, as Trustee for Citigroup Commercial Mortgage Trust 2015-P1 has caused its corporate seal to be hereto affixed and these
presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________ day of
____________.


	 	 	 	 
	 	Deutsche Bank Trust Company Americas, 
	 	as Trustee for Citigroup Commercial Mortgage Trust 2015-P1
	 	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:


 






    	AA-2-5



    	 



    

 


	 	 	 	 
	 	Prepared by: 
	 	 	 
	 	 	 	 
	 	 	Name:


 


Witness:


 


____________________


 


Witness:


 


_____________________


 





	A notary public or other officer completing this certificate verifies
only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy,
or validity of that document.



 








State of California}


County of Orange}


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 California that the foregoing paragraph is true and correct.


Witness my hand and official seal.



	 	 
	 	 
	Notary signature	 


 






    	AA-2-6



    	 



    

 



EXHIBIT BB



CLASS A-AB SCHEDULED PRINCIPAL BALANCE


 


	Distribution
    

    Date	 	Balance	 	Distribution
    

    Date	 	Balance
	9/15/2015	 	 	$75,556,000.00	 	8/15/2020	 	 	$73,773,604.27
	10/15/2015	 	 	$75,556,000.00	 	9/15/2020	 	 	$72,791,095.69
	11/15/2015	 	 	$75,556,000.00	 	10/15/2020	 	 	$71,725,524.56
	12/15/2015	 	 	$75,556,000.00	 	11/15/2020	 	 	$70,735,252.10
	1/15/2016	 	 	$75,556,000.00	 	12/15/2020	 	 	$69,662,138.92
	2/15/2016	 	 	$75,556,000.00	 	1/15/2021	 	 	$68,664,044.28
	3/15/2016	 	 	$75,556,000.00	 	2/15/2021	 	 	$67,662,167.05
	4/15/2016	 	 	$75,556,000.00	 	3/15/2021	 	 	$66,420,356.40
	5/15/2016	 	 	$75,556,000.00	 	4/15/2021	 	 	$65,409,968.15
	6/15/2016	 	 	$75,556,000.00	 	5/15/2021	 	 	$64,317,313.92
	7/15/2016	 	 	$75,556,000.00	 	6/15/2021	 	 	$63,169,090.44
	8/15/2016	 	 	$75,556,000.00	 	7/15/2021	 	 	$61,926,967.34
	9/15/2016	 	 	$75,556,000.00	 	8/15/2021	 	 	$60,769,749.55
	10/15/2016	 	 	$75,556,000.00	 	9/15/2021	 	 	$59,608,178.35
	11/15/2016	 	 	$75,556,000.00	 	10/15/2021	 	 	$58,353,089.28
	12/15/2016	 	 	$75,556,000.00	 	11/15/2021	 	 	$57,182,424.30
	1/15/2017	 	 	$75,556,000.00	 	12/15/2021	 	 	$55,918,501.53
	2/15/2017	 	 	$75,556,000.00	 	1/15/2022	 	 	$54,738,675.00
	3/15/2017	 	 	$75,556,000.00	 	2/15/2022	 	 	$53,554,409.60
	4/15/2017	 	 	$75,556,000.00	 	3/15/2022	 	 	$52,100,449.03
	5/15/2017	 	 	$75,556,000.00	 	4/15/2022	 	 	$50,906,251.18
	6/15/2017	 	 	$75,556,000.00	 	5/15/2022	 	 	$49,619,468.55
	7/15/2017	 	 	$75,556,000.00	 	6/15/2022	 	 	$48,415,933.73
	8/15/2017	 	 	$75,556,000.00	 	7/15/2022	 	 	$46,999,177.81
	9/15/2017	 	 	$75,556,000.00	 	8/15/2022	 	 	$45,675,780.48
	10/15/2017	 	 	$75,556,000.00	 	9/15/2022	 	 	$44,339,861.38
	11/15/2017	 	 	$75,556,000.00	 	10/15/2022	 	 	$42,899,688.13
	12/15/2017	 	 	$75,556,000.00	 	11/15/2022	 	 	$41,553,315.64
	1/15/2018	 	 	$75,556,000.00	 	12/15/2022	 	 	$40,102,987.95
	2/15/2018	 	 	$75,556,000.00	 	1/15/2023	 	 	$38,746,084.13
	3/15/2018	 	 	$75,556,000.00	 	2/15/2023	 	 	$37,384,071.63
	4/15/2018	 	 	$75,556,000.00	 	3/15/2023	 	 	$35,721,791.40
	5/15/2018	 	 	$75,556,000.00	 	4/15/2023	 	 	$34,348,385.95
	6/15/2018	 	 	$75,556,000.00	 	5/15/2023	 	 	$32,871,798.40
	7/15/2018	 	 	$75,556,000.00	 	6/15/2023	 	 	$31,487,660.08
	8/15/2018	 	 	$75,556,000.00	 	7/15/2023	 	 	$30,000,646.60
	9/15/2018	 	 	$75,556,000.00	 	8/15/2023	 	 	$28,605,695.39
	10/15/2018	 	 	$75,556,000.00	 	9/15/2023	 	 	$27,205,491.59
	11/15/2018	 	 	$75,556,000.00	 	10/15/2023	 	 	$25,702,872.08
	12/15/2018	 	 	$75,556,000.00	 	11/15/2023	 	 	$24,291,735.61
	1/15/2019	 	 	$75,556,000.00	 	12/15/2023	 	 	$22,778,496.08
	2/15/2019	 	 	$75,556,000.00	 	1/15/2024	 	 	$21,356,345.44
	3/15/2019	 	 	$75,556,000.00	 	2/15/2024	 	 	$19,928,839.35
	4/15/2019	 	 	$75,556,000.00	 	3/15/2024	 	 	$18,303,439.11
	5/15/2019	 	 	$75,556,000.00	 	4/15/2024	 	 	$16,864,432.30
	6/15/2019	 	 	$75,556,000.00	 	5/15/2024	 	 	$15,324,119.45
	7/15/2019	 	 	$75,556,000.00	 	6/15/2024	 	 	$13,873,890.64
	8/15/2019	 	 	$75,556,000.00	 	7/15/2024	 	 	$12,322,676.72
	9/15/2019	 	 	$75,556,000.00	 	8/15/2024	 	 	$10,861,142.24
	10/15/2019	 	 	$75,556,000.00	 	9/15/2024	 	 	$9,394,103.35
	11/15/2019	 	 	$75,556,000.00	 	10/15/2024	 	 	$7,826,560.08
	12/15/2019	 	 	$75,556,000.00	 	11/15/2024	 	 	$6,348,090.17
	1/15/2020	 	 	$75,556,000.00	 	12/15/2024	 	 	$4,769,442.77
	2/15/2020	 	 	$75,556,000.00	 	1/15/2025	 	 	$3,279,456.60
	3/15/2020	 	 	$75,556,000.00	 	2/15/2025	 	 	$1,783,858.38
	4/15/2020	 	 	$75,556,000.00	 	3/15/2025	 	 	           $463.73
	5/15/2020	 	 	$75,556,000.00	 	4/15/2025	 	 	               $0.00
	6/15/2020	 	 	$75,555,840.63	 	and thereafter	 	 
	7/15/2020	 	 	$74,682,764.39	 	 	 	 


 






    	BB-1



    	 



    

 



EXHIBIT CC-1


FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS


[Date]


 


Citigroup Commercial Mortgage Securities Inc.


390 Greenwich Street, 5th Floor

New York, New York 10013


Attention: Paul Vanderslice




		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial
Mortgage Pass-Through Certificates, Series 2015-P1


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 (as defined below) established under the Pooling and Servicing Agreement, dated as of August
1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services
LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian,
and Citibank, N.A., as Certificate Administrator. All capitalized terms used but not otherwise defined herein shall have the respective
meanings set forth in the Pooling 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


 



    	CC-1-1



    	 



    




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.


	 	 	 
	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 



    	CC-1-2



    	 



    






 


EXHIBIT CC-2


FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS


[Date]


Citigroup Commercial Mortgage Securities Inc.


390 Greenwich Street, 5th Floor

New York, New York 10013


Attention: Paul Vanderslice


 


Wells Fargo Bank, National Association


Commercial Mortgage Servicing


MAC D1086


550 South Tryon Street, 14th Floor


Charlotte, North Carolina 28202


Attention: CGCMT 2015-P1 Asset
Manager




		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series
2015-P1



Ladies and Gentlemen:


This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor,
Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as
Certificate Administrator. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth
in the Pooling and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as the Depositor and the
Master Servicer, that:


1.          The
Transferee is acquiring the right to receive Excess Servicing Fees (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






    	CC-2-1



    	 



    

pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit CC-1 to the Pooling and Servicing Agreement, and (B) each of Wells Fargo Bank, National Association and the Depositor
has received a certificate from the prospective transferee substantially in the form attached as Exhibit CC-2 to the Pooling and
Servicing Agreement.


3.          The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.


4.          Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any Person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any Person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any Person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any Person to act, in any manner
set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.


5.          The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Mortgage Loans, and (e) all related matters that it has requested.


6.          The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.


 






    	CC-2-2



    	 



    

 


7.          The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives (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 Person’s auditors, legal counsel
and regulators.


8.          The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12 of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate may
be reduced to the extent provided in the Pooling and Servicing Agreement.


	 	 	 
	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:








    	CC-2-3



    	 



    

EXHIBIT DD


FORM OF NOTICE AND CERTIFICATION REGARDING
DEFEASANCE OF MORTGAGE LOAN


		To:	Moody’s Investors Service, Inc.

7 World Trade Center

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Facsimile No: (212) 553-0300



Kroll Bond Rating
Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No: (646) 731-2395


Fitch Ratings,
Inc.

One State Street Plaza, 31st Floor

New York, New York 10004

Attention: Commercial Mortgage Surveillance Group

Facsimile No: (212) 635 0295


		From:	Wells Fargo Bank, National Association, in its capacity as Master Servicer (the “Master Servicer”)
under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, the Master Servicer, LNR Partners, LLC, as Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, Wells Fargo Bank, National
Association, as Custodian, and Citibank, N.A., as Certificate Administrator.



		Date:	____________, 20___



		Re:	Citigroup Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates, Series
2015-P1 Mortgage Loan (the “Subject Mortgage Loan”) heretofore secured by real property known as ____________
[Include the following if there is pari passu or AB debt: as evidenced by that certain Promissory Note [A-1][A] in the amount of
$____________, which Promissory Note [A-1][A] is owned by the Trust, and Promissory Note [A-2][B] in the amount of $_____________,
which Promissory Note [A-2][B] is owned by ________________.



Capitalized terms
used but not defined herein have the meanings assigned to such terms in the Pooling and Servicing Agreement.


THE STATEMENTS
SET FORTH BELOW ARE MADE (A) TO THE BEST KNOWLEDGE OF THE UNDERSIGNED BASED UPON DUE DILIGENCE CONSISTENT WITH THE SERVICING STANDARD
SPECIFIED IN THE POOLING








    	DD-1



    	 



    

AND SERVICING AGREEMENT (THE “SERVICING STANDARD”), AND (B) WITHOUT INTENDING TO WARRANT
THE ACCURACY THEREOF OR UNDERTAKE ANY DUTY OR STANDARD OF CARE GREATER THAN THE DUTIES OF SERVICER UNDER THE POOLING AND SERVICING
AGREEMENT AND THE SERVICING STANDARD.


We hereby notify
you and confirm that each of the following is true, subject to those exceptions, if any, set forth on Exhibit A hereto, which exceptions
the Master Servicer has determined, consistent with the Servicing Standard, will have no material adverse effect on the Subject
Mortgage Loan or the defeasance transaction:


2.          The
Mortgagor has consummated a defeasance of the Subject Mortgage Loan of the type checked below:**


____ a full defeasance
of the entire outstanding principal balance ($____________) of the Subject Mortgage Loan; or


____ a partial
defeasance of a portion ($____________) of the Subject Mortgage Loan that represents ___% of the entire principal balance of the
Subject Mortgage Loan ($____________).


3.          The
defeasance was consummated on ____________, 20__.


4.          The
defeasance was completed in all material respects in accordance with the conditions for defeasance specified in the Loan Documents
and in accordance with the Servicing Standard.


[Include the following
if there is pari passu or AB debt:


5.          In
accordance with the Loan Documents, the defeasance occurred such that:


____ Promissory
Notes [A-1][A] and [A-2][B] were defeased simultaneously in their entirety; or


____ Promissory
Note [A-2][B] was paid off in full.]


6.          To
the knowledge of the Master Servicer any other debt related to the Subject Mortgage Loan (including mezzanine debt, senior secured
debt, pari passu debt or subordinate secured debt was either paid off in full or defeased. Such debt consists of the following:
[Describe debt and holder of the debt and if it was paid off or defeased].


7.          The
defeasance collateral consists only of one or more of the following: (i) direct debt obligations of the U.S. Treasury, (ii) direct
debt obligations of the Federal National Mortgage Association, (iii) direct debt obligations of the Federal Home Loan Mortgage
Corporation, (iv) interest-only direct debt obligations of the Resolution Funding Corporation, (v) consolidated debt obligations
of the Federal Home Loan Bank or (vi) securities covered by the Federal Deposit Insurance Corporation’s (the “FDIC”)
Temporary Liquidity Guarantee Program






    	DD-2



    	 



    

(“TLGP”). Based upon a written report from an independent certified accountant,
such defeasance collateral consists of securities that (i) if they include a principal obligation, the principal due at maturity
cannot vary or change, (ii) provide for interest at a fixed rate and (iii) are not callable prior to their respective maturity
dates. In addition, if the defeasance collateral contains any TLGP securities, then:


		·	Such securities are eligible under TLGP;



		·	The master servicer (and the trustee, if it serves as the back-up advancing agent for the transaction)
has waived its right to (i) collect interest on advances made on behalf of the borrower holding TLGP securities, and (ii) collect
for expenses incurred in making demand on the FDIC;



		·	If the TLGP debt is to be used to satisfy a balloon payment, a reserve conforming to the criteria
for eligible accounts was funded with a minimum of 90 days interest on the defeasance collateral to cover potential delays in receipt
of the balloon payment;



		·	The TLGP securities mature before June 30, 2012; and



		·	The master servicer’s error and omissions insurance policy covers losses to the CMBS trust
caused by the master servicer’s failure to make timely demand on the FDIC’s guarantee.



8.            After
the defeasance, the defeasance collateral will be owned by an entity (the “Defeasance Obligor”) that: (i) is
the original Mortgagor, (ii) is a Single-Purpose Entity (as described in S&P’s criteria), (iii) is subject to restrictions
in its organizational documents substantially similar to those contained in the organizational documents of the original Mortgagor
with respect to bankruptcy remoteness and single purpose, (iv) has been designated as the Defeasance Obligor by the originator
of the Subject Mortgage Loan pursuant to the terms of the Loan Documents, or (v) has previously received confirmation from Standard
& Poor’s that the organizational documents of such Defeasance Obligor conform with applicable Standard & Poor’s
criteria. The Defeasance Obligor owns no assets other than defeasance collateral and (only in the case of the original Mortgagor)
real property securing one or more Mortgage Loans included in the pool under the Pooling and Servicing Agreement (the “Pool”).


9.            If
such Defeasance Obligor (together with its affiliates) holds more than one defeased loan, it does not (together with its affiliates)
hold defeased loans aggregating more than $35 Million or more than five percent (5%) of the aggregate certificate balance of the
Certificates, as of the date of the most recent Certificate Administrator’s Distribution Date Statement received by the Master
Servicer (the “Current Report”), except to the extent the Defeasance Obligor is of the type specified in paragraph
7(v) above or the original Loan Documents do not limit the amount of defeased loans that it may hold.


10.          The
defeasance documents require that the defeasance collateral be credited to an eligible account (as defined in S&P’s criteria)
that must be maintained as a securities account by a securities intermediary that is at all times an Eligible Institution (as






    	DD-3



    	 



    

defined
in S&P’s criteria). The securities intermediary may reinvest proceeds of the defeasance collateral only in Permitted
Investments (as defined in the Pooling and Servicing Agreement or as defined in the documents evidencing defeasance).


11.          The
securities intermediary is obligated to pay from the proceeds of the defeasance collateral, directly to the Master Servicer’s
collection account, all scheduled payments on the Subject Mortgage Loan or, in a partial defeasance, the portion of such scheduled
payments attributed to the allocated loan amount for the real property defeased including any defeasance premiums set forth in
the loan documents (the “Scheduled Payments”).


12.          The
Master Servicer received written confirmation from an independent certified public accountant stating that (i) revenues from the
defeasance collateral (without taking into account any earnings on reinvestment of such revenues) will be sufficient to timely
pay each of the Monthly Payments including the payment in full of the Subject Mortgage Loan (or the allocated portion thereof in
connection with a partial defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its Anticipated Repayment Date),
(ii) except as otherwise disclosed in the written report from an independent certified public accountant, [and disclosed below,]
the revenues received in any month from the defeasance collateral will be applied to make Monthly Payments within four (4) months
after the date of receipt, (iii) the defeasance collateral is not callable prior to their respective maturity dates, and (iv) interest
income from the defeasance collateral to the Defeasance Obligor in any tax year will not exceed such Defeasance Obligor’s
interest expense for the Subject Mortgage Loan (or the allocated portion thereof in a partial defeasance) for such year, other
than in the year in which the Maturity Date or Anticipated Repayment Date will occur, when interest income will exceed interest
expense.


13.          The
Master Servicer received opinions of counsel that, subject to customary qualifications, (i) the defeasance will not cause either
Trust REMIC to fail to qualify as a REMIC for purpose of the Code, (ii) the agreements executed by the Mortgagor and the Defeasance
Obligor in connection with the defeasance are enforceable against them in accordance with their terms, [and] (iii) the Trustee
will have a perfected, first priority security interest in the defeasance collateral.


14.          The
agreements executed in connection with the defeasance (i) prohibit subordinate liens against the defeasance collateral, (ii) provide
for payment from sources other than the defeasance collateral of all fees and expenses of the securities intermediary for administering
the defeasance and the securities account and all fees and expenses of maintaining the existence of the Defeasance Obligor, (iii)
permit release of surplus defeasance collateral and earnings on reinvestment to the Defeasance Obligor only after the Subject Mortgage
Loan has been paid in full, (iv) include representations and/or covenants of the Mortgagor and/or securities intermediary substantially
as set forth on Exhibit B hereto, (v) provide for survival of such representations; and (vi) do not permit waiver of such representations
and covenants.


15.          At
the time of the defeasance of the Subject Mortgage Loan, the Subject Mortgage Loan is (x) not one of the ten largest Mortgage
Loans by Stated Principal Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or less than $35,000,000 and (z)
a Mortgage Loan that represents less than 5% of the Stated Principal Balance of all Mortgage Loans.












    	DD-4



    	 



    

16.          Copies
of all material agreements, instruments, organizational documents, opinions of counsel, accountant’s report and other items
delivered in connection with the defeasance will be provided to you upon request.


17.          The
individual executing this notice is an authorized officer or a servicing officer of the Master Servicer.


IN WITNESS WHEREOF,
the Master Servicer has caused this notice to be executed as of the date captioned above.


	 	 	 
	 	[MASTER SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






    	DD-5



    	 



    

 



EXHIBIT A


 


Exceptions






    	DD-6



    	 



    




EXHIBIT B


Sample Perfected
Security Interest Representations


General:


1.              [The defeasance agreements] create a valid and continuing security interest (as defined in the applicable UCC) in the [Collateral,
Securities Account and Deposit Account] in favor of the [Secured Party], which security interest is prior to all other [Liens],
and is enforceable as such as against creditors of and purchasers from [Debtor].


Note that “Collateral”
means securities, permitted investments and other assets credited to securities accounts.


1.              The [Deposit Account] constitutes a “deposit account” within the meaning of the applicable UCC.


2.              All of the [Collateral] has been and will have been credited to a [Securities Account]. The securities intermediary for
the [Securities Account] has agreed to treat all assets credited to the [Securities Account] as “financial assets”
within the meaning of the UCC.


Creation:


1.              The Defeasance Account Agreement provides that the Pledgee shall have “control” (as defined in the applicable
UCC).


2.              [Debtor] has received all consents and approvals required by the terms of the [Collateral] to the transfer to the [Secured
Party] of its interest and rights in the [Collateral] hereunder.


Perfection:


1.              [Debtor] has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in
the [Collateral, Securities Account and Deposit Account] to the [Secured Party] hereunder.


2.              [Debtor] has delivered to[Secured Party] a fully executed agreement pursuant to which the securities intermediary or the
account bank has agreed to comply with all instructions originated by the [Secured Party] relating to the [Securities Account]
or directing disposition of the funds in the [Deposit Account] without further consent by the [Debtor].


3.              [Debtor] has taken all steps necessary to cause the securities intermediary to identify in its records the [Secured Party]
as the person having a security entitlement against the securities intermediary in the [Securities Account].


4.              To the extent a Deposit Account exists, [Debtor] has taken all steps necessary to cause [Secured Party] to become the account
holder of the [Deposit Account].






    	DD-7



    	 



    

 


Priority:


1.              Other than the security interest granted to the [Secured Party] pursuant to this Agreement, [Debtor] has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the [Collateral, Securities Account and Deposit Account]. [Debtor]
has not authorized the filing of and is not aware of any financing statements against [Debtor] that include a description of collateral
covering the [Collateral, Securities Account and Deposit Account] other than any financing statement relating to the security interest
granted to the [Secured Party] hereunder or that has been terminated. Debtor is not aware of any judgment or tax lien filings against
[Debtor].


2.              The [Securities Account and Deposit Account] are not in the name of any person other than the [Debtor] or the [Secured Party].
The [Debtor] has not consented to the securities intermediary of any [Securities Account] or the account bank of any [Deposit Account]
to comply with entitlement orders or instructions of any person other than the [Secured Party].


 



    	DD-8



    	 



    



 




EXHIBIT EE


FORM OF NOTICE OF EXCHANGE OF EXCHANGEABLE
CERTIFICATES


[Date]


[Certificateholder Letterhead]


Citibank, N.A.,

             as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-P1 


Citibank, N.A.,

             as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services–CGCMT 2015-P1 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2015-P1, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-P1	 



 


Ladies and Gentlemen:


Pursuant to the terms
of the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor, Deutsche Bank Trust Company Americas,
as Trustee, Wells Fargo Bank, National Association, as Custodian, and Citibank, N.A., as Certificate Administrator, and executed
in connection with the above referenced transaction, we hereby (i) certify that as of the date above, the undersigned is the beneficial
owner of the Exchangeable Certificates described on the attached Schedule I, is duly authorized to deliver this notice to the Certificate
Administrator and that such power has not been granted or assigned to any other Person and the Certificate Administrator may conclusively
rely upon this notice and (ii) give notice of our intent to present and surrender the Exchangeable Certificates specified on Schedule
I attached hereto and all of our right, title and interest in and to such Exchangeable Certificates, including all payments of
interest thereon received after [_____________], in exchange for the corresponding Exchangeable Certificates specified on Schedule
I attached hereto. We propose an Exchange Date of [______].


We agree that upon such exchange, our interests
in the portions of the Exchangeable Certificates surrendered in exchange shall be reduced and our interest in the portion of the
Exchangeable Certificate received in such exchange shall be increased. We confirm that no such exchange will be effected until
we pay a fee to the Certificate Administrator






    	EE-1



    	 



    
 

in an amount equal to $5,000 (together with any other expenses
related to such exchange (including fees charged by the Depository, if applicable)).


[[If Applicable] Our Depository
participant number is [________].] 


Capitalized terms used in this notice
but not defined herein have the meanings assigned to them in the Pooling and Servicing Agreement. 


Sincerely, 


[_____________] 


	By:	 	 
	 	Name:

Title:	 




[Medallion Stamp Guarantee]


    	EE-2



    	 



    

 


Schedule I






    	EE-3



    	 



    

 




EXHIBIT FF-1 


FORM OF NOTICE REGARDING OUTSIDE


SERVICED TRUST LOAN 


[Date]




	
        [Outside Trustee]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person] 
	
        [Outside Certificate Administrator]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]

	 	 
	
        [Outside Custodian]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]
	
        [Outside Master Sevicer]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]

	 	 
	
        [Outside Operating Advisor]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]
	 





		Re:	COMM 2015-CCRE24
                                         Mortgage Trust, Commercial Mortgage Pass-Through Certificates	 



 


Ladies and Gentlemen:


Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “CCRE24 PSA”), between Deutsche Mortgage
& Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC,
as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate
administrator, paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor. Capitalized terms used but
not defined herein shall have the meanings given to them in the CCRE24 PSA.


The undersigned
is the certificate administrator under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “P1 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer
(the “P1 Master Servicer”), LNR Partners, LLC, as special servicer (the “P1 Special Servicer”),
Park Bridge Lender Services LLC, as operating advisor (the “P1 Operating Advisor”), Citibank, N.A., as certificate
administrator (the “P1 Certificate Administrator”), Wells Fargo Bank, National Association, as custodian (the
“P1 Custodian”), and Deutsche Bank Trust Company Americas, as trustee (the “P1 Trustee”),
pursuant to which the Citigroup Commercial Mortgage Trust 2015-P1 (the “P1 Trust”) was established and the Eden
Roc






    	FF-1-1



    	 



    

 


Companion
Loan evidenced by promissory notes A-3 and A-4 was transferred to the P1 Trust as of August 19, 2015 (the “Closing Date”).


 


The undersigned
hereby notifies you that, as of the Closing Date:


1.            Deutsche Bank
Trust Company Americas, as trustee under the P1 PSA, is the holder of the Eden Roc Companion Loan evidenced by promissory notes
A-3 and A-4. You are directed to remit to Wells Fargo Bank, National Association, as master servicer under the P1 PSA, all amounts
payable to, and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association,
as master servicer under the P1 PSA, all reports, statements, documents, communications and other information that are to be forwarded,
delivered or otherwise made available to the Companion Loan Noteholders with respect to the Eden Roc Companion Loans under the
CCRE24 PSA and the Intercreditor Agreement with respect to the Eden Roc Loan Combination. The wire instructions for Wells Fargo
Bank, National Association, as P1 Master Servicer, are as follows:




Bank: Wells Fargo Bank, N.A.

Account Name: REAM as Trustee for Various Investors – Incoming Wires

ABA: 121000248

Account #: 5077594011216

Reference: Wells Fargo CMS Loan Number __________________


3.            The contact
information for the P1 Trustee, the P1 Custodian, the P1 Certificate Administrator, the P1 Master Servicer, the P1 Special Servicer
and the P1 Operating Advisor with respect to the Eden Roc Companion Loan evidenced by promissory notes A-3 and A-4 is as follows:





	P1 Trustee:	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention:  Trust Administration – CI15P1

Fax Number:  (714) 247-6022
	P1 Certificate Administrator:	Citibank, N.A.,

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:  Global Transaction Services –CGCMT 2015-P1

Fax Number:  (212) 816-5527
	P1 Master Servicer:	
        Wells Fargo
Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202




 






    	FF-1-2



    	 



    




 


		
        Attention: CGCMT 2015-P1 Asset Manager

Fax Number: (704) 715-0036 

        with a copy
to:



Wells Fargo Bank, National Association

Legal Department

301 South College Street

TW-30, D1053-300

Charlotte, North Carolina 28202-6000,

Attention: Commercial Mortgage Servicing Legal Support

Fax number: (704) 383-3663

        with a copy
to

        

Mayer Brown LLP

214 North Tryon Street, Suite 3800

Charltte, North Carolina 28202

Attention: Christopher J. Brady, Esq.

Fax number: (704) 377-2033

	P1 Special Servicer:	
        LNR Partners, LLC

1601 Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Thomas F. Nealon III, Esq., Steven A. 

Rivers, Esq. and Job Warshaw

Fax Number: (305) 695-5601

email: tnealon@lnrproperty.com, 

srivers@lnrproperty.com and 

jwarshaw@lnrproperty.com 

        with a copy
to: 

        Dechert LLP

90 State House Square, Hartford

Connecticut 06103-3702

Attention: Katherine A. Burroughs, Esq.

fax number: (860) 524-3930

email: katherine.burroughs@dechert.com




 

	P1 Custodian	
        Wells Fargo Bank, National Association

1055 10th Avenue SE, Minneapolis

Minnesota 55414

Attention: CGCMT 2015-P1




 






    	FF-1-3



    	 



    

 


	P1 Operating Advisor:	
        Park Bridge Lender Services LLC

        560 Lexington Avenue, 17th floor, New York, 

New York 10022, Attention: CGCMT 2015-P1 -- 

Surveillance Manager

        

        with copies sent contemporaneously via email to 

        cmbs.notices@parkbridgefinancial.com 





4.            The
P1 Trust is subject to the reporting requirements of the Exchange Act.


 


5.            Enclosed
herewith is a copy of an executed version of the P1 PSA. 


	 	 	 
	 	Very truly yours,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:









    	FF-1-4



    	 



    

 


EXHIBIT FF-2


 


FORM OF NOTICE REGARDING OUTSIDE


SERVICED TRUST LOAN


[Date]




	
        [Outside Trustee]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]
	
        [Outside Certificate Administrator]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person] 

	 	 
	
        [Outside Custodian]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]
	
        [Outside Master Sevicer]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]

	 	 
	
        [Outside Operating Advisor]

[Address Line 1]

[Address Line 2]

Attention: [Contact Person]
	 





		Re:	GS Mortgage
                                         Securities Trust 2015-GC32, Commercial Mortgage Pass-Through Certificates, Series
                                         2015-GC32



 


Ladies and Gentlemen:


Reference
is hereby made to the Pooling and Servicing Agreement, dated as of July 1, 2015 (the “GC32 PSA”), between
GS Mortgage Securities Corporation II, as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer,  CWCapital Asset Managment LLC, as special servicer, Park Bridge Lender Services LLC, as operating
advisor, and Wells Fargo Bank, National Association, as trustee and certificate administrator. Capitalized terms used but not
defined herein shall have the meanings given to them in the GC32 PSA.


The undersigned
is the certificate administrator under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “P1 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer
(the “P1 Master Servicer”), LNR Partners, LLC, as special servicer (the “P1 Special Servicer”),
Park Bridge Lender Services LLC, as operating advisor (the “P1 Operating Advisor”), Citibank, N.A., as certificate
administrator (the “P1 Certificate Administrator”), Wells Fargo Bank, National Association, as custodian (the
“P1 Custodian”), and Deutsche Bank Trust Company Americas, as trustee (the “P1 Trustee”),
pursuant to which the Citigroup Commercial Mortgage Trust 2015-P1 (the “P1 Trust”) was established and the Ascentia
MHC Portfolio Companion Loan was transferred to the P1 Trust as of August 19, 2015 (the “Closing Date”).






    	FF-2-1



    	 



    




The undersigned
hereby notifies you that, as of the Closing Date:


1.            Deutsche
Bank Trust Company Americas, as trustee under the P1 PSA, is the holder of the Ascentia MHC Portfolio Companion Loan. You are
directed to remit to Wells Fargo Bank, National Association, as master servicer under the P1 PSA, all amounts payable to, and
to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association, as master servicer
under the P1 PSA, all reports, statements, documents, communications and other information that are to be forwarded, delivered
or otherwise made available to the Companion Loan Holder with respect to the Ascentia MHC Portfolio Companion Loan under the GC32
PSA and the Ascentia MHC Portfolio Co-Lender Agreement. The wire instructions for Wells Fargo Bank, National Association, as P1
Master Servicer, are as follows: 


Bank: Wells Fargo Bank, N.A.

Account Name: REAM as Trustee for Various Investors – Incoming Wires

ABA: 121000248

Account #: 5077594011216

Reference: Wells Fargo CMS Loan Number __________________


3.             The
contact information for the P1 Trustee, the P1 Custodian, the P1 Certificate Administrator, the P1 Master Servicer, the P1 Special
Servicer and the P1 Operating Advisor with respect to the Ascentia MHC Portfolio Companion Loan is as follows:





	P1 Trustee:	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention:  Trust Administration – CI15P1

Fax Number:  (714) 247-6022
	P1 Certificate Administrator:	Citibank, N.A.,

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:  Global Transaction Services – CGCMT 2015-P1

Fax Number:  (212) 816-5527
	P1 Master Servicer:	
        Wells Fargo
Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CGCMT 2015-P1 Asset Manager

Fax Number: (704) 715-0036 

        with a copy
to: 

        Wells Fargo
Bank, National Association




 






    	FF-2-2



    	 



    

 







		 Legal Department

301 South College Street

TW-30, D1053-300

Charlotte, North Carolina 28202-6000,

Attention: Commercial Mortgage Servicing Legal Support

Fax number: (704) 383-3663
         

        with a copy
to 

         

        Mayer Brown
LLP

214 North Tryon Street, Suite 3800

Charltte, North Carolina 28202

Attention: Christopher J. Brady, Esq.

Fax number: (704) 377-2033

	P1 Special Servicer:	
        LNR Partners, LLC

1601 Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Thomas F. Nealon III, Esq., Steven A. 

Rivers, Esq. and Job Warshaw

Fax Number: (305) 695-5601

email: tnealon@lnrproperty.com, 

srivers@lnrproperty.com and 

jwarshaw@lnrproperty.com 

        with a copy
to: 

        Dechert LLP

90 State House Square, Hartford

Connecticut 06103-3702

Attention: Katherine A. Burroughs, Esq.

fax number: (860) 524-3930

email: katherine.burroughs@dechert.com

	P1 Custodian	
        Wells Fargo Bank, National Association

1055 10th Avenue SE, Minneapolis

Minnesota 55414

Attention: CGCMT 2015-P1

	P1 Operating Advisor:	
        Park Bridge Lender Services LLC

        560 Lexington Avenue, 17th floor, New York, 

New York 10022, Attention: CGCMT 2015-P1 -- 

Surveillance Manager

        

        with copies sent contemporaneously via email to








 






    	FF-2-3



    	 



    

 


	 	
        cmbs.notices@parkbridgefinancial.com 



 




		4.	The P1 Trust is subject to the reporting requirements of the Exchange Act.





		5.	Enclosed herewith is a copy of an executed version of the P1 PSA.





	 	 	 
	 	Very truly yours,
	 	 
	 	By:	 
	 	 	    Name:
	 	 	    Title:


 



    	FF-2-4



    	 



    


 


EXHIBIT FF-3


 


FORM OF NOTICE REGARDING OUTSIDE  


SERVICED TRUST LOAN

 


[Date]






	
        [Outside Trustee]

[Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person]
	
        [Outside Certificate Administrator]

[Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person] 

         

	
        [Outside Custodian] 

        [Address Line 1] 

        [Address Line 2] 

        Attention: [Contact
Person] 

         
	
        [Outside Master Sevicer] 

        [Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person] 

         

	
        [Outside Operating Advisor]  

        [Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person] 
	 









	 	 	 	 
	Re:		MSCCG
Trust 2015-ALDR, Commercial Mortgage Pass-Through Certificates, Series 2015-ALDR	 







 


Ladies and Gentlemen:


 


Reference is hereby
made to the Trust and Servicing Agreement, dated as of May 1, 2015 (the “ALDR TSA”), between Morgan Stanley
Capital I Inc., as depositor, KeyBank National Association, as servicer and as special servicer, and Wells Fargo Bank, National
Association, as trustee and as certificate administrator. Capitalized terms used but not defined herein shall have the meanings
given to them in the ALDR TSA.


 


The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “P1 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer
(the “P1 Master Servicer”), LNR Partners, LLC, as special servicer (the “P1 Special Servicer”),
Park Bridge Lender Services LLC, as operating advisor (the “P1 Operating Advisor”), Citibank, N.A., as certificate
administrator (the “P1 Certificate Administrator”), Wells Fargo Bank, National Association, as custodian (the
“P1 Custodian”), and Deutsche Bank Trust Company Americas, as trustee (the “P1 Trustee”),
pursuant to which the Citigroup Commercial Mortgage Trust 2015-P1 (the “P1 Trust”) was established and the Companion
Loan evidenced by promissory note A-1-4-2 was transferred to the P1 Trust as of August 19, 2015 (the “Closing Date”).


 






    	FF-3-1



    	 



    

  


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.             Deutsche Bank
Trust Company Americas, as trustee under the P1 PSA, is the holder of the Companion Loan evidenced by promissory note A-1-4-2.
You are directed to remit to Wells Fargo Bank, National Association, as master servicer under the P1 PSA, all amounts payable
to, and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association, as master
servicer under the P1 PSA, all reports, statements, documents, communications and other information that are to be forwarded,
delivered or otherwise made available to the Companion Loan Holders with respect to the Companion Loans under the ALDR TSA and
the Intercreditor Agreement. The wire instructions for Wells Fargo Bank, National Association, as P1 Master Servicer, are as follows: 


 


 Bank: Wells Fargo Bank, N.A. 


 Account Name: REAM as Trustee
for Various Investors – Incoming Wires 


 ABA: 121000248 


 Account #: 5077594011216 


 Reference: Wells Fargo CMS
Loan Number __________________


 


3.            The contact
information for the P1 Trustee, the P1 Custodian, the P1 Certificate Administrator, the P1 Master Servicer, the P1 Special Servicer
and the P1 Operating Advisor with respect to the Companion Loan evidenced by promissory note A-1-4-2 is as follows: 


 





	P1 Trustee:	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention:  Trust Administration – CI15P1

Fax Number:  (714) 247-6022
	P1 Certificate Administrator:	Citibank, N.A.,

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:  Global Transaction Services –CGCMT 2015-P1

Fax Number:  (212) 816-5527
	P1 Master Servicer:	
        Wells Fargo Bank,
National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CGCMT 2015-P1 Asset Manager

Fax Number: (704) 715-0036

         

        with a copy to:

         

        Wells Fargo Bank,
National Association 



 






    	FF-3-2



    	 



    

  


	 	
        Legal Department 

        301 South College
Street 

        TW-30, D1053-300 

        Charlotte, North
Carolina 28202-6000, 

        Attention: Commercial
Mortgage Servicing Legal Support 

        Fax number: (704)
383-3663 

         

        with a copy to 

         

        Mayer Brown LLP 

        214 North Tryon
Street, Suite 3800 

        Charltte, North
Carolina 28202 

        Attention: Christopher
J. Brady, Esq. 

        Fax number: (704) 377-2033

	P1 Special Servicer:	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida
33139 

        Attention: Thomas
F. Nealon III, Esq., Steven A. Rivers, Esq. and Job Warshaw 

        Fax Number: (305)
695-5601 

        email: tnealon@lnrproperty.com,
srivers@lnrproperty.com and jwarshaw@lnrproperty.com 

          

        with a copy to: 

         

        Dechert LLP 

        90 State House Square, Hartford

Connecticut 06103-3702

Attention: Katherine A. Burroughs, Esq.

fax number: (860) 524-3930 

        email: katherine.burroughs@dechert.com




 


	P1 Custodian	
        Wells Fargo Bank, National Association 

        1055 10th Avenue SE, Minneapolis 

        Minnesota 55414 

        Attention: CGCMT 2015-P1

	P1 Operating Advisor:	Park Bridge Lender Services LLC

560 Lexington Avenue, 17th floor, New York, New York 10022, Attention:  CGCMT 2015-P1 -- Surveillance Manager


 






    	FF-3-3



    	 



    

  


	 	
        with copies sent contemporaneously via email to

         

        cmbs.notices@parkbridgefinancial.com 

         





 


 





4.             The P1 Trust
is subject to the reporting requirements of the Exchange Act. 


 


5.             Enclosed herewith
is a copy of an executed version of the P1 PSA.


 


	 	Very truly yours,
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:



 






    	FF-3-4



    	 



    

  





EXHIBIT FF-4  


 


FORM OF NOTICE REGARDING OUTSIDE 



SERVICED TRUST LOAN


 


[Date]






	
        [Outside Trustee]

[Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person]
	
        [Outside Certificate Administrator]

[Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person] 

         

	
        [Outside Custodian] 

        [Address Line 1] 

        [Address Line 2] 

        Attention: [Contact
Person] 

         
	
        [Outside Master Sevicer] 

        [Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person] 

         

	
        [Outside Operating Advisor] 

        [Address Line 1] 

        [Address Line 2] 

        Attention: [Contact Person] 
	 



    


	 	 	 
	Re:		CGBAM Commercial Mortgage Trust 2015-SMRT,

Commercial Mortgage Pass-Through Certificates, Series 2015-SMRT



 


Ladies and Gentlemen:


 


Reference is hereby
made to the Trust and Servicing Agreement, dated as of May 6, 2015 (the “SMRT TSA”), between Citigroup Commercial
Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as servicer and as
special servicer, Deutsche Bank Trust Company Americas, as trustee, Citibank, N.A., as certificate administrator, and Situs Holdings,
LLC, as trust advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the SMRT TSA.


 


The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “P1 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer
(the “P1 Master Servicer”), LNR Partners, LLC, as special servicer (the “P1 Special Servicer”),
Park Bridge Lender Services LLC, as operating advisor (the “P1 Operating Advisor”), Citibank, N.A., as certificate
administrator (the “P1 Certificate Administrator”), Wells Fargo Bank, National Association, as custodian (the
“P1 Custodian”), and Deutsche Bank Trust Company Americas, as trustee (the “P1 Trustee”),
pursuant to which the Citigroup Commercial Mortgage Trust 2015-P1 (the “P1 Trust”) was established and the Companion
Loan


 






    	FF-4-1



    	 



    

  


evidenced by Note A-1E was transferred to the P1 Trust as of August 19, 2015 (the “Closing Date”).


 


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.             Deutsche
Bank Trust Company Americas, as trustee under the P1 PSA, is the holder of the Companion Loan evidenced by Note A-1E. You are
directed to remit to Wells Fargo Bank, National Association, as master servicer under the P1 PSA, all amounts payable to, and
to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association, as master servicer
under the P1 PSA, all reports, statements, documents, communications and other information that are to be forwarded, delivered
or otherwise made available to the Companion Loan Holders with respect to the Companion Loans under the SMRT TSA and the Co-Lender
Agreement. The wire instructions for Wells Fargo Bank, National Association, as P1 Master Servicer, are as follows:


 


Bank: Wells Fargo Bank, N.A. 


Account Name: REAM as Trustee
for Various Investors – Incoming Wires 


ABA: 121000248 


Account #: 5077594011216 


Reference: Wells Fargo CMS
Loan Number __________________


 


3.             The contact information
for the P1 Trustee, the P1 Custodian, the P1 Certificate Administrator, the P1 Master Servicer, the P1 Special Servicer and the
P1 Operating Advisor with respect to the Companion Loan evidenced by Note A-1E is as follows:


  


	P1 Trustee:	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention:  Trust Administration – CI15P1

Fax Number:  (714) 247-6022
	P1 Certificate Administrator:	Citibank, N.A.,

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:  Global Transaction Services –CGCMT 2015-P1

Fax Number:  (212) 816-5527
	P1 Master Servicer:	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention:  CGCMT 2015-P1 Asset Manager

Fax Number:  (704) 715-0036


 






    	FF-4-2



    	 



    

  


	 	
        with a copy to: 

         

        Wells Fargo Bank,
National Association

        Legal Department 

        301 South College
Street 

        TW-30, D1053-300 

        Charlotte, North
Carolina 28202-6000, 

        Attention: Commercial
Mortgage Servicing 

Legal Support 

        Fax number: (704)
383-3663

         

        with a copy to 

         

        Mayer Brown LLP

        214 North Tryon
Street, Suite 3800 

        Charltte, North
Carolina 28202 

        Attention: Christopher
J. Brady, Esq. 

        Fax number: (704) 377-2033

	P1 Special Servicer:	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700 

        Miami Beach, Florida
33139 

        Attention: Thomas
F. Nealon III, Esq., Steven A. Rivers, Esq. and Job Warshaw 

        Fax Number: (305)
695-5601 

        email: tnealon@lnrproperty.com,
srivers@lnrproperty.com and jwarshaw@lnrproperty.com 

         

        with a copy to:

         

        Dechert LLP 

        90 State House Square, Hartford

        Connecticut 06103-3702

        Attention: Katherine A. Burroughs, Esq.

        fax number: (860) 524-3930

                email: katherine.burroughs@dechert.com



   


	P1 Custodian	
        Wells Fargo Bank, National Association 

        1055 10th Avenue SE, Minneapolis 

        Minnesota 55414 

        Attention: CGCMT 2015-P1

	P1 Operating Advisor:	
        Park Bridge Lender Services LLC

560 Lexington Avenue, 17th floor, New York, 




 

 




    	FF-4-3



    	 



    

  





		
        New York 10022, Attention: CGCMT 2015-P1 -- Surveillance
Manager 

         

        with copies sent contemporaneously via email to 

         

        cmbs.notices@parkbridgefinancial.com

         








 


 


4.          The P1 Trust is subject to the reporting
requirements of the Exchange Act. 


 


5.          Enclosed herewith
is a copy of an executed version of the P1 PSA. 


 


	 	Very truly yours,
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:



 






    	FF-4-4



    	 



    

  


EXHIBIT GG 


 


SPECIFIED SERVICED MORTGAGE LOANS 


 


None


 






    	GG-1